Intuit is a technology company specializing in financial management, compliance and marketing solutions for SMEs and individuals. The company serves around 100 million customers, mainly in the United States.

Intuit serves four distinct segments:

  • Small business and self-employed (59% of sales): this division caters for SMEs and the accounting professionals who support and advise them. The offering includes QuickBooks, a financial management platform, as well as solutions for payroll, scheduling, merchant payment and invoice processing, and MailChimp, a tool dedicated to marketing automation and customer relationship management.
  • Consumers (27% of sales): this segment includes TurboTax, a tax-assistance product.
  • Credit Karma (10%): a range of solutions for personal credit management.
  • ProTax (4%): a range of software for professional accountants to help prepare and file tax returns.

The California-based group operates on a SaaS (Software as a Service) model. In concrete terms, this means that the group's software is available on a subscription basis. The vast majority of revenues are therefore recurring, offering excellent visibility over the coming quarters.

Intuit also benefits from advanced expertise in AI, applying it to a field that lends itself perfectly to it. The Group's software products benefit from a network of AI-driven virtual experts to help customers with their tasks, and from machine learning to enable customers to find answers to their questions quickly. Over the next few quarters, AI should thus provide fertile ground for further margin gains.

As far as growth is concerned, Intuit still has many market opportunities to exploit. The total addressable market (TAM) is currently only 5% exploited. For example, Intuit has opportunities for expansion with larger companies in the SME segment. Since the needs are greater, the associated billings are higher and profitability better, since Intuit already has a great deal of expertise in this area. Intuit now has great control over its costs, pricing power with customers and efficiency gains thanks to AI. There is also great potential for advancement in the field of tax assistance (TAM of $30 billion), where Intuit has been testing products for several years already (products called Live Full Service and Business Tax).

From a financial point of view, these elements could well enable the group to continue its impressive rise. Looking back over the 10 financial years between 2015 and 2024, revenues have almost quadrupled, margins have risen by more than 10 points, earnings per share have multiplied by a factor of eight, generation has increased by a factor of four, and sales have risen by a factor of four.8 times, cash generation is progressing apace, and the balance sheet is well preserved with little recourse to debt.

A golden cycle for Intuit, which could continue over the next few years. Analysts are expecting a CAGR of 12.3% by 2027 in terms of revenues. By that time, operating margin should easily exceed 40%, compared with 39.3% this year.

income-statement-evolution-chart INTUIT-INC

These good results justify a high valuation. In recent years, Intuit's earnings multiple has been in the 40-70x range. This year is no exception, with a PER of 49x and 40x for 2025.

Intuit is a company with excellent fundamentals. Admittedly, the Group faces stiff competition. Listed companies include Xero and Sage in accounting and financial management software, H&R Block and Jackson Financial in tax tools, Experian, Equifax, NerdWallet and TransUnion in personal finance platforms, and so on. But Intuit is among the most diversified players, which of course reduces the risk of a single specialty. For example, companies specializing in payroll and human capital management software (Paycom, Paylocity) and payment systems (Paypal, Worldline, Block) are no longer as attractive as they once were.

The stock has been treading water since the beginning of the year. Should analysts' expectations be confirmed by future releases, this situation is unlikely to last.