Shawn O'Malley and Kyle Grieve explore Intuit (ticker: INTU).
In this episode, you'll learn what narratives have underpinned the company’s more than 60% selloff, as Intuit claims the undesirable title of “worst performer in the S&P 500” this year. But is this a bargain price for a high-quality SaaS business, or a value trap? That’s the key question that Shawn & Kyle discuss, plus so much more!
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:03:48) How Intuit’s accounting software became so popular 
(00:12:49) What makes QuickBooks such a great business 
(00:20:54) Why Intuit is the worst performing stock in the S&P 500 this year
(00:24:05) How to think about Intuit as either a value trap or bargain
(00:38:45) Whether Intuit’s TurboTax business is resistant to AI disruptions 
(01:17:02) Valuation discussion of Intuit
(01:18:55) How to model Intuit’s intrinsic value
(01:20:04) Whether Shawn & Kyle add Intuit to The Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
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 <li>Track <a href="https://docs.google.com/spreadsheets/d/1YqzCACTnf4X3v8lx3HMEG2rMs71RLNI2B3b7V2e3pKQ/edit?usp=sharing">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Learn more about how to join us in NYC for our <a href="https://intrinsicvalueconference.com">⁠⁠⁠⁠⁠Intrinsic Value Conference⁠⁠⁠⁠⁠</a>.</li>
 <li>Portfolio Review&nbsp;<a href="https://xn--portfolio%20review%20submit%20tool%20kaspi%20ceo%20presentation%20interview%20with%20the%20ceo,%20mikhail%20mikheil%20%20chris%20paryse%20pitch%20on%20kaspi%20business%20breakdowns%20episode%20on%20kaspi%20response%20to%20culpers%20short%20report-0g54n/">⁠⁠⁠⁠Submit Tool⁠⁠⁠⁠</a>.</li>
 <li>See Shawn’s <a href="https://docs.google.com/spreadsheets/d/1Wn4uR3IbHNIYNQ7PnbLjAoJPmznbIRVsTeDGusj3X88/edit?gid=482342670#gid=482342670">⁠financial model for Intuit⁠</a>.</li>
 <li>The Finance Corner: "<a href="https://thefinancecorner.substack.com/p/deep-dive-into-intuit">⁠Deep Dive Into Intuit⁠</a>".</li>
 <li>Business Breakdowns Podcast — <a href="https://colossus.com/episode/feeley-intuit-an-operating-system-for-small-businesses/">⁠Intuit⁠</a> (2022).</li>
 <li>Intuit’s 2025 Investor Day <a href="https://investors.intuit.com/_assets/_6a9ee074199c0a511699c988d19108db/intuit/db/923/10257/pdf/FY25+Annual+Stockholder+Meeting_FINAL+%283%29.pdf">⁠Presentation⁠</a>.</li>
 <li>Intuit’s 2026 latest Investor Day <a href="https://investors.intuit.com/_assets/_6a9ee074199c0a511699c988d19108db/intuit/db/923/10323/pdf/InvestorDayFY26+-+PRINT_FINALrev5.pdf">⁠Presentation⁠</a>.</li>
 <li>Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠<a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/wix-the-most-asymmetric-ai-bet-tivp/">⁠Wix⁠</a>, <a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/microsoft-msft-is-microsoft-a-misunderstood-ai-opportunity-tivp/">⁠Microsoft⁠</a>, <a href="https://www.theinvestorspodcast.com/intrinsic-value-podcast/kelly-partners-group-the-constellation-software-of-accounting-w-daniel-mahncke-shawn-omalley/">⁠Kelly Partners Group⁠</a>.</li>
 <li>Follow Kyle on <a href="https://twitter.com/IrrationalMrkts">⁠⁠X⁠⁠</a> and <a href="https://www.linkedin.com/in/kylegrievetip/">⁠⁠LinkedIn⁠⁠</a>.</li>
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