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ADOBE INC. ADBE

Nasdaq · stock · Services-Prepackaged Software · website · IPO 1986-08-20 · LEI

ADOBE INC. statistics & valuation

Market cap$80.6B
P / E11.3×
P / S3.4×
P / B6.9×
P / FCF8.2×
Net margin30.0%
Return on equity61.3%
FCF margin41.4%
Net debt$779.0M
Net debt / EBITDA0.1×
Enterprise value USD$81.4B
EV / EBITDA8.5×
Earnings yield EBIT/EV10.7%
Return on capital45.1%
Graham number -60.9%$101.13

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($101.13); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
20.00% 23.20% 28.70% 26.40% 40.90% 30.50% 27.00% 28.00% 25.90% 30.00% 2016201720182019202020212022202320242025
Gross margin (%)
86.00% 86.20% 86.80% 85.00% 86.60% 88.20% 87.70% 87.90% 89.00% 89.30% 2016201720182019202020212022202320242025
Operating margin (%)
25.50% 29.70% 31.50% 29.30% 32.90% 36.80% 34.60% 34.30% 31.30% 36.60% 2016201720182019202020212022202320242025
Return on equity (%)
15.70% 20.00% 27.70% 28.00% 39.70% 32.60% 33.80% 32.90% 39.40% 61.30% 2016201720182019202020212022202320242025
Shares outstanding
504.3M 501.1M 497.8M 491.6M 485.5M 481.0M 470.9M 459.1M 449.7M 427.0M 2016201720182019202020212022202320242025
Net debt ($)
$880.9M -$424.6M $2.48B -$1.66B -$361.0M $279.0M -$607.0M -$3.51B -$3.48B $779.0M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
9.20% 11.70% 13.80% 14.20% 21.70% 17.70% 17.50% 18.20% 18.40% 24.20% 2016201720182019202020212022202320242025
Free cash flow margin (%)
34.10% 37.50% 41.70% 36.00% 41.20% 43.60% 42.00% 35.80% 36.60% 41.40% 2016201720182019202020212022202320242025
Debt / equity (×)
0.25× 0.22× 0.44× 0.09× 0.31× 0.28× 0.26× 0.22× 0.29× 0.53× 2016201720182019202020212022202320242025
EPS ($)
$2.32 $3.38 $5.20 $6.00 $10.83 $10.02 $10.10 $11.82 $12.36 $16.70 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

ADOBE INC. trades at about 15.5× earnings — below its 10-year norm (10-year range 21×–56.6×, median 46.2×).

15.5× 56.6×

Shaded band = 10-year range (21×–56.6×); dot = today's 15.5×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin89.3%89.0%87.9%87.7%88.2%86.6%85.0%86.8%86.2%86.0%
Operating margin36.6%31.3%34.3%34.6%36.8%32.9%29.3%31.5%29.7%25.5%
Net margin30.0%25.9%28.0%27.0%30.5%40.9%26.4%28.7%23.2%20.0%
FCF margin41.4%36.6%35.8%42.0%43.6%41.2%36.0%41.7%37.5%34.1%
Return on assets24.2%18.4%18.2%17.5%17.7%21.7%14.2%13.8%11.7%9.2%
Return on equity61.3%39.4%32.9%33.8%32.6%39.7%28.0%27.7%20.0%15.7%
Debt / equity0.53×0.29×0.22×0.26×0.28×0.31×0.09×0.44×0.22×0.25×
Current ratio1.001.071.341.111.251.480.791.132.052.08

Computed from company filings · US · as of 2025-11-28. Facts plus Stocktoria's own computed scores — not investment advice.