Intuit Inc. (NASDAQ:INTU)

The financial data over the reviewed years reveals several key trends in operational efficiency, liquidity, leverage, and profitability ratios.

Total Asset Turnover

The reported total asset turnover ratio demonstrates a decline from 0.7 in 2020 to a low of 0.46 in 2022, followed by a slight recovery to approximately 0.51 by 2024 and 2025. The adjusted figures follow a nearly identical pattern, indicating consistent asset utilization trends during this timeframe.

Current Ratio

The reported current ratio shows a meaningful decrease from 2.26 in 2020 down to 1.29 in 2024, with a minor uptick to 1.36 in 2025. The adjusted current ratio, which starts higher at 2.78 in 2020, also declines sharply to 1.46 in 2024 before a small increase to 1.51 in 2025. This indicates a reduction in short-term liquidity, though the adjusted measure suggests a generally stronger liquidity position than the reported one.

Debt to Equity

The reported debt to equity ratio experiences a substantial drop from 0.66 in 2020 to 0.21 in 2021, then gradually increases to 0.3 by 2025. Adjusted values mirror this trend closely, reflecting a reduction in relative debt levels initially, followed by moderate growth.

Debt to Capital

This ratio also decreases from 0.40 in 2020 to 0.17 in 2021, then slightly increases to 0.25 by 2025 in the reported data. Adjusted figures follow this pattern with minor variations. This implies a conservative approach to capital structure initially, with marginal increases in leverage subsequently.

Financial Leverage

Reported financial leverage declines from 2.14 in 2020 to 1.57 in 2021, then rises steadily to 1.88 in 2025. Adjusted leverage ratios show a similar trend but remain somewhat lower than the reported figures. This suggests an initial deleveraging followed by progressive leveraging over the latter periods.

Net Profit Margin

The reported net profit margin decreases from 23.78% in 2020 to its lowest point at 16.23% in 2022, before recovering to 20.55% in 2025. In contrast, the adjusted net margin shows a sharper decline, bottoming at 12.56% in 2023 but subsequently improving to 17.49% by 2025. The data indicates variance in profitability measures depending on adjustments, but both demonstrate a decline followed by partial recovery.

Return on Equity (ROE)

ROE exhibits a pronounced declining trend from 35.76% in 2020 down to 12.57% in 2022 for the reported ratio, with a subsequent increase to 19.63% by 2025. Adjusted ROE follows a similar downward trajectory, reaching a low of 10.02% in 2023, then climbing to 16.99% in 2025. Both measures reflect diminishing shareholder returns during the early years, followed by gradual improvement.

Return on Assets (ROA)

The reported ROA declines from 16.7% in 2020 to 7.45% in 2022, then modestly improves to 10.47% in 2025. The adjusted ROA shows a comparable pattern, falling to 6.56% in 2023 and rising thereafter. This indicates reduced efficiency in asset utilization to generate earnings, with signs of recovery in the latest periods.

In summary, the data reveals an overall contraction in operational efficiency and profitability during the initial years, accompanied by reduced liquidity and leverage. Beginning around 2022-2023, there is evidence of gradual recovery across most key financial ratios, signifying improved financial health and performance in recent periods. Variances between reported and adjusted figures indicate the impact of accounting adjustments on the financial interpretation, although general trends remain consistent across both.

The financial data reveals a consistent upward trend in both net revenue and total assets over the examined period. Net revenue increased steadily from 7,679 million USD in 2020 to 18,831 million USD in 2025, reflecting robust growth. Adjusted net revenue follows a similar trajectory, rising from 7,721 million USD to 18,978 million USD over the same span, indicating slight adjustments that do not alter the overall positive trend.

Total assets more than tripled from 10,931 million USD in 2020 to 36,958 million USD in 2025. Adjusted total assets closely mirror this increase, moving from 10,878 million USD to 35,741 million USD in the same timeline. The rapid asset growth suggests significant investment or acquisitions, expanding the asset base substantially.

Despite the growth in both revenue and assets, the reported total asset turnover ratio exhibits a declining trend initially, dropping from 0.7 in 2020 to 0.46 in 2022. This indicates that the company generated less revenue per unit of asset during this period, possibly due to the rapid increase in assets outpacing revenue growth. Subsequently, the ratio partially recovers to 0.51 by 2025, showing improved efficiency in asset utilization but not reaching the earlier high of 0.7.

The adjusted total asset turnover ratio shows a comparable pattern, decreasing to 0.46 in 2022 and then gradually increasing to 0.53 by 2025. This suggests a modest improvement in the efficiency of asset use in revenue generation after the initial decline, implying that adjustments made to the metrics do not materially change the overall observation of asset utilization trends.

