Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Intuit Inc., long-term (investment) activity ratios
Based on: 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), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio has displayed a consistent upward trend over the analyzed period. Starting at 8.7 in 2019, it increased steadily each year, reaching 16.14 by 2024. This suggests an improving efficiency in utilizing fixed assets to generate sales, indicating effective investment and management of these assets.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- When accounting for operating leases and right-of-use assets, this turnover ratio shows a more moderate increase. Beginning at 8.7 in 2019, it decreased notably to 8 in 2020, then gradually increased to 11.47 by 2024. The initial drop reflects the impact of including new accounting standards or lease recognition on asset base, while the gradual rise indicates improving asset utilization even after these adjustments.
- Total Asset Turnover
- Total asset turnover has experienced a continuous decline from 1.08 in 2019 to 0.51 in 2024. The downward trend suggests decreasing efficiency in generating sales from the company's total asset base. This may be a result of asset growth outpacing revenue growth or changes in asset composition affecting overall asset productivity.
- Equity Turnover
- Equity turnover has fallen significantly from 1.81 in 2019 to 0.77 in 2022, followed by a slight recovery to 0.88 by 2024. The overall reduction indicates a decrease in the company's ability to generate sales from shareholders' equity, though the modest improvement after 2022 could reflect enhancements in operational performance or capital structure adjustments.
Net Fixed Asset Turnover
Intuit Inc., net fixed asset turnover calculation, comparison to benchmarks
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 16,285) | 14,368) | 12,726) | 9,633) | 7,679) | 6,784) | |
| Property and equipment, net | 1,009) | 969) | 888) | 780) | 734) | 780) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 16.14 | 14.83 | 14.33 | 12.35 | 10.46 | 8.70 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Accenture PLC | 42.66 | 41.90 | 37.12 | 30.83 | 28.68 | 31.06 | |
| Adobe Inc. | 11.11 | 9.56 | 9.23 | 9.44 | 8.48 | 8.64 | |
| Cadence Design Systems Inc. | 10.13 | 10.14 | 9.59 | 9.77 | 8.62 | — | |
| CrowdStrike Holdings Inc. | 4.93 | 4.55 | 5.57 | 5.24 | 3.54 | — | |
| Fair Isaac Corp. | 44.65 | 138.02 | 78.34 | 47.17 | 27.89 | 21.88 | |
| International Business Machines Corp. | 10.95 | 11.25 | 11.35 | 10.07 | 7.33 | — | |
| Microsoft Corp. | 1.81 | 2.22 | 2.66 | 2.81 | 3.24 | 3.45 | |
| Oracle Corp. | 2.46 | 2.93 | 4.37 | 5.74 | 6.26 | — | |
| Palantir Technologies Inc. | 72.29 | 46.59 | 27.55 | 49.26 | 36.99 | — | |
| Palo Alto Networks Inc. | 22.23 | 19.44 | 15.38 | 13.37 | 9.79 | 9.80 | |
| Salesforce Inc. | 9.45 | 8.47 | 9.41 | 8.64 | 7.20 | — | |
| ServiceNow Inc. | 6.23 | 6.61 | 6.88 | 7.70 | 6.85 | — | |
| Synopsys Inc. | 10.88 | 10.48 | 10.51 | 8.90 | 7.62 | 7.82 | |
| Workday Inc. | 5.88 | 5.17 | 4.58 | 4.44 | 3.87 | — | |
| Net Fixed Asset Turnover, Sector | |||||||
| Software & Services | 3.08 | 3.75 | 4.49 | 4.73 | 5.15 | — | |
| Net Fixed Asset Turnover, Industry | |||||||
| Information Technology | 3.47 | 3.78 | 4.44 | 4.74 | 4.57 | — | |
Based on: 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), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).
1 2024 Calculation
Net fixed asset turnover = Net revenue ÷ Property and equipment, net
= 16,285 ÷ 1,009 = 16.14
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue demonstrates a consistent upward trend from 2019 to 2024. Starting at 6,784 million US dollars in 2019, revenue increased each year, reaching 16,285 million US dollars by 2024. This signifies more than a twofold growth over the six-year period, indicating strong business expansion and possibly increased market demand or successful strategic initiatives.
