Adobe Inc. (ADBE) Key Metrics
ADBE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $95.43B
- Enterprise value
- $96.80B
- P/E (TTM)
- 13.7 10-yr median 46.3
- Forward P/E
- 8.7
- PEG ratio
- 0.58
- Price / sales
- 3.7 10-yr median 13.0
- Price / book
- 8.1 10-yr median 13.9
- EV / EBITDA
- 9.4 10-yr median 34.9
- Dividend yield
- —
- Beta
- 1.42
ADBE key metrics, FY2016–FY2025
Fiscal year ended November 30, 2025 · U.S. dollarsADBE valuation Price multiples at each fiscal year-end price.
ADBE returns How much profit the business earns on the capital it uses.
ADBE per-share figures Results divided by the shares outstanding at year-end.
ADBE financial health Debt, liquidity and how easily interest is covered.
ADBE efficiency & capital use Working capital cycle and where the cash goes.
ADBE valuation history
ADBE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ADBE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ADBE cash returned to shareholders
ADBE price vs earnings per share
ADBE key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $136.70B | $232.17B | $280.45B | $162.46B | $322.20B | $232.06B | $152.16B | $124.90B | $90.94B | $51.85B |
| Enterprise value | $136.75B | $230.34B | $276.69B | $161.00B | $321.07B | $230.77B | $152.12B | $125.89B | $87.06B | $49.07B |
| P/E ratio | 19.2 | 41.8 | 51.7 | 34.2 | 66.8 | 44.1 | 51.6 | 48.2 | 53.7 | 44.4 |
| Price / sales | 5.8 | 10.8 | 14.4 | 9.2 | 20.4 | 18.0 | 13.6 | 13.8 | 12.5 | 8.9 |
| Price / book | 11.8 | 16.5 | 17.0 | 11.6 | 21.8 | 17.5 | 14.4 | 13.3 | 10.7 | 7.0 |
| Price / free cash flow | 13.9 | 29.5 | 40.4 | 22.0 | 46.7 | 43.7 | 37.2 | 33.2 | 33.3 | 26.0 |
| Price / operating cash flow | 13.6 | 28.8 | 38.4 | 20.7 | 44.6 | 40.5 | 34.4 | 31.0 | 31.2 | 23.6 |
| EV / sales | 5.8 | 10.7 | 14.3 | 9.1 | 20.3 | 17.9 | 13.6 | 13.9 | 11.9 | 8.4 |
| EV / EBITDA | 13.9 | 28.9 | 35.5 | 23.2 | 48.1 | 45.7 | 37.1 | 39.0 | 34.3 | 26.7 |
| EV / free cash flow | 13.9 | 29.3 | 39.9 | 21.8 | 46.6 | 43.5 | 37.2 | 33.5 | 31.8 | 24.6 |
| Earnings yield | 5.2% | 2.4% | 1.9% | 2.9% | 1.5% | 2.3% | 1.9% | 2.1% | 1.9% | 2.3% |
| Free cash flow yield | 7.2% | 3.4% | 2.5% | 4.6% | 2.1% | 2.3% | 2.7% | 3.0% | 3.0% | 3.8% |
| Shareholder yield (dividends + buybacks) | 8.3% | 4.1% | 1.6% | 4.0% | 1.2% | 1.3% | 1.8% | 1.6% | 1.2% | 2.1% |
| Share price at fiscal year-end | $320.13 | $515.93 | $611.01 | $344.93 | $669.85 | $478.47 | $309.53 | $250.89 | $181.47 | $102.81 |
| Per share | ||||||||||
| Revenue per share | $55.67 | $47.79 | $42.29 | $37.38 | $32.82 | $26.53 | $22.73 | $18.14 | $14.57 | $11.61 |
| Earnings per share | $16.70 | $12.36 | $11.83 | $10.10 | $10.02 | $10.85 | $6.00 | $5.20 | $3.38 | $2.32 |
| Operating cash flow per share | $23.49 | $17.90 | $15.91 | $16.64 | $15.03 | $11.81 | $8.99 | $8.09 | $5.81 | $4.36 |
| Free cash flow per share | $23.07 | $17.50 | $15.12 | $15.70 | $14.33 | $10.94 | $8.31 | $7.56 | $5.46 | $3.96 |
| Cash per share | $15.44 | $17.52 | $17.08 | $12.94 | $12.05 | $12.35 | $8.50 | $6.49 | $11.61 | $9.44 |
| Book value per share | $27.22 | $31.34 | $35.99 | $29.83 | $30.76 | $27.35 | $21.42 | $18.81 | $16.88 | $14.72 |
| Tangible book value per share | −$4.05 | $1.19 | $5.72 | −$0.39 | $0.64 | $2.40 | −$3.83 | −$6.60 | $4.50 | $3.18 |
| Capex per share | $0.42 | $0.41 | $0.78 | $0.94 | $0.69 | $0.86 | $0.68 | $0.54 | $0.36 | $0.40 |
| Debt per share | $15.57 | $13.46 | $8.89 | $9.84 | $9.72 | $9.71 | $8.42 | $8.47 | $3.88 | $3.93 |
