Stock Analysis on Net
Stock Analysis on Net

Intuit Inc. (NASDAQ:INTU)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Intuit Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jan 31, 2024 16.38% = 9.33% × 1.76
Oct 31, 2023 15.21% = 9.07% × 1.68
Jul 31, 2023 13.81% = 8.58% × 1.61
Apr 30, 2023 12.73% = 7.74% × 1.64
Jan 31, 2023 12.28% = 7.15% × 1.72
Oct 31, 2022 11.69% = 6.93% × 1.69
Jul 31, 2022 12.57% = 7.45% × 1.69
Apr 30, 2022 14.75% = 8.77% × 1.68
Jan 31, 2022 13.93% = 8.26% × 1.69
Oct 31, 2021 21.49% = 14.07% × 1.53
Jul 31, 2021 20.89% = 13.29% × 1.57
Apr 30, 2021 21.37% = 13.50% × 1.58
Jan 31, 2021 19.70% = 11.97% × 1.65
Oct 31, 2020 37.50% = 20.26% × 1.85
Jul 31, 2020 35.76% = 16.70% × 2.14
Apr 30, 2020 28.21% = 17.22% × 1.64
Jan 31, 2020 43.76% = 24.34% × 1.80
Oct 31, 2019 43.49% = 25.55% × 1.70
Jul 31, 2019 41.53% = 24.78% × 1.68
Apr 30, 2019 40.54% = 23.85% × 1.70
Jan 31, 2019 52.65% = 27.59% × 1.91
Oct 31, 2018 45.36% = 25.61% × 1.77
Jul 31, 2018 51.44% = 23.39% × 2.20
Apr 30, 2018 — = — × 2.45
Jan 31, 2018 — = — × 4.23
Oct 31, 2017 — = — × 3.38

Based on: 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-K (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2024 is the increase in financial leverage ratio.

Three-Component Disaggregation of ROE

Intuit Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jan 31, 2024 16.38% = 18.35% × 0.51 × 1.76
Oct 31, 2023 15.21% = 17.53% × 0.52 × 1.68
Jul 31, 2023 13.81% = 16.59% × 0.52 × 1.61
Apr 30, 2023 12.73% = 15.91% × 0.49 × 1.64
Jan 31, 2023 12.28% = 14.22% × 0.50 × 1.72
Oct 31, 2022 11.69% = 14.10% × 0.49 × 1.69
Jul 31, 2022 12.57% = 16.23% × 0.46 × 1.69
Apr 30, 2022 14.75% = 19.44% × 0.45 × 1.68
Jan 31, 2022 13.93% = 19.03% × 0.43 × 1.69
Oct 31, 2021 21.49% = 20.28% × 0.69 × 1.53
Jul 31, 2021 20.89% = 21.41% × 0.62 × 1.57
Apr 30, 2021 21.37% = 23.93% × 0.56 × 1.58
Jan 31, 2021 19.70% = 22.64% × 0.53 × 1.65
Oct 31, 2020 37.50% = 25.10% × 0.81 × 1.85
Jul 31, 2020 35.76% = 23.78% × 0.70 × 2.14
Apr 30, 2020 28.21% = 19.50% × 0.88 × 1.64
Jan 31, 2020 43.76% = 22.88% × 1.06 × 1.80
Oct 31, 2019 43.49% = 22.79% × 1.12 × 1.70
Jul 31, 2019 41.53% = 22.95% × 1.08 × 1.68
Apr 30, 2019 40.54% = 24.34% × 0.98 × 1.70
Jan 31, 2019 52.65% = 22.89% × 1.21 × 1.91
Oct 31, 2018 45.36% = 20.71% × 1.24 × 1.77
Jul 31, 2018 51.44% = 20.31% × 1.15 × 2.20
Apr 30, 2018 — = — × — × 2.45
Jan 31, 2018 — = — × — × 4.23
Oct 31, 2017 — = — × — × 3.38

Based on: 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-K (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2024 is the increase in financial leverage ratio.