- Property and Equipment, Net
- The net value of property and equipment exhibited moderate growth during the observed period. Beginning at 780 million US dollars in 2019, it slightly decreased in 2020 to 734 million US dollars. From 2021 onwards, it steadily increased each year, culminating at 1,009 million US dollars in 2024. This suggests ongoing investments or acquisitions in fixed assets, reflecting an enhancement or expansion of physical infrastructure.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio shows a consistent increase, moving from 8.7 in 2019 to 16.14 in 2024. This indicates improved efficiency in utilizing fixed assets to generate revenue. The doubling of this ratio implies that the company is generating significantly more revenue per unit of fixed assets over time, which may reflect better asset management, operational efficiencies, or more effective deployment of capital.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Intuit Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 16,285) | 14,368) | 12,726) | 9,633) | 7,679) | 6,784) | |
| Property and equipment, net | 1,009) | 969) | 888) | 780) | 734) | 780) | |
| Operating lease right-of-use assets | 411) | 469) | 549) | 380) | 226) | —) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 1,420) | 1,438) | 1,437) | 1,160) | 960) | 780) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 11.47 | 9.99 | 8.86 | 8.30 | 8.00 | 8.70 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Accenture PLC | 15.17 | 15.38 | 13.17 | 10.48 | 9.37 | 31.06 | |
| Adobe Inc. | 9.70 | 8.13 | 7.61 | 7.46 | 6.42 | 8.64 | |
| Cadence Design Systems Inc. | 7.68 | 7.38 | 6.57 | 6.85 | 6.04 | — | |
| CrowdStrike Holdings Inc. | 4.57 | 4.21 | 4.97 | 4.30 | 3.54 | — | |
| Fair Isaac Corp. | 25.24 | 41.28 | 25.38 | 17.51 | 12.44 | 21.88 | |
| International Business Machines Corp. | 7.03 | 7.09 | 7.37 | 6.43 | 5.00 | — | |
| Microsoft Corp. | 1.59 | 1.93 | 2.26 | 2.37 | 2.70 | 2.87 | |
| Oracle Corp. | 1.84 | 2.31 | 3.21 | 4.20 | 4.74 | — | |
| Palantir Technologies Inc. | 11.92 | 9.65 | 7.07 | 6.21 | 4.43 | — | |
| Palo Alto Networks Inc. | 10.75 | 11.16 | 9.17 | 7.32 | 5.62 | 9.80 | |
| Salesforce Inc. | 5.76 | 4.76 | 4.65 | 3.75 | 3.16 | — | |
| ServiceNow Inc. | 4.47 | 4.33 | 4.18 | 4.34 | 4.06 | — | |
| Synopsys Inc. | 5.43 | 5.19 | 4.87 | 4.35 | 3.88 | 7.82 | |
| Workday Inc. | 4.77 | 4.29 | 3.75 | 3.11 | 2.96 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Software & Services | 2.54 | 3.04 | 3.50 | 3.58 | 3.82 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Information Technology | 3.05 | 3.32 | 3.85 | 4.03 | 3.87 | — | |
Based on: 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), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).
1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 16,285 ÷ 1,420 = 11.47
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue demonstrates a consistent upward trajectory over the six-year period. Starting at $6,784 million in 2019, there is a steady increase each year, culminating at $16,285 million in 2024. This represents more than a doubling of revenue over the timeframe, with particularly noticeable growth between 2020 and 2022, indicating strong business expansion and effective revenue generation strategies.
- Property and Equipment, Net
- The net value of property and equipment, including operating lease right-of-use assets, shows a gradual increase from $780 million in 2019 to a peak of $1,438 million in 2023. However, in 2024, a slight decline to $1,420 million is observed. This slight decrease following years of growth may suggest recent asset disposals, impairments, or a change in leasing arrangements but overall reflects a growing investment in physical and leased assets through most of the period.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a generally positive trend, improving from 8.7 in 2019 to 11.47 in 2024. This indicates increasingly efficient use of fixed assets to generate revenue. The ratio dipped slightly to 8 in 2020 but then steadily improved year-over-year. The marked increase between 2022 and 2024 suggests that the company has enhanced operational efficiency or better capital utilization in recent years.