| Shares outstanding | 427.0M | 450.0M | 459.0M | 471.0M | 481.0M | 485.0M | 491.6M | 497.8M | 501.1M | 504.3M |
| Change in shares outstanding | −5.1% | −2.0% | −2.5% | −2.1% | −0.8% | −1.3% | −1.3% | −0.7% | −0.6% | −0.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 55.4% | 36.3% | 35.5% | 33.0% | 34.4% | 44.2% | 29.7% | 29.1% | 21.3% | 16.2% |
| Return on invested capital (ROIC) | 59.3% | 43.2% | 41.9% | 36.8% | 38.2% | 37.7% | 28.9% | 35.3% | 37.2% | 25.3% |
| Return on assets (ROA) | 23.9% | 18.5% | 19.1% | 17.5% | 18.7% | 23.4% | 14.9% | 15.6% | 12.4% | 9.6% |
| Return on tangible assets | 44.2% | 33.4% | 34.2% | 36.8% | 37.8% | 43.2% | 35.3% | 42.3% | 20.3% | 17.0% |
| Free cash flow margin | 41.4% | 36.6% | 35.8% | 42.0% | 43.7% | 41.2% | 36.6% | 41.7% | 37.5% | 34.1% |
| Income quality (OCF / net income) | 1.41 | 1.45 | 1.35 | 1.65 | 1.50 | 1.09 | 1.50 | 1.56 | 1.72 | 1.88 |
| Financial health | ||||||||||
| Total debt | $6.65B | $6.06B | $4.08B | $4.63B | $4.67B | $4.71B | $4.14B | $4.22B | $1.95B | $1.98B |
| Cash & short-term investments | $6.59B | $7.89B | $7.84B | $6.10B | $5.80B | $5.99B | $4.18B | $3.23B | $5.82B | $4.76B |
| Net debt | $53.0M | −$1.83B | −$3.76B | −$1.46B | −$1.12B | −$1.28B | −$39.0M | $989.1M | −$3.87B | −$2.78B |
| Debt / equity | 0.57 | 0.43 | 0.25 | 0.33 | 0.32 | 0.35 | 0.39 | 0.45 | 0.23 | 0.27 |
| Debt / assets | 0.23 | 0.20 | 0.14 | 0.17 | 0.17 | 0.19 | 0.20 | 0.22 | 0.13 | 0.16 |
| Net debt / EBITDA | 0.01 | −0.23 | −0.48 | −0.21 | −0.17 | −0.25 | −0.01 | 0.31 | −1.53 | −1.51 |
| Current ratio | 1.00 | 1.07 | 1.34 | 1.11 | 1.25 | 1.48 | 0.79 | 1.13 | 2.05 | 2.08 |
| Quick ratio | 1.00 | 1.07 | 1.34 | 1.11 | 1.25 | 1.48 | 0.79 | 1.13 | 2.05 | 2.08 |
| Interest coverage | 33.1 | 41.1 | 58.8 | 54.4 | 51.3 | 36.5 | 20.8 | 31.9 | 29.1 | 21.2 |
| Working capital | −$37.0M | $711.0M | $2.83B | $868.0M | $1.74B | $2.63B | −$1.70B | $555.9M | $3.72B | $3.03B |
| Invested capital | $11.68B | $12.28B | $12.76B | $12.59B | $13.67B | $11.98B | $10.49B | $10.35B | $4.59B | $4.65B |
| Tangible asset value | −$1.73B | $535.0M | $2.62B | −$185.0M | $309.0M | $1.16B | −$1.88B | −$3.29B | $2.25B | $1.60B |
| Net current asset value | −$7.71B | −$4.89B | −$2.18B | −$4.12B | −$3.77B | −$2.87B | −$3.74B | −$4.55B | $1.17B | $557.5M |
| Graham number | $101.13 | $93.35 | $97.85 | $82.33 | $83.30 | $81.69 | $53.79 | $46.92 | $35.83 | $27.71 |
| Graham net-net per share | −$22.30 | −$14.86 | −$8.17 | −$11.61 | −$10.89 | −$8.21 | −$9.98 | −$10.43 | $1.31 | $0.21 |
| Capital allocation | ||||||||||
| Share buybacks (net) | $11.28B | $9.50B | $4.40B | $6.55B | $3.95B | $3.05B | $2.75B | $2.05B | $1.10B | $1.07B |
| Dividends + buybacks / free cash flow | 114.5% | 120.7% | 63.4% | 88.6% | 57.3% | 57.5% | 67.3% | 54.5% | 40.2% | 53.9% |
| Capex / revenue | 0.8% | 0.9% | 1.9% | 2.5% | 2.1% | 3.3% | 3.0% | 3.0% | 2.4% | 3.5% |
| Capex / operating cash flow | 1.8% | 2.3% | 4.9% | 5.6% | 4.6% | 7.3% | 7.6% | 6.6% | 6.1% | 9.3% |
| Capex / depreciation | 0.22 | 0.21 | 0.41 | 0.52 | 0.42 | 0.55 | 0.44 | 0.77 | 0.55 | 0.61 |
| Stock-based compensation / revenue | 8.2% | 8.5% | 8.9% | 8.2% | 6.8% | 7.1% | 7.1% | 6.7% | 6.2% | 6.0% |
| R&D / revenue | 18.1% | 18.3% | 17.9% | 17.0% | 16.1% | 17.0% | 17.3% | 17.0% | 16.8% | 16.7% |
