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US software company making creative tools (Photoshop, Premiere), document software (Acrobat/PDF) and marketing cloud products.
US software company making creative tools (Photoshop, Premiere), document software (Acrobat/PDF) and marketing cloud products.
Sells almost everything as monthly or annual subscriptions, a shift from boxed software that began in 2013, so renewals drive revenue. Creative Cloud for professionals carries the company, while the free Acrobat Reader acts as a funnel into paid PDF tools. Generative AI features are being added to existing plans.
Moat: wide (switching costs, brand, network effects). Industry-standard creative file formats and workflows create deep switching costs across a huge user base.
Headquarters: San Jose, California, US · Founded: 1982 · Employees: 31,360
Size Adobe (ADBE) is a United States Information Technology company (Packaged Software) with a market value of $93.1B, the 137th largest of 3,117 United States companies the cockpit tracks. Shares closed at $239.30 on 6 Nov 2026.
Performance Over six months the shares fell 5.4%, against +9.4% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +23.1%); the operating margin is 36.4% (peer median 12.3%).
Valuation It trades at 8.9× forward earnings against a peer median of 25.6× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 46.7 points above its cost of capital (11.3% WACC).
Backlog Backlog (remaining performance obligations) was $22.2B at 28 Aug 2026, up 8% on a year earlier — 0.9 years of trailing revenue. Backlog detail →
Credit Adobe has 8 bonds outstanding ($6.15B), rated A+ by the agencies and trading like A+ at a weighted spread of 56 bp.
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
Next results Next results expected around 9 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $26.0B | $23.8B | $21.5B | $19.4B | $17.4B |
| Revenue growth | — | +10% | +11% | +11% | — |
| Gross profit | $23.0B | $21.1B | $19.0B | $16.8B | $15.1B |
| EBITDA | $10.2B | $9.53B | $8.77B | $7.55B | $6.86B |
| Net income | $7.28B | $7.13B | $5.56B | $5.43B | $4.76B |
| Free cash flow | $10.6B | $9.85B | $7.87B | $6.94B | $7.40B |
| Capital expenditure | $212M | $313M | $291M | $413M | $488M |
| Total debt | $6.76B | $6.65B | $6.06B | $4.08B | $4.63B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Adobe ADBE | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% |
| Figma FIG | $10.0B | -9% | +43% | -124% | 54.8× | 22.2% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| Salesforce CRM | $176B | +18% | +11% | 22% | 14.6× | 13.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADBE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.7% | -7.2% | 10th highest of 21 |
| 6-month return | -5.4% | +9.4% | 7th lowest of 21 |
| Distance from 52-week high | -34.0% | -27.8% | 10th lowest of 21 |
| Revenue growth (TTM) | +12.0% | +23.1% | 5th lowest of 21 |
| Operating margin | 36.4% | 12.3% | 2nd highest of 21 |
| Forward P/E | 8.9× | 25.6× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 0.9% | 28.2% | least demanding of 18 |
| Growth delivered (Del g) | +13.1% | +17.4% | 4th lowest of 18 |
| Hurdle (Req g minus delivered) | -12.2 pp | +4.4 pp | 4th least demanding of 18 |
| ROIC minus cost of capital | +46.7 pp | -0.8 pp | 2nd highest of 21 |
| EV / EBITDA | 9.2× | 24.1× | cheapest of 14 |
| Net debt / EBITDA | 0.1× | 0.1× | 10th most indebted of 20 |
| Bond spread | 56 bp | 94 bp | tightest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Adobe ADBE | United States | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% | +13.1% |
| Intuit INTU | United States | $91.3B | -14% | +14% | 29% | 14.8× | 3.1% | +17.4% |
| SNOW SNOW | United States | $97.3B | +81% | +32% | -22% | 108.4× | 41.3% | +51.2% |
| Cadence Design Systems CDNS | United States | $87.8B | -12% | +18% | 30% | 34.0× | 29.9% | +14.6% |
| Synopsys SNPS | United States | $86.3B | -13% | +46% | 12% | 25.6× | 39.2% | +13.9% |
| Prosus PRX.AS | Netherlands | $83.9B | -3% | +45% | 3% | 10.1× | 55.8% | +13.8% |
| ServiceNow NOW | United States | $106B | +12% | +22% | 13% | 22.4× | 29.5% | +24.1% |
| AppLovin APP | United States | $131B | -16% | +29% | 78% | 20.0× | 28.2% | +30.4% |
| Datadog DDOG | United States | $64.3B | -11% | +33% | 2% | 61.0× | n/a | n/a |
| Autodesk ADSK | United States | $54.7B | +7% | +19% | 23% | 20.1× | 18.1% | +13.7% |
| Constellation Software CSU.TO | Canada | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% | +25.0% |
| Salesforce CRM | United States | $176B | +18% | +11% | 22% | 14.6× | 13.7% | +14.3% |
| Roper Technologies ROP | United States | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% | +10.2% |
| CrowdStrike CRWD | United States | $222B | +64% | +24% | -1% | 153.6× | 52.4% | +40.6% |
| Dassault Systemes DSY.PA | France | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% | +7.0% |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 28.7× | 44.7% | +25.8% |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | n/a | n/a | n/a |
| Palo Alto Networks PANW | United States | $257B | +51% | +24% | 5% | 75.0× | n/a | n/a |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% | +37.9% |
| Sap SAP.DE | Germany | $276B | +49% | +8% | 29% | 29.8× | 14.9% | +6.1% |
| Twilio TWLO | United States | $31.3B | 0% | +19% | 8% | 30.7× | 38.2% | +23.5% |
Adobe has 8 bonds outstanding with $6.15B face value. The agencies rate it A+; its bonds trade like A+. Weighted yield 5.12%, a spread of 56 bp over government bonds.
Adobe reported $22.2B of remaining performance obligations at 28 Aug 2026, up 8% from a year earlier and down 0% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.