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Intel Corporation INTC

NasdaqSemiconductorsFinancials to Jun 27, 2026 · Updated Oct 6, 2026

On Stock Analysis · affiliate link
INTC financials
Moat score
91
ROIC
-0.1%
P/E
–
Incl. +$5.6B one-offs
EV/EBIT
–
FCF yield
0.5%
Dividend yield
0.0%
Market cap
$614.1B

Moat ranks

Score rankTied #38 of 396
Durabilitydurable
Market structureOligopoly
Pricing powermoderate

Balance sheet

6/27/26
$BDec 27Jun 27
Cash14.312.9
Securities23.216.9
Restricted cash0.40.7
Debt46.650.5
Net cash-9.2-20.8
Equity114.387.5
Leverage
Debt / EBITDA
–
Debt / equity
0.58×
Leases (12/27/25)
$473M
Capital
Diluted shares
5,104M
Book value / share
$17.15
Price / book
7.0×
Net cash / share
−$4.08
Market cap
$614.1B
Enterprise value
$634.9B

Per-share record

Fiscal years and TTM
Scale
$0$5$10$15$20'16'17'18'19'20'21'22'23'2411.67'2511.17TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q2 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth25.4%+25.2 pts
Operating margin11.1%+35.8 pts
FCF margin27.6%+39.3 pts
Capex / revenue15.8%-11.8 pts
Client processor revenue (quarterly)$8.9B+13%
Data center and AI revenue (quarterly)$6.3B+59%
External foundry sales (quarterly)$293M+1,232%
Foundry operating result (quarterly)−$2.1B+34%
Mobileye systems shipped10.0M+3%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About INTC

Intel designs client and server processors, manufactures chips and owns Mobileye and IMS. Client products supplied most FY2025 external sales.

Revenue mix
Client Computing and Physical AI Group 61.0%Data Center and AI 32.0%Mobileye and Other 6.4%Intel Foundry 0.6%
  • De Facto Standard

    Intel benefits from the entrenched x86 PC software and hardware ecosystem, though AMD shares the standard and Arm is gaining in selected client categories.

  • De Facto Standard

    Xeon and x86 software compatibility remain core data-center standards, but AMD EPYC, Arm server CPUs and custom silicon are reducing Intel's exclusivity.

  • Capex Knowhow Scale

    Intel has rare leading-edge process R&D, high-volume logic manufacturing and advanced packaging capability, but the economic moat is not yet proven for external foundry customers.

  • Design In Qualification

    Mobileye's ADAS products are designed into many OEM platforms with long automotive qualification cycles, creating replacement friction at the vehicle-model level.

Timeline
  1. Sep 7, 2026

    Intel and ASML reported High NA use on select Panther Lake production layers and more than one million wafers processed, demonstrating manufacturing progress without proving external customer profitability.

  2. Aug 11, 2026

    Intel’s underwriters exercised the full additional-share option, increasing the number of shares sold in its August equity financing.

  3. Aug 10, 2026

    Intel priced a $20 billion common stock offering at $95 per share, raising capital for investment and working capital while diluting existing owners.

  4. Aug 7, 2026

    Intel appointed Dean Jarnac chief sales officer, giving one leader responsibility for customer engagement across its product portfolio.

  5. Jul 28, 2026

    Intel completed RAMP-C prototypes and design enablement, strengthening the route into secure U.S. government manufacturing without establishing commercial foundry scale.

Ownership

To 10/6/26
CEO
Lip-Bu Tan
Since 2025 · 1 yrs
Professional CEOSingle share class
Insider trades40
Planned sales5