Five-Component Disaggregation of ROE

Intuit Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jan 31, 2024 16.38% = 0.83 × 0.93 × 23.87% × 0.51 × 1.76
Oct 31, 2023 15.21% = 0.80 × 0.92 × 23.63% × 0.52 × 1.68
Jul 31, 2023 13.81% = 0.80 × 0.92 × 22.53% × 0.52 × 1.61
Apr 30, 2023 12.73% = 0.77 × 0.93 × 22.08% × 0.49 × 1.64
Jan 31, 2023 12.28% = 0.77 × 0.94 × 19.74% × 0.50 × 1.72
Oct 31, 2022 11.69% = 0.80 × 0.95 × 18.47% × 0.49 × 1.69
Jul 31, 2022 12.57% = 0.81 × 0.97 × 20.61% × 0.46 × 1.69
Apr 30, 2022 14.75% = 0.82 × 0.98 × 24.08% × 0.45 × 1.68
Jan 31, 2022 13.93% = 0.84 × 0.98 × 23.08% × 0.43 × 1.69
Oct 31, 2021 21.49% = 0.81 × 0.99 × 25.32% × 0.69 × 1.53
Jul 31, 2021 20.89% = 0.81 × 0.99 × 26.83% × 0.62 × 1.57
Apr 30, 2021 21.37% = 0.81 × 0.99 × 30.02% × 0.56 × 1.58
Jan 31, 2021 19.70% = 0.82 × 0.99 × 27.86% × 0.53 × 1.65
Oct 31, 2020 37.50% = 0.82 × 0.99 × 30.70% × 0.81 × 1.85
Jul 31, 2020 35.76% = 0.83 × 0.99 × 28.81% × 0.70 × 2.14
Apr 30, 2020 28.21% = 0.85 × 0.99 × 23.12% × 0.88 × 1.64
Jan 31, 2020 43.76% = 0.83 × 0.99 × 27.73% × 1.06 × 1.80
Oct 31, 2019 43.49% = 0.82 × 0.99 × 27.84% × 1.12 × 1.70
Jul 31, 2019 41.53% = 0.83 × 0.99 × 27.95% × 1.08 × 1.68
Apr 30, 2019 40.54% = 0.85 × 0.99 × 28.92% × 0.98 × 1.70
Jan 31, 2019 52.65% = 0.83 × 0.99 × 27.69% × 1.21 × 1.91
Oct 31, 2018 45.36% = 0.82 × 0.99 × 25.71% × 1.24 × 1.77
Jul 31, 2018 51.44% = 0.81 × 0.99 × 25.54% × 1.15 × 2.20
Apr 30, 2018 — = — × — × — × — × 2.45
Jan 31, 2018 — = — × — × — × — × 4.23
Oct 31, 2017 — = — × — × — × — × 3.38

Based on: 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-K (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2024 is the increase in financial leverage ratio.

Two-Component Disaggregation of ROA

Intuit Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jan 31, 2024 9.33% = 18.35% × 0.51
Oct 31, 2023 9.07% = 17.53% × 0.52
Jul 31, 2023 8.58% = 16.59% × 0.52
Apr 30, 2023 7.74% = 15.91% × 0.49
Jan 31, 2023 7.15% = 14.22% × 0.50
Oct 31, 2022 6.93% = 14.10% × 0.49
Jul 31, 2022 7.45% = 16.23% × 0.46
Apr 30, 2022 8.77% = 19.44% × 0.45
Jan 31, 2022 8.26% = 19.03% × 0.43
Oct 31, 2021 14.07% = 20.28% × 0.69
Jul 31, 2021 13.29% = 21.41% × 0.62
Apr 30, 2021 13.50% = 23.93% × 0.56
Jan 31, 2021 11.97% = 22.64% × 0.53
Oct 31, 2020 20.26% = 25.10% × 0.81
Jul 31, 2020 16.70% = 23.78% × 0.70
Apr 30, 2020 17.22% = 19.50% × 0.88
Jan 31, 2020 24.34% = 22.88% × 1.06
Oct 31, 2019 25.55% = 22.79% × 1.12
Jul 31, 2019 24.78% = 22.95% × 1.08
Apr 30, 2019 23.85% = 24.34% × 0.98
Jan 31, 2019 27.59% = 22.89% × 1.21
Oct 31, 2018 25.61% = 20.71% × 1.24
Jul 31, 2018 23.39% = 20.31% × 1.15
Apr 30, 2018 — = — × —
Jan 31, 2018 — = — × —
Oct 31, 2017 — = — × —

