What moat does Intuit have?

The advantage is the company already keeping the year in QuickBooks and the taxpayer already filing with TurboTax. They can change tools. The moat narrows if the fiscal year opens somewhere else, or if the season is soft.

How do you read the Intuit radar?

Health is debt against software, not against the customer's payroll. Quality separates the accounting subscription, which repeats, from the tax season and from the ads. Growth follows small companies and returns, and they need not rise together. P/E is read against a year of heavy filing, not against that peak. Shareholder return, if any, comes out of that cash. Do not read it as a price immune to the cycle.

Which multiples matter for Intuit?

The P/E of a year of many returns is not the earnings of the rest of the year. EV/EBITDA is read without treating Credit Karma as if it were the bookkeeping. Do not use a bank's multiple, which lends, as if the software and the credit were the same book. A dash if INTU is missing.

What does this Intuit analysis leave out?

Not advice on Intuit. Vaultflake does not state a retention rate or treat the price as immune to the cycle. Read the filings. The table is a snapshot, not a target price.

Intuit (INTU) analysis

Intuit Inc.

Sector:Technology · Accounting and Tax Software

Country:United States

Profile and moat

Intuit sells QuickBooks for a small company's accounts and TurboTax for the tax return. Credit Karma is something else: ads and offers. Xero and the accountant compete in the bookkeeping. The taxpayer can file with someone else, or alone. It is not pricing power immune to the cycle.

Changing the books is a project, and it happens when the year closes. The tax return is a season, not the pace of the other months. This report does not state a retention rate.

Cash separates the accounting subscription from the tax season and from the ads. A year of many returns is not normal earnings.

Sustainable Competitive Advantage

Intuit (INTU) analysis

Intuit Inc.

Sector:Technology · Accounting and Tax Software

Country:United States

Profile and moat

Changing the books is a project, and it happens when the year closes. The tax return is a season, not the pace of the other months. This report does not state a retention rate.

Cash separates the accounting subscription from the tax season and from the ads. A year of many returns is not normal earnings.

Sustainable Competitive Advantage

Intuit (INTU) analysis

Profile and moat

Intuit (INTU) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Intuit have?

How do you read the Intuit radar?

Which multiples matter for Intuit?

What does this Intuit analysis leave out?

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