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Adobe Inc. (ADBE)

Juste valeur
TechnologySoftware - ApplicationUnited States

Fondamental

76

Prix

$239.94

Capitalisation boursière

$94.97B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Adobe makes the software that creative professionals, marketers and everyday users rely on to create, edit and manage digital content: Photoshop, Illustrator, Premiere Pro and Acrobat are used by designers, video editors and anyone who opens a PDF. A second, smaller business sells software that helps large companies run marketing campaigns and personalize websites. Nearly all of this reaches customers as a paid, ongoing subscription rather than a one-time software purchase.

Comment l'entreprise gagne de l'argent

Adobe charges recurring subscription fees for access to its creative and document tools, billed monthly or annually, so revenue builds up as the installed base of paying subscribers grows rather than depending on new-version sales. Its enterprise marketing software is sold through longer, higher-value contracts with large companies. Because the software is built once and resold to millions of users, additional subscribers cost little to serve, so the business carries high margins.

Chiffre d'affaires par segment

Digital Media74.3%

Photoshop, Illustrator, Premiere Pro, Acrobat and the Creative Cloud and Document Cloud subscriptions built around them — Adobe's core business.

Digital Experience24.7%

Software that helps large companies manage marketing campaigns, personalize websites and analyze customer data, sold on multi-year enterprise contracts.

Publishing and Advertising1.1%

A small, shrinking mix of legacy publishing tools and remaining advertising services outside Adobe's two main businesses.

Avantage concurrentiel

Coûts de changement · Large

Creative professionals train for years on Photoshop and Premiere Pro, build workflows and file libraries around Adobe's formats, and work alongside colleagues who use the same tools. Switching an entire creative team, or an enterprise marketing stack, to a rival product means retraining people and rebuilding integrations most customers would rather avoid.

Ce qui stimule la demande

Modérément cyclique

Subscription renewals make revenue fairly steady from quarter to quarter, but new subscriber growth follows the health of the creative, marketing and small-business economy, and enterprise contract renewals depend on corporate technology budgets that get squeezed in a downturn.

Principaux risques

  • Generative AI disruption — Rapid advances in generative AI let competitors and even free tools generate images, video and text that used to require Adobe's software, reducing the paid seats needed for the same creative work.
  • Faster-moving competitors — Faster-moving competitors built around AI and browser-based collaboration are winning share in design and video, particularly among smaller customers and price-sensitive segments.
  • Subscription churn — Adobe's business depends on customers renewing subscriptions rather than buying software once; price increases or a weaker economy can push customers to cancel or downgrade.
  • Cybersecurity and data breaches — A breach involving customer content, creative files or payment data stored in Adobe's cloud services could damage trust in a business built on recurring access.

Concentration des clients

Adobe states that no single customer accounted for 10% or more of revenue in any recent year; its subscriber base is broad enough that no one customer's decisions materially move results.

Les arguments en faveur

Buyers argue that decades of entrenched workflows around Photoshop, Premiere and Acrobat, now paired with Adobe's own generative AI tools built into the same subscriptions, make switching costly enough that the company can keep raising prices and adding AI features without losing its base.

Les arguments contre

Sellers fear that free or cheaper AI tools increasingly replace tasks that used to require a paid Adobe seat, that nimbler competitors are winning the youngest and most price-sensitive customers, and that a subscription business can lose ground quietly through cancellations before it shows up in growth numbers.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 23 août 2026 with claude-opus-5 — shared with all users

P/E: 28.6Score: 80Market cap: $3.70T

Named by Adobe among its Digital Media competitors, Microsoft bundles document, design and video tools (Microsoft 365 with PDF editing, Designer, Clipchamp) into subscriptions bought by the same business professionals and consumers who buy Acrobat and Adobe Express.

P/E: 20.9Score: 81Market cap: $187.04B

Listed by Adobe as a Digital Experience competitor, Salesforce sells Marketing Cloud, Data Cloud and Commerce Cloud to the same enterprise marketing departments that Adobe Experience Cloud, Marketo Engage and Adobe Commerce are sold to.

P/E: 40.9Score: 77Market cap: $12.89B

DocuSign's e-signature and agreement-workflow subscriptions compete head-on with Adobe Acrobat Sign for the document business that generates Adobe's Acrobat revenue.

Canva Pty LtdNot tracked

Canva's browser-based design platform targets the same everyday creators, marketers and small businesses that Adobe serves with Express and the lighter end of Creative Cloud, and its template-driven approach competes for the same subscription spend.

