NASDAQ · Technology

Intuit Inc.

INTU · Software - Application

$406.99

▲ 7.96 (2.0%)

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Mr. Market is currently offering Intuit Inc. at $406.99.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 79.6%

Operating Margin 26.2%

Net Income Margin 20.5%

Fin. Health C

Years to Pay Off Debt 1.7 yrs

Working Capital vs Long-Term Debt -$2.2B

Working Capital $3.7B

Valuation F

Margin of Safety 0.0%

Price-to-Book 5.71x

Cash Flow A

Free Cash Flow $6.1B

CapEx % of Net Income 3.2%

Owner Earnings $4.8B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $113.3B

Enterprise Value $114.3B

P/E (TTM) 26.50

Dividend Yield 1.12%

Exchange NASDAQ

Key Margins

Gross Profit 79.6%

Operating Margin 26.2%

Net Margin 20.5%

Company Info

Sector Technology

Industry Software - Application

Employees 18200

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Intuit Inc. at $406.99.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $406.99, the stock trades at a 175% premium to its Graham Number of $148.06. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Intuit Inc.

Intuit Inc. provides financial management, payments and capital, compliance, and marketing products and services in the United States. The company operates in four segments: Global Business Solutions, Consumer, Credit Karma, and ProTax. The 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. This segment also offers QuickBooks online services and desktop software solutions comprising QuickBooks Online, QuickBooks Live, QuickBooks Online Advanced, QuickBooks Self-Employed, QuickBooks Solopreneur financial and business management offerings, QuickBooks Online Payroll, QuickBooks Checking, QuickBooks Desktop software subscriptions, and QuickBooks Assisted Payroll. The Consumer segment provides do-it-yourself and assisted TurboTax income tax preparation products and services. The Credit Karma segment offers consumers with a personal finance platform 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, and tools. The ProTax segment provides Lacerte, ProSeries, and ProFile desktop tax-preparation software products; and ProConnect Tax Online bill pay tax products, electronic tax filing service, and bank products and related services. It sells products and services through direct sales channels, multichannel shop-and-buy experiences, mobile application stores, and partner and other channels. Intuit Inc. was founded in 1983 and is headquartered in Mountain View, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	79.6% ▲	78.7%	78.1%	81.1%	N/A
Operating Margin %	26.2% ▲	23.7%	21.9%	20.1%	N/A
Net Income %	20.5% ▲	18.2%	16.6%	16.2%	N/A
Diluted EPS	13.67 ▲	10.43	8.42	7.28	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$37.0B	$32.1B	$27.8B	$27.7B	N/A
Total Debt	$6.6B ↑	$6.6B	$6.7B	$7.5B	N/A
Working Capital	$3.7B ▲	$2.2B	$1.8B	$1.4B	N/A
Years to Pay Debt	1.72	2.22	2.81	3.65	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$6.1B ▲	$4.6B	$4.8B	$3.7B	N/A
Owner Earnings	$4.8B	$4.0B	$3.5B	$3.0B	N/A
CapEx % of Net Income	3.2%	8.4%	10.9%	11.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-2,994	-36,874	0	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	5,905,000	4,804,000	4,043,000	3,369,000
Total Unusual Items	-15,000	-223,000	0	0
Total Unusual Items Excluding Goodwill	-15,000	-223,000	0	0
Net Income From Continuing Operation Net Minority Interest	3,869,000	2,963,000	2,384,000	2,066,000
Reconciled Depreciation	809,000	789,000	806,000	746,000
Reconciled Cost Of Revenue	3,520,000	3,159,000	2,820,000	2,076,000
EBITDA	5,890,000	4,581,000	4,043,000	3,369,000
