# Intuit (INTU.US)

Canonical: https://gigainvestors.com/s/INTU

Analysis as of: 2026-10-16T07:29:22.612Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $330.17 per share; close as of 2026-10-15.

Estimated value: low $271.12 per share, central $384.08 per share, high $447.08 per share. Buy at or below the central value $384.08 per share. Valuation as of 2026-10-16T07:29:22.612Z; scenarios are not confidence intervals.

Expected annual return: 11.2% at the stated quote. About 11.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.27×

- FY2018: 0.26×

- FY2019: 0.27×

- FY2020: 0.28×

- FY2021: 0.26×

- FY2022: 0.20×

- FY2023: 0.22×

- FY2024: 0.22×

- FY2025: 0.26×

- FY2026: 0.29×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 46.6%

- ROIC, second-lowest year: 34.3%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 81.6%

- Recent gross margin (lower of latest and 3-year median): 80.2%

- Years with nonpositive capital: 2

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 25.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: 40.7%

- FY2019: 36.7%

- FY2020: >100%

- FY2021: 70.4%

- FY2022: 30.0%

- FY2023: 34.3%

- FY2024: 42.8%

- FY2025: 50.4%

- FY2026: 75.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.18×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $19B

- Net income, five-year total: $16B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 5.3 pp

- Working capital / revenue, final three-year average: 1.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.25×

- FY2023: 1.23×

- FY2024: 1.18×

- FY2025: 1.18×

- FY2026: 1.14×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 40.7% vs 50.4%

- Per-share earnings: 3.72 to 13.67 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: $50B

- Cumulative retained earnings: $12B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 17.7%

- Per-share value change: $9.95

- Per-share value, starting three-year median: $3.72

- Per-share value, ending three-year median: $13.67

- Buybacks concentrated in cheaper years (correlation): 0.21

- Average buyback yield: 1.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $20B

- Cumulative net income, 10 years: $24B

- ROIC, first three-year median: 40.7%

- ROIC, last three-year median: 50.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: $3.72

- FY2018: $5.09

- FY2019: $5.90

- FY2020: $6.92

- FY2021: $7.55

- FY2022: $7.27

- FY2023: $8.42

- FY2024: $10.43

- FY2025: $13.67

- FY2026: $16.48

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -11.6%

- Receivables to sales index (DSRI): 0.28×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 23.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.94×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.98×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -15.4%

- FY2018: -15.1%

- FY2019: -12.2%

- FY2020: -5.4%

- FY2021: -7.7%

- FY2022: -6.6%

- FY2023: -9.6%

- FY2024: -6.0%

- FY2025: -6.3%

- FY2026: -11.6%

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dev Kantesaria](https://gigainvestors.com/VFC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 58% since Jun 2025 · "The primary factors are downward revision in TurboTax growth and concerns over AI disruption." (finance.yahoo.com, Jun 2026) · sales +13.9%

Story as of 2026-10-16T09:58:57.534Z; price observation 2026-10-15.

Price needs cash profits to grow 5.5% a year for ten years

- 2025-05-23: Intuit (NasdaqGS:INTU) Raises 2025 Earnings Guidance; Reports Strong Q3 Growth ([finance.yahoo.com](https://finance.yahoo.com/news/intuit-nasdaqgs-intu-raises-2025-172011220.html))

- 2025-08-22: Intuit beats Q4 estimates, shares fall on GBSG slowdown, conservative guide ([investing.com](https://www.investing.com/news/earnings/intuit-beats-q4-but-shares-fall-4205512))

- 2026-01-02: Intuit (INTU) Slid on Cautious FY2026 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/intuit-intu-slid-cautious-fy2026-121939075.html))

- 2026-02-26: Intuit earnings top estimates, shares fall on soft FQ3 outlook ([finance.yahoo.com](https://finance.yahoo.com/news/intuit-earnings-top-estimates-shares-213457516.html))

- 2026-05-20: Intuit trims annual TurboTax revenue forecast, to cut 17% of workforce ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/intuit-boosts-annual-forecasts-cut-200343555.html))

- 2026-07-31: Is Intuit (INTU) Undervalued Following Strong Q3 Results And Its AI Restructuring? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/intuit-intu-undervalued-following-strong-160819728.html))

### Sales · FY2025–2026

sales +13.9%; source https://www.sec.gov/Archives/edgar/data/896878/000089687826000037/intu-20260731.htm; observed 2026-09-09.

- FY2017: $5.2B 

- FY2018: $6.0B 

- FY2019: $6.8B 

- FY2020: $7.7B 

- FY2021: $9.6B 

- FY2022: $13B 

- FY2023: $14B 

- FY2024: $16B 

- FY2025: $19B 

- FY2026: $21B 

### Gross margin · FY2026

gross margin 80.2%; source https://www.sec.gov/Archives/edgar/data/896878/000089687826000037/intu-20260731.htm; observed 2026-09-09.