Figma, Inc.FIG

Figma sells collaborative interface- and product-design tools to the same professional design teams Adobe courts with Photoshop, Illustrator and its discontinued XD, a rivalry Adobe itself acknowledged with an attempted $20 billion acquisition.

Corel Corporation (Alludo)Not tracked

Named by Adobe in its own competition disclosure, Corel offers CorelDRAW, Painter and Pinnacle Studio as lower-priced, often perpetual-licence alternatives to Illustrator, Photoshop and Premiere Pro for illustrators, photographers and video editors.

Bilan & Liquidités

Chiffre d'affaires

$25.97B

12 derniers mois (au 28/08/2026)

Résultat net

$7.28B

12 derniers mois (au 28/08/2026)

Flux de trésorerie libre

$9.85B

Capitaux propres totaux

$11.62B

Passif total

$17.87B

Ratio de liquidité général

0.77

Couverture des intérêts

35.66

Dette/EBITDA

0.71

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralJustement valorisé

Juste valeur

$273.66

Prix actuel

$239.94

Marge de sécurité

+12.3%

Fourchette de juste valeur

$178.89 - $368.44

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$278.15
Flux de trésorerie actualisés (DCF):$376.29
Multiple de résultat (P/E):$157.45
Formule de croissance de Graham:$417.98
Valeur de la capacité bénéficiaire (EPV):$152.12
P/B justifié:$173.96
Actualisation des dividendes (Gordon):Données insuffisantes pour le calculer
P/FFO, les fonds provenant de l'exploitation:$326.74
Bénéfices de milieu de cycle:$469.16
Multiple sur le chiffre d'affaires:$335.58
Consensus des analystes:Conserver (18B / 23H / 5S)
Dernière surprise sur les résultats:-1.26%

Indicateurs de valorisation

Ratio P/E

13.40

ROE

61.3%

Ratio P/B

7.94

P/FCF

8.82

Marge brute

89.3%

ROIC

40.5%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

40.5%

WACC

11.6%

ROIC − WACC

+28.9 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (20)

  • EPS shows upward trend
  • EPS CAGR 15.70%
  • Price CAGR 8.86%
  • ROIC 40.5%
  • Gross Margin 89.3%
  • P/FCF 8.82
  • Debt/Equity ratio
  • Operating Margin 35.7%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 62.4%
  • Revenue Growth 5Y 13.1%
  • PEG Ratio 1.43
  • Earnings Quality (OCF/NI) 1.48
  • Share Dilution -5.1%
  • Piotroski F-Score 7/9

Échoué (7)

  • P/B Ratio 7.94
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Analyst Consensus 39% Buy
  • Earnings Surprise avg 0.1%
  • Net Margin Trend 28.0% vs 30.0%

Indisponible (1)

  • Dividend Payout NaN%

Score F de Piotroski

7/9

Santé financière solide

score
criteria

Qualité des bénéfices

1.48

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-5.1%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Shantanu NarayenChairman & CEO61
Ms. Adele Louise PentlandEVP of Legal & Government Relations, Chief Legal Officer and Corporate Secretary53
Mr. David WadhwaniPresident of Creativity & Productivity Business53
Dr. Anil S. ChakravarthyPresident of Customer Experience Orchestration Business57
Mr. Steven DayInterim CFO and Senior VP of Finance, Technology, Security & Operations57
Ms. Jillian ForuszSenior VP, Chief Accounting Officer & Corporate Controller50
Mr. Douglas G. Clark C.F.A.Vice President of Investor Relations-
Ms. Lara H. BalazsChief Marketing Officer & Executive Vice President of Global Marketing55
Ms. Gloria ChenChief People Officer & Executive VP of Employee Experience60
Mr. Shanmugh NatarajanMD of India & VP of Products-

Risque d'audit

1

Risque du conseil

6

Risque de rémunération

10

Risque droits des actionnaires

1

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-01-15

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-09-22

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-09-10

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for ADBE, sourced from Markets Gazette.

  • 20d agoNEGATIVE
    Analista: il calo post-utili di Adobe non è solo per i timori sull'IA

    Adobe shares experienced a significant decline, opening down on September 11th, a move senior analyst Gil Luria of D.A. Davidson deems justified despite his 'Buy' rating and $250 price target. While acknowledging concerns about AI disruption impacting Adobe's software business in 2026, Luria points out that AI fears are not the sole driver of the stock's underperformance. The stock is already down over 25% year-to-date. Investors are also grappling with recent executive leadership changes, which are further weighing on the stock's valuation and investor sentiment.

