Intuit Inc. (NASDAQ:INTU)

The financial data over the six-year period reveals a consistent upward trend in profitability and earnings metrics, indicating robust financial performance and growth momentum.

Net Income

Net income has steadily increased from US$1,557 million in 2019 to US$2,963 million in 2024. This represents a near doubling over the period, with particularly notable growth between 2022 and 2024, suggesting effective cost management and revenue growth.

Earnings Before Tax (EBT)

EBT follows a similar growth trajectory, rising from US$1,881 million in 2019 to US$3,550 million in 2024. The growth is consistent year-over-year, indicating stable operational performance before tax impacts.

Earnings Before Interest and Tax (EBIT)

EBIT has increased from US$1,896 million in 2019 to US$3,792 million in 2024. The pattern closely mirrors that of EBT, reflecting strong core earnings with incremental improvements even after considering interest expenses.

Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)

EBITDA shows the most pronounced growth, expanding from US$2,121 million in 2019 to US$4,581 million in 2024. This indicates expanding operational cash flow and profitability before non-cash charges, emphasizing improved operational efficiency and scalability.

Overall, the upward trajectory across all earnings measures suggests the company has been successful in driving profit growth while managing expenses. The increasing gap between EBITDA and EBIT from 2019 to 2024 illustrates growing depreciation and amortization expenses, likely due to asset investments, yet without diminishing core profitability. The sustained growth in net income in particular confirms effective tax and interest management alongside rising earnings.

Enterprise Value (EV)

The enterprise value exhibited a generally upward trajectory over the six-year period. Starting at approximately $72.7 billion in 2019, EV increased substantially to about $86.7 billion in 2020. A significant jump was observed in 2021, reaching around $153.2 billion. In 2022, there was a decline to roughly $122.0 billion, followed by a rebound in 2023 and 2024 to approximately $156.5 billion and $176.6 billion, respectively. Overall, the data indicate growth in the company's market valuation with some fluctuations.

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)

EBITDA demonstrated consistent growth throughout the period. Beginning at $2.1 billion in 2019, it increased steadily each year, reaching $2.4 billion in 2020, $2.9 billion in 2021, $3.4 billion in 2022, $4.0 billion in 2023, and $4.6 billion in 2024. This steady increase points to improving operational profitability over time.

EV/EBITDA Ratio

The EV/EBITDA ratio shows notable volatility. The ratio started at 34.27 in 2019, slightly increasing to 35.7 in 2020. It spiked significantly to 51.96 in 2021, indicating a possible market overvaluation or a period of lower earnings relative to enterprise value. The ratio then decreased sharply to 36.22 in 2022, and stabilized at around 38.7 in 2023 and 38.6 in 2024. This pattern suggests fluctuating market perceptions of the company’s earnings relative to its valuation, with a normalization trend in recent years.