Adobe Inc. (ADBE) 10-Year Financial Performance & Capital Metrics

ADBE • • Industrial / General

TechnologyInfrastructure SoftwareCloud Infrastructure & Data ManagementCloud Storage & Content Management

AboutAdobe Inc. operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform. Its flagship product is Creative Cloud, a subscription service that allows members to access its creative products. This segment serves content creators, workers, marketers, educators, enthusiasts, communicators, and consumers. The Digital Experience segment provides an integrated platform and set of applications and services that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers products and services, such as e-learning solutions, technical document publishing, web conferencing, document and forms platform, web application development, and high-end printing, as well as Advertising Cloud offerings. The company offers its products and services directly to enterprise customers through its sales force and local field offices, as well as to end users through app stores and through its website at adobe.com. It also distributes products and services through a network of distributors, value-added resellers, systems integrators, software vendors and developers, retailers, and original equipment manufacturers. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.Show more

Revenue $21.5B +10.8%
EBITDA $7.6B +1.0%
Net Income $5.56B +2.4%
EPS (Diluted) 12.36 +4.5%
Gross Margin 89.04% +1.3%
EBITDA Margin 35.33% -8.8%
Operating Margin 31.35% -8.5%
Net Margin 25.85% -7.6%
ROE 36.31% +2.3%
ROIC 38.88% +8.8%
Debt/Equity 0.43 +73.8%
Interest Coverage 41.10 -30.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 34.9%
✓FCF machine: 36.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.0%
✓Healthy 5Y average net margin of 30.5%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y17.89%

5Y14%

3Y10.86%

TTM10.53%

Profit (Net Income) CAGR

10Y35.4%

5Y13.5%

3Y4.86%

TTM28.24%

EPS CAGR

10Y37.82%

5Y15.55%

3Y7.25%

TTM34.65%

ROCE

10Y Avg24.6%

5Y Avg30.64%

3Y Avg32.16%

Latest32.69%

Peer Comparison

Cloud Storage & Content Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ADBEAdobe Inc.	129.74B	309.93	25.08	10.8%	30%	61.34%	6.03%	0.43
BOXBox, Inc.	4.04B	28.19	20.73	5.05%	19.71%	108.45%	8.17%	3.66
SNCRSynchronoss Technologies, Inc.	99.76M	8.67	20.16	5.72%	-5.69%	-17.56%	13.39%	4.97
DBXDropbox, Inc.	4.67B	26.75	19.11	1.86%	19.87%		18.68%
CCSIConsensus Cloud Solutions, Inc.	430.29M	22.64	4.91	-3.36%	23.48%		20.52%
TAOPTaoping Inc.	12.47M	1.35	-3.38	-5.08%	-4.96%	-11.46%		0.50
BLZEBackblaze, Inc.	284.93M	4.94	-4.45	25.1%	-24.37%	-41.74%	3.79%	0.60
KLTRKaltura, Inc.	215.67M	1.52	-7.24	2.02%	-7.1%	-72.43%	5.43%	2.15

