When Should You Buy Intel Stock?

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Shares of Intel (INTC) closed on November 4, 2026, 58.7% below their June high. The stock lost 34.9% in the two trading days after the company’s October 29 report, although it remains up 57.4% over twelve months. In fiscal Q3 2026, Intel’s data center sales grew from a year earlier while its PC chip sales shrank. So has the stock fallen far enough to buy, or is it still early?

Against Sales, Intel Still Costs More Than Before

Even after the fall, the stock trades at 5.1 times its revenue over the past twelve months, compared to 2.8 times at the end of September 2025. The stock also traded at 2.8 times sales over the twelve months to September 2021, when Intel’s operating margin was 29.3%.

Intel’s operating margin over the past twelve months is 10.1%, so buyers now pay more for each dollar of sales than they did when the company was far more profitable. That margin is climbing: it reached 15.6% in fiscal Q3 2026, up from 6.3% in fiscal Q3 2025. Because Intel reported a net loss over the past twelve months, its price against earnings is not meaningful. Based on operating cash flow, the stock trades at 17.5 times, compared to 15.1 for the S&P 500.

Management said Intel’s data center revenue was $7.3 billion in fiscal Q3 2026, up nearly 80% from a year earlier. That growth may be what buyers are still paying for.

Management Guided To Lower Sales For Fiscal Q4

For fiscal Q4 2026, management expects revenue of $15 billion to $16 billion, below the $16.5 billion Intel reported for fiscal Q3. Management said that range includes a hit of roughly $300 million from the incident at Fab 28, and they expect a similar hit in the following quarter.

Inside that guide, the PC chip and data center businesses move in opposite directions. Management expects PC chip sales to fall more than 20% from fiscal Q3 as customers cut their inventory, while data center sales grow by a mid-teens percentage.

Analysts expect revenue of $16.0 billion for the quarter, the top of the company’s range. So the bar for the quarter is the top of Intel’s own guide, even as its PC chip sales drop.

Intel Is Expected To Report Again In January 2027

Intel is expected to report its fiscal Q4 2026 results in January 2027. The stock has moved sharply in both directions after its recent reports. Over the two trading days following each of its last six reports, the stock rose twice, by as much as 27.3% in April 2026, and fell four times, by as much as 34.9% after the October report.

Total revenue compared to management’s range, along with how much data center sales grow from fiscal Q3, are the numbers to watch in that January report. Revenue under the $16.0 billion analysts expect, or slower data center growth than guided, would mean buying now is too early. Revenue above $16.0 billion with faster data center growth than guided would mean waiting is too late.

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