Overall, the data points to a company experiencing strong growth in revenue and asset base, with initial challenges in maintaining asset efficiency followed by a gradual recovery. The sustained increase in adjusted figures alongside reported values reinforces the reliability of these trends.

The financial data indicates notable fluctuations in both current assets and current liabilities over the observed periods. Current assets demonstrated a decline from 7,980 million USD in 2020 to 5,047 million USD in 2022, followed by a consistent rise reaching 14,107 million USD by 2025. In contrast, current liabilities initially decreased from 3,529 million USD in 2020 to 2,655 million USD in 2021, then increased markedly to 10,370 million USD by 2025.

The reported current ratio exhibits a downward trend from 2.26 in 2020 to 1.29 in 2024, with a slight recovery to 1.36 in 2025. This indicates a general decrease in short-term liquidity when considering reported figures, although the ratio remains above 1 throughout the timeframe.

When adjusted figures are considered, adjusted current assets mirror the pattern of reported assets, declining slightly through 2022 before increasing significantly through 2025. Adjusted current liabilities show a stronger decline initially from 2,877 million USD in 2020 to 1,971 million USD in 2021, then an upward trend reaching 9,351 million USD in 2025, paralleling the reported liabilities’ pattern but with relatively lower absolute values.

The adjusted current ratio starts higher than the reported ratio at 2.78 in 2020 and follows a generally declining trend to 1.46 in 2024, ending slightly higher at 1.51 in 2025. Despite the decline, the adjusted ratio consistently indicates a better liquidity position compared to the reported current ratio. The downward trend in both ratios suggests increasing pressure on short-term obligation coverage over time.

Summary of Key Trends

- Current assets initially decreased but grew significantly after 2022, more than doubling by 2025.

- Current liabilities dropped in the early years but then increased sharply from 2022 onward, almost tripling by 2025.

- Both reported and adjusted current ratios declined over the period, reflecting reduced liquidity cushioning, but adjusted ratios consistently remain higher than reported ones.

- The divergence between reported and adjusted liabilities suggests differences in classification or valuation, impacting perceived liquidity.

- The slight recovery in ratios in the final year indicates potential stabilization or improvement in short-term financial health.

Over the examined periods, total debt exhibited notable fluctuations. Initially, total debt decreased significantly from 3,369 million USD in 2020 to 2,034 million USD in 2021. However, there was a substantial increase in 2022, reaching 6,914 million USD, followed by a gradual decline over subsequent years, settling at 5,973 million USD by 2025.

In contrast, stockholders’ equity demonstrated consistent growth throughout the entire period. Starting at 5,106 million USD in 2020, equity nearly doubled by 2021, then continued to increase steadily each year, reaching 19,710 million USD by 2025.

The reported debt-to-equity ratio reflected these trends by initially dropping sharply from 0.66 in 2020 to 0.21 in 2021, indicating reduced leverage. The ratio increased in 2022 to 0.42, mirroring the surge in total debt, before gradually declining to 0.30 in 2025 as equity continued to grow and debt decreased.

Adjusted figures portray a similar pattern. Adjusted total debt followed the same volatility observed in total debt, declining in 2021, peaking in 2022, and then slowly tapering off through 2025. Adjusted stockholders’ equity consistently increased from 5,720 million USD in 2020 to 19,539 million USD in 2025, maintaining steady growth with minor fluctuations.

The adjusted debt-to-equity ratio moved in alignment with these figures. After a low of 0.22 in 2021, it rose to 0.42 in 2022 and then decreased gradually to 0.34 by 2025. This trend indicates a temporary increase in leverage in 2022 followed by progressive deleveraging as equity strengthened.

Overall, the financial data illustrate a trajectory of strengthening equity base and controlled debt levels, with a notable spike in borrowing in 2022 that was subsequently reduced in following years. The improving debt-to-equity ratios suggest a progressively more conservative capital structure and enhanced financial stability over the longer term.

Total Debt

The total debt exhibited significant fluctuations over the period. Starting at 3,369 million USD in 2020, it declined sharply to 2,034 million USD in 2021. Subsequently, it surged to 6,914 million USD in 2022, followed by a gradual decline in the next three years, reaching 5,973 million USD by 2025. This pattern suggests a period of debt reduction, a sharp increase, and then a moderate decrease, indicating possible large financing activities or refinancing events around 2022.

