Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Intuit Inc., EBITDA calculation
US$ in millions
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).
A consistent upward trajectory is observed across all primary earnings metrics from 2021 through 2026. The most significant acceleration in growth occurs after 2023, indicating a period of expanded profitability and operational scaling.
- EBITDA Growth Trend
- Earnings before interest, tax, depreciation and amortization demonstrate a steady increase, rising from 2,948 million US$ in 2021 to a projected 7,119 million US$ by 2026. This represents a substantial increase in overall cash flow potential from operations over the six-year period.
- Operational Profitability
- Earnings before interest and tax (EBIT) and earnings before tax (EBT) mirror the EBITDA trend, showing continuous growth. EBIT increases from 2,585 million US$ in 2021 to 6,273 million US$ in 2026, confirming that the growth is driven by core operational performance.
- Bottom Line Performance
- Net income exhibits a positive correlation with EBITDA, growing from 2,062 million US$ in 2021 to 4,566 million US$ in 2026. While net income grows steadily, the absolute variance between EBITDA and net income widens over time, suggesting a proportional increase in taxes, interest, or non-cash charges as the scale of operations expands.
- Depreciation and Amortization Analysis
- The differential between EBITDA and EBIT indicates a rise in depreciation and amortization expenses. This gap expanded significantly between 2021 and 2022, subsequently stabilizing between approximately 789 million US$ and 846 million US$ from 2024 to 2026.
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Enterprise Value to EBITDA Ratio, Current
Intuit Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 74,170) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 7,119) |
| Valuation Ratio | |
| EV/EBITDA | 10.42 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Accenture PLC | 8.40 |
| Adobe Inc. | 9.30 |
| AppLovin Corp. | 24.14 |
| Cadence Design Systems Inc. | 47.76 |
| Datadog Inc. | 478.69 |
| International Business Machines Corp. | 14.98 |
| Microsoft Corp. | 18.61 |
| Oracle Corp. | 15.60 |
| Palantir Technologies Inc. | 266.53 |
| Palo Alto Networks Inc. | 219.44 |
| Salesforce Inc. | 14.69 |
| ServiceNow Inc. | 44.82 |
| Synopsys Inc. | 36.84 |
| Workday Inc. | 29.39 |
| EV/EBITDA, Sector | |
| Software & Services | 24.68 |
| EV/EBITDA, Industry | |
| Information Technology | 38.02 |
Based on: 10-K (reporting date: 2026-07-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Intuit Inc., historical EV/EBITDA 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) | |||||||
| Enterprise value (EV)1 | 84,365) | 187,852) | 176,614) | 156,489) | 122,035) | 153,168) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 7,119) | 5,890) | 4,581) | 4,043) | 3,369) | 2,948) | |
| Valuation Ratio | |||||||
| EV/EBITDA3 | 11.85 | 31.89 | 38.55 | 38.71 | 36.22 | 51.96 | |
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Accenture PLC | — | 11.82 | 19.87 | 17.26 | 14.25 | 23.31 | |
| Adobe Inc. | — | 12.68 | 22.06 | 34.07 | 22.32 | 35.44 | |
| AppLovin Corp. | — | 32.17 | 47.75 | 20.05 | 14.17 | 30.05 | |
| Cadence Design Systems Inc. | — | 42.96 | 42.25 | 55.61 | 42.11 | 39.61 | |
| Datadog Inc. | — | 203.50 | 153.02 | 370.63 | 1,785.61 | 1,949.67 | |
| International Business Machines Corp. | — | 15.14 | 22.90 | 14.41 | 22.17 | 12.53 | |
| Microsoft Corp. | 14.12 | 23.79 | 23.66 | 22.92 | 20.17 | 24.59 | |
| Oracle Corp. | 18.27 | 28.10 | 21.81 | 21.80 | 17.12 | 13.78 | |
| Palantir Technologies Inc. | — | 184.77 | 551.39 | 175.93 | — | — | |
| Palo Alto Networks Inc. | 198.12 | 64.12 | 84.17 | 85.08 | 515.19 | — | |
| Salesforce Inc. | 13.62 | 24.64 | 31.64 | 38.31 | 38.88 | 33.83 | |
| ServiceNow Inc. | — | 38.82 | 87.89 | 96.48 | 104.31 | 147.45 | |
| Synopsys Inc. | — | 41.03 | 39.17 | 54.59 | 36.73 | 53.43 | |
| Workday Inc. | 24.74 | 55.27 | 86.37 | 216.44 | 147.90 | 670.04 | |
| EV/EBITDA, Sector | |||||||
| Software & Services | — | 25.09 | 27.15 | 25.25 | 22.39 | 25.74 | |
| EV/EBITDA, Industry | |||||||
| Information Technology | — | 27.45 | 27.70 | 23.55 | 18.32 | 20.52 | |
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).
3 2026 Calculation
EV/EBITDA = EV ÷ EBITDA
= 84,365 ÷ 7,119 = 11.85
4 Click competitor name to see calculations.
The financial data reveals a consistent trajectory of operational growth contrasted by significant volatility in market valuation. While operational profitability expanded steadily over the six-year period, the valuation multiple experienced a substantial long-term compression, culminating in a sharp decline in the final year.
- Operational Performance (EBITDA)
- A sustained upward trend in EBITDA is observed, with values increasing every year from US$ 2,948 million in 2021 to US$ 7,119 million in 2026. This represents a continuous improvement in core operational profitability, with the most significant growth occurring between 2024 and 2026.
- Enterprise Value (EV) Fluctuations
- Enterprise value exhibited a non-linear pattern. Following a dip in 2022 to US$ 122,035 million, the value grew steadily, peaking at US$ 187,852 million in 2025. However, a precipitous decline occurred in 2026, where the value fell to US$ 84,365 million, marking a significant reduction in the overall market valuation of the entity.
- EV/EBITDA Multiple Analysis
- The EV/EBITDA ratio reflects a general downward trend, shifting from a premium valuation of 51.96 in 2021 to 11.85 in 2026. Between 2022 and 2024, the ratio remained relatively stable, hovering between 36.22 and 38.71. The compression accelerated in 2025 and became extreme in 2026, driven by the inverse relationship between the continuing growth in EBITDA and the sharp contraction of Enterprise Value.
In summary, the divergence between rising operational earnings and a collapsing enterprise value in the final period has resulted in a significant devaluation of the company's multiple, moving the valuation from a high-growth premium to a much more conservative level.
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