Intel key statistics and ratios

In fiscal 2025, Intel had return on equity of -0.3%, an operating margin of -4.2%, debt equal to 41.3% of equity and a current ratio of 2.02. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Intel: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	55.7%	65.3%	62.5%	62.1%	59.8%	63.7%	62.6%	61.0%	62.3%	61.7%	58.6%	56.0%	55.4%	42.6%	40.0%	32.7%	34.8%	39.9%
Operating margin	16.3%	35.7%	32.4%	27.4%	23.3%	27.5%	25.3%	22.1%	28.8%	32.9%	30.6%	30.4%	24.6%	3.7%	0.2%	−22.0%	−4.2%	2.9%
Net margin	12.4%	26.3%	24.0%	20.6%	18.3%	20.9%	20.6%	17.4%	15.3%	29.7%	29.2%	26.8%	25.1%	12.7%	3.1%	−35.3%	−0.5%	−20.1%
Free-cash-flow margin	18.9%	26.3%	18.9%	14.7%	19.1%	18.5%	21.1%	20.5%	16.5%	20.1%	23.5%	27.7%	13.6%	−14.9%	−26.3%	−29.5%	−9.4%	6.3%
Return on equity	10.5%	25.2%	27.1%	22.7%	17.6%	20.5%	19.5%	16.2%	14.1%	29.2%	27.7%	26.4%	22.5%	8.1%	1.6%	−18.3%	−0.3%	−10.5%
Return on assets	8.2%	19.7%	19.3%	14.2%	10.9%	12.7%	11.8%	9.6%	8.1%	16.8%	15.9%	14.4%	12.4%	4.6%	0.9%	−9.7%	−0.1%	−5.5%
Asset turnover	0.66	0.75	0.80	0.69	0.60	0.61	0.57	0.55	0.53	0.56	0.54	0.54	0.49	0.36	0.29	0.27	0.26	0.27
Current ratio	2.79	3.39	2.15	2.43	2.36	1.73	2.45	1.75	1.69	1.73	1.40	1.91	2.13	1.57	1.54	1.33	2.02	2.21
Debt to equity	5.3%	4.3%	19.0%	28.9%	25.4%	26.4%	39.7%	45.1%	40.8%	36.4%	37.4%	44.9%	39.9%	41.5%	47.6%	51.4%	41.3%	43.6%
Interest cover (operating income ÷ interest)	—	—	—	162.6x	50.4x	79.9x	41.5x	17.9x	27.9x	49.8x	45.1x	37.6x	32.6x	4.7x	0.1x	n/m	n/m	1.5x
Effective tax rate	—	—	27.2%	26.0%	23.7%	25.9%	19.6%	20.3%	52.8%	9.7%	12.5%	16.7%	8.5%	−3.2%	—	—	98.3%	—
R&D as % of revenue	16.1%	15.1%	15.5%	19.0%	20.1%	20.6%	21.9%	21.4%	20.8%	19.1%	18.6%	17.4%	19.2%	27.8%	29.6%	31.2%	26.1%	22.5%
SG&A as % of revenue	22.6%	14.5%	14.2%	15.1%	15.3%	14.6%	14.3%	14.1%	11.9%	9.8%	8.8%	7.9%	8.3%	11.1%	10.4%	10.4%	8.7%	7.4%
Capital spending as % of revenue	12.9%	11.9%	19.9%	20.7%	20.3%	18.1%	13.2%	16.2%	18.8%	21.4%	22.5%	18.3%	23.7%	39.4%	47.5%	45.1%	27.7%	22.9%
Free cash flow ÷ net income	152.3%	100.2%	78.8%	71.4%	104.6%	88.1%	102.4%	118.1%	107.6%	67.7%	80.4%	103.4%	54.0%	−117.4%	−845.4%	—	—	—
Dividends ÷ net income	71.1%	30.6%	31.9%	39.5%	46.6%	37.7%	39.9%	47.7%	52.8%	26.3%	26.5%	26.6%	28.4%	74.8%	182.8%	—	—	—
Dividends and buybacks ÷ free cash flow	73.2%	45.6%	181.1%	116.0%	65.8%	147.4%	64.6%	61.7%	84.1%	114.2%	113.1%	91.6%	75.2%	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Intel: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	39.2%	36.9%	27.5%	38.2%	36.1%	39.4%	40.4%	43.0%
Operating margin	2.9%	−2.4%	−24.7%	5.0%	4.2%	−23.1%	11.1%	15.3%
Net margin	−0.9%	−6.5%	−22.7%	29.8%	−4.3%	−27.5%	−68.4%	20.1%
Free-cash-flow margin	−18.7%	−34.5%	−11.7%	0.9%	5.9%	−18.7%	27.6%	6.4%
Current ratio	1.33	1.31	1.24	1.60	2.02	2.31	1.60	2.21
Debt to equity	50.4%	50.3%	51.9%	43.8%	40.8%	40.4%	57.7%	43.6%
R&D as % of revenue	27.2%	28.7%	28.6%	23.7%	23.5%	24.9%	20.9%	21.1%
SG&A as % of revenue	8.7%	9.3%	8.9%	8.3%	8.6%	7.6%	7.3%	6.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · September 26, 2026

What it owns · $228.6bn

Short-term assets $82.6bnLonger-term assets $146.0bn

What it owes, and who funded it · $152.3bn

Short-term liabilities $37.4bnShareholders' equity $114.9bn

Short-term assets cover short-term liabilities $82.6bn of assets due within a year against $37.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $21.8bn of cash against $50.1bn of debt.
Debt below 40% of shareholders' equity Debt is 44% of equity.
Debt burden no higher than five years ago Debt to equity moved from 32% to 44% over five years.
A year's operating cash flow covers at least 20% of debt $17.5bn of operating cash flow against $50.1bn of debt.
Operating profit covers interest at least five times over Operating income of $1.8bn against $1.2bn of interest.

From Intel's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

56 /100

Moderate moat

How hard Intel's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 17.5% of total assets over 10 years.
Pricing power 9 / 20

Gross margin has been a median 51.4%, moving by 10.7 percentage points (standard deviation) across 10 years.
Durability 6 / 20

Operating margin has been a median 19.0%; its worst year was -17.5%.
Cash conversion 12 / 20

Free cash flow was positive in 6 of 10 years, at a median 12.6% of revenue.
Discipline 9 / 20

The diluted share count rose 24.3% over five years; stock-based pay has been a median 3.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Intel's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Intel.