Adobe Inc.
ADBE stock analysis · Information Technology · Application Software
As of · fund-implied per-share value
Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.
View SEC fund filing ↗Price × SEC outstanding shares. Shares measured 2026-06-11. Approximate; share and price dates can differ.
View share-count filing ↗Momentum data and stock-split review
Adobe's current official FAQ explicitly identifies March 17, 2005 as the announcement of its most recent stock split and states it does not pay dividends. The linked split notice establishes May 24, 2005 as the ex-split date. Split multiplier is 1 over this reviewed interval. This is a dated fund-valuation price-return proxy using June 2025 and May 2026 month ends.
Issuer action history 1 ↗ · Issuer action history 2 ↗
Fund valuation at 2025-06-30 ↗ · Fund valuation at 2026-05-31 ↗
DCF value
Equity cash-flow scenario · SEC outstanding shares at 2026-06-11 · 83.6% versus input cap
How this is calculated ↗Reverse DCF
Annual basis · read assumptions below
How this is calculated ↗Relative valuation
13 industry peers · median 39.6×
How this is calculated ↗Historical multiples
7 annual observations · snapshot P/E 11.4× · -68.4% versus history
How this is calculated ↗Free cash flow yield
Annual basis · read assumptions below
How this is calculated ↗ROIC / quality
Normalized tax · financing-capital proxy · parent-equity fallback (scope limitation) · short-term borrowing coverage incomplete
How this is calculated ↗Value composite
Annual basis · read assumptions below
How this is calculated ↗12–1 price momentum
2025-06-30 → 2026-05-31 · Reviewed split basis · fund snapshot
How this is calculated ↗Asset growth
Annual basis · read assumptions below
How this is calculated ↗Net payout yield
Annual basis · read assumptions below
How this is calculated ↗Accrual quality
Parent-earnings fallback versus consolidated cash flow · scope limitation
How this is calculated ↗Fundamental momentum
Annual basis · read assumptions below
How this is calculated ↗Follow the cash
ANNUAL · USDOperating cash flow and reinvestment over time
Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.
Make the assumptions yours
How sensitive is the valuation?
| Return / Growth | 3.0% | 5.0% | 7.0% |
|---|---|---|---|
| 8.0% | $472.17 | $515.19 | $561.43 |
| 10.0% | $346.00 | $376.45 | $409.14 |
| 12.0% | $272.97 | $296.20 | $321.10 |
Annual financial history
Open SEC filings ↗| Fiscal year-end | Revenue | Net income | Operating cash flow | Capital expenditure | Assets |
|---|---|---|---|---|---|
| 2025-11-28 | 23.8B | 7.1B | 10B | 179M | 29.5B |
| 2024-11-29 | 21.5B | 5.6B | 8.1B | 183M | 30.2B |
| 2023-12-01 | 19.4B | 5.4B | 7.3B | 360M | 29.8B |
| 2022-12-02 | 17.6B | 4.8B | 7.8B | 442M | 27.2B |
| 2021-12-03 | 15.8B | 4.8B | 7.2B | 348M | 27.2B |
| 2020-11-27 | 12.9B | 5.3B | 5.7B | 419M | 24.3B |
| 2019-11-29 | 11.2B | 3B | 4.4B | 395M | 20.8B |
| 2018-11-30 | 9B | 2.6B | 4B | 267M | 18.8B |
USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.
Trace the inputs
MODEL ANNUAL PERIOD| Input | Value | SEC tag / source | Filed |
|---|---|---|---|
| revenue | 23.8B | Revenues | 2026-01-15 |
| netIncome | 7.1B | NetIncomeLoss Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income. | 2026-01-15 |
| Parent/common earnings proxy | 7.1B | NetIncomeLoss | 2026-01-15 |
| cfo | 10B | NetCashProvidedByUsedInOperatingActivities | 2026-01-15 |
| capex | 179M | PaymentsToAcquirePropertyPlantAndEquipment | 2026-01-15 |
| operatingIncome | 8.7B | OperatingIncomeLoss | 2026-01-15 |
| assets | 29.5B | Assets | 2026-01-15 |
| equity | 11.6B | StockholdersEquity Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income. | 2026-01-15 |
| Parent book equity proxy | 11.6B | StockholdersEquity | 2026-01-15 |
| debt | 6.2B | LongTermDebt | 2026-01-15 |
| shortDebt | — | Not reported under a supported tag | — |
| cash | 5.4B | CashAndCashEquivalentsAtCarryingValue | 2026-01-15 |
| shares | 427M | WeightedAverageNumberOfDilutedSharesOutstanding | 2026-01-15 |
| dividends | 0 | Reviewed manual correction Issuer-specific reviewed zero, not a missing-tag default. The complete audited 2023–2025 stockholders' equity rollforward on page 50 has no dividend distributions; fiscal 2025 retained earnings reconcile exactly as $38,470m + $7,130m net income − $246m treasury reissuance = $45,354m. Page 51 cash flows has no dividend payment, and the Dividends policy on page 31 says no cash dividends are anticipated. Review is limited to this reported fiscal year. | 2026-01-15 |
| buybacks | 11.3B | PaymentsForRepurchaseOfCommonStock | 2026-01-15 |
| issuance | 348M | Reviewed manual correction Reviewed consolidated cash-flow financing section, page 51. Common-equity cash inflow is proceeds from re-issuance of treasury stock of $348 million, tagged ProceedsFromSaleOfTreasuryStock. Reissuing treasury common shares is included in the cash issuance proxy. Cash taxes on net share settlement are separate and excluded. | 2026-01-15 |