Intel
INTC on Nasdaq. Intel sells computer chips to computer makers, data centers, and other businesses. Market value $586.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a big one-time charge, so we price the company excluding that charge.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.50 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 0 cents a year. Above 10 is good.
Quality score: 24 of 100. Price score: 2 of 100. Our list needs 70 on quality and 60 on price.
$112.50 a share, 242% above its 1-year low
Over the past year the price has ranged from $32.89 to $142.35.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $2.8 billion in the past 12 months, a shortfall of $4.9 billion in the year to December 2025.
| Revenue | |||||
| Revenue | $79.0bn | $63.1bn | $54.2bn | $53.1bn | $52.9bn |
| Operating margin | |||||
| Operating margin | 24.6% | 3.7% | 0.2% | -22.0% | -4.2% |
| Debt to equity | |||||
| Debt to equity | 0.40 | 0.41 | 0.47 | 0.50 | 0.41 |
| Shares outstanding | |||||
| Shares outstanding | 4.14bn | 4.23bn | 4.33bn | 5.00bn | 5.04bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.41× equity
- Revenue growth, five yearsShrinking, 7.5% a year
- Buying back its own sharesNo, 22% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $16.1 billion last quarter, up 25% on a year ago.
- A loss of $11 billion, compared with a loss of $2.9 billion a year ago.
- It keeps 0 cents of each $1 of sales as operating profit, after losing 23 cents a year earlier.
- Spare cash over the past 12 months: $2.8 billion. A year earlier it spent $10.9 billion more than it brought in.
- 17% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $37.7 billion more than cash, down from $41.1 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $13.3bn |
| December 2024 | $14.3bn |
| March 2025 | $12.7bn |
| June 2025 | $12.9bn |
| September 2025 | $13.7bn |
| December 2025 | $13.7bn |
| March 2026 | $13.6bn |
| June 2026 | $16.1bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$16.6bn |
| December 2024 | -$126m |
| March 2025 | -$821m |
| June 2025 | -$2.9bn |
| September 2025 | $4.1bn |
| December 2025 | -$591m |
| March 2026 | -$3.7bn |
| June 2026 | -$11.0bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 22 October 2026
- Last annual report (10-K)
- 23 January 2026
- Next quarterly (estimated, 10-Q)
- 23 October 2026
Who owns it
17 long-term investors we follow own it, up from 14 last quarter. 3,555 funds in all.
- ValueWorksCharles Lemonides
- Value
- $50m
- Share of fund
- 10.4%
- Mairs & PowerAndy Adams
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Manhattan Co.First Manhattan partners | $648m | 1.7% | Cut |
| Select Equity GroupGeorge Loening | $210m | 1.1% | Added |
| Kensico Capital ManagementMichael Lowenstein | $79m | 1.3% | Added |
| Ariel InvestmentsJohn Rogers Jr. | $77m | 0.8% | Cut |
| ValueWorksCharles Lemonides | $50m | 10.4% | |
| Letko BrosseauLetko Brosseau team | $27m | 0.4% | Cut |
| Century ManagementArnold Van Den Berg | $20m | 4.2% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $13m | <0.1% | Added |
| Boyar Asset ManagementMark Boyar | $2m | 1.4% | Added |
| Auxier Asset ManagementJeff Auxier | $2m | 0.3% | Cut |
| Mairs & PowerAndy Adams | $2m | <0.1% | |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | Cut |
| Oasis ManagementSeth Fischer | $558,520 | <0.1% | New |
| Aristotle Capital ManagementHoward Gleicher | $349,075 | <0.1% | New |
| GMOJeremy Grantham | $310,397 | <0.1% | Cut |
| Harris Associates (Oakmark)Bill Nygren | $245,330 | <0.1% | New |
| Tweedy, BrowneTweedy Browne partners | $209,445 | <0.1% | New |
Sold out this quarter
Largest holders overall
- BlackRock$59.5bnCut
- Vanguard Capital Management$39.8bn
- State Street$30.3bn
- Nvidia$30.0bn
- Invesco$22.0bnAdded
- Geode Capital Management$15.4bn
- FMR$13.2bnAdded
- Vanguard Portfolio Management$12.5bnAdded
- Softbank Group$12.1bn
- Primecap Management$10.5bn
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor6.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 6.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $10m of shares on the open market. 2 sold $7m.
- TAN LIP BUCEO, DirectorBought
- Date
- 11 August 2026
- Shares
- 105,263
- Price
- $95.00
- Value
- $10m
- Chandrasekaran NagasubramaniyanEVP, CT & Ops Off, GM FoundrySold
- Date
- 29 May 2026
- Shares
- 21,024
- Price
- $118.28
- Value
- $2m
- Miller Boise AprilEVP and Chief Legal OfficerSold
- Date
- 1 May 2026
- Shares
- 40,256
- Price
- $99.53
- Value
- $4m
- Miller Boise AprilEVP and Chief Legal OfficerSold
- Date
- 2 February 2026
- Shares
- 20,000
- Price
- $49.05
- Value
- $981,000
- Zinsner DavidEVP, CFOBought
- Date
- 26 January 2026
- Shares
- 5,882
- Price
- $42.50
- Value
- $249,985
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 August 2026 | TAN LIP BU CEO, Director | Bought | 105,263 | $95.00 | $10m |
| 29 May 2026 | Chandrasekaran Nagasubramaniyan EVP, CT & Ops Off, GM Foundry | Sold | 21,024 | $118.28 | $2m |
| 1 May 2026 | Miller Boise April EVP and Chief Legal Officer | Sold | 40,256 | $99.53 | $4m |
| 2 February 2026 | Miller Boise April EVP and Chief Legal Officer | Sold | 20,000 | $49.05 | $981,000 |
| 26 January 2026 | Zinsner David EVP, CFO | Bought | 5,882 | $42.50 | $249,985 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Jan 2026, plus the 10-Q filed 24 Jul 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 7.5% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.