| SG&A / revenue | 33.9% | 33.9% | 34.8% | 35.1% | 34.2% | 35.4% | 36.9% | 37.3% | 38.7% | 42.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 33.9 | 36.5 | 40.3 | 40.9 | 37.9 | 41.6 | 46.6 | 51.2 | 51.3 | 46.9 |
| Days of inventory on hand | — | — | — | — | — | — | — | 0.0 | 0.0 | — |
| Days payables outstanding | 55.7 | 52.2 | 53.7 | 58.2 | 60.5 | 54.6 | 43.1 | 45.8 | 36.4 | 40.4 |
| Cash conversion cycle (days) | -21.8 | -15.8 | -13.4 | -17.4 | -22.6 | -13.0 | 3.4 | 5.4 | 14.9 | 6.6 |
| Receivables turnover | 10.76 | 10.01 | 9.05 | 8.93 | 9.64 | 8.77 | 7.84 | 7.13 | 7.12 | 7.78 |
| Payables turnover | 6.56 | 6.99 | 6.79 | 6.27 | 6.04 | 6.69 | 8.46 | 7.97 | 10.03 | 9.04 |
| Inventory turnover | — | — | — | — | — | — | — | 1,194,999,000.00 | 2,020,982,000.00 | — |
| Asset turnover | 0.80 | 0.72 | 0.68 | 0.65 | 0.61 | 0.57 | 0.57 | 0.54 | 0.54 | 0.48 |
| Average receivables | $2.21B | $2.15B | $2.14B | $1.97B | $1.64B | $1.47B | $1.43B | $1.27B | $1.03B | $752.5M |
| Average payables | $389.0M | $337.5M | $346.5M | $345.5M | $309.0M | $257.5M | $197.6M | $149.9M | $100.8M | $90.7M |
| Average inventory | — | — | — | — | — | — | — | $1 | $0 | $0 |
| Intangibles / total assets | 45.3% | 44.9% | 46.7% | 52.4% | 53.2% | 49.8% | 59.8% | 67.4% | 42.7% | 45.8% |
Computed from ADBE's annual financial statements (latest annual report filed January 15, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ADBE valuation and financial ratios
At the end of fiscal 2025 (November 30, 2025), Adobe traded at 19.2 times earnings, against a 10-year median of 46.3. Based on the latest twelve months, the trailing P/E is 13.7 and the forward P/E is 8.7. Adobe earned a return on equity of 55.4% and a return on invested capital of 59.3% in fiscal 2025. It ended the year with $6.6 billion of debt and $6.6 billion in cash and short-term investments, net debt of $53.0 million. It returned $11.3 billion to shareholders: $0 in dividends and $11.3 billion in share buybacks, 115% of free cash flow. The share count fell 15.3% from 504.3M to 427.0M over 9 years.
See the ADBE income statement, the ADBE chart for price history, or the ADBE stock overview for the latest quote and news.
ADBE key metrics FAQ
What is Adobe's P/E ratio?
Adobe's trailing P/E ratio is 13.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.7. At the end of fiscal 2025 it was 19.2, compared with a 10-year median of 46.3.
What is Adobe's EV/EBITDA?
Adobe's enterprise value was 13.9 times EBITDA at the end of fiscal 2025 (enterprise value $136.7 billion, EBITDA $9.8 billion); the current EV/EBITDA is 9.4.
What is Adobe's return on equity?
Adobe's return on equity (ROE) was 55.4% in fiscal 2025: net income of $7.1 billion on average shareholders' equity of $12.9 billion.
What is Adobe's ROIC?
Adobe's return on invested capital was 59.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Adobe have?
Adobe had total debt of $6.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.57 and $53.0 million of net debt (0.01 times EBITDA).
Does Adobe buy back its shares?
Yes. Adobe spent $11.3 billion on net share repurchases in fiscal 2025 Shares outstanding changed −5.1% over the year, to 427.0M..
What is Adobe's free cash flow yield?
Adobe generated $9.9 billion of free cash flow in fiscal 2025, a free cash flow yield of 7.2% on its market value at year-end ($136.7 billion).
What is Adobe's current ratio?
Adobe's current ratio was 1.00 at the end of fiscal 2025: current assets were 1.00 times current liabilities.