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PARTIAL
Analysis Report
Apr 17, 2026
Partial analysis — no complete end-to-end run on record.
Technology · Software - Application
Price
$202.73
Market Cap
$80.6B
Employees
30,709
Beta
1.40
Avg Volume
6,054,320
CEO
Shantanu Narayen
Business Description
Adobe Inc. stands as a prominent global software provider, delivering a diverse range of solutions. Its operations are structured into three primary business divisions: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment empowers individuals, teams, and enterprises to generate, disseminate, and amplify various forms of content through its array of products and services, including the cloud-native Document Cloud platform. Central to this segment is Creative Cloud, its subscription-based flagship, granting access to a comprehensive suite of creative tools. This division caters to a diverse range of users, from professional content creators and marketers to educators, communicators, and general consumers. Adobe's Digital Experience division offers an integrated suite of applications and services designed to empower brands and businesses to craft, orchestrate, assess, and enhance customer journeys, from initial analytical insights to final commercial transactions. It serves a broad professional base including marketing teams, advertisers, agencies, data scientists, and senior executives. The Publishing and Advertising segment provides specialized offerings such as e-learning tools, technical documentation services, web conferencing solutions, advanced printing technologies, and its Advertising Cloud suite. Adobe engages directly with enterprise clients through its dedicated sales teams and regional offices. Individual end-users can access its offerings via app stores or its official website, adobe.com. Additionally, an extensive indirect channel supports distribution, encompassing partners such as distributors, value-added resellers, system integrators, software vendors, retailers, and original equipment manufacturers. Established in 1982, the company, initially named Adobe Systems Incorporated, rebranded as Adobe Inc. in October 2018. Its corporate headquarters are situated in San Jose, California.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
11.27
Stock Price: $202.73
EPS (Diluted): 16.73
EPS (Diluted): 16.73
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
11.73
Stock Price: $202.73
Total Equity: $11.62B
Shares: 427,000,000
Total Equity: $11.62B
Shares: 427,000,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
8.32
Market Cap: $80.59B
Total Debt: $6.21B
Cash: $5.43B
EBITDA: $9.75B
Total Debt: $6.21B
Cash: $5.43B
EBITDA: $9.75B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$137.6B
Market Cap: $80.59B
Total Debt: $6.21B
Cash: $5.43B
Total Debt: $6.21B
Cash: $5.43B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
88.6%
Gross Profit: $21.06B
Revenue: $23.77B
Revenue: $23.77B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
36.6%
Operating Income: $8.71B
Revenue: $23.77B
Revenue: $23.77B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
30.0%
Net Income: $7.13B
Revenue: $23.77B
Revenue: $23.77B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
62.4%
Net Income: $7.13B
Total Equity: $11.62B
Total Equity: $11.62B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