- FY2017: 84.4% 

- FY2018: 82.8% 

- FY2019: 82.8% 

- FY2020: 82.1% 

- FY2021: 82.5% 

- FY2022: 81.1% 

- FY2023: 78.1% 

- FY2024: 78.7% 

- FY2025: 80.8% 

- FY2026: 80.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 21.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/896878/000089687826000037/intu-20260731.htm (filed 2026-09-09); FY2026: revenue 21448000000; grossProfit 17195000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INTU.US: Intuit Inc. provides financial management, payments and capital, compliance, and marketing products and services in the United States. The company operates in two segments: Global Business Solutions and Consumer. Its Global Business Solutions segment provides QuickBooks services, which include financial and business management online services, desktop software, payroll solutions, time tracking, merchant payment processing and bill pay solutions, checking accounts, and financing services for small and mid-market businesses; and Mailchimp, a marketing automation and customer relationship management. The Consumer segment provides TurboTax, a do-it-yourself and assisted income tax preparation products and services; Credit Karma, a personal finance solution that provides recommendations for credit card, home, auto, and personal loan, and insurance products; online savings and checking accounts; and access to its credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, debt pay-down assistance, credit card rewards optimization, and connected account capabilities. This segment also offers ProTax offerings which include Lacerte, ProSeries, and ProFile desktop tax-preparation software products; and ProConnect Tax Online, electronic tax filing service, and bank products and related services. It sells products and services through direct sales channels, multichannel shop-and-buy experiences, online application stores, and partner and other channels. Intuit Inc. was founded in 1983 and is headquartered in Mountain View, California.

### Why customers stay

Margins ranged from 78.7% to 80.8% during 2024–26; it earns 46.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2024: grossProfit / revenue = 78.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2025: grossProfit / revenue = 80.8%.

- Source: https://www.sec.gov/Archives/edgar/data/896878/000089687826000037/intu-20260731.htm (filed 2026-09-09); FY2026: grossProfit / revenue = 80.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); 10-year return on capital observations [[2017,8.737754144510479],[2018,0.40685557651414006],[2019,0.3667026804548027],[2020,47.57166802356209],[2021,0.7037066159069638],[2022,0.30005307728495567],[2023,0.34271324999691066],[2024,0.4276318745216536],[2025,0.5040595036787152],[2026,0.7521527580285469]]; median 0.4658456891001844. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 5.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2017: growth capex 0; upkeep 230000000; owner earnings 977000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2018: growth capex 0; upkeep 124000000; owner earnings 1458000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2019: growth capex 0; upkeep 155000000; owner earnings 1627000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2020: growth capex 0; upkeep 137000000; owner earnings 1907000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2021: growth capex 0; upkeep 125000000; owner earnings 2300000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2022: growth capex 0; upkeep 229000000; owner earnings 2583000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2023: growth capex 0; upkeep 260000000; owner earnings 2930000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2024: growth capex 0; upkeep 250000000; owner earnings 3502000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); FY2025: growth capex 0; upkeep 124000000; owner earnings 4554000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/896878/000089687826000037/intu-20260731.htm (filed 2026-09-09); FY2026: growth capex 0; upkeep 221000000; owner earnings 5191000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); Dividend observations: [[2017,353000000],[2018,407000000],[2019,501000000],[2020,561000000],[2021,646000000],[2022,774000000],[2023,889000000],[2024,1034000000],[2025,1189000000],[2026,1347000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/896878/000089687826000037/intu-20260731.htm (filed 2026-09-09); FY2026: cash repurchases 5412000000 USD.

### Are managers owners

Insiders own 2.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INTU.US SharesStats.PercentInsiders = 2.414 percentage points; cache date 2026-10-16.

### What could break it

"If we experience significant product accuracy or quality problems or delays in product launches" (SEC filing, Sep 2026)

- Source: https://www.sec.gov/Archives/edgar/data/896878/000089687826000037/intu-20260731.htm (filed 2026-09-09); If we experience significant product accuracy or quality problems or delays in product launches

### What the price says

The price assumes cash profits grow 5.5% yearly over ten years; actual growth was 20.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-09); Ten-year compound average after fade. Initial solved rate 0.07945729988118105. Price 330.17; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.9252732365185756 → FY2026 18.740072202166065. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $108.74 per share

