Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

Intuit Inc., FCFE calculation

US$ in millions

12 months ended:	Jul 31, 2026	Jul 31, 2025	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021
Net income	4,566)	3,869)	2,963)	2,384)	2,066)	2,062)
Net noncash charges	4,276)	2,544)	2,350)	2,061)	2,259)	1,199)
Changes in operating assets and liabilities	(4)	(206)	(429)	601)	(436)	(11)
Net cash provided by operating activities	8,838)	6,207)	4,884)	5,046)	3,889)	3,250)
Purchases of property and equipment	(175)	(84)	(191)	(210)	(157)	(53)
Capitalization of internal use software	(46)	(40)	(59)	(50)	(72)	(72)
Proceeds from issuance of long-term debt, net of discount and issuance costs	1,736)	—)	3,956)	—)	4,700)	—)
Repayments of debt	—)	(500)	(4,200)	(1,009)	—)	(338)
Proceeds from borrowings under unsecured revolving credit facility	—)	—)	100)	—)	—)	—)
Repayments on borrowings under unsecured revolving credit facility	—)	—)	(100)	—)	—)	(1,000)
Proceeds from borrowings under secured revolving credit facilities	186)	429)	180)	222)	182)	—)
Repayments on borrowings under secured revolving credit facilities	(230)	—)	(25)	(23)	—)	—)
Free cash flow to equity (FCFE)	10,309)	6,012)	4,545)	3,976)	8,542)	1,787)

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).

Net cash provided by operating activities and free cash flow to equity exhibit a general upward trajectory over the observed six-year period, indicating a significant expansion in the capacity to generate cash from operations and available liquidity for equity holders.

Operating Cash Flow Performance: Net cash provided by operating activities demonstrates a consistent growth trend, increasing from 3,250 million in 2021 to 8,838 million by 2026. Although a marginal decline is observed in 2024, the subsequent years show accelerated growth, with the 2026 figure representing a substantial increase over the initial 2021 baseline.
Free Cash Flow to Equity (FCFE) Volatility and Growth: FCFE exhibits higher volatility than operating cash flows. A significant spike is observed in 2022, where FCFE reached 8,542 million, followed by a sharp contraction to 3,976 million in 2023. From 2024 through 2026, FCFE demonstrates a recovered and accelerating growth pattern, culminating in a peak of 10,309 million.
Cash Flow Relationship and Convergence: The relationship between operating cash flows and FCFE suggests periodic shifts in financing or capital expenditure strategies. In 2022 and 2026, FCFE exceeds net cash provided by operating activities, which typically indicates significant net borrowing or a reduction in capital expenditures. Between 2023 and 2025, FCFE remains below operating cash flow, reflecting a more conventional conversion of operational cash into equity-available funds.

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Price to FCFE Ratio, Current

Intuit Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	267,236,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	10,309)
FCFE per share	38.58
Current share price (P)	303.19
Valuation Ratio
P/FCFE	7.86
Benchmarks
P/FCFE, Competitors¹
Accenture PLC	7.40
Adobe Inc.	9.56
AppLovin Corp.	26.29
Cadence Design Systems Inc.	49.09
Datadog Inc.	295.93
International Business Machines Corp.	14.97
Microsoft Corp.	57.30
Oracle Corp.	27.01
Palantir Technologies Inc.	203.22
Palo Alto Networks Inc.	75.05
Salesforce Inc.	9.88
ServiceNow Inc.	30.90
Synopsys Inc.	4.98
Workday Inc.	16.82
P/FCFE, Sector
Software & Services	38.42
P/FCFE, Industry
Information Technology	60.83

Based on: 10-K (reporting date: 2026-07-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Intuit Inc., historical P/FCFE calculation, comparison to benchmarks

