Intel Corporation (INTC)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	3.34	3.41	3.34	3.21	3.34	2.59	2.64	2.59	3.12	4.51	5.00	5.23	4.93	4.38	4.48	4.11	4.18	4.11	3.95	4.41
Receivables turnover	15.78	17.56	17.26	—	14.10	—	—	—	8.25	9.23	10.28	10.64	11.14	10.83	10.51	8.88	9.19	10.12	11.13	10.03
Payables turnover	4.33	4.51	4.57	5.16	4.60	4.66	4.05	4.29	5.84	6.51	7.45	8.16	7.44	7.88	7.96	8.18	8.86	7.39	7.35	8.44
Working capital turnover	3.59	3.28	3.20	2.55	3.30	3.23	3.09	2.33	2.51	2.44	3.13	3.55	3.42	5.27	3.57	4.26	7.96	14.22	7.28	6.87

1. Inventory Turnover: Intel's inventory turnover has been relatively stable, ranging from 2.59 to 5.23 over the past two years. In general, a higher inventory turnover ratio signifies efficient management of inventory levels. However, the ratio has fluctuated, indicating potential challenges in inventory forecasting and management.

2. Receivables Turnover: Intel's receivables turnover has shown consistent improvement, increasing from 8.25 to 17.56 in the last year, except for missing data in the most recent quarter. A higher receivables turnover ratio suggests that the company is collecting its receivables more quickly, which is a positive sign for cash flow management.

3. Payables Turnover: Intel's payables turnover has also demonstrated stability over the past two years, with values ranging from 4.05 to 8.44. A higher payables turnover ratio indicates that the company is paying its suppliers more quickly, which can be beneficial for maintaining good supplier relationships and potentially negotiating favorable terms.

4. Working Capital Turnover: Intel's working capital turnover has varied significantly, with values ranging from 2.33 to 14.22. This ratio measures the efficiency of utilizing working capital to generate sales and indicates how effectively the company manages its current assets and liabilities. The fluctuations may suggest changes in the company's operating cycle or management of working capital.

Overall, while Intel's activity ratios show some fluctuations, the company has maintained relatively stable turnover ratios for inventory, receivables, and payables. However, the significant variance in working capital turnover indicates the need for further analysis to understand the underlying drivers of these fluctuations and their potential impact on the company's overall operational efficiency.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	109.35	107.13	109.41	113.68	109.30	140.97	138.12	140.88	117.15	80.87	73.04	69.82	74.11	83.27	81.47	88.92	87.28	88.71	92.29	82.73
Days of sales outstanding (DSO)	days	23.13	20.79	21.15	—	25.88	—	—	—	44.25	39.54	35.50	34.30	32.77	33.70	34.73	41.12	39.71	36.08	32.78	36.40
Number of days of payables	days	84.30	81.00	79.95	70.72	79.30	78.37	90.14	85.11	62.48	56.06	49.02	44.70	49.08	46.32	45.83	44.60	41.20	49.39	49.69	43.25

Intel Corporation's days of inventory on hand (DOH) fluctuated over the past few quarters but generally remained within a range of around 70 to 140 days. The company's inventory management improved in the latest quarter as DOH decreased to 109.35 days, compared to 140.97 days in the previous quarter. This indicates that Intel is more efficiently managing its inventory levels.

Days of sales outstanding (DSO) also varied over the quarters, with a decreasing trend overall. DSO decreased from 44.25 days in the previous quarter to 23.13 days in the latest quarter, indicating that Intel is collecting its accounts receivable more quickly. However, there were missing data points in some quarters, which may limit a complete trend analysis.

In terms of number of days of payables, Intel has shown fluctuating payment practices to its suppliers. The trend in days payables outstanding (DPO) is not as clear as for DOH and DSO but generally shows a decreasing trend in recent quarters. A lower DPO may indicate improved liquidity but could also imply strained relationships with suppliers.

Overall, Intel's activity ratios reflect some improvements in inventory management and collections but also suggest potential challenges in managing payables effectively. Further analysis and context are needed to fully understand the implications of these ratios on the company's operations and financial performance.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	0.57	0.26	0.28	0.30	0.74	0.41	0.45	0.50	1.24	1.30	1.32	1.34	1.36	1.31	1.35	1.32	1.28	1.30	1.35	1.39
Total asset turnover	0.29	0.26	0.28	0.29	0.33	0.40	0.42	0.44	0.46	0.46	0.50	0.51	0.50	0.53	0.51	0.51	0.52	0.52	0.53	0.54

The fixed asset turnover ratio measures how efficiently a company is utilizing its fixed assets to generate sales. A decreasing trend in the fixed asset turnover ratio for Intel Corporation from 2019 to 2023 indicates a decline in efficiency in using fixed assets in generating revenue. There was a sharp decrease in the ratio from 2019 to 2020, followed by fluctuations in subsequent years. The ratio ranged from 0.26 to 1.39 during this period, with the highest value in 2020.

On the other hand, the total asset turnover ratio reflects how well a company is utilizing all its assets to generate revenue. The total asset turnover ratio for Intel Corporation remained relatively stable from 2019 to 2023, with values fluctuating between 0.26 and 0.54. This indicates that the company has been able to consistently generate revenue relative to its total assets over the years. There was a slight increase in the ratio from 2019 to 2020, followed by some fluctuations but without a clear trend.

In conclusion, while the fixed asset turnover ratio for Intel Corporation showed a declining trend over the years, the total asset turnover ratio remained relatively stable. This suggests that Intel has been able to efficiently utilize its total assets to generate revenue despite fluctuations in the efficiency of using fixed assets.