DCF Studio

    INTU · NMS · Technology

    Intuit Inc.

    Also onShortfallConsensus DriftCrosscheck

    Implied value per share

    USD 368.36

    Market price

    USD 352.10

    Implied upside

    +4.6%

    10-year forecast · Perpetuity growth terminal value · Mid-year discounting · Base case · Price 2026-11-02 · Accounts to 2026-07-31

    Value Per Share

    Perpetuity growth
    USD 368.36+4.6%
    Exit multiple
    USD 421.30+19.7%
    Market price
    USD 352.10

    Same forecast, different terminal treatment. Percentages vs price.

    Forecast Cashflows

    Reporting currency (USD). Outflows negative.

    0bn4bn8bnFY27FY28FY29FY30FY31FY32FY33FY34FY35FY36
    Nominal FCFFDiscounted to todayUSD
    LineFY27FY28FY29FY30FY31FY32FY33FY34FY35FY36CAGR
    RevenueUSD 23.4bnUSD 25.5bnUSD 27.6bnUSD 29.7bnUSD 31.7bnUSD 33.5bnUSD 35.1bnUSD 36.6bnUSD 37.8bnUSD 38.8bn+5.8%
    EBITUSD 5.9bnUSD 6.4bnUSD 6.9bnUSD 7.5bnUSD 8.0bnUSD 8.4bnUSD 8.8bnUSD 9.2bnUSD 9.5bnUSD 9.7bn+5.8%
    NOPATUSD 4.7bnUSD 5.1bnUSD 5.6bnUSD 6.0bnUSD 6.4bnUSD 6.7bnUSD 7.1bnUSD 7.4bnUSD 7.6bnUSD 7.8bn+5.8%
    Add depreciation & amortisationUSD 1.1bnUSD 1.2bnUSD 1.3bnUSD 1.4bnUSD 1.5bnUSD 1.6bnUSD 1.6bnUSD 1.7bnUSD 1.8bnUSD 1.8bn+5.8%
    Less capital expenditureUSD -294.6mUSD -430.1mUSD -583.3mUSD -753.2mUSD -937.8mUSD -1.1bnUSD -1.3bnUSD -1.6bnUSD -1.8bnUSD -2.0bn+23.5%
    Capex, % of revenue1.3%1.7%2.1%2.5%3.0%3.4%3.8%4.2%4.7%5.1%-
    Less increase in working capitalUSD 29.6mUSD 32.0mUSD 31.7mUSD 30.9mUSD 29.5mUSD 27.6mUSD 25.0mUSD 21.9mUSD 18.3mUSD 14.2m+7.8%
    Free cashflow to firmUSD 5.5bnUSD 5.9bnUSD 6.3bnUSD 6.6bnUSD 6.9bnUSD 7.2bnUSD 7.4bnUSD 7.5bnUSD 7.6bnUSD 7.6bn+3.7%
    Discount factor0.96000.88460.81520.75120.69230.63790.58790.54170.49920.4600-
    Present valueUSD 5.3bnUSD 5.2bnUSD 5.1bnUSD 5.0bnUSD 4.8bnUSD 4.6bnUSD 4.3bnUSD 4.1bnUSD 3.8bnUSD 3.5bn-
    Present Value Of The ForecastUSD 45.8bn

    Discount Rate

    Source shown per component. All overridable above.

    Risk-free rate4.89%US 10-year Treasury (^TNX), 2026-11-02
    Equity risk premium4.23%Damodaran, January 2026
    Beta0.947Reported 0.921, pulled toward 1.0 (Blume)
    Cost of equity8.90%Risk-free + beta x equity risk premium
    Cost of debt5.29%Risk-free + 40bp, the spread for a AAA rating at 24.1x interest cover. Book interest / average debt was lower, at 3.4%.
    Market capitalisationUSD 94.1bn91.8% of capital
    Total debtUSD 8.4bn8.2% of capital, book value as a proxy
    Tax rate20.1%Effective, capped at statutory
    WACC8.52%E/V x Re + D/V x Rd x (1 - t)

    Terminal Value

    Perpetuity growth is intrinsic. The exit multiple defaults to the company's current EV/EBITDA, so it answers a different question - what the shares are worth if today's rating holds and EBITDA grows as forecast.

    Perpetuity growth at 2.50%

    Value per shareUSD 368.36

    56% of EV

    Forecast FCFF, final year
    USD 7.6bn
    Capex at depreciation, working capital in reinvestment
    USD 8.9bn
    Less reinvestment at g/ROIC (17.9% of NOPAT)
    USD -1.6bn
    Capitalised
    USD 7.3bn
    ROIC (reported)
    14.0%
    Terminal value, undiscounted
    USD 124.9bn
    Terminal value, discounted
    USD 57.5bn
    Enterprise value
    USD 103.3bn
    Less net debt
    USD 1.2bn
    Equity value
    USD 102.0bn

    Exit at 13.6x EBITDA

    Value per shareUSD 421.30

    61% of EV

    Terminal value, undiscounted
    USD 156.8bn
    Terminal value, discounted
    USD 72.1bn
    Enterprise value
    USD 117.9bn
    Less net debt
    USD 1.2bn
    Equity value
    USD 116.7bn

    Spread between methods: 13%.

    Sensitivity

    Value per share (USD) by discount rate and long-run growth.

    Long-run growth
    Discount rate1.50%2.00%2.50%3.00%3.50%
    6.52%502.46521.91546.89579.75624.43
    7.52%418.44427.96439.90455.06474.63
    8.52%358.38362.80368.35375.36384.26
    9.52%313.32314.93317.11319.97323.70
    10.52%278.26278.28278.57279.20280.22

    Outlined: this model. Green text: above today's price of 352.10. Shading: distance from this model's own value.

    Priced In

    What each input would have to be to justify the current price, one at a time.

    InputActualModelImplied
    Revenue growth, a year14.3%6.1%5.6%
    EBIT margin28.8%25.1%23.9%
    Discount rate-8.5%8.8%
    Download as Excel

    Live formulas, not pasted numbers - edit a driver and the workbook reprices.

    Yahoo Finance and RBA data. General information, not advice. Methodology.