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: 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), 10-K (reporting date: 2020-07-31).
- Net fixed asset turnover
- The net fixed asset turnover ratio shows a consistent upward trend over the analyzed period. Starting at 10.46 in 2020, it increased steadily each year, reaching 19.6 by 2025. This indicates improving efficiency in utilizing fixed assets to generate sales or revenue, with a nearly doubling of the ratio over five years.
- Net fixed asset turnover including operating lease, right-of-use asset
- This ratio also exhibits a positive trend, though at a lower level compared to the net fixed asset turnover excluding leases. It rose from 8 in 2020 to 12.54 in 2025. The steady growth suggests enhanced utilization of both owned and leased fixed assets, reflecting better operational efficiency or asset management over time.
- Total asset turnover
- Total asset turnover initially decreased from 0.7 in 2020 to 0.46 in 2022, signifying a reduction in efficiency in generating revenue from total assets. However, it experienced a partial recovery afterward, stabilizing around 0.51 by 2024 and maintaining this level into 2025. This pattern may reflect changes in asset composition, investments, or operational adjustments impacting overall asset utilization.
- Equity turnover
- Equity turnover shows a declining trend from 1.5 in 2020 to 0.77 in 2022, indicating reduced efficiency in using shareholders' equity to generate revenue. After 2022, the ratio gradually improved to 0.96 by 2025, suggesting some recovery in equity utilization. Nonetheless, the levels in later years remain below those observed at the start of the period.
Net Fixed Asset Turnover
Intuit Inc., net fixed asset turnover calculation, comparison to benchmarks
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) | 7,679) | |
| Property and equipment, net | 961) | 1,009) | 969) | 888) | 780) | 734) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 19.60 | 16.14 | 14.83 | 14.33 | 12.35 | 10.46 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Accenture PLC | — | 42.66 | 41.90 | 37.12 | 30.83 | 28.68 | |
| Adobe Inc. | — | 11.11 | 9.56 | 9.23 | 9.44 | 8.48 | |
| Cadence Design Systems Inc. | — | 10.13 | 10.14 | 9.59 | 9.77 | 8.62 | |
| CrowdStrike Holdings Inc. | 5.01 | 4.93 | 4.55 | 5.57 | 5.24 | 3.54 | |
| Datadog Inc. | — | 11.83 | 12.38 | 13.36 | 13.69 | 12.79 | |
| Fair Isaac Corp. | — | 44.65 | 138.02 | 78.34 | 47.17 | 27.89 | |
| International Business Machines Corp. | — | 10.95 | 11.25 | 11.35 | 10.07 | 7.33 | |
| Microsoft Corp. | 1.37 | 1.81 | 2.22 | 2.66 | 2.81 | 3.24 | |
| Oracle Corp. | 1.32 | 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. | 23.81 | 22.23 | 19.44 | 15.38 | 13.37 | 9.79 | |
| Salesforce Inc. | 11.71 | 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 | |
| Workday Inc. | 6.82 | 5.88 | 5.17 | 4.58 | 4.44 | 3.87 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Software & Services | — | 3.10 | 3.76 | 4.50 | 4.74 | 5.16 | |
| Net Fixed Asset Turnover, Industry | |||||||
| Information Technology | — | 3.47 | 3.79 | 4.45 | 4.75 | 4.57 | |
Based on: 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), 10-K (reporting date: 2020-07-31).
1 2025 Calculation
Net fixed asset turnover = Net revenue ÷ Property and equipment, net
= 18,831 ÷ 961 = 19.60
2 Click competitor name to see calculations.
- Net Revenue
- There is a consistent upward trend in net revenue over the six-year period. The revenue increased from $7,679 million in 2020 to an expected $18,831 million in 2025. This indicates strong growth, with the most significant absolute increases occurring in the later years, reflecting accelerated revenue expansion.