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share ($)
Revenue12.1812.9815.0716.0918.4019.3215.2912.8712.4111.6711.17-0.5%/yr
Cash flow4.474.576.267.418.477.203.742.721.942.142.93-7.9%/yr
Earnings2.121.994.484.714.944.861.940.40-4.38-0.06-2.21–
Free cash flow2.502.143.033.795.112.62-2.28-3.39-3.66-1.090.55–
Capex1.972.443.233.623.374.586.036.115.593.232.37+5.6%/yr
Dividends1.011.051.181.251.321.381.450.730.370.000.00–
Book value13.5814.4115.8617.3319.1623.3224.6025.0723.1925.2317.15+7.1%/yr
Diluted shares (M)4,8754,8354,7014,4734,2324,0904,1234,2124,2804,5305,104-0.8%/yr
Totals ($B)
Revenue59.462.870.872.077.979.063.154.253.152.957.0-1.3%/yr
Operating income13.118.123.322.023.719.52.30.1-11.7-2.2-0.1–
Net income10.39.621.121.020.919.98.01.7-18.8-0.3-11.3–
Free cash flow12.210.314.316.921.610.7-9.4-14.3-15.7-4.92.8–
Buybacks2.63.610.713.614.22.40.00.00.00.00.0–
Dividends4.95.15.55.65.65.66.03.11.60.00.0–
Net cash-16.5-21.6-20.6-23.7-28.2-8.8-13.7-24.2-27.9-9.2-20.8+$7.3B
Margins & returns (%)
Gross margin61.062.361.758.656.055.442.640.032.734.838.6-26.2 pts
Operating margin22.128.832.930.630.424.63.70.2-22.0-4.2-0.1-26.3 pts
Net margin17.415.329.729.226.825.112.73.1-35.3-0.5-19.8-17.9 pts
FCF margin20.516.520.123.527.713.6-14.9-26.3-29.5-9.45.0-29.9 pts
ROIC11.814.718.216.216.113.81.50.1-6.8-1.3-0.1-13.1 pts
Return on equity15.613.828.227.225.820.87.91.6-18.9-0.2-12.9-15.8 pts
R&D % of revenue21.420.819.118.617.419.227.829.631.226.123.1+4.7 pts
Stock pay % of revenue2.42.22.22.42.42.65.06.06.44.64.2+2.2 pts
Capex % of revenue16.218.821.422.518.323.739.447.545.127.721.2+11.5 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Jun 27, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 25.8% statutory tax rate, as the company's own rate is not meaningful) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score91
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
narrowing
Pricing power
moderate
Segments
  • Client Computing and Physical AI Group61.0%
    1 claim
  • Data Center and AI32.0%
    1 claim
  • Intel Foundry0.6%
    1 claim
  • Mobileye and Other6.4%
    2 claims

Moat claims

Applies to
Client Computing and Physical AI Group
Confidence
Durability
durable
Trajectory
narrowingas of Oct 6, 2026
Why it holds

Intel benefits from the entrenched x86 PC software and hardware ecosystem, though AMD shares the standard and Arm is gaining in selected client categories.

Why narrowing

Intel still led x86 client shipments with 69.7% in Q2 2026, but AMD gained share again; the shared x86 standard protects compatibility more than Intel-specific pricing.

Indicators
  • Client processor revenue (annual)$32.2B-3%
  • Client processor revenue (quarterly)$8.9B+13%
  • Intel desktop x86 unit share65.1%-2.7 pts
  • Intel notebook x86 unit share71.1%-8.3 pts
Risks
  • Arm-based PCs improve Windows application compatibility
  • AMD continues gaining desktop and notebook share
  • Browser and cloud workloads reduce architecture-specific switching costs
  • Intel process delays constrain product competitiveness
Sources

Profile change log

  1. Oct 6, 2026 · business change

    Intel completed the second phase of the NAND business sale to SK hynix, releasing disposal proceeds while incurring final settlement costs for penalties and contingencies.

  2. Oct 6, 2026 · analyst revision

    Recurring litigation charges and reserve releases remain in Intel’s reported profit. Normalization separates tax-reform and initial deferred-tax charges, business disposal gains and settlement costs, and the failed Tower acquisition fee; it does not remove recurring restructuring, impairments or government-share remeasurement.

  3. Oct 6, 2026 · business change

    Intel and ASML reported High NA use on select Panther Lake production layers and more than one million wafers processed, demonstrating manufacturing progress without proving external customer profitability.

  4. Oct 6, 2026 · business change

    Intel’s underwriters exercised the full additional-share option, increasing the number of shares sold in its August equity financing.