EBIT	5,081,000	3,792,000	3,237,000	2,623,000
Net Interest Income	-72,000	-95,000	-142,000	-17,000
Interest Expense	247,000	242,000	248,000	81,000
Interest Income	175,000	147,000	106,000	64,000
Normalized Income	3,881,006	3,149,126	2,384,000	2,066,000
Net Income From Continuing And Discontinued Operation	3,869,000	2,963,000	2,384,000	2,066,000
Total Expenses	13,893,000	12,432,000	11,227,000	10,167,000
Total Operating Income As Reported	4,923,000	3,630,000	3,141,000	2,571,000
Diluted Average Shares	283,000	284,000	283,000	284,000
Basic Average Shares	280,000	280,000	281,000	280,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,869,000	2,963,000	2,384,000	2,066,000
Net Income Common Stockholders	3,869,000	2,963,000	2,384,000	2,066,000
Net Income	3,869,000	2,963,000	2,384,000	2,066,000
Net Income Including Noncontrolling Interests	3,869,000	2,963,000	2,384,000	2,066,000
Net Income Continuous Operations	3,869,000	2,963,000	2,384,000	2,066,000
Tax Provision	965,000	587,000	605,000	476,000
Pretax Income	4,834,000	3,550,000	2,989,000	2,542,000
Other Income Expense	-32,000	-208,000	-10,000	37,000
Other Non Operating Income Expenses	-17,000	15,000	-10,000	37,000
Special Income Charges	-15,000	-223,000	0	0
Restructuring And Mergern Acquisition	15,000	223,000	0	0
Net Non Operating Interest Income Expense	-72,000	-95,000	-142,000	-17,000
Interest Expense Non Operating	247,000	242,000	248,000	81,000
Interest Income Non Operating	175,000	147,000	106,000	64,000
Operating Income	4,938,000	3,853,000	3,141,000	2,559,000
Operating Expense	10,045,000	8,967,000	8,084,000	7,761,000
Depreciation Amortization Depletion Income Statement	481,000	483,000	483,000	416,000
Depreciation And Amortization In Income Statement	481,000	483,000	483,000	416,000
Amortization	481,000	483,000	483,000	416,000
Amortization Of Intangibles Income Statement	481,000	483,000	483,000	416,000
Research And Development	2,928,000	2,754,000	2,539,000	2,347,000
Selling General And Administration	6,636,000	5,730,000	5,062,000	4,998,000
Selling And Marketing Expense	5,035,000	4,312,000	3,762,000	3,526,000
General And Administrative Expense	1,601,000	1,418,000	1,300,000	1,472,000
Other Gand A	1,601,000	1,418,000	1,300,000	1,460,000
Salaries And Wages		-24,000	-12,000	12,000	-28,000
Gross Profit	14,983,000	12,820,000	11,225,000	10,320,000
Cost Of Revenue	3,848,000	3,465,000	3,143,000	2,406,000
Total Revenue	18,831,000	16,285,000	14,368,000	12,726,000
Operating Revenue	18,831,000	16,285,000	14,368,000	12,726,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	279,129	280,268	280,421	281,932
Share Issued	279,129	280,268	280,421	281,932
Net Debt	3,089,000	2,429,000	3,272,000	4,118,000
Total Debt	6,639,000	6,567,000	6,689,000	7,540,000
Tangible Book Value	428,000	-1,228,000	-2,930,000	-4,356,000
Invested Capital	25,683,000	24,474,000	23,389,000	23,355,000
Working Capital	3,737,000	2,187,000	1,767,000	1,417,000
Net Tangible Assets	428,000	-1,228,000	-2,930,000	-4,356,000
Capital Lease Obligations	666,000	529,000	569,000	626,000
Common Stock Equity	19,710,000	18,436,000	17,269,000	16,441,000
Total Capitalization	25,683,000	23,975,000	23,389,000	22,856,000
Total Equity Gross Minority Interest	19,710,000	18,436,000	17,269,000	16,441,000
Stockholders Equity	19,710,000	18,436,000	17,269,000	16,441,000
Gains Losses Not Affecting Retained Earnings	-50,000	-54,000	-55,000	-60,000
Other Equity Adjustments	-50,000	-54,000	-55,000	-60,000
Treasury Stock	21,543,000	18,750,000	16,772,000	14,805,000
Retained Earnings	19,668,000	16,989,000	15,067,000	13,581,000
Additional Paid In Capital	21,632,000	20,248,000	19,026,000	17,722,000
