Intel Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dots on the line: a member of Congress whose Hunch portfolio holds INTC filed a disclosure; its hover says what the disclosure reports of INTC: each trade, bought or sold, with the amount range the member filed (the House asks for a range, not the amount), or in an annual report the range of the holding’s value, the ranges of its entries added up (“in all”) where the report lists INTC more than once, in several accounts or share classes: a sum that bounds the value as the ranges do but is not a range the form offers. An annual report’s row has no latest trade. Filings: the Clerk of the House. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, United States was 30% and China was 24% of revenue; Other regions fell from 18% in the fiscal year to Dec 2023.

Quarters: Intel Corporation's SEC filings, named by the month they end. Fiscal years: Intel Corporation's annual reports to the SEC.

How it makes money

The company loses $0.5 for every $100 of revenue. Operating expenses exceed all of gross profit. It was profitable 3 years ago and is now loss-making.

Circled: Sep 2024 (net −125.3%, operating −68.2%), Sep 2025 (net 29.8%, operating 5.0%), Jun 2026 (net −68.4%, operating 11.1%). Net margin is usually about 1 point above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Intel Corporation's annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 43.0% and rising for 3 quarters; inventory at 123 days, down from 125 a year earlier; capital spending 22.9% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report Intel buys from TSMC, ASML; three customers it does not name in its text account for 19% and 12% and 12% of its revenue; its XBRL data names them Dell Inc, HP Inc. and Lenovo Group Limited.

Their suppliers

Carl Zeiss SMTto ASML

KLA KLACto TSMC

Lam Research LRCXto TSMC

Onto Innovation ONTOto TSMC

ASE Technology ASXto UMC

Soitec SLOIFto UMC

Formosa Sumco Technologyto UMC

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Suppliers

ASML ASML

TSMC TSM

UMC UMC

 

INTCIntel

Customers

Unnamed customer 19%

Unnamed customer 12%

Unnamed customer 12%

Fortinet FTNT

Hewlett-Packard Enterprise HPE

MaxLinear MXL

Penguin Solutions PENG

Super Micro Computer SMCI

Tower Semiconductor TSEM

+1 more

Their customers

Arrow Electronics ARWfrom Fortinet

Ingram Micro INGMfrom Fortinet

TD Synnex SNXfrom Fortinet

WhiteFiber WYFIfrom Hewlett-Packard Enterprise, Super Micro Computer

IREN IRENfrom Super Micro Computer

C

Compuwarefrom Super Micro Computer

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Intel's 10-K for the year to Dec 2025 gives three customers' shares of its revenue: Dell Inc (19%), HP Inc. (12%) and Lenovo Group Limited (12%). Its text does not name them; the names are from its XBRL data. Separately, it gives a group of customers: Three Largest Customers (43%).

From Intel Corporation's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Partners

NVIDIA NVDAinvested in Intel · Invests in Intel common stock215 million shares at $23.28 per share; $5.0 billion purchase price; completed December 26, 2025

AAlteraIntel invested in it · Intel holds a minority equity investment48% ownership; $3.2 billion carrying value as of December 27, 2025

SoftBank SFTBFinvested in Intel · Invests in Intel common stock87 million shares at $23.00 per share; $2.0 billion purchase price; completed September 26, 2025

UMC UMCDevelops a 12 nm process platform

Brookfield BNJointly invests in Arizona manufacturing expansion

Apollo APOJointly invests in Ireland Fab 34

Changes since the previous annual report (10-K filed Jan 31, 2025)

SoftBank SFTBFNamed for the first time, as a partner87 million shares at $23.00 per share; $2.0 billion purchase price; completed September 26, 2025

BBain Capital Special SituationsNo longer named (was a partner)

Customer B (unnamed)Customer, share of revenue14% → 12%

TSMC TSMNo longer a partner, still a supplier

Named in other companies’ filings

AMD AMDlicensing deal with it · Cross-licenses patentsMaxLinear MXLlicensing deal with it · Intellectual property licensing agreementSpace Exploration Technologies SPCXco-develops with it · Terafab chip design and manufacturing collaborationSuper Micro Computer SMCIco-develops with it · Develops compatible products and enhances system performanceUMC UMClicensing deal with it · Cross-license and jointly develop 12nm technology

Only the companies Intel names in its 10-K filed Jan 23, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Intel. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 5.4x, below the peer median of 16.4x. Revenue is up 21% from a year ago.

Below the peer median of 16.4x. The market pays less per $1 of revenue than for peers.

Intel Corporation is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $91.12, 49% above the current price; 29% of 49 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 14 analysts (29%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $35.13 to $99.70 (+184%), while INTC went from $35.91 to $61.20 (+70%). In the past three months targets were raised twice and cut 21 times. 14 upgrades and 5 downgrades over the year; the latest: Freedom Broker moved it to Hold from Buy on Oct 31, 2026.

The day after each of these reports the stock moved −16.9% (Dec 2025, beat); +26.5% (Mar 2026, beat); −10.0% (Jun 2026, beat); −31.2% (Sep 2026, beat).

For the quarter ending Dec 2026 (Intel reports on Jan 28, 2027), analysts expect adjusted earnings of $0.25 a share, and revenue of $15.6B, up 14% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $1.79 a share, and revenue of $69.1B, up 12% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $3.8B in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Intel had 5.31B diluted shares in the quarter ended Sep 2026, 17.1% more than a year earlier, and 3.5% more each year on average since Jun 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.0, no pressure to repay short-term debt; debt-to-equity 0.4, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

7 portfolios Hunch tracks hold INTC: 1 member of Congress and 6 funds. It is 58.8% of Nvidia's portfolio (47.3% as filed).

• FundNvidiaNVIDIA's own stock investmentsINTC is 59% of this portfolio47% as filed+70.6%2-year backtest
• FundTensor Edge CapitalSemiconductor-focused hedge fundINTC is 25% of this portfolio14% as filed-13.5%6-month backtest
• FundMaverick CapitalHedge fund founded by Lee AinslieINTC is 14% of this portfolio5% as filed+50.8%2-year backtest
• FundCoatue ManagementInvestment firm founded by Philippe LaffontINTC is 7% of this portfolio3% as filed+29.2%2-year backtest
• FundCloudAlpha Capital Management Limited/Hong KongHong Kong asset managerINTC is 7% of this portfolio3% as filed+102.6%2-year backtest
• FundTiger Global ManagementHedge fund founded by Chase ColemanINTC is 5% of this portfolio2% as filed+28.6%2-year backtest

INTC's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 26 held INTC at the end of their latest quarter (for most, Q2 2026). Over that quarter 11 added shares, 6 cut, 7 bought new, 4 sold all and 2 held the same. The largest of them is Nvidia, 214.78M shares worth $30.0B at Jun 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of INTC at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $20.0M and sold $7.5M of INTC on the open market in the 12 months to Nov 10, 2026. The largest was Lip Bu Tan (CEO; director), who bought $19.7M in 2 purchases.

From the Form 4s filed with the SEC about Intel Corporation (43 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 53 other transactions (option exercises and shares withheld for tax).

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