Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Intuit Inc., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).
An analysis of long-term activity ratios indicates a strong upward trajectory in fixed asset utilization, contrasted by more fluctuating trends in total asset and equity turnover over the six-year period ending July 31, 2026.
- Net Fixed Asset Turnover
- A consistent and significant increase is observed in the net fixed asset turnover ratio, which rose from 12.35 in 2021 to 20.97 in 2026. This positive trend persists when including operating lease right-of-use assets, where the ratio climbed from 8.30 to 13.14 over the same period. These figures demonstrate a marked improvement in the efficiency with which the company generates revenue from its long-term physical and leased investments.
- Total Asset Turnover
- The total asset turnover ratio exhibited a period of volatility, declining from 0.62 in 2021 to a low of 0.46 in 2022. Following this decline, the ratio stabilized between 0.51 and 0.52 from 2023 through 2025, before increasing to 0.58 in 2026. This suggests that while fixed asset efficiency is high, the broader asset base has experienced varying levels of productivity relative to revenue generation.
- Equity Turnover
- Equity turnover followed a pattern similar to total asset turnover, with an initial drop from 0.98 in 2021 to 0.77 in 2022. However, a steady recovery was observed thereafter, with the ratio increasing annually to reach 1.13 by 2026. This indicates an improving capacity to generate sales from the capital invested by shareholders.
The divergent trends between fixed asset turnover and total asset turnover suggest that revenue growth is being driven by high efficiency in specific long-term investments, while other balance sheet assets may be growing at a rate that offsets the overall turnover ratio. The recovery in equity turnover since 2022 reflects a sustained positive trend in capital productivity.
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Net Fixed Asset Turnover
Intuit Inc., net fixed asset turnover calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 21,448) | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) | |
| Property and equipment, net | 1,023) | 961) | 1,009) | 969) | 888) | 780) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 20.97 | 19.60 | 16.14 | 14.83 | 14.33 | 12.35 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Accenture PLC | — | 44.48 | 42.66 | 41.90 | 37.12 | 30.83 | |
| Adobe Inc. | — | 12.69 | 11.11 | 9.56 | 9.23 | 9.44 | |
| AppLovin Corp. | — | 44.76 | 29.34 | 18.94 | 35.87 | 43.91 | |
| Cadence Design Systems Inc. | — | 10.25 | 10.13 | 10.14 | 9.59 | 9.77 | |
| Datadog Inc. | — | 10.14 | 11.83 | 12.38 | 13.36 | 13.69 | |
| International Business Machines Corp. | — | 11.45 | 10.95 | 11.25 | 11.35 | 10.07 | |
| Microsoft Corp. | 1.06 | 1.37 | 1.81 | 2.22 | 2.66 | 2.81 | |
| Oracle Corp. | 0.67 | 1.32 | 2.46 | 2.93 | 4.37 | 5.74 | |
| Palantir Technologies Inc. | — | 86.13 | 72.29 | 46.59 | 27.55 | 49.26 | |
| Palo Alto Networks Inc. | 21.95 | 23.81 | 22.23 | 19.44 | 15.38 | 13.37 | |
| Salesforce Inc. | 13.31 | 11.71 | 9.45 | 8.47 | 9.41 | 8.64 | |
| ServiceNow Inc. | — | 5.80 | 6.23 | 6.61 | 6.88 | 7.70 | |
| Synopsys Inc. | — | 10.13 | 10.88 | 10.48 | 10.51 | 8.90 | |
| Workday Inc. | 8.74 | 6.82 | 5.88 | 5.17 | 4.58 | 4.44 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Software & Services | — | 2.29 | 3.10 | 3.77 | 4.51 | 4.76 | |
| Net Fixed Asset Turnover, Industry | |||||||
| Information Technology | — | 3.21 | 3.48 | 3.80 | 4.46 | 4.76 | |
Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).
1 2026 Calculation
Net fixed asset turnover = Net revenue ÷ Property and equipment, net
= 21,448 ÷ 1,023 = 20.97
2 Click competitor name to see calculations.
A consistent upward trajectory in operational efficiency is evident between July 31, 2021, and July 31, 2026, characterized by significant revenue expansion relative to a modest increase in fixed asset investments.
