Intel · one lens
Benjamin Graham on Intel
Intel’s operating record has improved, but the supplied evidence cannot establish a margin of safety at the $104.47 close on September 8, 2026.
Intel closed at $104.47 on September 8, 2026, up 9.05% from the prior $95.80 close, per the supplied market data. Mr. Market has lifted Intel by 326.76% over one year, to $104.47 from a derived $24.48. A Graham reader must separate that repricing from the business.
Intel’s financing record does not pass Graham’s conservative-financing test cleanly. Intel’s Apollo buyback agreement committed $14.2 billion for Apollo’s 49% interest in Fab 34 and used new debt instead of shared ownership. The supplied record does not provide the resulting balance sheet, interest burden, or complete share-count bridge after Intel’s other equity transactions. Graham’s test requires those inputs rather than confidence in management’s plan.
Intel’s earnings record shows improvement but not continuity. Intel’s Q2 revenue report put revenue at $16.1 billion, up 25% from a derived $12.88 billion in Q2 2025. Intel had also reported a $2.9 billion quarterly loss in July 2025. The supplied materials provide neither the long earnings history nor the continuous dividend record Graham’s defensive test demands.
Intel also cannot be tested against Graham’s valuation ceilings. The record supplies neither trailing earnings per share for his 20-times ceiling nor seven-year average earnings for his 25-times ceiling. The record therefore cannot convert the current quote into a defensible earnings multiple.
Bloomberg’s fresh manufacturing report says Samsung and TSMC joined Intel in backing a shift from 6-inch to 12-inch photomasks for High-NA EUV. The report supports Intel’s technical position, but it does not establish customer revenue or foundry profit.
TEXXR’s coverage record contains 2,829 Intel-linked articles across 85 active quarters, meaning quarters with at least one matching item, from September 2005 through September 2026. TEXXR measures how much publishers covered Intel, not how much intrinsic value Intel created.
A Graham reader therefore gets a split record. Intel has better operating evidence, while the record still lacks the financing, dividend, earnings, and valuation inputs needed to demonstrate a margin of safety.
An editorial application of Benjamin Graham's published framework — not their actual view, affiliation, or advice.
Where this lens comes from
Benjamin Graham's framework is set out at the lens page, drawn from The Intelligent Investor, Security Analysis. This page applies it to Intel and nothing else — the company's full record is in the dossier.