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Intel valuation exercise: market cap, EV and multiples vs competitors

Processors and chip manufacturing. We rebuild its market value from the price, split it into its parts, and compare its multiples with those of its largest competitors.

Verified figures, not advice. Every number on this page comes from the company's own filings or from exchange prices, and the source is linked. Every calculation is shown, so you can repeat it. What we do not do is tell you what a share should be worth or whether to buy it: that depends on your goals and on forecasts, and no multiple can settle it. This is a snapshot: prices of 12 Oct 2026, company results up to mid 2026. Found a mistake? Tell us and we correct it.

Step 1. Market capitalisation

StepNumberWhere it comes from
Share price (nominal value)
$101.35
Close of 12 Oct 2026
Shares outstanding
5.29 bn
Latest report or filing, as of 2026-08-11
Market capitalisation
$535.7bn
Price x shares

Market capitalisation is the value the stock market puts on all the shares together. It is the nominal share price multiplied by the number of shares.

Step 2. How the value is composed

Building blockAmountMeaning
Market capitalisation
$535.7bn
What the market asks for all the shares
+ Debt
$50.5bn
Borrowings, leases for premises excluded
- Cash
$12.9bn
Cash and equivalents
- Short-term investments
$16.9bn
Marketable securities due within a year
+ Minority interests
$15.6bn
Part of subsidiaries owned by others
Enterprise value (EV)
$572.2bn
The price of the whole business, as a buyer would see it

Of the $535.7bn market value, accounting book equity is $87.5bn. The remaining $448.2bn is what investors pay above the books: brands, software, customer relationships and expected growth that the balance sheet does not record. Price to book is 6.1x.

Step 3. Fundamentals, last twelve months

Last twelve monthsAmountMargin or note
Revenue
$57.0bn
Up to 2026-06-27
Operating income
-$0.1bn
-0% of revenue
EBITDA
$12.3bn
22% of revenue
Net income (GAAP)
-$11.3bn
-20% of revenue
Free cash flow
$2.8bn
Operating cash flow minus capital spending

Step 4. Multiples against the largest competitors

MultipleIntelAMDTXNQCOMMUPeer meanPeer medianvs median
P/E (price / net income)
n.m.
150.8x
42.5x
19.8x
13.2x
56.6x
31.1x
n.m.
EV / sales
10.0x
23.2x
13.6x
4.3x
8.1x
12.3x
10.9x
-8%
EV / EBITDA
46.5x
100.4x
27.9x
16.1x
9.9x
38.6x
22.0x
+111%
EV / operating income
n.m.
148.0x
36.4x
18.6x
10.9x
53.5x
27.5x
n.m.
P / free cash flow
189.2x
115.4x
48.0x
17.6x
19.0x
50.0x
33.5x
+465%

Context: Intel earns an EBITDA margin of 22%. The peers earn 23%, 49%, 27%, 82% (median 38%). A company that keeps more of each dollar of sales often trades at a higher multiple.

The peers are chip designers and makers. Intel is the only one of them that also runs large chip factories, and its recent profit is negative.

What the comparison shows

  • EV / EBITDA: 46.5x against a peer median of 22.0x (mean 38.6x). Difference to the median: +111%.
  • EV / sales: 10.0x against a peer median of 10.9x (mean 12.3x). Difference: -8%.
  • P/E: n.m. against a peer median of 31.1x. Difference: n.m..

These are descriptions of today's prices, not forecasts. "n.m." means not meaningful, for example negative profit.

Where the comparison is distorted

  • Net income is negative because of a $13.6bn loss from the market value of escrowed shares and a $3.9bn impairment on Mobileye in the first half of 2026. P/E and EV to operating income do not apply. The share count includes shares sold in an August 2026 offering.
  • AMD has a very high P/E on current profit.
  • Texas Instruments free cash flow excludes government incentive proceeds.
  • Qualcomm net income includes a large one-time tax benefit.
  • Micron fiscal year ended in September 2026.

Sources

Prices of 12 Oct 2026 from exchange historical data. Share counts, debt, cash and results from each company's filings, read on 13 and 14 October 2026. Foreign companies are converted at one stated rate.

Intel Corporation (INTC)
Advanced Micro Devices, Inc. (AMD)
Texas Instruments Incorporated (TXN)
QUALCOMM Incorporated (QCOM)
Micron Technology, Inc. (MU)

Questions people ask

Does a higher multiple than competitors mean the share is overvalued?

No. It means investors pay more per dollar of sales or profit. The reason can be faster growth, higher margins or lower risk, or it can be excess optimism. A multiple gap is a question to investigate, not an answer.

Why use enterprise value and not only market cap?

Market cap prices the shares only. Enterprise value adds debt and subtracts cash, so it compares the whole business regardless of how it is financed.

Why show both the mean and the median of competitors?

The mean is pulled up by one extreme value. The median is the middle value and resists outliers. When they differ a lot, trust the median more.

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