If you looked at Intuit‘s (NASDAQ: INTU) 51% year-to-date drop without any context, it would be easy to assume that the company’s fundamentals have deteriorated substantially. Or you might assume that the company’s valuation had previously climbed to too lofty a level, and that it had undergone a necessary correction.

However, neither of those things is the case. Intuit is still gaining market share and has high profit margins. And in the wake of its decline, it has an 18.5 price-to-earnings (P/E) ratio. Its valuation hasn’t been this low in more than a decade.

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