Discounted Cash Flow

Intuit Inc.

INTU · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $4.7b $979.0m $985.0m 20.9% $3.73
2017 $5.2b (10.3%) $971.0m (-0.8%) $1.5b (52.0%) 18.8% (-10.1%) $3.78 (1.3%)
2018 $6.0b (15.2%) $1.2b (24.7%) $2.1b (38.5%) 20.3% (8.3%) $4.72 (24.9%)
2019 $6.8b (13.7%) $1.6b (28.6%) $2.2b (8.4%) 23.0% (13.0%) $5.99 (26.9%)
2020 $7.7b (13.2%) $1.8b (17.3%) $2.4b (4.8%) 23.8% (3.6%) $6.99 (16.7%)
2021 $9.6b (25.4%) $2.1b (12.9%) $3.2b (35.8%) 21.4% (-10.0%) $7.65 (9.4%)
2022 $12.7b (32.1%) $2.1b (0.2%) $3.7b (16.7%) 16.2% (-24.2%) $7.38 (-3.5%)
2023 $14.4b (12.9%) $2.4b (15.4%) $4.8b (29.6%) 16.6% (2.2%) $8.49 (15.0%)
2024 $16.3b (13.3%) $3.0b (24.3%) $4.7b (-3.0%) 18.2% (9.7%) $10.58 (24.6%)
2025 $18.8b (15.6%) $3.9b (30.6%) $6.1b (30.5%) 20.5% (12.9%) $13.82 (30.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model