Total Asset Turnover
Intuit Inc., total asset turnover calculation, comparison to benchmarks
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 16,285) | 14,368) | 12,726) | 9,633) | 7,679) | 6,784) | |
| Total assets | 32,132) | 27,780) | 27,734) | 15,516) | 10,931) | 6,283) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 0.51 | 0.52 | 0.46 | 0.62 | 0.70 | 1.08 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Accenture PLC | 1.16 | 1.25 | 1.30 | 1.17 | 1.20 | 1.45 | |
| Adobe Inc. | 0.71 | 0.65 | 0.65 | 0.58 | 0.53 | 0.54 | |
| Cadence Design Systems Inc. | 0.52 | 0.72 | 0.69 | 0.68 | 0.68 | — | |
| CrowdStrike Holdings Inc. | 0.46 | 0.45 | 0.40 | 0.32 | 0.34 | — | |
| Fair Isaac Corp. | 1.00 | 0.96 | 0.96 | 0.84 | 0.81 | 0.81 | |
| International Business Machines Corp. | 0.46 | 0.46 | 0.48 | 0.43 | 0.47 | — | |
| Microsoft Corp. | 0.48 | 0.51 | 0.54 | 0.50 | 0.47 | 0.44 | |
| Oracle Corp. | 0.38 | 0.37 | 0.39 | 0.31 | 0.34 | — | |
| Palantir Technologies Inc. | 0.45 | 0.49 | 0.55 | 0.47 | 0.41 | — | |
| Palo Alto Networks Inc. | 0.40 | 0.48 | 0.45 | 0.42 | 0.38 | 0.44 | |
| Salesforce Inc. | 0.35 | 0.32 | 0.28 | 0.32 | 0.31 | — | |
| ServiceNow Inc. | 0.54 | 0.52 | 0.54 | 0.55 | 0.52 | — | |
| Synopsys Inc. | 0.47 | 0.57 | 0.54 | 0.48 | 0.46 | 0.52 | |
| Workday Inc. | 0.44 | 0.46 | 0.49 | 0.50 | 0.53 | — | |
| Total Asset Turnover, Sector | |||||||
| Software & Services | 0.49 | 0.51 | 0.53 | 0.49 | 0.48 | — | |
| Total Asset Turnover, Industry | |||||||
| Information Technology | 0.58 | 0.61 | 0.65 | 0.62 | 0.58 | — | |
Based on: 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), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).
1 2024 Calculation
Total asset turnover = Net revenue ÷ Total assets
= 16,285 ÷ 32,132 = 0.51
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue has demonstrated a consistent upward trend over the period from July 31, 2019, to July 31, 2024. Starting at $6,784 million in 2019, revenue increased steadily each year, reaching $16,285 million by 2024. This indicates robust growth with the most notable increases occurring between 2020 and 2022, reflecting a significant acceleration in revenue generation.
- Total Assets
- Total assets have increased substantially from $6,283 million in 2019 to $32,132 million in 2024. There is a pronounced growth particularly evident between 2020 and 2022, where assets more than doubled, stabilizing somewhat but continuing to grow thereafter. This suggests significant investment or acquisition activity expanding the asset base over this timeframe.
- Total Asset Turnover
- Total asset turnover shows a declining trend over the analyzed period, decreasing from 1.08 in 2019 to a low of 0.46 in 2022 before slightly improving to around 0.51 in the subsequent years. This trend suggests the company’s efficiency in generating revenue from its assets has diminished over time, although recent years show some stabilization. The decline may be attributed to the rapid asset base expansion outpacing revenue growth efficiency.
- Summary
- Overall, the data reveals a company experiencing strong revenue growth alongside a significant expansion in total assets. However, the decline in total asset turnover indicates that the increased asset base is not being utilized as efficiently to generate revenue compared to earlier periods. The slight recovery in asset turnover in the last two years may signal efforts towards improving operational efficiency or a shift in the asset composition.
