Adobe Inc. (ADBE) stock analysis
Company overview and business model
Source fact: Adobe Inc. operates as a technology company worldwide. The Digital Media segment offers products and services that enable individuals, teams, and enterprises to create, publish, and promote content. This segment serves photographers, video editors, graphic and experience designers, game developers, content creators, students, marketers, business owners, knowledge workers, and consumers. The Digital Experience segment provides an integrated platform; and products, services, and solutions that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers e-learning, technical document publishing, web conferencing, document and forms platform, web application development, printing, and Adobe Advertising solutions. It also provides consulting, training, customer management, technical support, and learning services. The company offers its solutions to enterprise customers, and businesses and consumers; and licenses its products to end-user customers through app stores and website at adobe.com. It markets and distributes its products through distributors, retailers, software developers, mobile app stores, systems integrators, independent software vendors, value-added resellers, and original equipment and hardware manufacturers. The company also provides an online visibility management and content marketing software-as-a-service platform. The company has a strategic alliance with HUMAIN for the development of generative AI models and AI-powered applications. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.
Classification: NASDAQ · Technology · Software - Application
Revenue and growth
Source fact: Revenue was USD 23.77 billion for the period ending 2025-11-30.
Caverian calculation: Revenue changed +10.5% (FY2025 vs FY2024).
Profitability
Source fact: Net income was USD 7.13 billion in the latest reported period.
Source metric: Reported net margin was 30.0%.
Balance sheet and liquidity
Source fact: Cash and equivalents were USD 5.43 billion.
Source fact: Total debt was USD 6.65 billion.
Source metric: Current ratio was 1.00x.
Cash-flow analysis
Source fact: Operating cash flow was USD 10.03 billion.
Source fact: Free cash flow was USD 9.85 billion.
Valuation
Source metrics: Trailing P/E 15.58x; Forward P/E 10.01x; Price to book 9.54x; Price to sales 4.34x; EV/EBITDA 11.40x.
Caverian model output: Value score was 68/100.
Competitive position
Classification: Peer context: Software - Application within Technology.
Caverian model output: Quality score was 79/100.
Caverian model output: Growth score was 77/100.
Material risks
Caverian model interpretation: Watch out: short-term cash may not cover short-term bills.
Caverian calculation: Altman Z-score was 7.64 (safe zone).
Caverian calculation: Piotroski F-score was 7/9.
Data sources and freshness
Freshness: This report uses a stored upstream snapshot; statement periods are shown alongside the figures.
Methodology and limitations
Facts reproduce stored upstream fields. Calculations derive only from the displayed stored statements. Model outputs are Caverian interpretations, not investment advice or a buy/sell recommendation.
How Caverian approaches valuation · Sources and product principles