Intuit Inc.

“Intuit's QuickBooks and TurboTax franchises are structurally entrenched, generate $6B+ in annual FCF on 80%+ gross margins, and are compounding ARPU with a long international and AI monetization runway ahead — while the stock has de-rated ~50% from peak to ~19x EV/FCF, below its demonstrated growth rate, with no meaningful deterioration in the core business; IRS Direct File and AI disruption are genuine long-tail risks but neither carries high probability of permanent impairment across the full franchise, making this an attractive entry point for long-term holders willing to accept thesis-level uncertainty.”