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$ADBE$240.23 ▼2.5%
Adobe Inc.
WHAT THEY DO
Adobe sells creative and document software like Photoshop, Illustrator, Acrobat and PDF tools, plus marketing and analytics platforms, mostly through cloud subscriptions to businesses, creative professionals and consumers.
💎 CONVERGENCE PLAY — in 2 themes
Generative AIDigital Content CreationMarketing Automation
PRICE
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REVENUE MIX
Digital Media73%
Digital Experience25%
Publishing & Advertising2%
COST
COGS11%
R&D18%
SG&A36%
Op Margin35%
FINANCIAL HEALTH
Reported through Aug 28, 2026
Figures are trailing twelve months (TTM) unless marked otherwise.
REVENUE
$26.0B
Growth
13%
QTR YOY
Gross M.
89%
P/E
13.8
EV/EBITDA
9.8
Net M.
28%
FCF M.
36%
D/E
0.53
LATEST QTR
Op M.
35%
PLUG INTO YOUR DCF
Historical growth
13.1%
Analyst 5y growth
—
Forward P/E
9.0
PEG ratio
0.60
Trailing EPS
$17.90
Forward EPS
$27.40
Multiple compressing
Forward P/E is lower than trailing — earnings are expected to grow into the price.
CAPEX & R&D — LAST 0 FISCAL YEARS (SEC FILINGS)
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TAM
SIZE
$180B by 2030
CAGR
9%
Adobe plays in creative software, document productivity and digital marketing/analytics, each a large market expanding as content volume and personalization grow. Generative AI tools expand the addressable base but also invite well-funded new entrants.
RISK ASSESSMENT
HIGGenerative AI-native design tools (Midjourney, Canva, OpenAI) could erode pricing power and seat growth in core creative franchises.
MEDSubscription growth deceleration and macro pressure on enterprise marketing budgets could slow Digital Experience bookings.
LOWRegulatory and antitrust scrutiny of subscription practices and bundling.
🐂 BULL
Adobe retains a near-monopoly in professional creative workflows with 89% gross margins, 35% operating margins and a cheap 13.7x P/E; successful Firefly AI monetization could reaccelerate growth and re-rate the multiple.
🐻 BEAR
AI-native competitors and free generative tools threaten the moat and pricing, while growth is already decelerating; a low multiple may be a value trap if creative seat growth stalls.
EARNINGS
EPS · Q3 2026
Beat ✓
REVENUE
Beat ✓
MANAGEMENT TONE
BearishBullish
🔗 IMPACT ON YOUR THESIS
Firefly generative AI drives incremental ARPU and new customer acquisition
Watch→Watch
AI monetization progressing but still early relative to core subscription revenue
Digital Media subscription growth remains durable in double digits
On Track→On Track
Digital Media ARR growth held up, supporting the core thesis
Valuation at 13.7x P/E offers margin of safety
On Track→On Track
Beat-and-raise with strong margins reinforces cheap valuation
AI-powered data, computed by TreasureX · May contain inaccuracies
⚠️
All values, scores, and figures here are computed from your own assumptions and public data, for educational purposes only. This is not investment advice — TreasureX does not recommend buying or selling any security. Results change with your inputs. Please do your own research and use your own judgement before making any investment decision.