As of 2026-07-13 · Last updated: 2026-07-14 · Source: SEC EDGAR (XBRL companyfacts, CIK 0000796343), stockanalysis (price, statistics, financial statements, ratios, consensus), Company IR · Prices & financials updated periodically (not real-time) · Information tool (not investment advice)
Debt burden is moderate, so it can be affected by the economic cycle.
Metrics · D/E ~61% · Current Ratio 0.75
💲Is the price expensive now?
Not a heavy price burden
The price is set low relative to its earning power.
Metrics · P/E 12.8 · P/B 7.8
💡A Photoshop/Acrobat SaaS model drives 36.7% margins and 63% ROE. No dividend, but buybacks return cash; AI fears cut the stock far below its 52-week high.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: stockanalysis (margins, ROE, P/B, debt, current ratio are TTM), as of 2026-07-13
Business Summary · Key Value Metrics
A subscription (SaaS) software company spanning Creative (Photoshop, Illustrator), Document (Acrobat/PDF), and Digital Experience clouds. TTM revenue $25.2B with a 36.7% operating margin.
Current Price
$230.65
+3.13%+$7.01· Close 2026-07-13
Analyst Consensus Target (external reference)
$280.66
Avg. of 39 external analysts · stockanalysis (S&P Global 39-analyst consensus, Hold)
P/E (TTM)
12.8x
TTM
ROE
62.9%
TTM
Operating Margin
36.7%
TTM
Net Margin
28.7%
TTM
Dividend Yield
0%
No dividend; buybacks
Market Cap
$91.7B
As of 2026-07-13
Economic Moat · Key Business Segments
For decades Adobe has held de facto industry-standard status in creative software (Photoshop, Illustrator) and document software (Acrobat/PDF). Since shifting to a subscription model (Creative Cloud) in 2013, recurring revenue has become a larger share of the mix — evident in its TTM operating margin of 36.7% and net margin of 28.7% (source: stockanalysis · company IR).
Product-standard status
Photoshop is synonymous with image editing and Acrobat/PDF with document standards, making them hard to replace.
Subscription shift and lock-in
Since the 2013 shift to Creative Cloud subscriptions, recurring subscription revenue dominates the mix.
Ecosystem integration
Workflow integration across Creative, Document, and Experience Cloud raises switching costs.
High profitability
A 36.7% TTM operating margin ranks among the top of the software industry — a result of the subscription model and scale.
10-Year Financial Trends
Revenue grew at a 9-year CAGR of +16.9%, from $5.9B in 2016 to $23.8B in 2025, while operating income (+21.6%), net income (+22.3%), and diluted EPS (+24.5%) rose faster thanks to margin gains and buybacks. Operating margin climbed from 25.5% in 2016 to 36.6% in 2025. Revenue growth has slowed, though, from +23% in 2021 to around +11% in 2025, and generative-AI competition fears have left the stock well below its 52-week high of $376.16 (source: SEC EDGAR 10-K · stockanalysis).
10-Year Growth
Revenue$23.8B · CAGR +16.8%
Operating Income$8.7B · CAGR +21.6%
EPS$16.70 · CAGR +24.5%
10-Year Valuation
P/E (year-end)19.2x · avg 41.6x
ROE55.4% · avg 38.9%
Operating Margin36.6% · avg 32.3%
📊 Annual Data Table (ADBE) — expand/collapse
Year
Revenue (B$)
Op. Income (B$)
EPS ($)
P/E (x)
ROE (%)
Op. Margin (%)
2016
5.9
1.5
2.32
—
—
25.5
2017
7.3
2.2
3.38
—
—
29.7
2018
9
2.8
5.2
—
—
31.5
2019
11.2
3.3
6
—
—
29.3
2020
12.9
4.2
10.83
—
—
32.9
2021
15.8
5.8
10.02
61.53
34.37
36.8
2022
17.6
6.1
10.1
33.81
32.97
34.6
2023
19.4
6.7
11.82
51.82
35.51
34.3
2024
21.5
6.7
12.36
41.74
36.31
31.3
2025
23.8
8.7
16.7
19.17
55.43
36.6
— = no data for that year/metric (P/E omitted before EPS turned positive)
9-Year CAGR: Revenue +16.9% · Operating Income +21.6% · Net Income +22.3% · EPS +24.5%
Sources: SEC EDGAR XBRL (companyfacts, CIK 0000796343) · stockanalysis · company IR. Fiscal-year (late November to early December) GAAP basis; EPS is diluted. Revenue, operating income, EPS, and operating margin span 2016–2025 (10 years); P/E and ROE cover the last 5 years (2021–2025, stockanalysis) due to data limits.
Mega-Cap Value Metric Comparison
Adobe's 36.7% operating margin far exceeds Salesforce (~21.9%) but trails Microsoft (~46.8%). After the recent share-price correction, its TTM P/E is actually lower than both Salesforce's and Microsoft's (source: stockanalysis).
Metric
★ ADBE
CRM
MSFT
Operating Margin
36.7%
21.9%
46.8%
P/E (TTM)
12.8
19.0
22.9
Dividend Yield
0%
1.03%
0.93%
P/E, operating margin = TTM · sources: stockanalysis · company IR, 2026-07-13.
Key Risk Factors (from 10-K)
●
Intensifying generative-AI competition— The spread of Figma, Canva, and generative-AI image and design tools is intensifying competition in creative software — one reason the stock has fallen well below its 52-week high.Source: Company 10-K Risk Factors · media reports
●
Slowing subscription growth— Revenue growth has trended down from +23% in 2021 to around +11% in 2025.Source: SEC EDGAR · stockanalysis
●
Low current ratio— At 0.75x, the current ratio is below 1x, so current assets are less than current liabilities — though stable subscription cash flows tend to offset this.Source: stockanalysis
✦ ValueCrab Dashboard PreviewADBE $230.65 +3.13% · as of 2026-07-13
Q. What are Adobe's (ADBE) key value-investing metrics?P/E (TTM) 12.8x, P/B 7.75x, ROE 62.9%, operating margin 36.7%, net margin 28.7%, no dividend (buybacks), and a 9-year revenue CAGR of +16.9% (source: stockanalysis, as of 2026-07-13).
Q. Why doesn't Adobe pay a dividend?Adobe returns cash to shareholders through buybacks rather than dividends. The company believes reinvesting for growth and repurchasing shares build shareholder value more than a dividend would; it is not a sign of financial weakness.
Q. Why is the stock so far below its 52-week high?Fears about competition from generative-AI design tools (Figma, Canva, and others) drove a sharp correction in 2026 from the 52-week high of $376.16. (This is informational and not a buy or sell recommendation.)
Q. Who are the main competitors?In Digital Experience (marketing), Salesforce (CRM) is the key comparison; across productivity software more broadly, Microsoft (MSFT).