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What has to happen in All Other

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This page changes All Other inside the complete INTC model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

INTC forward model
Horizon
Consolidated fair value $100.06 all other verticals held in this portfolio case
Final-quarter revenue $1.22B 4% of company revenue
Explicit segment contribution $4.18B EBITDA less segment capex, before corporate items

The CEO's own framing taken at face value across all four lines he names - CPU franchise, ASICs, advanced packaging and wafer foundry network - rather than only the CPU and server lines the disclosure can evidence. It needs external foundry and advanced packaging to become material, and $293M of quarterly external revenue does not yet support that; it is here to make explicit what the base case deliberately does not reach. It takes revenue to $131.2B across the four quarters to 2031 Q2, more than double the $62.7B this model projects for 2026, and even then reaches $100.06 a share only with a 13.5x exit multiple and a 9% discount rate. What it does not do is justify the price on disclosed economics: the extra revenue is assumed, not contracted, and no 14A customer commitment has been quantified.

All Other

Basis quarter$701M
Final quarter$1.22B
Implied CAGR+12%
Final revenue mix4%

A residual bucket of unlike businesses rather than a business: Mobileye at $507M in 2026 Q2, IMS multi-beam mask writing tools, and start-ups. The line halved when Altera was deconsolidated on 12 September 2025, which is why the 2025 Q4 print of $574M sits so far below the $1,113M of 2024 Q4. The projection starts from the post-Altera base and grows with Mobileye, not with Intel.

Last four quarters
2025 Q3 $993M Reported
2025 Q4 $574M Reported
2026 Q1 $628M Reported
2026 Q2 $701M Reported
MobileyeIMS multi-beam mask writing toolsStart-up businessesAltera, consolidated through 11 September 2025
Sequential growth +0.8%/qtr decaying toward +0.8% +0.8% into 2026 Q3. Mobileye revenue was flat year over year at $507M; nothing here is compounding.
All Other

Latest: $1.22B (2031Q2E)

Period Value
2024Q1 $643M
2024Q2 $881M
2024Q3 $964M
2024Q4 $1.11B
2025Q1 $943M
2025Q2 $1.05B
2025Q3 $993M
2025Q4 $574M
2026Q1 $628M
2026Q2 $701M
2026Q3E $721M
2026Q4E $741M
2027Q1E $762M
2027Q2E $783M
2027Q3E $805M
2027Q4E $828M
2028Q1E $851M
2028Q2E $875M
2028Q3E $900M
2028Q4E $925M
2029Q1E $951M
2029Q2E $978M
2029Q3E $1.01B
2029Q4E $1.03B
2030Q1E $1.06B
2030Q2E $1.09B
2030Q3E $1.12B
2030Q4E $1.16B
2031Q1E $1.19B
2031Q2E $1.22B

Assumptions & reasoning

  • The 2025 Q4 fall is a structural break from the Altera deconsolidation, not a seasonal trough; any growth path has to start from the post-Altera base of $574M to $701M a quarter.
  • Mobileye is separately listed and consolidated, so this line carries a business whose product cycle Intel does not control and whose margins are cyclical.
  • The 32.8% EBITDA margin is the disclosed 33% segment operating margin ($230M on $701M) and glides down to an assumed 18%, because one quarter at 33% on a residual bucket is not a run rate.
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