Profit & Loss

	Nov 2015	Dec 2016	Dec 2017	Nov 2018	Nov 2019	Nov 2020	Dec 2021	Dec 2022	Dec 2023	Nov 2024
Sales/Revenue+	4.8B	5.85B	7.3B	9.03B	11.17B	12.87B	15.79B	17.61B	19.41B	21.5B
Revenue Growth %	0.16%	0.22%	0.25%	0.24%	0.24%	0.15%	0.23%	0.12%	0.1%	0.11%
Cost of Goods Sold+	744.32M	819.91M	1.01B	1.19B	1.67B	1.72B	1.86B	2.17B	2.35B	2.36B
COGS % of Revenue	0.16%	0.14%	0.14%	0.13%	0.15%	0.13%	0.12%	0.12%	0.12%	0.11%
Gross Profit+	4.05B	5.03B	6.29B	7.84B	9.5B	11.15B	13.92B	15.44B	17.05B	19.15B
Gross Margin %	0.84%	0.86%	0.86%	0.87%	0.85%	0.87%	0.88%	0.88%	0.88%	0.89%
Gross Profit Growth %	0.15%	0.24%	0.25%	0.25%	0.21%	0.17%	0.25%	0.11%	0.1%	0.12%
Operating Expenses+	3.15B	3.54B	4.12B	4.99B	6.23B	6.91B	8.12B	9.34B	10.4B	12.41B
OpEx % of Revenue	0.66%	0.6%	0.56%	0.55%	0.56%	0.54%	0.51%	0.53%	0.54%	0.58%
Selling, General & Admin	2.22B	2.49B	2.82B	3.37B	4.12B	4.56B	5.41B	6.19B	6.76B	7.29B
SG&A % of Revenue	0.46%	0.42%	0.39%	0.37%	0.37%	0.35%	0.34%	0.35%	0.35%	0.34%
Research & Development	862.73M	975.99M	1.22B	1.54B	1.93B	2.19B	2.54B	2.99B	3.47B	3.94B
R&D % of Revenue	0.18%	0.17%	0.17%	0.17%	0.17%	0.17%	0.16%	0.17%	0.18%	0.18%
Other Operating Expenses	68.65M	77.03M	76.56M	91.1M	175.24M	162M	172M	169M	168M	1.17B
Operating Income+	903.1M	1.49B	2.17B	2.84B	3.27B	4.24B	5.8B	6.1B	6.65B	6.74B
Operating Margin %	0.19%	0.26%	0.3%	0.31%	0.29%	0.33%	0.37%	0.35%	0.34%	0.31%
Operating Income Growth %	1.19%	0.65%	0.45%	0.31%	0.15%	0.3%	0.37%	0.05%	0.09%	0.01%
EBITDA+	1.24B	1.83B	2.49B	3.19B	4B	4.99B	6.66B	7.04B	7.52B	7.6B
EBITDA Margin %	0.26%	0.31%	0.34%	0.35%	0.36%	0.39%	0.42%	0.4%	0.39%	0.35%
EBITDA Growth %	0.71%	0.47%	0.37%	0.28%	0.26%	0.25%	0.33%	0.06%	0.07%	0.01%
D&A (Non-Cash Add-back)	339.47M	331.54M	326M	346.49M	736.67M	757M	861M	939M	872M	857M
EBIT	937.97M	1.49B	2.17B	2.88B	3.36B	4.29B	5.81B	6.1B	6.91B	7.1B
Net Interest Income+	-35.42M	-23.1M	-8.33M	4M	-89M	-73M	-96M	-51M	156M	177M
Interest Income	28.76M	47.34M	66.07M	93M	68M	43M	17M	61M	269M	341M
Interest Expense	64.18M	70.44M	74.4M	89M	157M	116M	113M	112M	113M	164M
Other Income/Expense	-29.31M	-58.46M	-30.45M	-46.49M	-63.38M	-61M	-97M	-90M	149M	190M
Pretax Income+	873.78M	1.44B	2.14B	2.79B	3.2B	4.18B	5.71B	6.01B	6.8B	6.93B
Pretax Margin %	0.18%	0.25%	0.29%	0.31%	0.29%	0.32%	0.36%	0.34%	0.35%	0.32%
Income Tax+	244.23M	266.36M	443.69M	203.1M	253.28M	-1.08B	883M	1.25B	1.37B	1.37B
Effective Tax Rate %	0.72%	0.81%	0.79%	0.93%	0.92%	1.26%	0.85%	0.79%	0.8%	0.8%
Net Income+	629.55M	1.17B	1.69B	2.59B	2.95B	5.26B	4.82B	4.76B	5.43B	5.56B
Net Margin %	0.13%	0.2%	0.23%	0.29%	0.26%	0.41%	0.31%	0.27%	0.28%	0.26%