	Jul 31, 2026	Jul 31, 2025	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021
No. shares of common stock outstanding¹	267,236,000	278,805,000	280,292,000	280,259,493	281,869,879	273,091,929
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	10,309)	6,012)	4,545)	3,976)	8,542)	1,787)
FCFE per share³	38.58	21.56	16.22	14.19	30.30	6.54
Share price^1, 4	313.94	668.68	623.10	549.60	420.06	567.59
Valuation Ratio
P/FCFE⁵	8.14	31.01	38.43	38.74	13.86	86.74
Benchmarks
P/FCFE, Competitors⁶
Accenture PLC	—	9.96	23.91	21.01	17.87	25.76
Adobe Inc.	—	12.06	18.02	41.83	21.32	34.26
AppLovin Corp.	—	35.43	45.36	23.30	—	22.51
Cadence Design Systems Inc.	—	50.96	24.08	71.40	33.41	36.31
Datadog Inc.	—	153.91	28.64	71.93	69.38	202.25
International Business Machines Corp.	—	14.89	20.90	9.97	11.97	48.45
Microsoft Corp.	45.32	60.89	42.11	43.32	36.73	42.54
Oracle Corp.	30.52	89.42	48.38	15.47	—	8.36
Palantir Technologies Inc.	—	151.45	256.11	74.28	96.89	198.12
Palo Alto Networks Inc.	69.87	50.89	52.90	79.75	29.54	32.91
Salesforce Inc.	8.99	25.91	38.33	31.06	16.56	49.52
ServiceNow Inc.	—	26.94	61.82	58.19	44.44	64.54
Synopsys Inc.	—	6.21	63.94	57.04	33.41	40.55
Workday Inc.	13.98	29.52	36.59	19.79	49.17	40.57
P/FCFE, Sector
Software & Services	—	40.23	39.55	32.87	31.24	34.11
P/FCFE, Industry
Information Technology	—	45.06	36.66	33.12	26.68	27.39

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2026 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 10,309,000,000 ÷ 267,236,000 = 38.58

⁴ Closing price as at the filing date of Intuit Inc. Annual Report.

⁵ 2026 Calculation
P/FCFE = Share price ÷ FCFE per share
= 313.94 ÷ 38.58 = 8.14

⁶ Click competitor name to see calculations.

The valuation of the entity, as measured by the Price to Free Cash Flow to Equity (P/FCFE) ratio, exhibits significant volatility over the analyzed six-year period. A pronounced transition is observed from an initial state of high valuation premiums to a state of significant contraction by 2026, driven by divergent movements in share price and per-share cash flow generation.

Share Price Dynamics: The share price demonstrated a general upward trajectory from 2022 through 2025, rising from 420.06 US$ to a peak of 668.68 US$. However, a sharp reversal occurred in 2026, where the price declined to 313.94 US$, representing a substantial reduction in market capitalization relative to previous years.
Free Cash Flow to Equity (FCFE) Performance: FCFE per share showed an inconsistent but overall positive growth trend. After a sharp increase to 30.30 US$ in 2022 and a subsequent correction to 14.19 US$ in 2023, the metric entered a period of steady growth, reaching 21.56 US$ in 2025 and peaking at 38.58 US$ in 2026. The strong expansion of FCFE in the final year stands in direct contrast to the simultaneous collapse in share price.
P/FCFE Ratio Interpretation: The P/FCFE ratio experienced extreme fluctuations, beginning at a peak of 86.74 in 2021, which indicated a high market premium relative to cash flow. This ratio plummeted to 13.86 in 2022 due to a combination of price depreciation and a surge in FCFE. Between 2023 and 2025, the ratio stabilized within a range of 31.01 to 38.74, suggesting a period of relative equilibrium between market expectations and cash flow delivery. By 2026, the ratio reached its lowest point of 8.14, a result of the convergence of a record high FCFE per share and a record low share price.

The overall trend indicates a fundamental shift in valuation. The transition from a P/FCFE of 86.74 to 8.14 suggests that the market's willingness to pay a premium for each dollar of free cash flow to equity has diminished substantially over the observed period, moving from an aggressive growth valuation to a highly conservative one.