Adobe Inc. (ADBE)
NEUTRALFondamental
73
Prix
$273.39
Capitalisation boursière
$109.82B
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
Photoshop, Illustrator, Premiere Pro, Acrobat and the Creative Cloud and Document Cloud subscriptions built around them — Adobe's core business.
Software that helps large companies manage marketing campaigns, personalize websites and analyze customer data, sold on multi-year enterprise contracts.
A small, shrinking mix of legacy publishing tools and remaining advertising services outside Adobe's two main businesses.
Avantage concurrentiel
Coûts de changement · LargeCreative 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 cycliqueSubscription 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
Generated on 23 août 2026 with claude-opus-5 — shared with all users
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.
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'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 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.
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.
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
$25.20B
12 derniers mois (au 29/05/2026)
Résultat net
$7.23B
12 derniers mois (au 29/05/2026)
Flux de trésorerie libre
$9.85B
Capitaux propres totaux
$11.62B
Passif total
$17.87B
Ratio de liquidité général
0.75
Couverture des intérêts
34.83
Dette/EBITDA
0.74
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
Juste valeur
$269.31
Prix actuel
$273.39
Marge de sécurité
-1.5%
Fourchette de juste valeur
$179.79 - $358.83
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
15.81
ROE
61.3%
Ratio P/B
9.53
P/FCF
10.68
Marge brute
89.4%
ROIC
40.2%
Radar de rentabilité
Value Creation (Economic Moat)
ROIC
40.2%
WACC
11.7%
ROIC − WACC
+28.6 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Critères d'analyse fondamentale
Réussi (20)
- EPS shows upward trend
- EPS CAGR 15.70%
- Price CAGR 10.34%
- ROIC 40.2%
- Gross Margin 89.4%
- P/FCF 10.68
- Debt/Equity ratio
- Operating Margin 36.1%
- 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 1.68
- Earnings Quality (OCF/NI) 1.45
- Share Dilution -5.1%
- Piotroski F-Score 7/9
Échoué (7)
- P/B Ratio 9.53
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 39% Buy
- Earnings Surprise avg 0.5%
- Net Margin Trend 28.7% vs 30.4%
Indisponible (1)
- Dividend Payout NaN%
Score F de Piotroski
Santé financière solide
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Shantanu Narayen | Chairman & CEO | 61 |
| Ms. Adele Louise Pentland | EVP of Legal & Government Relations, Chief Legal Officer and Corporate Secretary | 53 |
| Mr. David Wadhwani | President of Creativity & Productivity Business | 53 |
| Dr. Anil S. Chakravarthy | President of Customer Experience Orchestration Business | 57 |
| Mr. Steven Day | Interim CFO and Senior VP of Finance, Technology, Security & Operations | 57 |
| Ms. Jillian Forusz | Senior VP, Chief Accounting Officer & Corporate Controller | 50 |
| Mr. Douglas G. Clark C.F.A. | Vice President of Investor Relations | - |
| Ms. Lara H. Balazs | Chief Marketing Officer & Executive Vice President of Global Marketing | 55 |
| Ms. Gloria Chen | Chief People Officer & Executive VP of Employee Experience | 60 |
| Mr. Shanmugh Natarajan | MD 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.
Latest News
Recent headlines for ADBE, sourced from Markets Gazette.
- 11d agoPOSITIVELe azioni Adobe decollano: un possibile buyout di Workday potrebbe spingerle più in alto?
Adobe Inc. shares have surged, reaching their highest point since June 2nd, marking a 42% increase from their annual low. This rally is fueled by persistent rumors of a potential acquisition of Workday Inc. Adobe's business has shown resilience despite broader investor concerns about the 'SaaSpocalypse'. The company, known for its creative software suite including Photoshop and Illustrator, had previously seen its stock plummet from a record high of $698 to a low of $190 earlier this year. The potential buyout speculation is driving significant investor interest and could signal a further upward trajectory for ADBE.
- 7/21/2026NEGATIVEAdobe, Salesforce Downgrades Are Latest Show of AI Fears
Wall Street analysts are increasingly recommending a sell on Adobe Inc. and Salesforce Inc. stock, driven by growing concerns over the potential impact of artificial intelligence on software companies. This sentiment shift, amplified by recent downgrades, suggests a re-evaluation of growth prospects for established software providers in an AI-driven landscape. Investors are advised to monitor how these companies adapt their business models and product offerings to integrate AI effectively, as failure to do so could lead to sustained pressure on their valuations.
- 7/7/2026NEUTRALAdobe’s stock is temptingly cheap. Should investors bite?
Adobe Inc. is currently trading at a valuation that some analysts consider 'temptingly cheap,' sparking debate among investors regarding its future prospects. The company's stock has become a point of polarization due to ongoing questions surrounding its strategic positioning and competitive advantages within the rapidly evolving artificial intelligence landscape. While the current price may present a buying opportunity for some, the uncertainty surrounding its AI integration and market share could deter others. Investors are weighing the potential upside against the risks associated with technological disruption and competitive pressures in the creative software and AI sectors.
- 7/2/2026POSITIVEThis Adobe analyst is going against the grain by telling investors to buy the stock
HSBC has upgraded Adobe Inc. to 'Buy' from 'Hold', setting a price target of $650. This contrarian view comes despite recent analyst concerns about the company's AI strategy and competitive pressures. The upgrade suggests HSBC sees significant untapped potential and undervaluation in Adobe's stock. Investors are likely to interpret this as a signal of potential upside, potentially driving increased buying interest and a positive re-evaluation of Adobe's market position and future growth prospects.
- 6/19/2026NEGATIVECiti resets Adobe stock price target
Citi analyst Tyler Radke has revised his price target for Adobe, reducing it to $228 from $264. This adjustment follows Adobe's mixed earnings report, which has cast uncertainty over the software company's near-term growth prospects. Investors are closely watching for further clarification on Adobe's strategic direction and its ability to navigate the evolving market landscape, particularly concerning its AI integration and subscription revenue streams. The lowered target suggests a more cautious outlook from one of Wall Street's key observers.
- 6/12/2026NEGATIVEAdobe’s CFO is departing for Marvell. And it’s one more reason for investors to choose chips over software.
Adobe's Chief Financial Officer, Dan Durn, is departing the company to join Marvell Technology. This executive move comes as the software sector faces headwinds, with concerns about its ability to thrive in the AI era. Investors are increasingly favoring semiconductor companies, often referred to as 'picks and shovels' for the AI gold rush, over traditional software providers. This departure adds to existing investor sentiment that may weigh on Adobe's stock performance as it navigates a challenging market landscape and seeks new leadership.
via Markets Gazette