- Property and Equipment, Net
- The net value of property and equipment shows moderate growth from $734 million in 2020 to a peak of $1,009 million in 2024, followed by a slight decline to $961 million in 2025. This suggests investment in fixed assets increased steadily until 2024, with a small reduction anticipated thereafter, possibly reflecting asset disposals or depreciation outpacing additions.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio exhibits an upward trend, improving from 10.46 in 2020 to 19.6 in 2025. This rising ratio indicates increasing efficiency in generating revenue from fixed assets, implying better utilization or higher productivity of property and equipment over time.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Intuit Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) | 7,679) | |
| Property and equipment, net | 961) | 1,009) | 969) | 888) | 780) | 734) | |
| Operating lease right-of-use assets | 541) | 411) | 469) | 549) | 380) | 226) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 1,502) | 1,420) | 1,438) | 1,437) | 1,160) | 960) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 12.54 | 11.47 | 9.99 | 8.86 | 8.30 | 8.00 | |
| 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 | |
| Adobe Inc. | — | 9.70 | 8.13 | 7.61 | 7.46 | 6.42 | |
| Cadence Design Systems Inc. | — | 7.68 | 7.38 | 6.57 | 6.85 | 6.04 | |
| CrowdStrike Holdings Inc. | 4.76 | 4.57 | 4.21 | 4.97 | 4.30 | 3.54 | |
| Datadog Inc. | — | 6.72 | 7.13 | 7.87 | 7.54 | 5.75 | |
| Fair Isaac Corp. | — | 25.24 | 41.28 | 25.38 | 17.51 | 12.44 | |
| International Business Machines Corp. | — | 7.03 | 7.09 | 7.37 | 6.43 | 5.00 | |
| Microsoft Corp. | 1.23 | 1.59 | 1.93 | 2.26 | 2.37 | 2.70 | |
| Oracle Corp. | 1.01 | 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. | 12.56 | 10.75 | 11.16 | 9.17 | 7.32 | 5.62 | |
| Salesforce Inc. | 7.03 | 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 | |
| Workday Inc. | 5.36 | 4.77 | 4.29 | 3.75 | 3.11 | 2.96 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Software & Services | — | 2.55 | 3.05 | 3.50 | 3.59 | 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: 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), 10-K (reporting date: 2020-07-31).
1 2025 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)
= 18,831 ÷ 1,502 = 12.54
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue demonstrates a consistent and significant upward trend over the observed periods. Starting from 7,679 million US dollars in July 2020, it increases each year reaching 18,831 million US dollars by July 2025. This growth indicates a strong expansion in sales or service income, with the revenue more than doubling over five years.
- Property and Equipment, Net
- The net value of property and equipment, including operating lease right-of-use assets, also generally rises throughout the period. It begins at 960 million US dollars in July 2020, peaking at 1,438 million in July 2023, then slightly decreasing to 1,420 million in July 2024 before increasing again to 1,502 million by July 2025. This pattern suggests a steady investment in fixed assets, with minor fluctuations possibly due to disposals or revaluation adjustments.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a consistent increase over time, progressing from 8 in July 2020 to 12.54 by July 2025. This ratio improvement indicates enhanced efficiency in utilizing fixed assets to generate revenue. The ratio growth alongside increasing net revenue and relatively stable property and equipment values implies better asset management and operational optimization.
Total Asset Turnover
Intuit Inc., total asset turnover calculation, comparison to benchmarks
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) | 7,679) | |
| Total assets | 36,958) | 32,132) | 27,780) | 27,734) | 15,516) | 10,931) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 0.51 | 0.51 | 0.52 | 0.46 | 0.62 | 0.70 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Accenture PLC | — | 1.16 | 1.25 | 1.30 | 1.17 | 1.20 | |
| Adobe Inc. | — | 0.71 | 0.65 | 0.65 | 0.58 | 0.53 | |
| Cadence Design Systems Inc. | — | 0.52 | 0.72 | 0.69 | 0.68 | 0.68 | |
| CrowdStrike Holdings Inc. | 0.45 | 0.46 | 0.45 | 0.40 | 0.32 | 0.34 | |
| Datadog Inc. | — | 0.46 | 0.54 | 0.56 | 0.43 | 0.32 | |
| Fair Isaac Corp. | — | 1.00 | 0.96 | 0.96 | 0.84 | 0.81 | |
| International Business Machines Corp. | — | 0.46 | 0.46 | 0.48 | 0.43 | 0.47 | |
| Microsoft Corp. | 0.46 | 0.48 | 0.51 | 0.54 | 0.50 | 0.47 | |
| Oracle Corp. | 0.34 | 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. | 0.39 | 0.40 | 0.48 | 0.45 | 0.42 | 0.38 | |
| Salesforce Inc. | 0.37 | 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 | |
| Workday Inc. | 0.47 | 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: 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), 10-K (reporting date: 2020-07-31).
1 2025 Calculation
Total asset turnover = Net revenue ÷ Total assets
= 18,831 ÷ 36,958 = 0.51
2 Click competitor name to see calculations.
- Net Revenue
- The net revenue demonstrates a consistent upward trajectory over the analyzed period. Starting from $7,679 million in 2020, it increased steadily each year to reach $18,831 million by 2025. This represents more than a twofold increase, indicating strong growth in sales or service income throughout the years.