- Net Revenue Growth
- Net revenue exhibited sustained growth over the six-year period, increasing from 9,633 million US dollars in 2021 to 21,448 million US dollars by 2026. This represents a substantial expansion in the top line, reflecting a strong scaling of business operations.
- Fixed Asset Investment Trends
- Property and equipment, net, showed a more stable and slower growth rate compared to revenue. Assets grew from 780 million US dollars in 2021 to 1,023 million US dollars in 2026, with a slight contraction observed in 2025 before recovering in 2026. This suggests a capital-light strategy where revenue growth is not heavily dependent on the acquisition of physical infrastructure.
- Net Fixed Asset Turnover Efficiency
- The net fixed asset turnover ratio improved steadily from 12.35 in 2021 to 20.97 in 2026. This continuous increase indicates an enhancement in the company's ability to generate revenue from its fixed asset base. The acceleration of this ratio, particularly between 2024 and 2026, underscores a high degree of scalability and optimal utilization of long-term physical investments.
The divergence between the rapid growth of net revenue and the controlled increase in net property and equipment confirms a significant increase in asset productivity. The business model demonstrates strong operating leverage, as the capacity to generate sales has increased at a much faster pace than the investment in physical assets.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Intuit Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 21,448) | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) | |
| Property and equipment, net | 1,023) | 961) | 1,009) | 969) | 888) | 780) | |
| Operating lease right-of-use assets | 609) | 541) | 411) | 469) | 549) | 380) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 1,632) | 1,502) | 1,420) | 1,438) | 1,437) | 1,160) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 13.14 | 12.54 | 11.47 | 9.99 | 8.86 | 8.30 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Accenture PLC | — | 16.18 | 15.17 | 15.38 | 13.17 | 10.48 | |
| Adobe Inc. | — | 10.88 | 9.70 | 8.13 | 7.61 | 7.46 | |
| AppLovin Corp. | — | 37.06 | 23.71 | 14.82 | 20.28 | 20.75 | |
| Cadence Design Systems Inc. | — | 7.64 | 7.68 | 7.38 | 6.57 | 6.85 | |
| Datadog Inc. | — | 6.20 | 6.72 | 7.13 | 7.87 | 7.54 | |
| International Business Machines Corp. | — | 7.48 | 7.03 | 7.09 | 7.37 | 6.43 | |
| Microsoft Corp. | 0.98 | 1.23 | 1.59 | 1.93 | 2.26 | 2.37 | |
| Oracle Corp. | 0.52 | 1.01 | 1.84 | 2.31 | 3.21 | 4.20 | |
| Palantir Technologies Inc. | — | 17.76 | 11.92 | 9.65 | 7.07 | 6.21 | |
| Palo Alto Networks Inc. | 9.39 | 12.56 | 10.75 | 11.16 | 9.17 | 7.32 | |
| Salesforce Inc. | 8.11 | 7.03 | 5.76 | 4.76 | 4.65 | 3.75 | |
| ServiceNow Inc. | — | 4.29 | 4.47 | 4.33 | 4.18 | 4.34 | |
| Synopsys Inc. | — | 5.04 | 5.43 | 5.19 | 4.87 | 4.35 | |
| Workday Inc. | 5.27 | 5.36 | 4.77 | 4.29 | 3.75 | 3.11 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Software & Services | — | 1.93 | 2.55 | 3.05 | 3.51 | 3.60 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Information Technology | — | 2.83 | 3.06 | 3.33 | 3.86 | 4.04 | |
Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).
1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 21,448 ÷ 1,632 = 13.14
2 Click competitor name to see calculations.
The company demonstrates a strong and consistent improvement in asset utilization efficiency between July 31, 2021, and July 31, 2026. This trend is characterized by substantial revenue growth that significantly outpaces the expansion of the fixed asset base, resulting in a steady and continuous increase in the net fixed asset turnover ratio.
- Revenue Growth Trends
- Net revenue exhibited a consistent upward trajectory, rising from US$ 9,633 million in 2021 to US$ 21,448 million by 2026. This represents more than a doubling of annual revenue over the analyzed six-year period.
- Fixed Asset Investment Patterns
- Net property and equipment, including operating lease right-of-use assets, showed moderate growth. The balance increased from US$ 1,160 million in 2021 to US$ 1,632 million in 2026. A period of relative stability and a slight contraction was observed between 2022 and 2024, followed by a moderate increase in the final two years.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio increased progressively from 8.30 in 2021 to 13.14 in 2026. This consistent growth indicates a significant improvement in the company's ability to generate revenue from its fixed asset investments. The expanding ratio suggests a highly scalable operational model where revenue growth is decoupled from the need for proportional increases in physical or leased infrastructure.
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Total Asset Turnover
Intuit Inc., total asset turnover calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 21,448) | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) | |
| Total assets | 36,786) | 36,958) | 32,132) | 27,780) | 27,734) | 15,516) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 0.58 | 0.51 | 0.51 | 0.52 | 0.46 | 0.62 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Accenture PLC | — | 1.07 | 1.16 | 1.25 | 1.30 | 1.17 | |
| Adobe Inc. | — | 0.81 | 0.71 | 0.65 | 0.65 | 0.58 | |
| AppLovin Corp. | — | 0.75 | 0.80 | 0.61 | 0.48 | 0.45 | |
| Cadence Design Systems Inc. | — | 0.52 | 0.52 | 0.72 | 0.69 | 0.68 | |
| Datadog Inc. | — | 0.52 | 0.46 | 0.54 | 0.56 | 0.43 | |
| International Business Machines Corp. | — | 0.44 | 0.46 | 0.46 | 0.48 | 0.43 | |
| Microsoft Corp. | 0.44 | 0.46 | 0.48 | 0.51 | 0.54 | 0.50 | |
| Oracle Corp. | 0.26 | 0.34 | 0.38 | 0.37 | 0.39 | 0.31 | |
| Palantir Technologies Inc. | — | 0.50 | 0.45 | 0.49 | 0.55 | 0.47 | |
| Palo Alto Networks Inc. | 0.24 | 0.39 | 0.40 | 0.48 | 0.45 | 0.42 | |
| Salesforce Inc. | 0.37 | 0.37 | 0.35 | 0.32 | 0.28 | 0.32 | |
| ServiceNow Inc. | — | 0.51 | 0.54 | 0.52 | 0.54 | 0.55 | |
| Synopsys Inc. | — | 0.15 | 0.47 | 0.57 | 0.54 | 0.48 | |
| Workday Inc. | 0.53 | 0.47 | 0.44 | 0.46 | 0.49 | 0.50 | |
| Total Asset Turnover, Sector | |||||||
| Software & Services | — | 0.46 | 0.49 | 0.51 | 0.53 | 0.49 | |
| Total Asset Turnover, Industry | |||||||
| Information Technology | — | 0.60 | 0.58 | 0.61 | 0.64 | 0.62 | |
Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).
1 2026 Calculation
Total asset turnover = Net revenue ÷ Total assets
= 21,448 ÷ 36,786 = 0.58
2 Click competitor name to see calculations.
The financial period between 2021 and 2026 is characterized by substantial growth in both net revenue and total assets. Net revenue demonstrated a consistent upward trajectory, increasing from 9,633 million in 2021 to 21,448 million by 2026. Concurrently, the total asset base expanded significantly, most notably between 2021 and 2022, where assets grew from 15,516 million to 27,734 million, eventually peaking at 36,958 million in 2025.
- Total Asset Turnover Trend
- A sharp contraction in the total asset turnover ratio is observed between 2021 and 2022, falling from 0.62 to 0.46. This decline indicates that the rapid expansion of the asset base initially outpaced the growth in revenue generation. Following this volatility, the ratio entered a period of stability from 2023 to 2025, maintaining a consistent level between 0.51 and 0.52.
