INTU – Market expectations are for Uniform ROA to reach new peaks, but management may be concerned about QuickBooks Cash, margins, and growth

• Intuit Inc. (EXPE:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 42.4x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management may be concerned about their QuickBooks Cash account, operating margins, and new customer growth
• Specifically, management may be concerned about the QuickBooks Cash account, the sustainability of margin expansion, and the acquired inventory and order management system of TradeGecko. Moreover, they may have concerns about the resiliency of their business platform. Finally, management may lack confidence in their ability to maintain new customer growth and accelerate innovation through R&D investments.