Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
Intel Corp., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
The common stock valuation ratios exhibit considerable fluctuation over the observed period. Significant volatility is particularly evident in the Price to Earnings (P/E) and Price to Operating Profit (P/OP) ratios, while Price to Sales (P/S) and Price to Book Value (P/BV) demonstrate more moderate, though still noticeable, shifts.
- Price to Earnings (P/E)
- The P/E ratio began at 7.24 and increased to 14.54 by the end of 2022. Following a period of missing values, the ratio experienced a dramatic surge to 109.27 in December 2023, before declining to 33.38 in the subsequent quarter. Further volatility is observed, with a peak of 897.15 in September 2025. This suggests substantial shifts in investor expectations regarding future earnings.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, P/OP increased through 2022, rising from 8.87 to 49.91. A substantial increase is then noted in December 2023, reaching 1,984.43, followed by a decrease to 275.84. The ratio remains unavailable for several periods, indicating potential reporting inconsistencies or significant operational changes. The extreme values suggest a strong sensitivity to operating profit fluctuations.
- Price to Sales (P/S)
- The P/S ratio generally decreased from 2.29 in April 2022 to 1.73 in October 2022, then increased to 2.85 by July 2023. A subsequent decline to 1.67 is observed in March 2024, followed by a gradual increase to 4.26 by December 2025. This indicates a complex relationship between market price and revenue generation, with periods of expansion and contraction.
- Price to Book Value (P/BV)
- The P/BV ratio exhibited a downward trend from 1.73 in April 2022 to 1.15 in December 2022. It then fluctuated between 1.32 and 1.75 before decreasing to 0.80 in March 2024. The ratio shows an upward trend towards 1.97 by December 2025. This suggests changes in how the market values the company’s net assets relative to its stock price.
Overall, the valuation ratios demonstrate significant variability, particularly the P/E and P/OP ratios. The fluctuations suggest a dynamic market perception of the company’s value, potentially influenced by earnings, operating performance, and broader economic conditions. The P/S and P/BV ratios, while less volatile, also indicate shifts in investor sentiment regarding revenue and asset valuation.
Price to Earnings (P/E)
Intel Corp., historical P/E calculation (quarterly data)
| Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net income (loss) attributable to Intel (in millions) | |||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
EPS
= (Net income (loss) attributable to IntelQ4 2025
+ Net income (loss) attributable to IntelQ3 2025
+ Net income (loss) attributable to IntelQ2 2025
+ Net income (loss) attributable to IntelQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibits considerable fluctuation over the observed period. Initially, the ratio demonstrates relative stability, followed by significant volatility and, ultimately, periods of extreme values. The share price generally declined from April 2022 to December 2022, while earnings per share (EPS) decreased more dramatically. This dynamic contributed to an increasing P/E ratio during the first three quarters of 2022, peaking at 14.54 in December 2022.
- Initial Decline & Stabilization (Apr 2, 2022 – Oct 1, 2022)
- The P/E ratio began at 7.24 and increased to 9.02 over this period. This increase occurred alongside a decrease in both share price and EPS, suggesting that the decline in earnings was proportionally less than the decline in price. The ratio remained within a relatively narrow range during these six months.
- Volatility & Extreme Values (Dec 31, 2022 – Jun 29, 2024)
- A substantial increase in the P/E ratio to 109.27 is observed in December 2022, driven by a significant drop in EPS to 0.40 while the share price increased. The ratio then decreased to 33.38 in April 2023, followed by a further increase to 94.20 in July 2023. This period is characterized by substantial swings in both share price and EPS, resulting in highly variable P/E ratios. The ratio is not reported for several quarters during this period, indicating potential issues with negative or zero earnings.
- Recent Fluctuations (Sep 28, 2024 – Dec 27, 2025)
- The P/E ratio is reported as 897.15 in September 2025, coinciding with a very small positive EPS value of 0.04. This indicates a potentially inflated valuation based on minimal earnings. The ratio is not reported for December 2024, March 2025, and June 2025, likely due to negative EPS values. The final reported value in December 2025 is not available.
Overall, the P/E ratio demonstrates a lack of consistent trend. The periods of high P/E ratios suggest that the market may have been anticipating future earnings growth, or that the share price was temporarily inflated relative to current earnings. The frequent absence of a reported P/E ratio highlights periods of negative earnings, which can render the ratio less meaningful. The significant fluctuations observed throughout the period suggest a high degree of investor uncertainty or volatility in the company’s earnings.
Price to Operating Profit (P/OP)
Intel Corp., historical P/OP calculation (quarterly data)
| Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Operating profit per share
= (Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibits significant volatility over the observed period. Initially, the ratio demonstrates a decreasing trend from 8.87 to 2.05 between April 2022 and December 2022, coinciding with a decline in operating profit per share. A substantial spike to 49.91 is then recorded in December 2022, driven by a dramatic decrease in operating profit per share to 0.56, followed by a further decline into negative territory.
- Initial Decline (Apr 2, 2022 – Dec 31, 2022)
- From April 2022 to December 2022, the P/OP ratio decreased from 8.87 to 14.19, indicating that the market was initially willing to pay a relatively stable multiple of operating profit for each share. However, as operating profit per share decreased, the P/OP ratio also declined, suggesting diminishing investor confidence or expectations.