Net Income Growth %	1.35%	0.86%	0.45%	0.53%	0.14%	0.78%	-0.08%	-0.01%	0.14%	0.02%
Net Income (Continuing)	629.55M	1.17B	1.69B	2.59B	2.95B	5.26B	4.82B	4.76B	5.43B	5.56B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.24	2.32	3.38	5.20	6.00	10.83	10.02	10.10	11.83	12.36
EPS Growth %	1.48%	0.87%	0.46%	0.54%	0.15%	0.81%	-0.07%	0.01%	0.17%	0.04%
EPS (Basic)	1.26	2.35	3.43	5.28	6.07	10.94	10.10	10.13	11.88	12.44
Diluted Shares Outstanding	507.16M	504.3M	501.12M	497.84M	491.57M	485M	481M	471M	459M	450M
Basic Shares Outstanding	498.76M	498.35M	493.63M	490.56M	486.29M	481M	477M	470M	457M	447.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Nov 2015	Dec 2016	Dec 2017	Nov 2018	Nov 2019	Nov 2020	Dec 2021	Dec 2022	Dec 2023	Nov 2024
Total Current Assets+	4.82B	5.84B	7.25B	4.86B	6.5B	8.15B	8.67B	9B	11.08B	11.23B
Cash & Short-Term Investments	3.99B	4.76B	5.82B	3.23B	4.18B	5.99B	5.8B	6.1B	7.84B	7.89B
Cash Only	876.56M	1.01B	2.31B	1.64B	2.65B	4.48B	3.84B	4.24B	7.14B	7.61B
Short-Term Investments	3.11B	3.75B	3.51B	1.59B	1.53B	1.51B	1.95B	1.86B	701M	273M
Accounts Receivable	672.01M	833.03M	1.22B	1.32B	1.53B	1.4B	1.88B	2.06B	2.22B	2.07B
Days Sales Outstanding	51.15	51.94	60.89	53.18	50.15	39.65	43.43	42.81	41.82	35.17
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	0	835M	1.02B	1.27B
Total Non-Current Assets+	6.9B	6.86B	7.29B	13.91B	14.27B	16.14B	18.57B	18.17B	18.7B	19B
Property, Plant & Equipment	787.42M	816.26M	936.98M	1.08B	1.29B	2B	2.12B	2.31B	2.39B	2.22B
Fixed Asset Turnover	6.09x	7.17x	7.79x	8.40x	8.64x	6.42x	7.46x	7.61x	8.13x	9.70x
Goodwill	5.37B	5.41B	5.82B	10.58B	10.69B	10.74B	12.67B	12.79B	12.8B	12.79B
Intangible Assets	510.01M	414.4M	385.66M	2.07B	1.72B	1.36B	1.82B	1.45B	1.09B	782M
Long-Term Investments	80.44M	80.44M	0	0	0	0	0	0	0	0
Other Non-Current Assets	159.83M	139.89M	143.55M	186.52M	562M	663M	883M	841M	1.22B	1.55B
Total Assets+	11.73B	12.7B	14.54B	18.77B	20.76B	24.28B	27.24B	27.16B	29.78B	30.23B
Asset Turnover	0.41x	0.46x	0.50x	0.48x	0.54x	0.53x	0.58x	0.65x	0.65x	0.71x
Asset Growth %	0.09%	0.08%	0.14%	0.29%	0.11%	0.17%	0.12%	-0%	0.1%	0.02%
Total Current Liabilities+	2.21B	2.81B	3.53B	4.3B	8.19B	5.51B	6.93B	8.13B	8.25B	10.52B
Accounts Payable	93.31M	88.02M	113.54M	186.26M	209M	306M	312M	379M	314M	361M
Days Payables Outstanding	45.76	39.19	41.01	56.89	45.61	64.86	61.06	63.9	48.69	55.88
Short-Term Debt	0	0	0	0	3.15B	0	0	500M	0	1.5B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	312.78M	339.49M	256.86M	314.69M	477M	502M	1.07B	1.03B	1.14B	1.46B
Current Ratio	2.18x	2.08x	2.05x	1.13x	0.79x	1.48x	1.25x	1.11x	1.34x	1.07x
