Company Valuation: Adobe Inc.

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 315,027 152,938 283,798 226,122 134,006 105,576 - -
Change - -51.45% 85.56% -20.32% -40.74% -21.22% - -
Enterprise Value (EV) 1 313,352 150,971 279,590 223,864 133,621 105,176 99,762 94,358
Change - -51.82% 85.19% -19.93% -40.31% -21.29% -5.15% -5.42%
P/E 66.1x 32.6x 52.7x 41.6x 19.2x 14.6x 12.4x 10.9x
PBR 21.5x 10.9x 17.3x 16.1x 11.8x 8.09x 6.06x 4.6x
PEG - 40.83x 3.1x 9.11x 0.5x 1.58x 0.7x 0.8x
Capitalization / Revenue 20x 8.69x 14.6x 10.5x 5.64x 3.97x 3.63x 3.34x
EV / Revenue 19.9x 8.57x 14.4x 10.4x 5.62x 3.95x 3.43x 2.99x
EV / EBITDA 38.9x 17.2x 28.6x 20.6x 11.3x 8.27x 7.22x 6.33x
EV / EBIT 43.2x 19x 31.4x 22.3x 12.2x 8.79x 7.67x 6.67x
EV / FCF 45.5x 20.4x 40.3x 28.4x 13.6x 10.1x 8.76x 7.69x
FCF Yield 2.2% 4.9% 2.48% 3.52% 7.37% 9.92% 11.4% 13%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 10.02 10.1 11.82 12.36 16.7 18.24 21.4 24.4
Distribution rate - - - - - - - -
Net sales 1 15,785 17,606 19,409 21,505 23,769 26,611 29,049 31,570
EBITDA 1 8,047 8,801 9,790 10,876 11,804 12,722 13,817 14,904
EBIT 1 7,259 7,945 8,918 10,019 10,986 11,968 13,006 14,137
Net income 1 4,822 4,756 5,428 5,560 7,130 7,282 8,253 9,186
Net Debt 1 -1,675 -1,967 -4,208 -2,258 -385 -400 -5,814 -11,218
Reference price 2 662.10 328.97 623.32 513.68 320.13 265.60 265.60 265.60
Nbr of stocks (in thousands) 475,800 464,900 455,300 440,200 418,600 397,500 - -
Announcement Date 12/16/21 12/15/22 12/13/23 12/11/24 12/10/25 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.34x13.64x16.26x-.--% 112B
14.56x3.95x8.27x-.--% 106B
33.9x4.23x12.63x-.--% 46.8B
26.86x5.53x13.36x-.--% 47.85B
15.71x5.67x14.48x0.91% 39.03B
15.35x5.94x12.13x-.--% 14.83B
21.8x2.09x12.06x-.--% 12.32B
26.9x - - 3.61% 10.68B
63.35x3.9x15.93x-.--% 8.23B
Average 26.64x 5.62x 13.14x 0.5% 44.13B
Weighted average by Cap. 21.94x 7.17x 12.80x 0.19%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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