36.4%
Operating Income: $8.71B
Tax Rate: 18.4%
Equity: $11.62B
Total Debt: $6.21B
Cash: $5.43B
Tax Rate: 18.4%
Equity: $11.62B
Total Debt: $6.21B
Cash: $5.43B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.00
Current Assets: $10.16B
Current Liabilities: $10.20B
Current Liabilities: $10.20B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.53
Short-Term Debt: $0.00
Long-Term Debt: $6.21B
Total Debt: $6.21B
Total Equity: $11.62B
Long-Term Debt: $6.21B
Total Debt: $6.21B
Total Equity: $11.62B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$55.67
Revenue: $23.77B
Shares: 427,000,000
Shares: 427,000,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$27.22
Total Equity: $11.62B
Shares: 427,000,000
Shares: 427,000,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$23.07
Operating CF: $10.03B
CapEx: -$179.00M
Shares: 427,000,000
CapEx: -$179.00M
Shares: 427,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $202.73
Stock Price: $202.73
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $7.13B
Net Income: $7.13B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ADBE against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 23, 2026 3:02am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $15.8B | $17.6B | $19.4B | $21.5B | $23.8B |
| Cost of Revenue | $1.9B | $2.2B | $2.4B | $2.4B | $2.7B |
| Gross Profit | $13.9B | $15.4B | $17.1B | $19.1B | $21.1B |
| Operating Expenses | $8.1B | $9.3B | $10.4B | $12.4B | $12.4B |
| Operating Income | $5.8B | $6.1B | $6.7B | $6.7B | $8.7B |
| Net Income | $4.8B | $4.8B | $5.4B | $5.6B | $7.1B |
| EBITDA | $6.7B | $7.1B | $7.8B | $8.0B | $9.7B |
| EPS | $10.10 | $10.13 | $11.88 | $12.44 | $16.73 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 22, 2026 3:02am (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $3.8B | $4.2B | $7.1B | $7.6B | $5.4B |
| Total Current Assets | $8.7B | $9.0B | $11.1B | $11.2B | $10.2B |
| Total Assets | $27.2B | $27.2B | $29.8B | $30.2B | $29.5B |
| Current Liabilities | $6.9B | $8.1B | $8.3B | $10.5B | $10.2B |
| Long-Term Debt | $4.1B | $3.6B | $3.6B | $4.1B | $6.2B |
| Total Liabilities | $12.4B | $13.1B | $13.3B | $16.1B | $17.9B |
| Total Equity | $14.8B | $14.1B | $16.5B | $14.1B | $11.6B |
| Retained Earnings | $23.9B | $28.3B | $33.3B | $38.5B | $45.4B |
Cash Flow (Annual)
Last updated: Jun 23, 2026 3:03am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $7.2B | $7.8B | $7.3B | $8.1B | $10.0B |
| Capital Expenditure | -$330.0M | -$442.0M | -$360.0M | -$232.0M | -$179.0M |
| Free Cash Flow | $6.9B | $7.4B | $6.9B | $7.8B | $9.9B |
| Acquisitions (net) | -$2.7B | -$126.0M | $0 | $0 | -$17.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$4.0B | -$6.6B | -$4.4B | -$9.5B | -$11.3B |
| Net Change in Cash | -$634.0M | $392.0M | $2.9B | $472.0M | -$2.2B |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 6:37am (2h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$28.9B $28.4B – $29.7B
|
$31.4B $31.4B – $31.5B
|
$34.4B $33.7B – $35.0B
|
$37.3B $36.6B – $38.0B
|
| EBITDA |
$11.6B $11.4B – $11.9B
|
$12.6B $12.6B – $12.6B
|
$13.8B $13.5B – $14.0B
|
$15.0B $14.7B – $15.2B
|
| Net Income |
$11.7B $11.3B – $12.2B
|
$14.0B $12.5B – $15.5B
|
$13.8B $13.4B – $14.1B
|
