Intuit Jonathan Poland

Intuit Inc. (INTU) is a provider of financial management and compliance products and services tailored for consumers, small businesses, self-employed individuals, and accounting professionals across the United States, Canada, and globally. The company’s operations span four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProConnect. The Small Business & Self-Employed segment delivers QuickBooks online services and desktop software solutions, which include QuickBooks Online Advanced, QuickBooks Enterprise, QuickBooks Self-Employed, QuickBooks Commerce, QuickBooks Online Accountant, and a range of payroll solutions. It also provides payment-processing solutions, QuickBooks Cash business bank accounts, and financial resources and financing for small businesses.

The Consumer segment supplies TurboTax income tax preparation products and services, along with personal finance tools. Credit Karma, another segment, provides a personal finance platform offering individualized recommendations for home, auto, and personal loans, credit cards, and insurance products. The ProConnect segment encompasses Lacerte, ProSeries, and ProFile desktop tax-preparation software products, as well as ProConnect Tax Online tax products, electronic tax filing services, and related banking products and services. Intuit markets its products and services through a diverse range of sales and distribution channels, including multi-channel shop-and-buy experiences, websites, call centers, mobile app stores, and retail and other outlets. The company, established in 1983, has its headquarters in Mountain View, California.

as of May 14, 2023

Through the past decade, total revenue at Intuit has increased from $3.9 billion in 2013 to more than $13.6 billion in the last twelve months. During that decade of growth, net income grew as well, albeit slightly less, from $858 million to over $1.9 billion. Intuit saw a rise of $104 billion in market value on just $8 billion in retained earnings. While the company’s latest acquisitions will eventually bear fruit and its legacy products will retain high market share for decades to come, I would be shocked if the company will continue to produce $13 in market value for every $1 it retains. However, let’s say this ratio is cut in half and in the next decade Intuit only grows net profit at the same 8.5% annualized rate as it did over the last decade. It would add north of $18 billion in retained earnings to its books, which could translate into an additional $115 billion in market value. 

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