Stock ADBE ADOBE INC.
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PDF Report : Adobe Inc.

Financials Adobe Inc.

Equities

ADBE

US00724F1012

Software

Market Closed - Nasdaq
Other stock markets
 04:00:00 2023-11-28 pm EST 		Intraday chart for Adobe Inc. 5-day change 1st Jan Change
623.32 USD +0.65% +2.02% +85.22%
01:16am News Highlights : Top Company News of the Day DJ
Nov. 28 Tech Advances as AI Mania Goes On -- Tech Roundup DJ

Valuation

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 122 468 146 555 230 870 319 681 158 777 283 798 - -
Enterprise Value (EV) 1 122 468 143 367 228 995 318 006 156 810 277 760 275 314 271 146
P/E ratio 48,2x 50,5x 44,4x 67,1x 33,8x 53,3x 47,0x 39,7x
Yield - - - - - - - -
Capitalization / Revenue 13,6x 13,1x 17,9x 20,3x 9,02x 14,6x 13,0x 11,6x
EV / Revenue 13,6x 12,8x 17,8x 20,1x 8,91x 14,3x 12,7x 11,1x
EV / EBITDA 30,8x 28,2x 36,5x 39,5x 17,8x 28,5x 25,5x 22,6x
EV / FCF 32,5x 35,6x 43,1x 46,1x 21,2x 36,1x 31,0x 27,1x
FCF Yield 3,07% 2,81% 2,32% 2,17% 4,72% 2,77% 3,23% 3,69%
Price to Book 13,1x 14,1x 17,6x 21,8x 11,3x 17,0x 13,6x 10,9x
Nbr of stocks (in thousands) 488 134 484 079 479 719 475 800 464 900 455 300 - -
Reference price 2 251 303 481 672 342 623 623 623
Announcement Date 12/13/18 12/12/19 12/10/20 12/16/21 12/15/22 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 9 030 11 171 12 868 15 785 17 606 19 383 21 755 24 448
EBITDA 1 3 972 5 086 6 278 8 047 8 801 9 740 10 776 11 979
EBIT 1 3 625 4 461 5 521 7 259 7 945 8 850 9 930 11 246
Operating Margin 40,1% 39,9% 42,9% 46,0% 45,1% 45,7% 45,6% 46,0%
Earnings before Tax (EBT) 1 2 794 3 205 4 176 5 705 6 008 6 792 7 647 8 890
Net income 1 2 591 2 951 5 260 4 822 4 756 5 376 6 076 7 058
Net margin 28,7% 26,4% 40,9% 30,5% 27,0% 27,7% 27,9% 28,9%
EPS 2 5,20 6,00 10,8 10,0 10,1 11,7 13,3 15,7
Free Cash Flow 1 3 763 4 027 5 308 6 893 7 396 7 685 8 889 10 004
FCF margin 41,7% 36,1% 41,2% 43,7% 42,0% 39,6% 40,9% 40,9%
FCF Conversion (EBITDA) 94,7% 79,2% 84,5% 85,7% 84,0% 78,9% 82,5% 83,5%
FCF Conversion (Net income) 145% 136% 101% 143% 156% 143% 146% 142%
Dividend per Share 2 - - - - - - - -
Announcement Date 12/13/18 12/12/19 12/10/20 12/16/21 12/15/22 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 3 835 3 935 4 110 4 262 4 386 4 433 4 525 4 655 4 816 4 890 5 018 5 158 5 367 5 491 5 658
EBITDA 1 1 956 2 004 2 062 2 206 2 186 2 171 2 238 2 343 2 400 2 482 2 528 2 576 2 659 2 733 2 807
EBIT 1 1 762 1 811 1 857 1 993 1 974 1 955 2 023 2 131 2 180 2 264 2 295 2 359 2 437 2 512 2 584
Operating Margin 45,9% 46,0% 45,2% 46,8% 45,0% 44,1% 44,7% 45,8% 45,3% 46,3% 45,7% 45,7% 45,4% 45,8% 45,7%
Earnings before Tax (EBT) 1 1 386 1 418 1 468 1 543 1 492 1 456 1 517 1 598 1 650 1 743 1 788 1 811 1 877 1 927 1 992
Net income 1 1 116 1 212 1 233 1 266 1 178 1 136 1 176 1 247 1 295 1 403 1 430 1 435 1 486 1 533 1 575
Net margin 29,1% 30,8% 30,0% 29,7% 26,9% 25,6% 26,0% 26,8% 26,9% 28,7% 28,5% 27,8% 27,7% 27,9% 27,8%
EPS 2 2,32 2,52 2,57 2,66 2,49 2,42 2,53 2,71 2,82 3,05 3,11 3,09 3,21 3,31 3,44
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 06/17/21 09/21/21 12/16/21 03/22/22 06/16/22 09/15/22 12/15/22 03/15/23 06/15/23 09/14/23 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - - -
Net Cash position 1 - 3 188 1 875 1 675 1 967 6 038 8 483 12 652
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 3 763 4 027 5 308 6 893 7 396 7 685 8 889 10 004
ROE (net income / shareholders' equity) 37,7% 38,9% 41,2% 42,8% 44,8% 47,0% 42,1% 39,0%
Shareholders' equity 1 6 864 7 589 12 763 11 270 10 624 11 449 14 437 18 090
ROA (Net income/ Total Assets) 20,2% 19,6% 21,8% 23,3% 17,4% 19,1% 19,2% 15,3%
Assets 1 12 826 15 081 24 163 20 694 27 293 28 095 31 625 46 105
Book Value Per Share 2 19,1 21,4 27,4 30,8 30,2 36,7 45,7 57,2
Cash Flow per Share 2 8,10 9,00 11,8 15,0 16,6 17,2 20,0 23,3
Capex 1 267 394 419 330 442 443 502 569
Capex / CA 2,95% 3,53% 3,26% 2,09% 2,51% 2,29% 2,31% 2,33%
Announcement Date 13/12/18 12/12/19 10/12/20 16/12/21 15/12/22 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Adobe Inc.

Trading Rating :
Investor Rating :
ESG Refinitiv :
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
38
Last Close Price
623.32USD
Average target price
601.64USD
Spread / Average Target
-3.48%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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