Capital Stock	3,000	3,000	3,000	3,000
Common Stock	3,000	3,000	3,000	3,000
Total Liabilities Net Minority Interest	17,248,000	13,696,000	10,511,000	11,293,000
Total Non Current Liabilities Net Minority Interest	6,878,000	6,205,000	6,721,000	7,663,000
Other Non Current Liabilities	70,000	51,000	24,000	25,000
Tradeand Other Payables Non Current	238,000	157,000	92,000	56,000
Non Current Deferred Liabilities		4,000	5,000	625,000	533,000
Non Current Deferred Revenue		4,000	5,000	6,000	8,000
Non Current Deferred Taxes Liabilities			4,000	619,000	525,000
Long Term Debt And Capital Lease Obligation	6,570,000	5,997,000	6,600,000	6,957,000
Long Term Capital Lease Obligation	597,000	458,000	480,000	542,000
Long Term Debt	5,973,000	5,539,000	6,120,000	6,415,000
Current Liabilities	10,370,000	7,491,000	3,790,000	3,630,000
Other Current Liabilities	129,000	108,000	99,000	128,000
Current Deferred Liabilities	8,343,000	5,000,000	1,512,000	1,386,000
Current Deferred Revenue	8,095,000	4,793,000	1,341,000	1,239,000
Current Debt And Capital Lease Obligation	69,000	570,000	89,000	583,000
Current Capital Lease Obligation	69,000	71,000	89,000	84,000
Current Debt		499,000		499,000
Other Current Borrowings		499,000
Line Of Credit			0	499,000	0
Pensionand Other Post Retirement Benefit Plans Current	858,000	921,000	665,000	576,000
Current Provisions	39,000	40,000	32,000	31,000
Payables And Accrued Expenses	932,000	852,000	1,393,000	926,000
Current Accrued Expenses	85,000	84,000	12,000	141,000
Interest Payable	85,000	84,000	12,000	11,000
Payables	847,000	768,000	1,381,000	785,000
Dividends Payable				12,000	9,000
Total Tax Payable	55,000	47,000	743,000	48,000
Income Tax Payable		8,000	698,000	8,000	3,000
Accounts Payable	792,000	721,000	638,000	737,000
Total Assets	36,958,000	32,132,000	27,780,000	27,734,000
Total Non Current Assets	22,851,000	22,454,000	22,223,000	22,687,000
Other Non Current Assets	751,000	541,000	417,000	344,000
Non Current Deferred Assets	1,222,000	698,000	64,000	11,000
Non Current Deferred Taxes Assets	1,222,000	698,000	64,000	11,000
Investments And Advances	94,000	131,000	105,000	98,000
Goodwill And Other Intangible Assets	19,282,000	19,664,000	20,199,000	20,797,000
Other Intangible Assets	5,302,000	5,820,000	6,419,000	7,061,000
Goodwill	13,980,000	13,844,000	13,780,000	13,736,000
Net PPE	1,502,000	1,420,000	1,438,000	1,437,000
Accumulated Depreciation	-1,402,000	-1,363,000	-1,472,000	-1,438,000
Gross PPE	2,904,000	2,783,000	2,910,000	2,875,000
Leases	479,000	495,000	404,000	366,000
Construction In Progress	39,000	17,000	360,000	283,000
Other Properties	716,000	588,000	683,000	757,000
Machinery Furniture Equipment	930,000	951,000	1,002,000	1,012,000
Buildings And Improvements	644,000	636,000	382,000	378,000
Land And Improvements	96,000	96,000	79,000	79,000
Current Assets	14,107,000	9,678,000	5,557,000	5,047,000
Other Current Assets	496,000	366,000	354,000	287,000
Assets Held For Sale Current	0	3,000	0
Restricted Cash		3,921,000	420,000	431,000	457,000
Prepaid Assets			354,000	287,000	184,000
Receivables	9,059,000	5,235,000	1,541,000	1,479,000
Other Receivables	7,076,000	3,921,000	420,000	431,000
Taxes Receivable	50,000	78,000	29,000	93,000
Notes Receivable	1,403,000	779,000	687,000	509,000
Accounts Receivable	530,000	457,000	405,000	446,000
Allowance For Doubtful Accounts Receivable	-5,000	-5,000	-7,000	-31,000
Gross Accounts Receivable	535,000	462,000	412,000	477,000
Cash Cash Equivalents And Short Term Investments	4,552,000	4,074,000	3,662,000	3,281,000
Other Short Term Investments	1,668,000	465,000	814,000	485,000
Cash And Cash Equivalents	2,884,000	3,609,000	2,848,000	2,796,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	6,083,000	4,634,000	4,786,000	3,660,000