Equity Turnover
Intuit Inc., equity turnover calculation, comparison to benchmarks
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 16,285) | 14,368) | 12,726) | 9,633) | 7,679) | 6,784) | |
| Stockholders’ equity | 18,436) | 17,269) | 16,441) | 9,869) | 5,106) | 3,749) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 0.88 | 0.83 | 0.77 | 0.98 | 1.50 | 1.81 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Accenture PLC | 2.29 | 2.50 | 2.79 | 2.59 | 2.61 | 3.00 | |
| Adobe Inc. | 1.52 | 1.18 | 1.25 | 1.07 | 0.97 | 1.06 | |
| Cadence Design Systems Inc. | 0.99 | 1.20 | 1.30 | 1.09 | 1.08 | — | |
| CrowdStrike Holdings Inc. | 1.33 | 1.53 | 1.42 | 1.00 | 0.65 | — | |
| Fair Isaac Corp. | — | — | — | — | 3.91 | 4.00 | |
| International Business Machines Corp. | 2.30 | 2.75 | 2.76 | 3.03 | 3.57 | — | |
| Microsoft Corp. | 0.91 | 1.03 | 1.19 | 1.18 | 1.21 | 1.23 | |
| Oracle Corp. | 6.08 | 46.56 | — | 7.73 | 3.24 | — | |
| Palantir Technologies Inc. | 0.57 | 0.64 | 0.74 | 0.67 | 0.72 | — | |
| Palo Alto Networks Inc. | 1.55 | 3.94 | 26.20 | 6.71 | 3.09 | 1.83 | |
| Salesforce Inc. | 0.58 | 0.54 | 0.46 | 0.51 | 0.50 | — | |
| ServiceNow Inc. | 1.14 | 1.18 | 1.44 | 1.60 | 1.59 | — | |
| Synopsys Inc. | 0.68 | 0.95 | 0.92 | 0.79 | 0.75 | 0.82 | |
| Workday Inc. | 0.90 | 1.11 | 1.13 | 1.32 | 1.46 | — | |
| Equity Turnover, Sector | |||||||
| Software & Services | 1.16 | 1.30 | 1.44 | 1.44 | 1.51 | — | |
| Equity Turnover, Industry | |||||||
| Information Technology | 1.42 | 1.57 | 1.74 | 1.80 | 1.82 | — | |
Based on: 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), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31).
1 2024 Calculation
Equity turnover = Net revenue ÷ Stockholders’ equity
= 16,285 ÷ 18,436 = 0.88
2 Click competitor name to see calculations.
- Net Revenue
- Net revenue demonstrates a consistent upward trajectory over the six-year period. Starting at $6,784 million in 2019, there is a steady year-on-year increase, reaching $16,285 million by 2024. The growth is particularly pronounced between 2020 and 2022, where revenue rose from $7,679 million to $12,726 million, indicating an accelerated expansion phase. Although growth continues beyond 2022, the rate moderates somewhat but remains positive through 2024.
- Stockholders’ Equity
- Stockholders' equity exhibits significant growth, increasing from $3,749 million in 2019 to $18,436 million in 2024. The equity more than doubled between 2019 and 2021, with an especially sharp increase between 2020 and 2021, where it almost doubled from $5,106 million to $9,869 million. Growth continues robustly through 2024, reflecting substantial reinvestment or capital accumulation contributing to the company's net worth.
- Equity Turnover
- Equity turnover shows a declining trend from 2019 through 2022, falling from 1.81 to 0.77, indicating that the company’s net revenue generated per unit of equity decreased over this period. However, starting in 2023, the ratio slightly improves to 0.83 and 0.88 in 2024, suggesting a modest recovery or improved efficiency in using equity to generate revenue. Despite this, the equity turnover ratio in 2024 remains well below the 2019 level, suggesting the company is operating with a larger equity base relative to its revenue.
- Overall Insights
- The data reveals a strong growth pattern in both revenue and equity, reflecting expansion and capital strengthening. However, the declining equity turnover ratio until 2022 followed by a slight recovery indicates that although the company is growing, the efficiency with which it utilizes equity to generate revenue had diminished but is beginning to stabilize. This trend may imply a strategic focus on asset accumulation or retention of earnings, possibly to support sustainable long-term growth.