- Total Assets
- Total assets have shown significant growth as well, rising from $10,931 million in 2020 to $36,958 million in 2025. The increase was particularly pronounced between 2021 and 2022, where assets jumped from $15,516 million to $27,734 million. After this surge, asset growth continued at a steadier pace, reflecting ongoing investments or acquisitions expanding the company's asset base.
- Total Asset Turnover
- The total asset turnover ratio exhibited a declining trend from 0.7 in 2020 to a low of 0.46 in 2022, suggesting a decrease in how efficiently the company was using its assets to generate revenue in that period. However, from 2023 onward, the ratio stabilized around 0.51-0.52, indicating a partial recovery or stabilization in asset efficiency. Despite growing net revenue, the asset turnover remained below the initial level, which could imply that asset growth outpaced revenue growth or that the company maintained a larger asset base relative to sales.
Equity Turnover
Intuit Inc., equity turnover calculation, comparison to benchmarks
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net revenue | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) | 7,679) | |
| Stockholders’ equity | 19,710) | 18,436) | 17,269) | 16,441) | 9,869) | 5,106) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 0.96 | 0.88 | 0.83 | 0.77 | 0.98 | 1.50 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Accenture PLC | — | 2.29 | 2.50 | 2.79 | 2.59 | 2.61 | |
| Adobe Inc. | — | 1.52 | 1.18 | 1.25 | 1.07 | 0.97 | |
| Cadence Design Systems Inc. | — | 0.99 | 1.20 | 1.30 | 1.09 | 1.08 | |
| CrowdStrike Holdings Inc. | 1.21 | 1.33 | 1.53 | 1.42 | 1.00 | 0.65 | |
| Datadog Inc. | — | 0.99 | 1.05 | 1.19 | 0.99 | 0.63 | |
| Fair Isaac Corp. | — | — | — | — | — | 3.91 | |
| International Business Machines Corp. | — | 2.30 | 2.75 | 2.76 | 3.03 | 3.57 | |
| Microsoft Corp. | 0.82 | 0.91 | 1.03 | 1.19 | 1.18 | 1.21 | |
| Oracle Corp. | 2.81 | 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. | 1.18 | 1.55 | 3.94 | 26.20 | 6.71 | 3.09 | |
| Salesforce Inc. | 0.62 | 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 | |
| Workday Inc. | 0.93 | 0.90 | 1.11 | 1.13 | 1.32 | 1.46 | |
| Equity Turnover, Sector | |||||||
| Software & Services | — | 1.16 | 1.30 | 1.44 | 1.43 | 1.51 | |
| Equity Turnover, Industry | |||||||
| Information Technology | — | 1.42 | 1.57 | 1.74 | 1.80 | 1.82 | |
Based on: 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), 10-K (reporting date: 2020-07-31).
1 2025 Calculation
Equity turnover = Net revenue ÷ Stockholders’ equity
= 18,831 ÷ 19,710 = 0.96
2 Click competitor name to see calculations.
- Net Revenue Trend
- Net revenue exhibits a consistent and substantial upward trend over the analyzed period. Starting at $7,679 million in 2020, revenue increased steadily each subsequent year, reaching $18,831 million by 2025. This represents a more than doubling of net revenue over six years, indicating robust growth and expanding business operations.
- Stockholders’ Equity Trend
- Stockholders’ equity has also demonstrated strong growth throughout the period. Beginning at $5,106 million in 2020, equity nearly doubled by 2021 to $9,869 million and continued to increase each year, reaching $19,710 million by 2025. The growth in equity suggests ongoing retention of earnings and/or capital inflows, contributing to a strengthened financial position.
- Equity Turnover Ratio Trend
- The equity turnover ratio shows a declining trend from 1.5 in 2020 to a low of 0.77 in 2022, indicating that net revenue generated per dollar of equity decreased significantly during this initial period. However, after this low point, the ratio exhibits a gradual recovery, rising to 0.96 by 2025. Despite this recovery, the ratio remains below the starting value in 2020, suggesting that while revenue growth is strong, equity is growing at a relatively faster pace, resulting in a moderated efficiency in the use of equity to generate revenue.
- Overall Insights
- The data reflects strong financial growth in terms of both net revenue and stockholders’ equity, emphasizing expansion and capital accumulation. The declining and then partially recovering equity turnover ratio points to increased equity investment that may have outpaced revenue growth during the early years, followed by improved utilization of equity in later years. This dynamic suggests an initial phase of capital buildup potentially aimed at supporting future growth, with signs of a more balanced relationship between equity and revenue generation emerging toward the end of the period.