Repurchase Of Capital Stock	-2,772,000	-1,988,000	-1,967,000	-1,861,000
Repayment Of Debt	-500,000	-4,325,000	-1,032,000	0
Issuance Of Debt	429,000	4,236,000	222,000	4,882,000
Capital Expenditure	-124,000	-250,000	-260,000	-229,000
Interest Paid Supplemental Data	284,000	200,000	272,000	67,000
Income Tax Paid Supplemental Data	1,408,000	1,881,000	484,000	303,000
End Cash Position	9,481,000	7,099,000	2,852,000	2,997,000
Beginning Cash Position	7,099,000	2,852,000	2,997,000	2,819,000
Effect Of Exchange Rate Changes	3,000	-13,000	0	-22,000
Changes In Cash	2,379,000	4,260,000	-145,000	200,000
Financing Cash Flow	-1,510,000	-397,000	-4,269,000	1,732,000
Cash Flow From Continuing Financing Activities	-1,510,000	-397,000	-4,269,000	1,732,000
Net Other Financing Charges	2,124,000	2,432,000	-831,000	-677,000
Proceeds From Stock Option Exercised	398,000	282,000	228,000	162,000
Cash Dividends Paid	-1,189,000	-1,034,000	-889,000	-774,000
Common Stock Dividend Paid	-1,189,000	-1,034,000	-889,000	-774,000
Net Common Stock Issuance	-2,772,000	-1,988,000	-1,967,000	-1,861,000
Common Stock Payments	-2,772,000	-1,988,000	-1,967,000	-1,861,000
Net Issuance Payments Of Debt	-71,000	-89,000	-810,000	4,882,000
Short Term Debt Payments	0	-100,000	0	0
Short Term Debt Issuance	0	100,000	0	182,000
Net Long Term Debt Issuance	-71,000	-89,000	-810,000	4,882,000
Long Term Debt Payments	-500,000	-4,225,000	-1,032,000	0
Long Term Debt Issuance	429,000	4,136,000	222,000	4,882,000
Investing Cash Flow	-2,318,000	-227,000	-922,000	-5,421,000
Cash Flow From Continuing Investing Activities	-2,318,000	-227,000	-922,000	-5,421,000
Net Other Investing Changes	-1,393,000	-550,000	-303,000	-438,000
Net Investment Purchase And Sale	-617,000	656,000	-326,000	928,000
Sale Of Investment	1,746,000	1,436,000	689,000	1,758,000
Purchase Of Investment	-2,363,000	-780,000	-1,015,000	-830,000
Net Business Purchase And Sale	-184,000	-83,000	-33,000	-5,682,000
Purchase Of Business	-184,000	-83,000	-33,000	-5,682,000
Net PPE Purchase And Sale	-84,000	-191,000	-210,000	-157,000
Purchase Of PPE	-84,000	-191,000	-210,000	-157,000
Capital Expenditure Reported	-40,000	-59,000	-50,000	-72,000
Operating Cash Flow	6,207,000	4,884,000	5,046,000	3,889,000
Cash Flow From Continuing Operating Activities	6,207,000	4,884,000	5,046,000	3,889,000
Change In Working Capital	-206,000	-429,000	601,000	-436,000
Change In Other Working Capital	78,000	208,000	199,000	-286,000
Change In Other Current Liabilities	-30,000	-640,000	468,000	62,000
Change In Payables And Accrued Expense	73,000	133,000	-97,000	-89,000
Change In Payable	73,000	133,000	-97,000	-89,000
Change In Account Payable	73,000	133,000	-97,000	-95,000
Change In Tax Payable		-691,000	690,000	6,000	-8,000
Change In Income Tax Payable		-691,000	690,000	6,000	-8,000
Change In Prepaid Assets	-283,000	-30,000	-75,000	-121,000
Change In Receivables	-44,000	-100,000	106,000	-2,000
Changes In Account Receivables	-71,000	-52,000	42,000	-31,000
Other Non Cash Items	202,000	175,000	171,000	85,000
Stock Based Compensation	1,968,000	1,940,000	1,712,000	1,308,000
Deferred Tax	-435,000	-554,000	-628,000	120,000
Deferred Income Tax	-435,000	-554,000	-628,000	120,000
Depreciation Amortization Depletion	809,000	789,000	806,000	746,000
Depreciation And Amortization	809,000	789,000	806,000	746,000
Amortization Cash Flow	637,000	630,000	646,000	559,000
Amortization Of Intangibles	637,000	630,000	646,000	559,000
Depreciation	172,000	159,000	160,000	187,000
Net Income From Continuing Operations	3,869,000	2,963,000	2,384,000	2,066,000