- 2016-11: $113.68 per share

- 2016-12: $114.61 per share

- 2017-01: $118.58 per share

- 2017-02: $125.44 per share

- 2017-03: $115.99 per share

- 2017-04: $125.21 per share

- 2017-05: $140.64 per share

- 2017-06: $132.81 per share

- 2017-07: $137.21 per share

- 2017-08: $141.45 per share

- 2017-09: $142.14 per share

- 2017-10: $151.02 per share

- 2017-11: $157.22 per share

- 2017-12: $157.78 per share

- 2018-01: $167.90 per share

- 2018-02: $166.86 per share

- 2018-03: $173.35 per share

- 2018-04: $184.79 per share

- 2018-05: $201.60 per share

- 2018-06: $204.31 per share

- 2018-07: $204.24 per share

- 2018-08: $219.47 per share

- 2018-09: $227.40 per share

- 2018-10: $211.00 per share

- 2018-11: $214.53 per share

- 2018-12: $196.85 per share

- 2019-01: $215.82 per share

- 2019-02: $247.13 per share

- 2019-03: $261.41 per share

- 2019-04: $251.06 per share

- 2019-05: $244.85 per share

- 2019-06: $261.33 per share

- 2019-07: $277.31 per share

- 2019-08: $288.36 per share

- 2019-09: $265.94 per share

- 2019-10: $257.50 per share

- 2019-11: $258.89 per share

- 2019-12: $261.93 per share

- 2020-01: $280.38 per share

- 2020-02: $265.85 per share

- 2020-03: $230.00 per share

- 2020-04: $269.81 per share

- 2020-05: $290.32 per share

- 2020-06: $296.19 per share

- 2020-07: $306.37 per share

- 2020-08: $345.39 per share

- 2020-09: $326.21 per share

- 2020-10: $314.68 per share

- 2020-11: $352.02 per share

- 2020-12: $379.85 per share

- 2021-01: $361.23 per share

- 2021-02: $390.14 per share

- 2021-03: $383.06 per share

- 2021-04: $412.16 per share

- 2021-05: $439.09 per share

- 2021-06: $490.17 per share

- 2021-07: $529.97 per share

- 2021-08: $566.11 per share

- 2021-09: $539.51 per share

- 2021-10: $625.99 per share

- 2021-11: $652.30 per share

- 2021-12: $643.22 per share

- 2022-01: $555.23 per share

- 2022-02: $474.37 per share

- 2022-03: $480.84 per share

- 2022-04: $418.75 per share

- 2022-05: $414.46 per share

- 2022-06: $385.44 per share

- 2022-07: $456.17 per share

- 2022-08: $431.78 per share

- 2022-09: $387.32 per share

- 2022-10: $427.50 per share

- 2022-11: $407.59 per share

- 2022-12: $389.22 per share

- 2023-01: $422.67 per share

- 2023-02: $407.18 per share

- 2023-03: $445.83 per share

- 2023-04: $443.95 per share

- 2023-05: $419.12 per share

- 2023-06: $458.19 per share

- 2023-07: $511.70 per share

- 2023-08: $541.81 per share

- 2023-09: $510.94 per share

- 2023-10: $494.95 per share

- 2023-11: $571.46 per share

- 2023-12: $625.03 per share

- 2024-01: $631.33 per share

- 2024-02: $662.89 per share

- 2024-03: $650.00 per share

- 2024-04: $625.62 per share

- 2024-05: $576.44 per share

- 2024-06: $657.21 per share

- 2024-07: $647.35 per share

- 2024-08: $630.26 per share

- 2024-09: $621.00 per share

- 2024-10: $610.30 per share

- 2024-11: $641.73 per share

- 2024-12: $628.50 per share

- 2025-01: $601.51 per share

- 2025-02: $613.84 per share

- 2025-03: $613.99 per share

- 2025-04: $627.47 per share

- 2025-05: $753.47 per share

- 2025-06: $787.63 per share

- 2025-07: $785.13 per share

- 2025-08: $667.00 per share

- 2025-09: $682.91 per share

- 2025-10: $667.55 per share

- 2025-11: $634.08 per share

- 2025-12: $662.42 per share

- 2026-01: $498.92 per share

- 2026-02: $409.03 per share

- 2026-03: $432.38 per share

- 2026-04: $388.50 per share

- 2026-05: $331.53 per share

- 2026-06: $261.00 per share

- 2026-07: $316.07 per share

- 2026-08: $359.30 per share

- 2026-09: $275.71 per share

- 2026-10: $301.45 per share

## Annual estimated value (USD per share)

- FY2017: low $56.94 per share, central $81.87 per share, high $95.78 per share

- FY2018: low $69.37 per share, central $98.39 per share, high $114.58 per share

- FY2019: low $80.28 per share, central $112.59 per share, high $130.61 per share

- FY2020: low $127.42 per share, central $173.89 per share, high $199.81 per share

- FY2021: low $105.97 per share, central $118.72 per share, high $135.70 per share

- FY2022: low $166.71 per share, central $238.30 per share, high $278.23 per share

- FY2023: low $144.42 per share, central $162.69 per share, high $187.01 per share

- FY2024: low $192.25 per share, central $274.40 per share, high $320.21 per share

- FY2025: low $222.53 per share, central $317.86 per share, high $371.02 per share

- FY2026: low $266.22 per share, central $377.15 per share, high $439.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/896878/000089687826000037/intu-20260731.htm); period 2026-07-31, filed 2026-09-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.