INTU
Intuit
Recurring SaaS
★ Quality 73/100Price today
$332.70
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See what it is worthcharlieapp.co
A monopoly position
This company has a competitive advantage so strong that its rivals find it practically impossible to replicate.
What this business is made of
The business
QuickBooks is the accounting operating system no small business dares to abandon.
Intuit sells subscription financial software: QuickBooks for small businesses, TurboTax for filing taxes, Credit Karma, and Mailchimp. It brought in $18.8B in FY2025, with FCF of $6.1B. Revenue is recurring and, in TurboTax, seasonally strong every U.S. tax season.
QuickBooks is the accounting operating system for millions of small businesses — leaving it means redoing all your bookkeeping, so almost nobody does. TurboTax dominates online tax filing in the U.S. with decades of data and taxpayer trust. Two near-monopolies feeding off each other's data.
Revenue history
From $9.6B to $18.8B in 4 years — nearly 2.0x its size. Selling more and more is the base of everything else.
Where each $100 of sales goes
Revenue $18.8B · FY2025
Of every $100 in sales, $79 goes to costs and operations; $21 is left as net profit (21% margin).
Catalysts and risks
Generative AI integration (Intuit Assist) to raise price per user without losing retention.
Cross-selling Credit Karma and Mailchimp into the installed QuickBooks base.
FCF growth near 18% CAGR sustained in enterprise subscriptions.
TurboTax depends on the IRS not offering its own free filing — the Direct File program already exists.
Valuation demands perfect execution: the 28x multiple doesn't forgive stumbles.
Debt of $6.0B against cash of $2.9B; comfortable, but not infinite breathing room.
Charlie's note
“Paying for TurboTax every April is one of the few subscriptions people hate and renew anyway. That's a moat. The current price already assumes they keep winning.”
Analysis · June 2026
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