Total Capital

Total capital showed a steady upward trajectory throughout the observed years. Beginning at 8,475 million USD in 2020, it rose consistently each year, reaching 25,683 million USD by 2025. This growth indicates a substantial increase in the company's financial base, either through equity, retained earnings, or a mix of financing sources.

Reported Debt to Capital Ratio

The reported debt to capital ratio demonstrated variability, starting at 0.40 in 2020, dropping significantly to 0.17 in 2021, rising again to 0.30 in 2022, and then gradually declining each subsequent year to 0.23 in 2025. This ratio trend mirrors the fluctuations in total debt while total capital increased, reflecting periods of leverage adjustment and potential strategic capital structure management.

Adjusted Total Debt

Adjusted total debt followed a pattern similar to total debt but with slightly higher values throughout. It decreased from 3,636 million USD in 2020 to 2,480 million USD in 2021, then jumped to 7,540 million USD in 2022, before decreasing to 6,639 million USD by 2025. This adjusted figure suggests additional debt considerations or reclassifications impacting the assessment of the company's liabilities.

Adjusted Total Capital

The adjusted total capital also increased continuously, starting from 9,356 million USD in 2020 and reaching 26,178 million USD in 2025. The higher adjusted capital compared to total capital indicates adjustments that may include off-balance-sheet items or valuation changes, contributing to a broader measure of the company's capital base.

Adjusted Debt to Capital Ratio

The adjusted debt to capital ratio remained relatively aligned with the reported ratio but at slightly lower values. It began at 0.39 in 2020, dropped to 0.18 in 2021, increased to 0.30 in 2022, and decreased gradually to 0.25 by 2025. This consistent pattern confirms the company's leverage experienced a rise and then a controlled reduction, reflecting prudent financial management in relation to adjusted capital metrics.

Total Assets

Total assets exhibited a consistent upward trend over the observed periods, rising from US$10,931 million in 2020 to a projected US$36,958 million by 2025. The most significant increases occurred between 2021 and 2022, with growth slowing somewhat in the following years but remaining positive and substantial overall.

Stockholders’ Equity

Stockholders’ equity also demonstrated steady growth, increasing from US$5,106 million in 2020 to an estimated US$19,710 million in 2025. The growth rate was particularly strong between 2020 and 2021, followed by continued incremental rises each year, suggesting retained earnings or equity injections have consistently supported the equity base.

Reported Financial Leverage

The reported financial leverage ratio decreased early in the period from 2.14 in 2020 to 1.57 in 2021, indicating reduced reliance on debt relative to equity. However, there was a moderate increase afterward, reaching 1.88 by 2025, which suggests a gradual rise in leverage but remaining below the initial 2020 level. This pattern implies a measured approach to financial risk management with some increase in debt use in later years.

Adjusted Total Assets

Adjusted total assets followed a pattern similar to total assets, growing from US$10,878 million in 2020 to US$35,741 million projected in 2025. The close correlation between adjusted and reported total assets indicates consistent valuation adjustments or accounting methodologies over time with only minor deviations.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity rose from US$5,720 million in 2020 to a forecast of US$19,539 million in 2025. This increase aligns closely with the growth observed in reported equity, reinforcing the sustainability of equity expansion and reflective of underlying economic value adjustments.

Adjusted Financial Leverage

Adjusted financial leverage decreased significantly from 1.9 in 2020 to a low of 1.4 in 2021, mirroring the trend in reported leverage. Thereafter, it increased gradually to 1.83 in 2025. The trajectory suggests an initial reduction in leverage followed by a cautious re-leverage over the subsequent years, maintaining a generally conservative financial structure compared to the starting point.

Net income

Net income has exhibited a consistent upward trend over the periods. Starting at 1,826 million US dollars in 2020, it increased steadily each year, reaching 3,869 million US dollars by 2025. This reflects a strong growth trajectory in profitability.

Net revenue

Net revenue demonstrated significant growth throughout the analyzed timeframe. Beginning at 7,679 million US dollars in 2020, revenue rose each year and reached 18,831 million US dollars by 2025. This indicates substantial expansion in the company's revenue-generating capabilities.

Reported net profit margin

The reported net profit margin showed some variability across the years. Initially, it was 23.78% in 2020, followed by a decline to 16.23% in 2022. After this low point, the margin recovered moderately to reach 20.55% by 2025. Despite fluctuations, the margin remained broadly strong, indicating effective cost management relative to revenue.

Adjusted net income

Adjusted net income followed a generally increasing pattern, although with some fluctuations. After a rise from 1,781 million US dollars in 2020 to 2,186 million in 2022, it dipped to 1,818 million in 2023 before recovering and climbing to 3,320 million in 2025. This suggests periods of non-recurring adjustments affecting the reported profitability.