$14.9B $14.5B – $15.2B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 23, 2026 3:02am (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +11.5% | +10.2% | +10.8% | +10.5% |
| Gross Profit Growth | +10.9% | +10.5% | +12.3% | +10.0% |
| Operating Income Growth | +5.1% | +9.1% | +1.4% | +29.1% |
| Net Income Growth | -1.4% | +14.1% | +2.4% | +28.2% |
| EBITDA Growth | +5.7% | +10.3% | +2.2% | +22.5% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 6:37am (2h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-25 | Ricks David A | P-Purchase | 10,000.00 | $194.51 | $1.9M |
| 2026-06-15 | Day Steven | M-Exempt | 312.00 | $0.00 | $0 |
| 2026-06-15 | Day Steven | F-InKind | 154.00 | $206.36 | $31,779 |
| 2026-06-15 | Day Steven | M-Exempt | 234.00 | $0.00 | $0 |
| 2026-06-15 | Day Steven | F-InKind | 116.00 | $206.36 | $23,938 |
| 2026-06-15 | Day Steven | M-Exempt | 312.00 | $0.00 | $0 |
| 2026-06-15 | Day Steven | M-Exempt | 234.00 | $0.00 | $0 |
| 2026-06-15 | Day Steven | 0.00 | $0.00 | $0 | |
| 2026-06-15 | Day Steven | 3,894.00 | $0.00 | $0 | |
| 2026-06-15 | Pentland Adele Louise | M-Exempt | 7,800.00 | $0.00 | $0 |
| 2026-06-15 | Pentland Adele Louise | M-Exempt | 7,800.00 | $0.00 | $0 |
| 2026-06-15 | Pentland Adele Louise | F-InKind | 3,676.00 | $206.36 | $758,579 |
| 2026-06-15 | Forusz Jillian | M-Exempt | 227.00 | $0.00 | $0 |
| 2026-06-15 | Forusz Jillian | F-InKind | 78.00 | $206.36 | $16,096 |
| 2026-06-15 | Forusz Jillian | M-Exempt | 234.00 | $0.00 | $0 |
| 2026-06-15 | Forusz Jillian | F-InKind | 80.00 | $206.36 | $16,509 |
| 2026-06-15 | Forusz Jillian | M-Exempt | 227.00 | $0.00 | $0 |
| 2026-06-15 | Forusz Jillian | M-Exempt | 234.00 | $0.00 | $0 |
| 2026-04-30 | Forusz Jillian | S-Sale | 755.00 | $246.25 | $185,915 |
| 2026-04-28 | NARAYEN SHANTANU | S-Sale | 51,422.00 | $243.19 | $12.5M |
Dividend History (Last 20)
Last updated: Jun 24, 2026 8:20am (3d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2005-03-24 | $0.01 | 2005-03-16 | 2005-03-29 | 2005-04-12 |
| 2004-12-23 | $0.01 | 2004-12-15 | 2004-12-28 | 2005-01-11 |
| 2004-09-24 | $0.01 | 2004-09-20 | 2004-09-28 | 2004-10-12 |
| 2004-06-25 | $0.01 | 2004-06-21 | 2004-06-29 | 2004-07-13 |
| 2004-03-26 | $0.01 | 2004-03-18 | 2004-03-30 | 2004-04-13 |
| 2004-01-07 | $0.01 | 2003-12-11 | 2004-01-09 | 2004-01-23 |
| 2003-09-19 | $0.01 | 2003-09-10 | 2003-09-23 | 2003-10-07 |
| 2003-06-19 | $0.01 | 2003-06-12 | 2003-06-23 | 2003-07-07 |
| 2003-03-20 | $0.01 | 2003-03-17 | 2003-03-24 | 2003-04-07 |
| 2003-01-07 | $0.01 | 2002-12-18 | 2003-01-09 | 2003-01-23 |
| 2002-09-20 | $0.01 | 2002-09-17 | 2002-09-24 | 2002-10-08 |
| 2002-06-21 | $0.01 | 2002-06-17 | 2002-06-25 | 2002-07-08 |
| 2002-03-21 | $0.01 | 2002-03-14 | 2002-03-25 | 2002-04-08 |
| 2001-12-31 | $0.01 | 2001-12-24 | 2002-01-03 | 2002-01-17 |
| 2001-09-21 | $0.01 | 2001-09-19 | 2001-09-25 | 2001-10-09 |
| 2001-06-22 | $0.01 | 2001-06-14 | 2001-06-26 | 2001-07-09 |
| 2001-03-22 | $0.01 | 2001-03-20 | 2001-03-26 | 2001-04-09 |
| 2001-01-02 | $0.01 | 2000-12-29 | 2001-01-04 | 2001-01-18 |
| 2000-09-28 | $0.03 | 2000-09-14 | 2000-10-02 | 2000-10-24 |
| 2000-06-30 | $0.03 | 2000-06-21 | 2000-07-05 | 2000-07-15 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ADBE — it's generated by the pipeline (
market-narrative step).
No community reviews yet for ADBE.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30