Financials Adobe Inc.

Equities

ADBE

US00724F1012

Software

Market Closed - Nasdaq Other stock markets 04:00:00 2024-12-06 pm EST			5-day change	1st Jan Change
552.96 ^USD	+2.74%		+7.18%	-7.31%

Dec. 06	BMO Capital Raises Price Target on Adobe to $600 From $580, Maintains Outperform Rating	MT
Dec. 05	GitLab Inc. Announces Board Changes	CI

Projected Income Statement: Adobe Inc.

income-statement-evolution-chart ADOBE-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,171	12,868	15,785	17,606	19,409	21,445	23,799	26,419
Change	-	15.19%	22.67%	11.54%	10.24%	10.49%	10.98%	11.01%
EBITDA ¹	5,086	6,278	8,047	8,801	9,790	10,766	11,796	12,969
Change	-	23.43%	28.18%	9.37%	11.24%	9.97%	9.56%	9.95%
EBIT ¹	4,461	5,521	7,259	7,945	8,918	9,950	11,007	12,298
Change	-	23.75%	31.48%	9.45%	12.25%	11.57%	10.63%	11.73%
Interest Paid ¹	-115	-74	-113	-112	-113	-153.8	-178.3	-200
Earnings before Tax (EBT) ¹	3,205	4,176	5,705	6,008	6,799	7,068	8,795	9,988
Change	-	30.31%	36.61%	5.31%	13.17%	3.95%	24.44%	13.57%
Net income ¹	2,951	5,260	4,822	4,756	5,428	5,533	7,107	8,016
Change	-	78.22%	-8.33%	-1.37%	14.13%	1.94%	28.46%	12.79%
Announcement Date	12/12/19	12/10/20	12/16/21	12/15/22	12/13/23	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	2,992	3,091	3,128	3,225	3,424	3,905	3,835	3,935	4,110	4,262	4,386	4,433	4,525	4,655	4,816	4,890	5,048	5,182	5,309	5,408	5,541	5,721	5,888	6,015	6,189	6,329	6,501	6,646
Change	-	3.31%	1.2%	3.1%	6.17%	14.05%	-1.79%	2.61%	4.45%	3.7%	2.91%	1.07%	2.08%	2.87%	3.46%	1.54%	3.23%	2.65%	2.45%	1.86%	2.46%	3.25%	2.91%	2.15%	2.9%	2.26%	2.72%	2.23%
EBITDA ¹	1,457	1,433	1,523	1,594	1,728	2,025	1,956	2,004	2,062	2,206	2,186	2,171	2,238	2,343	2,400	2,482	2,565	2,679	2,655	2,728	2,723	2,883	2,931	3,035	3,091	3,219	3,234	3,347
Change	-	-1.67%	6.28%	4.66%	8.41%	17.19%	-3.41%	2.45%	2.89%	6.98%	-0.91%	-0.69%	3.09%	4.69%	2.43%	3.42%	3.34%	4.44%	-0.9%	2.75%	-0.2%	5.89%	1.69%	3.54%	1.84%	4.14%	0.48%	3.49%
EBIT ¹	1,274	1,245	1,335	1,403	1,538	1,829	1,762	1,811	1,857	1,993	1,974	1,955	2,023	2,131	2,180	2,264	2,343	2,467	2,441	2,515	2,529	2,659	2,714	2,792	2,837	2,954	3,019	3,110
Change	-	-2.24%	7.23%	5.09%	9.62%	18.92%	-3.66%	2.78%	2.54%	7.32%	-0.95%	-0.96%	3.48%	5.34%	2.3%	3.85%	3.49%	5.29%	-1.05%	3.03%	0.54%	5.14%	2.07%	2.89%	1.62%	4.11%	2.21%	3.01%
Charge d'intérêts ¹	-17.64	-15	-16	-19	-24	-30	-28	-23	-28	-28	-28	-28	-28	-32	-26	-27	-28	-27	-41	-51	-53.6	-52	-52	-52	-52	-52	-52	-52
Earnings before Tax (EBT) ¹	957.1	919	1,000	1,060	1,197	1,433	1,386	1,418	1,468	1,543	1,492	1,456	1,517	1,598	1,650	1,743	1,808	968	1,930	2,042	1,979	2,127	2,179	2,243	2,314	2,388	2,439	2,514
Change	-	-3.99%	8.81%	6%	12.92%	19.72%	-3.28%	2.31%	3.53%	5.11%	-3.31%	-2.41%	4.19%	5.34%	3.25%	5.64%	3.73%	-46.46%	99.38%	5.8%	-3.07%	7.46%	2.46%	2.9%	3.21%	3.17%	2.15%	3.06%