  • 21d agoNEGATIVE
    Adobe’s latest earnings leave Wall Street wanting more

    Adobe reported earnings that failed to meet Wall Street's elevated expectations, prompting an analyst to comment that simply meeting forecasts is insufficient in the current market climate. While specific figures were not detailed in the provided snippet, the sentiment suggests a performance shortfall relative to consensus estimates. This outcome could signal underlying challenges in Adobe's business operations or market positioning, potentially leading to a reassessment of its growth prospects by investors and a downward pressure on its stock price.

  • 21d agoNEUTRAL
    Le azioni Adobe sono calate dopo 15 degli ultimi 20 utili: l'AI può cambiarlo?

    Adobe Inc. (NASDAQ: ADBE) is set to report its third-quarter fiscal results, with analysts projecting revenues around $6.69 billion and adjusted earnings per share of approximately $6.08. Despite consistently beating Wall Street's expectations, Adobe's stock has a history of declining post-earnings, having fallen after 15 of the last 20 reports. The stock closed at $254.86 on Wednesday, down approximately 27% year-to-date. While Adobe continues to meet earnings targets, investor sentiment appears to hinge on future growth drivers, potentially related to AI integration, to reverse the negative trend.

  • 23d agoPOSITIVE
    These software stocks are in a prime spot to benefit from a rapidly shifting AI landscape

    Adobe Inc. has been identified as a top software company poised to capitalize on the evolving AI landscape, particularly due to its strong cash generation capabilities. This positions Adobe favorably against sector peers like Microsoft and Oracle, which were noted for lower cash generation in the same analysis. The company's robust financial health, underscored by its cash generation metrics, suggests a strong foundation for continued investment in AI research and development, potentially leading to innovative product offerings and sustained market leadership. Investors may view this as a positive indicator of future growth and profitability.

  • 27d agoNEGATIVE
    Azioni Adobe -7% dopo la nomina del nuovo CEO e il rimpasto ai vertici

    Adobe Inc. shares plummeted nearly 7% following the announcement of a significant leadership transition. Anil Chakravarthy is set to assume the roles of President and CEO on December 1, 2026, succeeding Shantanu Narayen, who will move to Executive Chairman. While Narayen expressed confidence in Chakravarthy's expertise and the company's future growth prospects, the market reacted negatively to the news. This leadership change occurs amidst intensified competition and evolving AI integration challenges within the software sector, raising investor concerns about the company's strategic direction and ability to navigate these pressures.

  • 28d agoNEGATIVE
    Adobe just announced its next CEO. Here’s why its stock is dropping.

    Adobe Inc. is experiencing a stock decline following the announcement of its new CEO, Anil Chakravarthy. While Chakravarthy is a company veteran, the simultaneous departure of another long-standing business head suggests potential for broader leadership changes within the organization. This uncertainty surrounding executive transitions, coupled with the departure of key personnel, has created investor apprehension, leading to a negative market reaction. Investors will be closely monitoring the strategic direction under new leadership and the impact on Adobe's future growth prospects.

  • 8/28/2026POSITIVE
    Analisi Adobe: si forma un golden cross in avvicinamento agli utili

    Adobe Inc. shares have experienced a significant rally, climbing 52% from their yearly low and reaching their highest point since February. This upward momentum is further supported by the formation of a golden cross on its daily chart, a bullish technical indicator suggesting a potential for continued gains. The stock has recovered from a June low of $190 to its current price of $289, driven by investor dip-buying and a broader rebound in software stocks. The positive sentiment is amplified by the strong performance of Salesforce following its earnings report, indicating a favorable environment for tech companies. Investors will be closely watching Adobe's upcoming earnings report for further confirmation of its growth trajectory.

  • 8/27/2026NEUTRAL
    Nasdaq-100® Inside the Index: Adobe (ADBE)

    Adobe Inc. (ADBE), a key component of the Nasdaq-100®, is highlighted for its subscription-based software offerings in creative and document management. The analysis focuses on the company's competitive strengths, its growth trajectory fueled by artificial intelligence, and its strategy of leveraging free AI tools to attract new users and secure future recurring revenue. This deep dive into ADBE's business model and AI integration provides investors with insights into its long-term value proposition within the tech sector.

via Markets Gazette