- Extreme Volatility (Dec 31, 2022 – Dec 30, 2023)
- The period from December 2022 through December 2023 is characterized by extreme fluctuations in the P/OP ratio. The ratio surged to 1,984.43 in December 2023, a result of operating profit per share being near zero. This indicates a severely depressed valuation based on operating profitability. Prior to this, the ratio reached 49.91 in December 2022, and 275.84 in March 2024, both reflecting periods of low operating profit per share.
- Recent Trend (Mar 30, 2024 – Dec 27, 2025)
- From March 2024 to December 2025, the P/OP ratio remains undefined for several periods due to negative operating profit per share. When calculated, the ratio fluctuates between negative values and -0.44. The share price increased from 21.48 to 45.07 over this period, while operating profit per share remained negative, suggesting that market sentiment is not solely driven by current operating profitability. The ratio shows some improvement towards the end of the period, but remains negative.
The significant volatility and periods of undefined or negative P/OP ratios suggest substantial challenges in assessing the company’s valuation based on operating profit alone. External factors or expectations of future profitability may be playing a more significant role in determining the share price during these periods.
Price to Sales (P/S)
Intel Corp., historical P/S calculation (quarterly data)
| Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net revenue (in millions) | |||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Sales per share
= (Net revenueQ4 2025
+ Net revenueQ3 2025
+ Net revenueQ2 2025
+ Net revenueQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited considerable fluctuation throughout the observed period, spanning from April 2022 to December 2025. An initial downward trend is apparent from April 2022 through September 2022, followed by a period of volatility before increasing significantly towards the end of the observation window.
- Initial Decline (Apr 2, 2022 – Sep 30, 2022)
- The price-to-sales ratio decreased from 2.29 to 2.83 over this timeframe. This decline coincided with a decrease in sales per share, although the reduction in share price was more pronounced, contributing to the ratio’s downward movement.
- Volatility and Subsequent Increase (Dec 31, 2022 – Jun 29, 2024)
- Following September 2022, the ratio experienced volatility, peaking at 3.40 in December 2022 before declining to 1.67 by April 2023. A modest recovery occurred through June 2024, but the ratio remained below the levels observed in the initial period.
- Significant Upward Trend (Sep 28, 2024 – Dec 27, 2025)
- A substantial increase in the price-to-sales ratio is observed from September 2024 onwards. The ratio rose from 1.84 to 4.26 by December 2025. This increase was driven by a more rapid increase in share price compared to the decline in sales per share. The share price increased from $23.20 to $45.07, while sales per share decreased from $12.58 to $10.58.
- Sales per Share Trend
- Sales per share generally decreased throughout the period, moving from $19.00 in April 2022 to $10.58 in December 2025. This consistent decline suggests potential challenges in revenue generation relative to outstanding shares.
- Share Price Correlation
- While sales per share exhibited a downward trend, the share price demonstrated more variability. The significant increase in the price-to-sales ratio in the latter part of the period indicates that investor sentiment and market expectations played a substantial role in valuing the company, potentially outweighing the impact of declining sales per share.
In summary, the price-to-sales ratio demonstrated a complex pattern of decline, volatility, and ultimately, a significant increase. The latter increase appears to be primarily driven by changes in investor perception of the share price, despite a concurrent decrease in sales per share.
Price to Book Value (P/BV)
Intel Corp., historical P/BV calculation (quarterly data)
| Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Total Intel stockholders’ equity (in millions) | |||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
BVPS = Total Intel stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio exhibited considerable fluctuation over the analyzed period, spanning from April 2022 to December 2025. Initially, the ratio demonstrated a declining trend, followed by periods of recovery and subsequent volatility. A general observation suggests the market valuation relative to book value has been dynamic, potentially reflecting shifts in investor sentiment and company performance expectations.
- Initial Decline (Apr 2, 2022 – Dec 31, 2022)
- The P/BV ratio decreased from 1.73 in April 2022 to 1.15 by the end of December 2022. This indicates a diminishing premium investors were willing to pay for each dollar of net asset value during this timeframe. The most significant decline occurred between July and October 2022.
- Recovery and Volatility (Apr 1, 2023 – Dec 30, 2023)
- The ratio experienced a recovery, rising to 1.75 in December 2023, with intermediate fluctuations. This suggests a renewed, albeit temporary, investor confidence in the company’s net asset value. The period between April and July 2023 showed a notable increase.
- Subsequent Decline and Stabilization (Mar 30, 2024 – Sep 28, 2024)
- A sharp decrease was observed in the first half of 2024, with the P/BV ratio falling to a low of 0.80 in June 2024. This was followed by a slight recovery to 1.01 in September 2024, indicating potential stabilization at a lower valuation level.
- Recent Increase (Dec 27, 2025 – Mar 29, 2025)
- The P/BV ratio demonstrated a substantial increase towards the end of the period, reaching 1.97 in December 2025. This represents the highest value observed throughout the entire timeframe, suggesting a significant shift in market perception of the company’s value relative to its book value. The ratio continued to increase slightly to 2.00 in March 2025.
- Book Value per Share (BVPS) Trend
- Book value per share remained relatively stable throughout the period, fluctuating between approximately 22.30 and 26.95. This suggests that changes in the P/BV ratio were primarily driven by fluctuations in the share price, rather than significant shifts in the underlying net asset value.
In conclusion, the P/BV ratio displayed a complex pattern of decline, recovery, and renewed growth. The recent increase suggests a potentially positive shift in investor sentiment, although the earlier periods of lower ratios indicate periods of market concern. The relative stability of book value per share highlights the importance of share price movements in determining the observed P/BV fluctuations.