Adobe (ADBE)

Information Technology · $92.4B market cap · SEC CIK 0000796343

Next reports on Dec 9, 2026, after the close, with analysts expecting $6.46 in earnings per share.

52-week range $190.12 to $362.71. 35% below its 52-week high and 25% above its low.

The case for ADBE

• Cheap for its growth: 12.7× earnings, where 11% a year of growth would justify about 25×.
• Generated $9.9B of free cash flow in FY2025, 41% of revenue.
• Earns 63% on shareholder equity.
• 28% of revenue drops through to net profit.
• Free cash flow of 10.7% of its market value a year: a lot of cash for the price.
• Revenue growing 12.0% year over year.

The case against

• Down 27.4% over the past year.
• Current liabilities exceed current assets (ratio 0.77).

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.

The financials

The financials, five years deep

Pulled from Adobe's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What Adobe says it does

OVERVIEW Adobe’s mission is to empower everyone to create. We build innovative platforms and tools that unleash creativity, productivity and personalized customer experiences. For over four decades, our innovations have transformed how people everywhere engage across all types of media. Adobe’s solutions are the foundation of digital experiences, starting with the first creative spark, to the creation and development of all content and media, to the personalized delivery across every channel. Our focus revolves around serving our customer audiences: business professionals, consumers, creators, creative professionals and marketing professionals. The massive opportunity and evolving role of creativity across roles and industries have driven Adobe’s growth over the past four decades and are expected to continue to drive our growth going forward as we evolve our solutions and routes to market to anticipate the growing needs of our…

Risk factors ADBE lists in its 10-K

• We may be unsuccessful at innovating in response to rapid technological or industry changes to meet customer needs, which could cause our business and financial results to suffer materially
• We participate in rapidly evolving and intensely competitive markets, and, if we do not compete effectively, our business and financial results could materially suffer
• For additional information regarding our competition and the risks arising out of the competitive environment in which we operate, see the section titled “Competition” contained in Part I, Item 1 of this report
• Issues relating to the development and use of AI in our solutions may result in reputational harm, liability and adverse business and financial results
• If our reputation or our brands are damaged, our business and financial results may be adversely affected
• We may not realize the anticipated benefits of acquisitions, investments or other strategic transactions, and they may disrupt our business and adversely affect our business and financial results
• If we are unable to recruit and retain key personnel, our business may be harmed, and our hybrid work model may present challenges, which could adversely impact our business
• Security incidents, improper access to or disclosure of our customers’ data or other cybersecurity incidents may harm our reputation and materially and adversely affect our business
• We face various risks associated with operating as a multinational corporation, and global adverse economic and geopolitical conditions may harm our business and financial condition
• Some of our enterprise solutions have extended and complex sales cycles, which may increase our costs and make our sales cycles unpredictable
• We are subject to risks associated with compliance with laws and regulations globally, which may harm our business
• Increasing regulatory focus on privacy and security issues and expanding laws and regulatory requirements could impact our business models and expose us to increased liability
• Our intellectual property portfolio is a valuable asset and we may not be able to protect our intellectual property rights, including our source code, from infringement or unauthorized copying, use or disclosure
• Changes in tax rules and regulations or interpretations thereof may adversely affect our effective tax rates
• Contracting with government entities exposes us to additional risks inherent in the government procurement process
• We are subject to fluctuations in foreign currency exchange rates and may not be able to effectively hedge our exposure
• If our goodwill or intangible assets become impaired, then we could be required to record a significant charge to earnings
• Our existing and future debt obligations may adversely affect our financial condition and future financial results
• Catastrophic events, including events associated with climate change, may disrupt our business and adversely affect our financial condition and results of operations
• Our stock price has been volatile and your investment could lose value

Filings

Other Information Technology companies