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Intuit Inc INTU

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Morningstar’s Analysis

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Intuit Set for Another Year of Accelerated Revenue Growth Thanks to Credit Karma; Maintaining FVE

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Wide-moat Intuit’s second quarter results were in line with management’s updated guidance given earlier this month, which was prompted by the IRS’ delayed start to accepting and processing tax returns this tax season in the U.S. Guidance for the remainder of the year was also maintained from the outlook reiteration several weeks ago, leaving Intuit set for a year of accelerated growth--though such acceleration is attributed to Intuit’s purchase of Credit Karma in its second quarter. Given the unsurprising results, we’re maintaining our fair value estimate of $314 per share, which leaves the stock overvalued, in our view. Since the earnings results today were previewed previously, we think the 3% dip in Intuit’s market price upon news of earnings is a result of the general tech sell-off today.

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Company Profile

Business Description

Intuit is a provider of small-business accounting software (QuickBooks), personal tax solutions (TurboTax), and professional tax offerings (Lacerte). Founded in the mid-1980s, Intuit controls the majority of U.S. market share for small-business accounting and DIY tax-filing software.

2700 Coast Avenue
Mountain View, CA, 94043
T +1 650 944-6000
Sector Technology
Industry Software - Application
Most Recent Earnings Jan 31, 2021
Fiscal Year End Jul 31, 2021
Stock Type Aggressive Growth
Employees 10,600