Intel Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Net income (loss) attributable to Intel	(18,756)	1,689)	8,014)	19,868)	20,899)
Net (income) loss attributable to non-controlling interests	(477)	(14)	3)	—)	—)
Net noncash charges	26,418)	10,365)	7,077)	14,996)	12,534)
Changes in assets and liabilities	1,103)	(569)	339)	(4,873)	1,951)
Net cash provided by operating activities	8,288)	11,471)	15,433)	29,991)	35,384)
Cash paid during the year for interest, net of capitalized interest, net of tax¹	780)	484)	363)	499)	495)
Interest capitalized, net of tax²	1,185)	1,185)	620)	364)	282)
Additions to property, plant, and equipment	(23,944)	(25,750)	(24,844)	(18,733)	(14,259)
Free cash flow to the firm (FCFF)	(13,691)	(12,610)	(8,428)	12,121)	21,901)

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Intel Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Intel Corp. FCFF decreased from 2022 to 2023 and from 2023 to 2024.

Intel Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Effective Income Tax Rate (EITR)
EITR¹	21.00%	21.00%	21.00%	8.50%	16.70%
Interest Paid, Net of Tax
Cash paid during the year for interest, net of capitalized interest, before tax	987)	613)	459)	545)	594)
Less: Cash paid during the year for interest, net of capitalized interest, tax²	207)	129)	96)	46)	99)
Cash paid during the year for interest, net of capitalized interest, net of tax	780)	484)	363)	499)	495)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	1,500)	1,500)	785)	398)	338)
Less: Interest capitalized, tax³	315)	315)	165)	34)	56)
Interest capitalized, net of tax	1,185)	1,185)	620)	364)	282)

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

¹ See details »

² 2024 Calculation
Cash paid during the year for interest, net of capitalized interest, tax = Cash paid during the year for interest, net of capitalized interest × EITR
= 987 × 21.00% = 207

³ 2024 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 1,500 × 21.00% = 315

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Intel Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	123,818)
Free cash flow to the firm (FCFF)	(13,691)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	65.50
Analog Devices Inc.	35.33
Applied Materials Inc.	16.04
Broadcom Inc.	44.61
KLA Corp.	29.73
Lam Research Corp.	24.06
Micron Technology Inc.	189.04
Monolithic Power Systems Inc.	44.28
NVIDIA Corp.	46.30
Qualcomm Inc.	14.84
Texas Instruments Inc.	95.27
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	70.90
EV/FCFF, Industry
Information Technology	43.37

Based on: 10-K (reporting date: 2024-12-28).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Intel Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	117,843)	213,159)	132,074)	205,348)	242,716)
Free cash flow to the firm (FCFF)²	(13,691)	(12,610)	(8,428)	12,121)	21,901)
Valuation Ratio
EV/FCFF³	—	—	—	16.94	11.08
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	72.30	225.41	38.82	43.41	126.98
Analog Devices Inc.	33.82	25.61	23.12	39.16	27.12
Applied Materials Inc.	17.55	17.40	19.06	26.22	22.52
Broadcom Inc.	51.00	28.53	14.74	19.47	16.54
KLA Corp.	29.56	19.99	19.05	26.29	18.70
Lam Research Corp.	24.56	17.99	24.08	24.40	26.78
Micron Technology Inc.	203.18	—	16.58	28.79	188.88
Monolithic Power Systems Inc.	41.80	58.38	117.73	91.92	80.84
NVIDIA Corp.	61.32	142.92	78.06	69.50	41.66
Qualcomm Inc.	16.26	11.61	18.18	17.47	30.89
Texas Instruments Inc.	89.36	89.85	27.02	24.20	27.67
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	56.69	60.26	35.28	26.38	22.16
EV/FCFF, Industry
Information Technology	40.38	34.40	26.66	27.46	23.88

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 117,843 ÷ -13,691 = —

⁴ Click competitor name to see calculations.

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Intel Corp. (NASDAQ:INTC)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical