Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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 (quarterly data)
Based on: 10-K (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-K (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 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).
The investment activity ratios demonstrate a significant divergence between the efficiency of fixed asset utilization and total asset turnover. While there is a pronounced and steady increase in the productivity of long-term physical assets, the overall asset and equity utilization metrics exhibit a pattern of initial contraction followed by a gradual recovery.
- Net Fixed Asset Turnover
- A strong upward trend is observed, with the ratio increasing from 13.08 in October 2021 to 20.97 by July 2026. This suggests a substantial improvement in the ability to generate revenue from net fixed assets. The growth became particularly aggressive starting in January 2024, indicating a period of high asset productivity or a strategic shift in asset intensity.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- This metric follows a trajectory similar to the standard fixed asset turnover, rising from 8.64 in October 2021 to 13.14 in July 2026. Although the inclusion of right-of-use assets results in a lower absolute ratio, the consistent growth confirms that efficiency gains are occurring across both owned and leased long-term assets.
- Total Asset Turnover
- Total asset utilization exhibits higher volatility and a lack of sustained growth compared to fixed asset metrics. After an initial decline from 0.69 in October 2021 to 0.43 in January 2022, the ratio fluctuated primarily between 0.43 and 0.60. This suggests that increases in the total asset base—likely driven by current assets or intangible assets—have largely neutralized the efficiency gains achieved in fixed assets.
- Equity Turnover
- A recovery pattern is evident in the equity turnover ratio. Following a decrease from 1.06 in October 2021 to a low of 0.73 in January 2022, the ratio steadily trended upward to reach 1.13 by July 2026. This indicates that the company has progressively improved its efficiency in utilizing shareholder equity to drive revenue growth over the analyzed period.
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Net Fixed Asset Turnover
Intuit Inc., net fixed asset turnover calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net revenue | 4,354) | 8,558) | 4,651) | 3,885) | 3,831) | 7,754) | 3,963) | 3,283) | 3,184) | 6,737) | 3,386) | 2,978) | 2,712) | 6,018) | 3,041) | 2,597) | 2,414) | 5,632) | 2,673) | 2,007) | ||||||
| Property and equipment, net | 1,023) | 996) | 974) | 965) | 961) | 975) | 992) | 1,008) | 1,009) | 1,032) | 1,049) | 1,013) | 969) | 938) | 931) | 926) | 888) | 858) | 831) | 789) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | 20.97 | 21.01 | 20.66 | 20.14 | 19.60 | 18.65 | 17.31 | 16.46 | 16.14 | 15.32 | 14.39 | 14.56 | 14.83 | 15.00 | 14.70 | 14.38 | 14.33 | 15.00 | 13.74 | 13.08 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | 45.12 | 45.05 | 45.39 | 44.48 | 42.51 | 44.49 | 44.02 | 42.66 | 44.42 | 44.26 | 44.00 | 41.90 | 41.40 | 40.46 | 38.17 | 37.12 | 35.78 | 34.22 | 32.49 | ||||||
| Adobe Inc. | — | — | 13.47 | 13.20 | 12.69 | 12.15 | 11.96 | 11.64 | 11.11 | 10.64 | 10.38 | 10.03 | 9.56 | 9.28 | 9.07 | 9.15 | 9.23 | 9.25 | 9.33 | 9.48 | ||||||
| AppLovin Corp. | — | — | 61.00 | 53.69 | 44.76 | 39.72 | 38.49 | 29.76 | 29.34 | 24.23 | 23.38 | 20.96 | 18.94 | 29.68 | 24.97 | 24.52 | 35.87 | 40.76 | 46.80 | 44.17 | ||||||
| Cadence Design Systems Inc. | — | — | 10.42 | 10.30 | 10.25 | 10.54 | 10.56 | 10.45 | 10.13 | 9.70 | 9.26 | 9.42 | 10.14 | 10.33 | 10.27 | 9.87 | 9.59 | 9.86 | 10.37 | 10.15 | ||||||
| Datadog Inc. | — | — | 9.68 | 9.69 | 10.14 | 10.44 | 10.65 | 11.34 | 11.83 | 11.75 | 12.03 | 12.38 | 12.38 | 12.73 | 13.07 | 12.96 | 13.36 | 13.81 | 13.97 | 13.15 | ||||||
| International Business Machines Corp. | — | — | 12.05 | 11.92 | 11.45 | 11.18 | 10.78 | 10.94 | 10.95 | 11.15 | 11.14 | 11.10 | 11.25 | 11.39 | 11.12 | 11.34 | 11.35 | 11.75 | 11.31 | 10.50 | ||||||
| Microsoft Corp. | 1.06 | 1.12 | 1.17 | 1.27 | 1.37 | 1.47 | 1.57 | 1.66 | 1.81 | 1.95 | 2.03 | 2.13 | 2.22 | 2.36 | 2.47 | 2.64 | 2.66 | 2.74 | 2.75 | 2.76 | ||||||
| Oracle Corp. | 0.67 | 0.77 | 0.90 | 1.11 | 1.32 | 1.74 | 2.08 | 2.33 | 2.46 | 2.75 | 2.87 | 2.89 | 2.93 | 2.93 | 3.21 | 3.60 | 4.37 | 4.86 | 5.16 | 5.37 | ||||||
| Palantir Technologies Inc. | — | — | 100.25 | 93.75 | 86.13 | 85.24 | 79.05 | 78.53 | 72.29 | 65.59 | 57.01 | 49.76 | 46.59 | 42.39 | 37.80 | 31.45 | 27.55 | 31.65 | 36.61 | 39.34 | ||||||
| Palo Alto Networks Inc. | 21.95 | 20.96 | 20.40 | 24.26 | 23.81 | 24.18 | 23.93 | 22.96 | 22.23 | 22.24 | 21.37 | 20.44 | 19.44 | 18.99 | 17.86 | 16.45 | 15.38 | 14.54 | 13.39 | 14.05 | ||||||
| Salesforce Inc. | 13.31 | 12.81 | 12.52 | 12.33 | 11.71 | 10.89 | 10.19 | 10.19 | 9.45 | 8.92 | 8.53 | 8.71 | 8.47 | 8.62 | 8.69 | 9.74 | 9.41 | 9.03 | 8.68 | 8.98 | ||||||
| ServiceNow Inc. | — | — | 6.77 | 6.20 | 5.80 | 5.96 | 6.07 | 6.08 | 6.23 | 6.09 | 6.20 | 6.54 | 6.61 | 7.07 | 6.98 | 6.82 | 6.88 | 7.57 | 7.54 | 7.84 | ||||||
| Synopsys Inc. | — | 12.56 | 12.14 | 11.83 | 10.13 | 9.20 | 10.88 | 11.11 | 10.88 | 10.66 | 10.68 | 10.57 | 10.48 | 10.31 | 9.68 | 10.01 | 10.51 | 10.17 | 9.68 | 9.43 | ||||||
| Workday Inc. | 8.74 | 8.15 | 7.99 | 7.63 | 6.82 | 6.46 | 6.25 | 6.11 | 5.88 | 5.79 | 5.50 | 5.31 | 5.17 | 4.88 | 4.60 | 4.55 | 4.58 | 4.37 | 4.12 | 3.87 | ||||||
Based on: 10-K (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-K (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 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).
1 Q4 2026 Calculation
Net fixed asset turnover
= (Net revenueQ4 2026
+ Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026)
÷ Property and equipment, net
= (4,354 + 8,558 + 4,651 + 3,885)
÷ 1,023 = 20.97
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a consistent and significant upward trend over the analyzed period, rising from 13.08 in October 2021 to 20.97 by July 2026. This progression indicates a substantial increase in the company's ability to generate revenue from its investment in net property and equipment, reflecting enhanced capital efficiency.
- Revenue Dynamics and Seasonality
- Net revenue exhibits a strong cyclical pattern, with recurring peaks occurring every April. Revenue increased from 2,007 million USD in October 2021 to 4,354 million USD in July 2026. The April peaks show a year-over-year growth trajectory, rising from 5,632 million USD in April 2022 to 8,558 million USD in April 2026, which serves as the primary driver for the periodic spikes in the turnover ratio.
- Fixed Asset Utilization
- Net property and equipment showed a gradual increase from 789 million USD in October 2021 to a peak of 1,049 million USD in January 2024. Following this peak, a slight contraction and stabilization period occurred, with the value settling at 1,023 million USD by July 2026. The transition from asset expansion to asset stabilization, coupled with rising revenues, contributed to the acceleration of the turnover ratio.
- Efficiency Ratio Analysis
- The net fixed asset turnover ratio can be divided into two distinct phases. Between October 2021 and October 2023, the ratio grew moderately from 13.08 to 14.56. A more aggressive expansion began in January 2024, where the ratio climbed from 14.39 to 20.97 by July 2026. This acceleration suggests that revenue growth has significantly outpaced the growth of the physical asset base, indicating a shift toward a more asset-light operational model or higher productivity of existing infrastructure.
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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 (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net revenue | 4,354) | 8,558) | 4,651) | 3,885) | 3,831) | 7,754) | 3,963) | 3,283) | 3,184) | 6,737) | 3,386) | 2,978) | 2,712) | 6,018) | 3,041) | 2,597) | 2,414) | 5,632) | 2,673) | 2,007) | ||||||
| Property and equipment, net | 1,023) | 996) | 974) | 965) | 961) | 975) | 992) | 1,008) | 1,009) | 1,032) | 1,049) | 1,013) | 969) | 938) | 931) | 926) | 888) | 858) | 831) | 789) | ||||||
| Operating lease right-of-use assets | 609) | 601) | 593) | 596) | 541) | 560) | 518) | 538) | 411) | 428) | 444) | 457) | 469) | 485) | 508) | 535) | 549) | 425) | 439) | 405) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 1,632) | 1,597) | 1,567) | 1,561) | 1,502) | 1,535) | 1,510) | 1,546) | 1,420) | 1,460) | 1,493) | 1,470) | 1,438) | 1,423) | 1,439) | 1,461) | 1,437) | 1,283) | 1,270) | 1,194) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 13.14 | 13.10 | 12.84 | 12.45 | 12.54 | 11.85 | 11.37 | 10.73 | 11.47 | 10.83 | 10.11 | 10.03 | 9.99 | 9.89 | 9.51 | 9.11 | 8.86 | 10.03 | 8.99 | 8.64 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | 15.91 | 15.98 | 16.38 | 16.18 | 15.85 | 16.37 | 15.89 | 15.17 | 15.96 | 15.77 | 15.97 | 15.38 | 14.85 | 14.14 | 13.47 | 13.17 | 12.30 | 11.56 | 11.17 | ||||||
| Adobe Inc. | — | — | 11.62 | 11.34 | 10.88 | 10.47 | 10.52 | 10.21 | 9.70 | 8.96 | 8.69 | 8.47 | 8.13 | 7.84 | 7.61 | 7.60 | 7.61 | 7.57 | 7.52 | 7.55 | ||||||
| Datadog Inc. | — | — | 6.44 | 6.20 | 6.20 | 6.10 | 6.05 | 6.26 | 6.72 | 6.60 | 6.54 | 6.35 | 7.13 | 7.18 | 7.10 | 7.69 | 7.87 | 7.67 | 8.44 | 7.82 | ||||||
| International Business Machines Corp. | — | — | 7.85 | 7.66 | 7.48 | 7.21 | 6.92 | 6.93 | 7.03 | 6.98 | 7.14 | 7.06 | 7.09 | 7.21 | 7.48 | 7.45 | 7.37 | 7.67 | 7.35 | 6.73 | ||||||
| Microsoft Corp. | 0.98 | 1.03 | 1.07 | 1.15 | 1.23 | 1.30 | 1.38 | 1.47 | 1.59 | 1.71 | 1.77 | 1.85 | 1.93 | 2.03 | 2.12 | 2.25 | 2.26 | 2.31 | 2.32 | 2.34 | ||||||
| Oracle Corp. | 0.52 | 0.77 | 0.90 | 1.11 | 1.32 | 1.74 | 2.08 | 2.33 | 2.46 | 2.75 | 2.87 | 2.89 | 2.93 | 2.93 | 3.21 | 3.60 | 4.37 | 4.86 | 5.16 | 5.37 | ||||||
| Palantir Technologies Inc. | — | — | 21.11 | 18.35 | 17.76 | 15.58 | 13.93 | 12.51 | 11.92 | 10.50 | 9.65 | 10.58 | 9.65 | 8.84 | 8.06 | 7.27 | 7.07 | 7.12 | 6.73 | 6.17 | ||||||
| Palo Alto Networks Inc. | 9.39 | 8.96 | 11.60 | 12.79 | 12.56 | 12.25 | 11.72 | 11.05 | 10.75 | 10.82 | 10.63 | 11.50 | 11.16 | 11.00 | 10.33 | 9.47 | 9.17 | 8.68 | 8.08 | 7.91 | ||||||
| Salesforce Inc. | 8.11 | 7.91 | 7.62 | 7.34 | 7.03 | 6.66 | 6.39 | 6.20 | 5.76 | 5.37 | 5.13 | 5.08 | 4.76 | 4.72 | 4.80 | 4.83 | 4.65 | 4.40 | 4.03 | 4.02 | ||||||
| ServiceNow Inc. | — | — | 4.89 | 4.53 | 4.29 | 4.32 | 4.30 | 4.26 | 4.47 | 4.40 | 4.36 | 4.41 | 4.33 | 4.46 | 4.44 | 4.24 | 4.18 | 4.63 | 4.46 | 4.53 | ||||||
| Synopsys Inc. | — | 6.52 | 6.15 | 5.76 | 5.04 | 4.62 | 5.37 | 5.56 | 5.43 | 5.40 | 5.53 | 5.36 | 5.19 | 4.98 | 4.71 | 4.69 | 4.87 | 4.66 | 4.42 | 4.70 | ||||||
| Workday Inc. | 5.27 | 4.98 | 4.87 | 5.82 | 5.36 | 5.10 | 4.92 | 4.85 | 4.77 | 4.74 | 4.53 | 4.39 | 4.29 | 4.00 | 3.73 | 3.75 | 3.75 | 3.52 | 3.31 | 3.11 | ||||||
Based on: 10-K (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-K (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 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).
1 Q4 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenueQ4 2026
+ Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (4,354 + 8,558 + 4,651 + 3,885)
÷ 1,632 = 13.14
2 Click competitor name to see calculations.
The analysis of long-term investment activity indicates a consistent improvement in asset utilization efficiency over the period from October 2021 through July 2026. The net fixed asset turnover ratio demonstrates a steady upward trajectory, signaling that the organization is generating progressively more revenue per unit of investment in property, equipment, and right-of-use assets.
- Net Revenue Performance
- Revenue exhibits a strong growth trend characterized by significant quarterly seasonality. Peak revenues consistently occur in April of each year, rising from 5,632 million in April 2022 to 8,558 million by April 2026. This indicates a robust and scalable expansion of the top line over the analyzed period.
- Fixed Asset Investment Trends
- Investment in net property and equipment, including operating lease right-of-use assets, has remained relatively stable with a modest overall increase. The asset base grew from 1,194 million in October 2021 to 1,632 million in July 2026. The gradual nature of this growth suggests an asset-light operational model where revenue expansion is not dependent on proportional increases in physical infrastructure.
- Net Fixed Asset Turnover Ratio Analysis
- The turnover ratio increased from 8.64 in October 2021 to 13.14 in July 2026. Initial fluctuations were observed between 2021 and 2022, with the ratio moving between 8.64 and 10.03. A sustained acceleration began in 2024, with the ratio consistently exceeding 11.0 and reaching a peak of 13.14. This trend confirms that revenue growth is significantly outpacing the growth of the fixed asset base, resulting in enhanced efficiency in the deployment of long-term capital.
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Total Asset Turnover
Intuit Inc., total asset turnover calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net revenue | 4,354) | 8,558) | 4,651) | 3,885) | 3,831) | 7,754) | 3,963) | 3,283) | 3,184) | 6,737) | 3,386) | 2,978) | 2,712) | 6,018) | 3,041) | 2,597) | 2,414) | 5,632) | 2,673) | 2,007) | ||||||
| Total assets | 36,786) | 39,330) | 34,282) | 33,191) | 36,958) | 36,593) | 31,682) | 33,193) | 32,132) | 31,560) | 29,688) | 28,488) | 27,780) | 28,921) | 27,202) | 27,085) | 27,734) | 28,514) | 26,303) | 14,870) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | 0.58 | 0.53 | 0.59 | 0.59 | 0.51 | 0.50 | 0.54 | 0.50 | 0.51 | 0.50 | 0.51 | 0.52 | 0.52 | 0.49 | 0.50 | 0.49 | 0.46 | 0.45 | 0.43 | 0.69 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | 1.06 | 1.08 | 1.09 | 1.07 | 1.08 | 1.12 | 1.11 | 1.16 | 1.19 | 1.26 | 1.25 | 1.25 | 1.27 | 1.32 | 1.32 | 1.30 | 1.29 | 1.28 | 1.23 | ||||||
| Adobe Inc. | — | — | 0.84 | 0.82 | 0.81 | 0.81 | 0.80 | 0.74 | 0.71 | 0.70 | 0.68 | 0.69 | 0.65 | 0.65 | 0.66 | 0.67 | 0.65 | 0.64 | 0.63 | 0.62 | ||||||
| AppLovin Corp. | — | — | 0.83 | 0.80 | 0.75 | 0.82 | 0.84 | 0.84 | 0.80 | 0.79 | 0.75 | 0.69 | 0.61 | 0.61 | 0.53 | 0.49 | 0.48 | 0.50 | 0.49 | 0.46 | ||||||
| Cadence Design Systems Inc. | — | — | 0.48 | 0.46 | 0.52 | 0.54 | 0.54 | 0.54 | 0.52 | 0.47 | 0.58 | 0.71 | 0.72 | 0.72 | 0.74 | 0.71 | 0.69 | 0.69 | 0.75 | 0.72 | ||||||
| Datadog Inc. | — | — | 0.53 | 0.53 | 0.52 | 0.53 | 0.52 | 0.47 | 0.46 | 0.55 | 0.54 | 0.55 | 0.54 | 0.57 | 0.57 | 0.57 | 0.56 | 0.55 | 0.51 | 0.47 | ||||||
| International Business Machines Corp. | — | — | 0.45 | 0.44 | 0.44 | 0.45 | 0.43 | 0.43 | 0.46 | 0.47 | 0.47 | 0.45 | 0.46 | 0.47 | 0.46 | 0.45 | 0.48 | 0.48 | 0.47 | 0.44 | ||||||
| Microsoft Corp. | 0.44 | 0.46 | 0.46 | 0.46 | 0.46 | 0.48 | 0.49 | 0.49 | 0.48 | 0.49 | 0.48 | 0.49 | 0.51 | 0.55 | 0.56 | 0.56 | 0.54 | 0.56 | 0.54 | 0.53 | ||||||
| Oracle Corp. | 0.26 | 0.26 | 0.30 | 0.33 | 0.34 | 0.35 | 0.37 | 0.37 | 0.38 | 0.38 | 0.38 | 0.37 | 0.37 | 0.36 | 0.36 | 0.34 | 0.39 | 0.39 | 0.39 | 0.33 | ||||||
| Palantir Technologies Inc. | — | — | 0.53 | 0.51 | 0.50 | 0.48 | 0.47 | 0.46 | 0.45 | 0.46 | 0.48 | 0.49 | 0.49 | 0.51 | 0.51 | 0.54 | 0.55 | 0.55 | 0.53 | 0.50 | ||||||
| Palo Alto Networks Inc. | 0.24 | 0.23 | 0.40 | 0.41 | 0.39 | 0.40 | 0.41 | 0.41 | 0.40 | 0.43 | 0.41 | 0.49 | 0.48 | 0.46 | 0.47 | 0.46 | 0.45 | 0.47 | 0.47 | 0.44 | ||||||
| Salesforce Inc. | 0.37 | 0.42 | 0.40 | 0.39 | 0.37 | 0.41 | 0.40 | 0.37 | 0.35 | 0.37 | 0.36 | 0.34 | 0.32 | 0.33 | 0.31 | 0.30 | 0.28 | 0.29 | 0.27 | 0.34 | ||||||
| ServiceNow Inc. | — | — | 0.47 | 0.57 | 0.51 | 0.58 | 0.55 | 0.55 | 0.54 | 0.57 | 0.55 | 0.54 | 0.52 | 0.56 | 0.54 | 0.56 | 0.54 | 0.62 | 0.59 | 0.57 | ||||||
| Synopsys Inc. | — | 0.20 | 0.19 | 0.17 | 0.15 | 0.13 | 0.26 | 0.47 | 0.47 | 0.52 | 0.55 | 0.57 | 0.57 | 0.56 | 0.54 | 0.54 | 0.54 | 0.53 | 0.52 | 0.51 | ||||||
| Workday Inc. | 0.53 | 0.52 | 0.50 | 0.51 | 0.47 | 0.50 | 0.48 | 0.47 | 0.44 | 0.50 | 0.49 | 0.49 | 0.46 | 0.48 | 0.43 | 0.42 | 0.49 | 0.52 | 0.51 | 0.52 | ||||||
Based on: 10-K (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-K (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 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).
1 Q4 2026 Calculation
Total asset turnover
= (Net revenueQ4 2026
+ Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026)
÷ Total assets
= (4,354 + 8,558 + 4,651 + 3,885)
÷ 36,786 = 0.58
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a distinct transition from an initial high of 0.69 in October 2021 to a sustained period of stabilization between 0.43 and 0.59. This shift is primarily attributed to a substantial expansion of the total asset base, which increased from 14.87 billion US$ to 26.30 billion US$ between October 2021 and January 2022, thereby reducing the revenue-to-asset ratio.
- Asset Utilization Trends
- Following the initial asset surge, the turnover ratio remained relatively stable, fluctuating within a narrow band of 0.43 to 0.54 for several years. This indicates that subsequent growth in total assets was largely mirrored by a corresponding growth in revenue capacity, maintaining a consistent level of efficiency in asset employment.
- Revenue Seasonality Impacts
- Net revenue demonstrates significant quarterly seasonality, with recurring peaks every April. Despite these substantial surges in revenue—rising from 5.63 billion US$ in April 2022 to 8.56 billion US$ by April 2026—the total asset turnover ratio does not exhibit equivalent volatility. This suggests that the asset base is scaled to accommodate peak seasonal demand without causing drastic fluctuations in overall efficiency metrics.
- Long-Term Efficiency Trajectory
- A gradual improvement in asset productivity is observable in the latter part of the analysis period. The ratio reached a high of 0.59 in October 2025 and January 2026, representing the most efficient utilization of assets since the asset base expansion of 2022. This upward trend suggests an increasing ability to generate higher revenue per unit of invested assets.
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Equity Turnover
Intuit Inc., equity turnover calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net revenue | 4,354) | 8,558) | 4,651) | 3,885) | 3,831) | 7,754) | 3,963) | 3,283) | 3,184) | 6,737) | 3,386) | 2,978) | 2,712) | 6,018) | 3,041) | 2,597) | 2,414) | 5,632) | 2,673) | 2,007) | ||||||
| Stockholders’ equity | 18,992) | 20,629) | 19,055) | 19,322) | 19,710) | 20,125) | 17,949) | 18,136) | 18,436) | 18,757) | 16,908) | 16,992) | 17,269) | 17,592) | 15,842) | 16,067) | 16,441) | 16,961) | 15,595) | 9,733) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | 1.13 | 1.01 | 1.06 | 1.01 | 0.96 | 0.90 | 0.96 | 0.91 | 0.88 | 0.84 | 0.89 | 0.87 | 0.83 | 0.80 | 0.86 | 0.83 | 0.77 | 0.76 | 0.73 | 1.06 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | 2.29 | 2.31 | 2.29 | 2.23 | 2.24 | 2.30 | 2.27 | 2.29 | 2.32 | 2.38 | 2.42 | 2.50 | 2.51 | 2.66 | 2.72 | 2.79 | 2.79 | 2.76 | 2.64 | ||||||
| Adobe Inc. | — | — | 2.19 | 2.14 | 2.04 | 1.97 | 1.97 | 1.68 | 1.52 | 1.44 | 1.38 | 1.29 | 1.18 | 1.20 | 1.24 | 1.27 | 1.25 | 1.20 | 1.19 | 1.17 | ||||||
| AppLovin Corp. | — | — | 2.16 | 2.61 | 2.57 | 3.52 | 4.27 | 8.36 | 4.32 | 4.57 | 4.85 | 4.77 | 2.61 | 2.77 | 1.90 | 1.53 | 1.48 | 1.55 | 1.53 | 1.40 | ||||||
| Cadence Design Systems Inc. | — | — | 0.85 | 0.84 | 0.97 | 1.00 | 1.02 | 1.02 | 0.99 | 0.95 | 0.98 | 1.14 | 1.20 | 1.26 | 1.31 | 1.25 | 1.30 | 1.27 | 1.25 | 1.14 | ||||||
| Datadog Inc. | — | — | 0.91 | 0.92 | 0.92 | 0.93 | 0.94 | 0.97 | 0.99 | 0.96 | 0.99 | 1.03 | 1.05 | 1.11 | 1.15 | 1.19 | 1.19 | 1.19 | 1.12 | 1.07 | ||||||
| International Business Machines Corp. | — | — | 2.01 | 2.09 | 2.07 | 2.34 | 2.33 | 2.34 | 2.30 | 2.56 | 2.60 | 2.67 | 2.75 | 2.65 | 2.73 | 2.80 | 2.76 | 3.02 | 3.07 | 3.06 | ||||||
| Microsoft Corp. | 0.75 | 0.77 | 0.78 | 0.81 | 0.82 | 0.84 | 0.86 | 0.88 | 0.91 | 0.93 | 0.96 | 0.99 | 1.03 | 1.07 | 1.11 | 1.17 | 1.19 | 1.18 | 1.16 | 1.16 | ||||||
| Oracle Corp. | 1.58 | 1.66 | 2.04 | 2.44 | 2.81 | 3.33 | 4.00 | 4.98 | 6.08 | 9.34 | 13.35 | 21.50 | 46.56 | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | — | — | 0.63 | 0.62 | 0.61 | 0.59 | 0.58 | 0.57 | 0.57 | 0.59 | 0.61 | 0.62 | 0.64 | 0.67 | 0.69 | 0.73 | 0.74 | 0.77 | 0.74 | 0.70 | ||||||
| Palo Alto Networks Inc. | 0.42 | 0.38 | 1.05 | 1.10 | 1.18 | 1.23 | 1.34 | 1.40 | 1.55 | 1.74 | 1.73 | 3.32 | 3.94 | 5.27 | 8.44 | 11.45 | 26.20 | 15.31 | 41.24 | 8.78 | ||||||
| Salesforce Inc. | 0.70 | 0.67 | 0.64 | 0.64 | 0.62 | 0.64 | 0.63 | 0.60 | 0.58 | 0.58 | 0.57 | 0.56 | 0.54 | 0.51 | 0.49 | 0.47 | 0.46 | 0.44 | 0.42 | 0.53 | ||||||
| ServiceNow Inc. | — | — | 1.18 | 1.19 | 1.02 | 1.12 | 1.10 | 1.13 | 1.14 | 1.13 | 1.15 | 1.17 | 1.18 | 1.18 | 1.16 | 1.36 | 1.44 | 1.53 | 1.57 | 1.57 | ||||||
| Synopsys Inc. | — | 0.30 | 0.28 | 0.26 | 0.25 | 0.23 | 0.63 | 0.65 | 0.68 | 0.79 | 0.85 | 0.90 | 0.95 | 0.93 | 0.91 | 0.92 | 0.92 | 0.88 | 0.86 | 0.84 | ||||||
| Workday Inc. | 1.22 | 1.04 | 0.98 | 0.97 | 0.93 | 0.95 | 0.94 | 0.93 | 0.90 | 1.05 | 1.07 | 1.09 | 1.11 | 1.10 | 1.11 | 1.13 | 1.13 | 1.16 | 1.21 | 1.31 | ||||||
Based on: 10-K (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-K (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 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).
1 Q4 2026 Calculation
Equity turnover
= (Net revenueQ4 2026
+ Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026)
÷ Stockholders’ equity
= (4,354 + 8,558 + 4,651 + 3,885)
÷ 18,992 = 1.13
2 Click competitor name to see calculations.
The equity turnover ratio demonstrates a distinct recovery cycle, transitioning from a period of decreased efficiency in 2022 to a peak in asset utilization by mid-2026. The metric initially declined from 1.06 in October 2021 to a low of 0.73 in January 2022, indicating that stockholders' equity expanded at a rate that outpaced revenue growth during that interval.
- Equity Turnover Trajectory
- Following the early 2022 low, the ratio entered a gradual and sustained upward trend. Between January 2023 and January 2024, turnover remained relatively stable, fluctuating within a range of 0.80 to 0.89. A more pronounced acceleration is observed from October 2024 onward, with the ratio climbing steadily from 0.91 to reach a period high of 1.13 by July 2026.
- Revenue Seasonality and Impact
- Net revenue exhibits significant cyclicality, characterized by substantial peaks occurring every April. For example, revenue rose from 3.386 billion in January 2024 to 6.737 billion in April 2024. While these quarterly spikes create periodic fluctuations in the turnover ratio, the steady increase in the baseline revenue across subsequent years has been the primary driver of the long-term improvement in equity turnover.
- Equity Base Evolution
- Stockholders' equity underwent rapid expansion in the first half of 2022, increasing from 9.733 billion in October 2021 to 16.961 billion by April 2022. This initial surge exerted downward pressure on the turnover ratio. However, equity growth subsequently moderated and stabilized, fluctuating primarily between 17 billion and 20 billion from 2023 through 2026, which allowed the growth in revenue to effectively increase the turnover ratio.
The convergence of a stabilizing equity base and increasing annual revenue peaks indicates an improved capacity to generate sales relative to the company's equity investment. The transition of the ratio back above the 1.00 threshold starting in October 2025 signifies a recovery and eventual exceedance of the operational efficiency levels observed at the beginning of the analyzed period.
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