Quick Ratio	2.18x	2.08x	2.05x	1.13x	0.79x	1.48x	1.25x	1.11x	1.34x	1.07x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	2.51B	2.46B	2.55B	5.11B	2.04B	5.51B	5.51B	4.99B	5.01B	5.6B
Long-Term Debt	1.91B	1.89B	1.88B	4.12B	989M	4.12B	4.12B	3.63B	3.63B	4.13B
Capital Lease Obligations	0	0	0	0	0	499M	453M	417M	373M	353M
Deferred Tax Liabilities	208.21M	217.66M	279.94M	46.7M	140M	10M	5M	0	0	0
Other Non-Current Liabilities	344.8M	281.79M	298.28M	796.31M	789M	752M	786M	823M	890M	994M
Total Liabilities	4.72B	5.27B	6.08B	9.41B	10.23B	11.02B	12.44B	13.11B	13.26B	16.13B
Total Debt+	1.91B	1.89B	1.88B	4.12B	4.14B	4.71B	4.67B	4.63B	4.08B	6.06B
Net Debt	1.03B	880.88M	-424.65M	2.48B	1.49B	230M	829M	397M	-3.06B	-1.56B
Debt / Equity	0.27x	0.25x	0.22x	0.44x	0.39x	0.35x	0.32x	0.33x	0.25x	0.43x
Debt / EBITDA	1.53x	1.04x	0.75x	1.29x	1.03x	0.94x	0.70x	0.66x	0.54x	0.80x
Net Debt / EBITDA	0.83x	0.48x	-0.17x	0.78x	0.37x	0.05x	0.12x	0.06x	-0.41x	-0.20x
Interest Coverage	14.07x	21.20x	29.14x	31.91x	20.82x	36.53x	51.35x	54.45x	58.85x	41.10x
Total Equity+	7B	7.42B	8.46B	9.36B	10.53B	13.26B	14.8B	14.05B	16.52B	14.11B
Equity Growth %	0.03%	0.06%	0.14%	0.11%	0.12%	0.26%	0.12%	-0.05%	0.18%	-0.15%
Book Value per Share	13.81	14.72	16.88	18.81	21.42	27.35	30.76	29.83	35.99	31.34
Total Shareholders' Equity	7B	7.42B	8.46B	9.36B	10.53B	13.26B	14.8B	14.05B	16.52B	14.11B
Common Stock	61K	61K	61K	61K	0	0	0	0	0	0
Retained Earnings	7.25B	8.11B	9.57B	11.82B	14.83B	19.61B	23.91B	28.32B	33.35B	38.47B
Treasury Stock	-4.27B	-5.13B	-6.08B	-7.99B	-10.62B	-13.55B	-17.4B	-23.84B	-28.13B	-37.58B
Accumulated OCI	-169.08M	-173.6M	-111.82M	-148.13M	-188M	-158M	-137M	-293M	-285M	-201M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Nov 2015	Dec 2016	Dec 2017	Nov 2018	Nov 2019	Nov 2020	Dec 2021	Dec 2022	Dec 2023	Nov 2024
Cash from Operations+	1.47B	2.2B	2.91B	4.03B	4.42B	5.73B	7.23B	7.84B	7.3B	8.06B
Operating CF Margin %	0.31%	0.38%	0.4%	0.45%	0.4%	0.45%	0.46%	0.45%	0.38%	0.37%
Operating CF Growth %	0.14%	0.5%	0.32%	0.38%	0.1%	0.3%	0.26%	0.08%	-0.07%	0.1%
Net Income	629.55M	1.17B	1.69B	2.59B	2.95B	5.26B	4.82B	4.76B	5.43B	5.56B
Depreciation & Amortization	339.47M	331.54M	326M	346.49M	624.75M	757M	788M	856M	872M	894M
Stock-Based Compensation	335.84M	349.91M	451.45M	603.47M	787.71M	909M	1.07B	1.44B	1.72B	1.88B
Deferred Taxes	-69.66M	24.22M	51.6M	-468.94M	2.71M	-1.5B	183M	328M	-426M	-341M
Other Non-Cash Items	39.03M	-21.08M	-57.1M	469.73M	-50.33M	116M	83M	122M	65M	-82M
Working Capital Changes	195.26M	346.36M	446.94M	487.77M	105.03M	186M	292M	336M	-355M	144M
Change in Receivables	-79.5M	-160.42M	-187.17M	-1.98M	-187.83M	106M	-430M	-198M	-159M	143M