  5. Oct 6, 2026 · business change

    Intel priced a $20 billion common stock offering at $95 per share, raising capital for investment and working capital while diluting existing owners.

  6. Oct 6, 2026 · business change

    Intel appointed Dean Jarnac chief sales officer, giving one leader responsibility for customer engagement across its product portfolio.

  7. Oct 6, 2026 · business change

    Intel completed RAMP-C prototypes and design enablement, strengthening the route into secure U.S. government manufacturing without establishing commercial foundry scale.

  8. Oct 6, 2026 · business change

    Mobileye founder Amnon Shashua announced a planned CEO transition; succession adds execution risk during advanced driving and robotics investment.

  9. Oct 6, 2026 · business change

    Intel repurchased Apollo’s 49% stake in Ireland Fab 34 for $14.2 billion, restoring full ownership while using cash and new debt.

  10. Oct 6, 2026 · business change

    Mobileye bought Mentee Robotics for $637 million, adding humanoid robotics development and capital demands alongside its vehicle business.

  11. Oct 6, 2026 · business change

    Intel sold control of Altera, received disposal proceeds and retained a minority investment; Altera no longer contributes consolidated sales.

  12. Oct 6, 2026 · analyst revision

    CPU and Mobileye design-in protection are narrowing under competitive pressure; REM mapping coverage is expanding, while external foundry economics remain unproven. Added dated evidence, the investment debate, management and end-market conditions.

  13. Oct 6, 2026 · analyst revision

    Intel’s sales mix now uses FY2025 external revenue, excluding internal foundry transfers. Profit weights that omitted foundry losses and corporate costs were removed. The foundry market-share comparison was removed because wafer and assembly/test revenue had been mixed.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianINTCAMDQCOMAAPLGOOGLMSFTMETA

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

PC and edge computing processors

As of Oct 7, 2026
OligopolyHigh cyclicality

Processors and integrated compute platforms for desktop, notebook and edge PCs, including x86 and Arm. Excludes complete PC systems, tablets, smartphones and data-center chips; no verified published dollar size covers this processor-only definition.

  1. Intel
  2. AMD
  3. Apple
  4. Qualcomm
2025 leaders, no comparable shares · Intel 2025 Form 10-K
StocksMoatGross m.Op. m.
INTC9138.6%-0.1%
Industry median137554.2%23.2%
Sector median777564.9%23.6%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Commercial PC replacement and Windows migration support demand, while purchases brought forward ahead of component price rises can weaken later quarters.
  • Local AI workloads increase demand for efficient processors, integrated graphics and neural accelerators; adoption must translate into customer willingness to pay.
  • Software compatibility and OEM platform support protect installed architectures, while better Arm application support expands the set of substitutes.
  • Inflation, exchange rates and financing costs affect household purchasing power and enterprise replacement budgets; processor suppliers face these effects through OEM orders.
Risks
  • IDC forecasts an 11.3% fall in 2026 PC shipments as memory shortages and higher complete-system prices restrain purchases; processor mix can improve while unit demand falls.
  • Desktop, notebook and distribution inventory cycles can reverse apparent demand gains when OEMs destock.
  • AMD competes within x86, while Apple and Qualcomm offer Arm alternatives. Compatibility alone does not give one x86 vendor pricing control.
  • Trade restrictions, China access and shipping disruptions can change OEM sourcing and regional demand; energy, wafer and packaging costs also affect product economics.

Bulls & bears

Key question · as of Oct 6, 2026

Can Intel defend client and server sales while making its manufacturing investment earn adequate cash returns from committed external demand?

Arguments

4 forFaded: weakening or settled6 against

What to watch

  1. 1Client and server unit and revenue share, read separately from the overall market cycle
  2. 2External foundry sales, operating loss and binding 14A customer commitments
  3. 3Operating cash flow, capital spending and issued shares after equity financing
  4. 4Mobileye system price, shipments, REM fleet and leadership succession

Next check: Q3 2026 results and the next 14A customer decision update; Intel had not confirmed a results date in the notices checked on October 6.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.

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Moat Score 91/100 by <a href="https://www.findmymoat.com/stocks/XNAS:INTC">Find My Moat</a> (as of September 2026)

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