Intuit Inc
INTUBelow valueExpectations · modestHeld by 10 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-07-31Valuation basis: trailing twelve months to 2026-04-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +15.6%
- Net margin
- 20.5%
- ROE
- 19.6%
- FCF margin
- 32.5%
Valuation · value band
Margin of safety
Zero-growth floor
$119
Central IV
$516
Optimistic top
$666
Intuit Inc (INTU): A conservative value band $119–$666 / sh (zero-growth floor to growth-capped optimistic top); central read about $516. Today’s price sits below that band (price $346 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 17% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $119
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Model cautions
- Growth nearly matches the discount rate — the estimate is sensitive to assumptions.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $169.36 – $666.33 · Greenwald zero-growth $156.35 · zero-growth base $156.35 · reproduction $30.06
Moat Franchise (moat) · terminal value 32% of present value · owner-earnings yield 4% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$126.95 – $156.35 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-04-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 55% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$119.25 – $145.75 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-04-30, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 55% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $1.84B + capitalized R&D $6.46B（FY 2026, 2024, 2023, 2022） = $30.06 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window TTM 2026-04-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 19% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 17% · OE FY TTM 2026-04-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-04-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 12.5% a year in owner-earnings for the next few years. Revenue actually grew 19.3% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 8 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
10 holders · $1.26B combined · this quarter +1 opened / -4 exited
- Value$776.2MWeight (prev→now)3.4% → 2.4% ▼
- Value$174.1MWeight (prev→now)10.1% → 6.6% ▼
- Value$128.2MWeight (prev→now)0.0% → 1.6% ▲
- Value$86.6MWeight (prev→now)New · 1.1%
- Value$49.3MWeight (prev→now)2.4% → 1.6% ▼
- Value$22.5MWeight (prev→now)0.8% → 0.4% ▼
- Value$11.4MWeight (prev→now)0.0% → 0.0% ▲
- Value$6.5MWeight (prev→now)0.7% → 1.4% ▲
- Value$2.8MWeight (prev→now)0.1% → 0.2% ▲
- Value$313,983Weight (prev→now)0.3% → 0.2% ▼
SEC 13F · notes
Written summary
Written summary
Intuit Inc (INTU) is held by 10 of the superinvestors tracked on Compounder, with a combined $1.26B in reported 13F value. The largest position belongs to Ravenel Boykin Curry, where it makes up 2.4% of the portfolio.
Other notable holders by value include Nick Train (6.6% of its book), Donald Yacktman (1.6% of its book) and Steven Romick (1.1% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in INTU, 6 added to existing ones, 2 trimmed, and 4 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Intuit Inc (INTU) also commonly hold →
- Alphabet Inc-Cl AGOOGL7 holders
- Alphabet Inc-Cl CGOOG7 holders
- Microsoft CorpMSFT6 holders
- Thermo Fisher Scientific IncTMO6 holders
- Visa Inc-Class A SharesV6 holders
- Comcast Corp-Class ACMCSA6 holders
INTU's price is below its conservative value band. Browse all undervalued stocks by margin of safety
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Stay Updated
New-quarter 13F moves and valuation updates, to your inbox.