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 90,750 - -
Change - -51.45% 85.56% -20.32% -40.74% -32.28% - -
Enterprise Value (EV) 1 313,352 150,971 279,590 223,864 133,621 90,350 84,936 79,532
Change - -51.82% 85.19% -19.93% -40.31% -32.38% -5.99% -6.36%
P/E 66.1x 32.6x 52.7x 41.6x 19.2x 12.8x 10.9x 9.56x
PBR 21.5x 10.9x 17.3x 16.1x 11.8x 7.28x 5.24x 4.04x
PEG - 40.83x 3.1x 9.11x 0.5x 1.38x 0.6x 0.7x
Capitalization / Revenue 20x 8.69x 14.6x 10.5x 5.64x 3.41x 3.12x 2.87x
EV / Revenue 19.9x 8.57x 14.4x 10.4x 5.62x 3.4x 2.92x 2.52x
EV / EBITDA 38.9x 17.2x 28.6x 20.6x 11.3x 7.1x 6.15x 5.34x
EV / EBIT 43.2x 19x 31.4x 22.3x 12.2x 7.55x 6.53x 5.63x
EV / FCF 45.5x 20.4x 40.3x 28.4x 13.6x 8.66x 7.45x 6.48x
FCF Yield 2.2% 4.9% 2.48% 3.52% 7.37% 11.5% 13.4% 15.4%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 10.02 10.1 11.82 12.36 16.7 18.24 21.45 24.4
Distribution rate - - - - - - - -
Net sales 1 15,785 17,606 19,409 21,505 23,769 26,611 29,053 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 7,283 8,287 9,186
Net Debt 1 -1,675 -1,967 -4,208 -2,258 -385 -400 -5,814 -11,218
Reference price 2 662.10 328.97 623.32 513.68 320.13 233.17 233.17 233.17
Nbr of stocks (in thousands) 475,800 464,900 455,300 440,200 418,600 389,200 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.78x3.4x7.1x-.--% 90.75B
25.84x9.55x15.6x0.78% 3,779B
122.39x53.41x86.68x-.--% 449B
20.74x5.91x10.35x1.45% 418B
246.44x21.98x64.36x-.--% 318B
2627.4x44.03x141.84x-.--% 270B
26.23x5.26x16.59x1.45% 242B
84.11x8.16x21.85x-.--% 134B
56.9x15.32x40.35x-.--% 129B
19.51x12.46x14.84x-.--% 102B
Average 324.23x 17.95x 41.96x 0.37% 593.25B
Weighted average by Cap. 164.54x 14.72x 29.54x 0.66%

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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