Based on: 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-K (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2024 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Intuit Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jan 31, 2024 9.33% = 0.83 × 0.93 × 23.87% × 0.51
Oct 31, 2023 9.07% = 0.80 × 0.92 × 23.63% × 0.52
Jul 31, 2023 8.58% = 0.80 × 0.92 × 22.53% × 0.52
Apr 30, 2023 7.74% = 0.77 × 0.93 × 22.08% × 0.49
Jan 31, 2023 7.15% = 0.77 × 0.94 × 19.74% × 0.50
Oct 31, 2022 6.93% = 0.80 × 0.95 × 18.47% × 0.49
Jul 31, 2022 7.45% = 0.81 × 0.97 × 20.61% × 0.46
Apr 30, 2022 8.77% = 0.82 × 0.98 × 24.08% × 0.45
Jan 31, 2022 8.26% = 0.84 × 0.98 × 23.08% × 0.43
Oct 31, 2021 14.07% = 0.81 × 0.99 × 25.32% × 0.69
Jul 31, 2021 13.29% = 0.81 × 0.99 × 26.83% × 0.62
Apr 30, 2021 13.50% = 0.81 × 0.99 × 30.02% × 0.56
Jan 31, 2021 11.97% = 0.82 × 0.99 × 27.86% × 0.53
Oct 31, 2020 20.26% = 0.82 × 0.99 × 30.70% × 0.81
Jul 31, 2020 16.70% = 0.83 × 0.99 × 28.81% × 0.70
Apr 30, 2020 17.22% = 0.85 × 0.99 × 23.12% × 0.88
Jan 31, 2020 24.34% = 0.83 × 0.99 × 27.73% × 1.06
Oct 31, 2019 25.55% = 0.82 × 0.99 × 27.84% × 1.12
Jul 31, 2019 24.78% = 0.83 × 0.99 × 27.95% × 1.08
Apr 30, 2019 23.85% = 0.85 × 0.99 × 28.92% × 0.98
Jan 31, 2019 27.59% = 0.83 × 0.99 × 27.69% × 1.21
Oct 31, 2018 25.61% = 0.82 × 0.99 × 25.71% × 1.24
Jul 31, 2018 23.39% = 0.81 × 0.99 × 25.54% × 1.15
Apr 30, 2018 — = — × — × — × —
Jan 31, 2018 — = — × — × — × —
Oct 31, 2017 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-K (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2024 is the increase in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

Intuit Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jan 31, 2024 18.35% = 0.83 × 0.93 × 23.87%
Oct 31, 2023 17.53% = 0.80 × 0.92 × 23.63%
Jul 31, 2023 16.59% = 0.80 × 0.92 × 22.53%
Apr 30, 2023 15.91% = 0.77 × 0.93 × 22.08%
Jan 31, 2023 14.22% = 0.77 × 0.94 × 19.74%
Oct 31, 2022 14.10% = 0.80 × 0.95 × 18.47%
Jul 31, 2022 16.23% = 0.81 × 0.97 × 20.61%
Apr 30, 2022 19.44% = 0.82 × 0.98 × 24.08%
Jan 31, 2022 19.03% = 0.84 × 0.98 × 23.08%
Oct 31, 2021 20.28% = 0.81 × 0.99 × 25.32%
Jul 31, 2021 21.41% = 0.81 × 0.99 × 26.83%
Apr 30, 2021 23.93% = 0.81 × 0.99 × 30.02%
Jan 31, 2021 22.64% = 0.82 × 0.99 × 27.86%
Oct 31, 2020 25.10% = 0.82 × 0.99 × 30.70%
Jul 31, 2020 23.78% = 0.83 × 0.99 × 28.81%
Apr 30, 2020 19.50% = 0.85 × 0.99 × 23.12%
Jan 31, 2020 22.88% = 0.83 × 0.99 × 27.73%
Oct 31, 2019 22.79% = 0.82 × 0.99 × 27.84%
Jul 31, 2019 22.95% = 0.83 × 0.99 × 27.95%
Apr 30, 2019 24.34% = 0.85 × 0.99 × 28.92%
Jan 31, 2019 22.89% = 0.83 × 0.99 × 27.69%
Oct 31, 2018 20.71% = 0.82 × 0.99 × 25.71%
Jul 31, 2018 20.31% = 0.81 × 0.99 × 25.54%
Apr 30, 2018 — = — × — × —
Jan 31, 2018 — = — × — × —
Oct 31, 2017 — = — × — × —

Based on: 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31), 10-K (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-Q (reporting date: 2017-10-31).

The primary reason for the increase in net profit margin ratio over Q2 2024 is the increase in effect of taxes measured by tax burden ratio.