Intuit Inc. INTU

Intuit looks like the real compounding deal: sticky products doing mission‑critical jobs, strong brands, data and expert networks that get better with scale, and a cash machine behind it all (FCF margin ~32%, five‑year ROIIC ~16%). The company is sensibly steering into assisted tax and AI agents, and it’s pushing up‑market with an enterprise‑flavored QuickBooks suite—each move raises switching costs and monetization. The catch is price and policy: at around $672, the stock already assumes a lot of good news, and IRS Direct File remains a structural risk to the low‑end tax funnel. If agents deliver clear customer ROI and mid‑market traction continues, the business should keep compounding for years; the question is whether investors are being paid enough today for the policy and macro curveballs that could show up along the way.