Net income ¹	851.9	955	1,100	955	2,250	1,261	1,116	1,212	1,233	1,266	1,178	1,136	1,176	1,247	1,295	1,403	1,483	620	1,573	1,684	1,634	1,729	1,769	1,819	1,858	1,937	1,983	2,043
Change	-	12.11%	15.18%	-13.18%	135.6%	-43.96%	-11.5%	8.6%	1.73%	2.68%	-6.95%	-3.57%	3.52%	6.04%	3.85%	8.34%	5.7%	-58.19%	153.71%	7.06%	-2.96%	5.8%	2.35%	2.79%	2.13%	4.28%	2.4%	3.03%
Announcement Date	12/12/19	3/12/20	6/11/20	9/15/20	12/10/20	3/23/21	6/17/21	9/21/21	12/16/21	3/22/22	6/16/22	9/15/22	12/15/22	3/15/23	6/15/23	9/14/23	12/13/23	3/14/24	6/13/24	9/12/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Adobe Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-3,188	-1,875	-1,675	-1,967	-4,208	-3,562	-9,327	-15,217
Change	-	-158.81%	-189.33%	-217.43%	-313.93%	-184.65%	-361.85%	-263.15%
Announcement Date	12/12/19	12/10/20	12/16/21	12/15/22	12/13/23	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Adobe Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	394.5	419	330	442	360	237.3	343.2	332.2
Change	-	6.22%	-21.24%	33.94%	-18.55%	-34.07%	44.6%	-3.22%
Free Cash Flow (FCF) ¹	4,027	5,308	6,893	7,396	6,942	7,638	9,418	10,529
Change	-	31.8%	29.86%	7.3%	-6.14%	10.02%	23.31%	11.8%
Announcement Date	12/12/19	12/10/20	12/16/21	12/15/22	12/13/23	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Adobe Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	45.53%	48.79%	50.98%	49.99%	50.44%	50.2%	49.56%	49.09%
EBIT Margin (%)	39.94%	42.9%	45.99%	45.13%	45.95%	46.4%	46.25%	46.55%
EBT Margin (%)	28.69%	32.45%	36.14%	34.12%	35.03%	32.96%	36.96%	37.81%
Net margin (%)	26.42%	40.88%	30.55%	27.01%	27.97%	25.8%	29.87%	30.34%
FCF margin (%)	36.05%	41.25%	43.67%	42.01%	35.77%	35.62%	39.57%	39.85%
FCF / Net Income (%)	136.45%	100.91%	142.95%	155.51%	127.89%	138.04%	132.5%	131.34%
Profitability
ROA	19.57%	21.77%	23.3%	17.43%	19.06%	17.93%	21.13%	21.45%
ROE	38.89%	41.21%	42.79%	44.77%	35.51%	52.48%	54.56%	56.89%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.53%	3.26%	2.09%	2.51%	1.85%	1.11%	1.44%	1.26%
CAPEX / EBITDA (%)	7.76%	6.67%	4.1%	5.02%	3.68%	2.2%	2.91%	2.56%
CAPEX / FCF (%)	9.8%	7.89%	4.79%	5.98%	5.19%	3.11%	3.64%	3.15%
Items per share
Cash flow per share ¹	8.995	11.81	15.02	16.64	15.91	17.33	22.47	25.72
Change	-	31.27%	27.17%	10.82%	-4.4%	8.94%	29.63%	14.49%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	21.42	27.35	30.76	30.22	35.99	34.1	37.3	45.47
Change	-	27.68%	12.48%	-1.77%	19.08%	-5.24%	9.37%	21.9%
EPS ¹	6	10.83	10.02	10.1	11.82	12.33	16.15	18.52
Change	-	80.5%	-7.48%	0.8%	17.03%	4.33%	30.99%	14.64%
Nbr of stocks (in thousands)	484,079	479,719	475,800	464,900	455,300	440,200	440,200	440,200
Announcement Date	12/12/19	12/10/20	12/16/21	12/15/22	12/13/23	-	-	-