Adjusted net revenue

Adjusted net revenue mirrored the growth of net revenue, starting at 7,721 million US dollars in 2020 and increasing to 18,978 million US dollars by 2025. This consistent growth emphasizes robust revenue performance when accounting for adjustments.

Adjusted net profit margin

The adjusted net profit margin declined from 23.07% in 2020 to a low point of 12.56% in 2023, reflecting a margin compression during that period. However, it improved in subsequent years, reaching 17.49% by 2025. This trend indicates challenges in maintaining margin levels mid-period but shows recovery towards the end of the analysis timeframe.

Net Income

There is a consistent upward trend in net income from 2020 to 2025, increasing from $1,826 million to $3,869 million. The growth reflects steady year-over-year increases with notable acceleration in the final two years.

Stockholders’ Equity

Stockholders’ equity shows strong growth over the period, rising from $5,106 million in 2020 to $19,710 million by 2025. The most significant increase occurs between 2020 and 2022, after which growth moderates but remains positive.

Reported Return on Equity (ROE)

The reported ROE decreases sharply from 35.76% in 2020 to 12.57% in 2022, indicating diminishing efficiency in generating net income relative to equity during this timeframe. However, from 2023 onwards, ROE recovers moderately, reaching 19.63% in 2025, suggesting an improvement in return generation performance.

Adjusted Net Income

Adjusted net income exhibits less consistent growth compared to reported net income. It increases from $1,781 million in 2020 to a peak of $2,186 million in 2022, declines to $1,818 million in 2023, then rises again to $3,320 million in 2025. This indicates some volatility, particularly the dip in 2023 before a strong recovery.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity follows a growth pattern similar to reported equity, increasing from $5,720 million in 2020 to $19,539 million in 2025. The growth trend also slows somewhat after 2022 but maintains a positive trajectory.

Adjusted Return on Equity (ROE)

Adjusted ROE declines from 31.14% in 2020 to 10.02% in 2023, reflecting reduced efficiency in generating adjusted net income from equity. The metric then shows a recovery, reaching 16.99% in 2025, which mirrors the reported ROE trend but remains lower overall, suggesting some impact from adjustments on profitability measures.

The data reveals several noteworthy trends regarding profitability, asset size, and return measures over the periods analyzed.

Net Income

Net income exhibits a generally upward trajectory from 2020 to 2025. Starting at 1,826 million USD in 2020, it increases steadily with minor fluctuations, reaching 3,869 million USD by 2025. This represents a significant growth in earnings over the six-year span.

Total Assets

Total assets show a considerable and consistent increase throughout the periods, expanding from 10,931 million USD in 2020 to 36,958 million USD in 2025. The growth accelerates notably between 2021 and 2022, more than doubling from 15,516 million USD to 27,734 million USD, followed by a steady rise thereafter.

Reported Return on Assets (ROA)

The reported ROA starts relatively high at 16.7% in 2020, then declines substantially to around 7-9% in the following years before slightly recovering to 10.47% in 2025. This indicates that despite increasing net income and asset base, the efficiency of asset utilization in generating net income diminished initially but showed signs of improvement towards the end of the period.

Adjusted Net Income

Adjusted net income generally follows the trend of reported net income but with less pronounced growth. It starts at 1,781 million USD in 2020, peaks at 2,186 million USD in 2022, declines to 1,818 million USD in 2023, then rises again to reach 3,320 million USD in 2025. This pattern suggests some adjustments affected income recognition in the mid-period, followed by substantial growth thereafter.

Adjusted Total Assets

Adjusted total assets closely mirror the pattern of reported total assets, increasing from 10,878 million USD in 2020 to 35,741 million USD in 2025. The major jump from 2021 to 2022 aligns with the trend observed in reported assets, reflecting consistent asset growth after adjustments.

Adjusted Return on Assets (ROA)

The adjusted ROA decreases from 16.37% in 2020 to a low of 6.56% in 2023, then gradually recovers to 9.29% by 2025. This downward dip followed by partial recovery indicates a period of less efficient use of assets in generating adjusted net income, with improvement in asset utilization efficiency occurring towards the later years.

In summary, the data indicates robust growth in net income and asset base over the analyzed periods, accompanied by an initial decline and subsequent recovery in asset efficiency as measured by ROA. Adjusted figures suggest some mid-period reduction in profitability, but eventual strong improvements, highlighting dynamic financial performance and evolving operational efficiency.