These metrics estimate what Intuit Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$148.06

Margin of Safety

Market Cap ÷ Company Value

1.30

P/B Ratio

5.71

Warren's Owner Earnings

$4.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$18.8B

vs > $1.5B revenue

❌ Strong Financial Condition

1.36x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.12%

vs Uninterrupted dividends

✅ Earnings Growth

+87.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

26.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

5.71x P/B (P/E×P/B: 151.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-11.36

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$198.40

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	3.2%	8.4%	10.9%	11.1%	N/A
Repurchase of Capital Stock	-$2.8B	-$2.0B	-$2.0B	-$1.9B	N/A
Free Cash Flow	$6.1B ▲	$4.6B ▼	$4.8B ▲	$3.7B •	N/A •
Warren's Owner Earnings	$4.8B	$4.0B	$3.5B	$3.0B	N/A

Peers & Industry

No auto-detected peers for Software - Application. You can manually compare INTU against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

2.35%

Low — management has little skin in the game

Return on Equity (ROE)

19.6%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

10.5%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$2.8B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+1.1% YoY

Debt is roughly stable

Leadership Team

Sasan Goodarzi

CEO, President & Chairman

Age 57

Pay: $3,910,000

0.101% of net income

Scott Cook

Founder & Director

Age 73

Pay: $1,300,000

0.034% of net income

Sandeep Singh Aujla

Executive VP & CFO

Age 49

Pay: $1,771,300

0.046% of net income

Anne-Sophie Seigneurbieux

Senior Vice President of Investor Relations, Corporate & Strategic Finance

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.46%	28,918,438
Blackrock Inc.	9.56%	26,430,847
State Street Corporation	4.72%	13,062,848
JPMORGAN CHASE & CO	4.23%	11,709,784
Geode Capital Management, LLC	2.39%	6,614,539
Price (T.Rowe) Associates Inc	2.12%	5,854,645
Morgan Stanley	1.84%	5,100,857
NORGES BANK	1.67%	4,617,021

Risk Analysis

Beta (Market Risk)

1.03

Moderate volatility — moves slightly more than market

Short Interest

3.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.36x

Conservative balance sheet — low financial risk

Current Ratio

1.32x

Adequate liquidity

52-Week Price Range

Low: $342.11 Current: $406.99 High: $813.70

Currently at 14% of 52-week range

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