Intuit Inc. (NASDAQ:INTU)

The data reveals a generally positive trend in both net cash provided by operating activities and free cash flow to the firm (FCFF) over the analyzed periods. There is a consistent year-over-year increase observed in these metrics, indicative of improving operational efficiency and cash generation capability.

Net Cash Provided by Operating Activities

This figure demonstrates a substantial upward trajectory starting from 2,414 million USD in 2020 and reaching 6,207 million USD by 2025. The most significant year-over-year increases are noted between 2022 and 2023, and again between 2024 and 2025, suggesting periods of enhanced operational performance or effective working capital management.

Free Cash Flow to the Firm (FCFF)

The FCFF follows a similar growth pattern, beginning at 2,289 million USD in 2020 and increasing steadily to 6,310 million USD in 2025. The close alignment between FCFF and net cash from operations indicates consistent capital expenditure levels relative to operating cash flow, supporting sustainable growth strategies while preserving cash generation strength.

Overall, the patterns imply strong financial health with increasing liquidity and cash generation, enabling potential for reinvestment, debt reduction, or shareholder returns. The steady improvement over the six-year span highlights operational stability and effective cash flow management.

Effective Income Tax Rate (EITR)

The effective income tax rate shows some fluctuations over the analyzed periods. Starting at 16.92% in 2020, it increased to 19.33% in 2021, indicating a rise in the tax burden. In 2022, the rate slightly declined to 18.73%, followed by a peak of 20.24% in 2023, the highest in the series. The rate then dropped to 16.54% in 2024 but rose again to 19.96% in 2025. Overall, the tax rate oscillates between approximately 16.5% and 20.3%, with no clear long-term upward or downward trend, suggesting variability in tax obligations or changes in tax regulations or company tax strategies.

Interest Paid, Net of Tax

Interest expense, net of tax, has experienced a substantial upward trend across the periods. In 2020, it was relatively low at 12 million USD. This figure doubled to 24 million in 2021 and more than doubled again to 54 million in 2022. A significant surge occurred in 2023, with interest paid reaching 217 million USD, nearly a fourfold increase compared to the previous year. Though the amount decreased to 167 million in 2024, it rose again to 227 million in 2025, setting a new high. This pattern indicates a growing cost of borrowing or increased leverage within the company, potentially reflecting changes in financing strategy, higher debt levels, or rising interest rates affecting liabilities.

Enterprise Value (EV)

The enterprise value exhibited a significant increase from 86,745 million USD in 2020 to 153,168 million USD in 2021. This was followed by a decline to 122,035 million USD in 2022. Subsequently, the value showed a recovery trend, rising to 156,489 million USD in 2023, then further increasing to an estimated 176,614 million USD in 2024 and 187,852 million USD in 2025. Overall, the trend indicates growth with some volatility.

Free Cash Flow to the Firm (FCFF)

The free cash flow to the firm consistently increased over the observed periods, starting at 2,289 million USD in 2020 and rising each year to reach 6,310 million USD by 2025. The increase was steady with notable acceleration particularly after 2022, reflecting improved cash-generating ability over time.

EV to FCFF Ratio

The EV/FCFF ratio showed a fluctuating pattern. It peaked at 48.64 in 2021, indicating that the enterprise value was relatively high compared to free cash flow that year. Subsequently, the ratio declined to 32.85 in 2022 and further to 31.28 in 2023, suggesting improved valuation metrics relative to cash flow. The ratio then rose again to 36.79 in 2024 before dropping to 29.77 in 2025. This variability suggests oscillations in market valuation multiples relative to free cash flow.