- Asset Utilization and Revenue Correlation
- By 2026, an improvement in operational efficiency is evident as the total asset turnover ratio increased to 0.58. This recovery is attributed to the continued growth of net revenue occurring while the total asset base remained relatively stagnant, decreasing slightly from 36,958 million in 2025 to 36,786 million in 2026. This suggests a transition from a phase of aggressive asset acquisition to a phase of optimizing existing resources to drive top-line growth.
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Equity Turnover
Intuit Inc., equity turnover calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 21,448) | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) | |
| Stockholders’ equity | 18,992) | 19,710) | 18,436) | 17,269) | 16,441) | 9,869) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 1.13 | 0.96 | 0.88 | 0.83 | 0.77 | 0.98 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Accenture PLC | — | 2.23 | 2.29 | 2.50 | 2.79 | 2.59 | |
| Adobe Inc. | — | 2.04 | 1.52 | 1.18 | 1.25 | 1.07 | |
| AppLovin Corp. | — | 2.57 | 4.32 | 2.61 | 1.48 | 1.31 | |
| Cadence Design Systems Inc. | — | 0.97 | 0.99 | 1.20 | 1.30 | 1.09 | |
| Datadog Inc. | — | 0.92 | 0.99 | 1.05 | 1.19 | 0.99 | |
| International Business Machines Corp. | — | 2.07 | 2.30 | 2.75 | 2.76 | 3.03 | |
| Microsoft Corp. | 0.75 | 0.82 | 0.91 | 1.03 | 1.19 | 1.18 | |
| Oracle Corp. | 1.58 | 2.81 | 6.08 | 46.56 | — | 7.73 | |
| Palantir Technologies Inc. | — | 0.61 | 0.57 | 0.64 | 0.74 | 0.67 | |
| Palo Alto Networks Inc. | 0.42 | 1.18 | 1.55 | 3.94 | 26.20 | 6.71 | |
| Salesforce Inc. | 0.70 | 0.62 | 0.58 | 0.54 | 0.46 | 0.51 | |
| ServiceNow Inc. | — | 1.02 | 1.14 | 1.18 | 1.44 | 1.60 | |
| Synopsys Inc. | — | 0.25 | 0.68 | 0.95 | 0.92 | 0.79 | |
| Workday Inc. | 1.22 | 0.93 | 0.90 | 1.11 | 1.13 | 1.32 | |
| Equity Turnover, Sector | |||||||
| Software & Services | — | 1.03 | 1.16 | 1.30 | 1.43 | 1.43 | |
| Equity Turnover, Industry | |||||||
| Information Technology | — | 1.34 | 1.41 | 1.54 | 1.71 | 1.77 | |
Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).
1 2026 Calculation
Equity turnover = Net revenue ÷ Stockholders’ equity
= 21,448 ÷ 18,992 = 1.13
2 Click competitor name to see calculations.
The financial trajectory from 2021 to 2026 demonstrates a consistent expansion in revenue capacity paired with a fluctuating equity base, resulting in a non-linear but ultimately improving equity turnover ratio.
- Revenue Trajectory
- Net revenue exhibits a sustained and significant upward trend, increasing from 9,633 million US$ in 2021 to 21,448 million US$ by 2026. This represents continuous growth in top-line performance across all observed periods.
- Equity Base Evolution
- Stockholders' equity experienced substantial growth between 2021 and 2025, rising from 9,869 million US$ to a peak of 19,710 million US$. A slight contraction is observed in the final period, with equity decreasing to 18,992 million US$ in 2026.
- Equity Turnover Performance
- The equity turnover ratio initially declined from 0.98 in 2021 to a minimum of 0.77 in 2022, suggesting that the expansion of the equity base temporarily outpaced revenue growth. Following this trough, a consistent recovery trend is observed, with the ratio increasing steadily to 0.83 in 2023, 0.88 in 2024, and 0.96 in 2025. The ratio reached its highest point of 1.13 in 2026, a result of continued revenue growth coinciding with a reduction in stockholders' equity. This progression indicates an increasing efficiency in utilizing shareholders' capital to generate revenue over the long term.
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