Restricted Institutional Research • INTU

INTU report

Institutional research, investment thesis, and fundamental review.

December 30, 2025

Vijar Kohli

Stock Analysis Template

1. Financial Health Check

Revenue: $18.83B

Net Income: $3.87B

Net Margin: 20.55%

Revenue Growth (3yr CAGR): N/A (Need historical data)

ROE (Return on Equity): N/A (Missing Equity)

ROIC (Return on Invested Capital): [ROIC (Return on Invested Capital)]

Debt/Equity: N/A (Missing Liabilities)

Free Cash Flow Yield: [Free Cash Flow Yield]

Free Cash Flow Trend: [Free Cash Flow Trend]

2. Financial Trends

Revenue vs Net Income

3. Historical Data

Year	Revenue	Net Income	Gross Profit	Op. Cash Flow
2025	18.83B	3.87B	15.21B	6.21B
2024	16.29B	2.96B	12.82B	4.88B
2023	14.37B	2.38B	11.22B	5.05B
2022	12.73B	2.07B	10.32B	3.89B
2021	9.63B	2.06B	7.95B	3.25B

4. Competitive Advantage (Moat)

Type of Moat: Network Effect & Switching Costs
Strength: Wide
Description: Intuit benefits from a strong network effect by connecting consumers, businesses, and accountants on its platform. The integration and data consolidation provide increasing value as more users join, making it more attractive. High switching costs are also present due to the complexity of migrating financial data and the embeddedness of Intuit's solutions in users' workflows.

5. Management Quality

CEO: Sasan Goodarzi
Capital Allocation: The company repurchased $2.8 billion of stock during fiscal 2025 and plans to continue buybacks. The board approved a 15% increase in the quarterly dividend. The company is also reinvesting heavily in AI and its platform.
Tone: Optimistic
Key Quotes:
- "We are well on our way to becoming the global tech leader for enabling financial success for consumers, businesses and accountants."
- "Given our early bet on AI, our low penetration of our large $300 billion TAM and the significant investments we've made in the last decade in data, data services, AI and AI-enabled human intelligence, we are well positioned to power prosperity for our customers and deliver sustained double-digit revenue growth with margin expansion."

6. Growth Prospects

Total Addressable Market (TAM): [Size and Growth Rate]
Market Share: [Current share and potential to gain]
New Products/Services: [Pipeline]

7. Scuttlebutt & Soft Data

Customer Reviews: [Trends in customer satisfaction]
Employee Feedback: [Glassdoor ratings, turnover]
Channel Checks: [Insights from suppliers or distributors]

8. Valuation

P/E Ratio: [Current vs. Historical vs. Peers]
EV/EBITDA: [Current vs. Historical vs. Peers]
DCF Fair Value: [Estimate]

9. Risks

[Risk 1: Mailchimp performance impacting overall growth.]
[Risk 2: Consumer spending and credit health affecting demand.]
[Risk 3: SEO search changes affecting traffic, though management claims it plays to Intuit's strengths.]

10. Checklist

Do I understand the business model?
Is the balance sheet healthy?
Is management aligned with shareholders?
Is the valuation reasonable?
Is there a clear catalyst?

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