INTC

The operational turnaround is genuine. Intel's net loss narrowed from -$18.8B in FY2024 to just -$267M in FY2025 (a 98.6% improvement), the operating loss shrank 81% to -$2.21B, and gross profit rose 5.9% to $18.4B even as revenue dipped 0.5% to $52.9B. Management is running it for survival and cash: operating cash flow climbed 17% to $9.70B while capex was slashed 38.8% to $14.6B, lifting cash 72.9% to $14.3B. The FY2025 10-K is signed by new CEO Lip-Bu Tan and CFO David Zinsner (January 2026), consistent with a leadership-led cost reset. The balance sheet is not stressed — ~$46.6B total debt against $114B equity and a ~2.0x current ratio ($63.7B current assets vs $31.6B current liabilities).

But the quality is still poor, not 'good company.' Operating margin is -4.2%, net margin -0.5% and ROE -0.2% — the business is not yet earning its cost of capital. Revenue has eroded from $79.0B (FY2021) to $52.9B with no demonstrated return to growth, and survival has been part-funded by shareholders: shares outstanding rose 15.4% to 5.00B, the dividend was cut to $0, and R&D was trimmed 16.8% to $13.8B — a worrying place to economize for a company that needs to close a process-technology gap.