Change in Inventory	56.63M	166.7M	232.36M	445.8M	164.7M	-202M	0	0	208M	0
Change in Payables	22.87M	-6.28M	-45.19M	54.92M	23.13M	96M	-20M	66M	-49M	44M
Cash from Investing+	-1.49B	-960.03M	-442.88M	-4.68B	-455.08M	-414M	-3.54B	-570M	776M	149M
Capital Expenditures	-184.94M	-203.81M	-178.12M	-267M	-333.98M	-419M	-348M	-442M	-360M	-232M
CapEx % of Revenue	0.04%	0.03%	0.02%	0.03%	0.03%	0.03%	0.02%	0.03%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.34B	-1.63B	-1.9B	0	-565.43M	-865M	0	0	0	51M
Cash from Financing+	-200.69M	-1.09B	-1.18B	-5.57M	-2.95B	-3.49B	-4.3B	-6.83B	-5.18B	-7.72B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	223.59M	-161.29M	-242.09M	189.43M	-428.98M	249M	-642M	-553M	-596M	-430M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.28B	2B	2.73B	3.76B	4.09B	5.31B	6.89B	7.4B	6.94B	7.82B
FCF Margin %	0.27%	0.34%	0.37%	0.42%	0.37%	0.41%	0.44%	0.42%	0.36%	0.36%
FCF Growth %	0.13%	0.55%	0.37%	0.38%	0.09%	0.3%	0.3%	0.07%	-0.06%	0.13%
FCF per Share	2.53	3.96	5.46	7.56	8.31	10.94	14.33	15.70	15.12	17.39
FCF Conversion (FCF/Net Income)	2.33x	1.88x	1.72x	1.56x	1.50x	1.09x	1.50x	1.65x	1.35x	1.45x
Interest Paid	56.01M	66.19M	69.43M	81M	152M	88M	100M	103M	106M	143M
Taxes Paid	203.01M	249.88M	396.67M	210M	352M	469M	843M	778M	1.85B	1.73B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.14%	16.2%	21.33%	29.07%	29.67%	44.21%	34.37%	32.97%	35.51%	36.31%
Return on Invested Capital (ROIC)	8.91%	13.71%	19.9%	21.43%	20.54%	24.91%	29.89%	30.41%	35.75%	38.88%
Gross Margin	84.48%	86%	86.16%	86.77%	85.03%	86.62%	88.19%	87.7%	87.87%	89.04%
Net Margin	13.13%	19.96%	23.2%	28.69%	26.42%	40.88%	30.55%	27.01%	27.97%	25.85%
Debt / Equity	0.27x	0.25x	0.22x	0.44x	0.39x	0.35x	0.32x	0.33x	0.25x	0.43x
Interest Coverage	14.07x	21.20x	29.14x	31.91x	20.82x	36.53x	51.35x	54.45x	58.85x	41.10x
FCF Conversion	2.33x	1.88x	1.72x	1.56x	1.50x	1.09x	1.50x	1.65x	1.35x	1.45x
Revenue Growth	15.64%	22.08%	24.72%	23.67%	23.71%	15.19%	22.67%	11.54%	10.24%	10.8%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Digital Media	4.6B	5.68B	7.13B	6.33B	7.71B	9.23B	11.52B	12.84B	14.22B	15.86B
Digital Media Growth	-	23.32%	25.59%	-11.29%	21.84%	19.80%	24.77%	11.48%	10.70%	11.59%
Digital Experience	-	-	-	2.44B	3.21B	3.13B	3.87B	4.42B	4.89B	5.37B
Digital Experience Growth	-	-	-	-	31.20%	-2.53%	23.74%	14.35%	10.65%	9.67%
Print And Publishing	191.49M	176.83M	170.89M	260.95M	258.14M	510M	398M	342M	300M	275M
Print And Publishing Growth	-	-7.66%	-3.36%	52.70%	-1.07%	97.56%	-21.96%	-14.07%	-12.28%	-8.33%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	3.4B	4.22B	5.12B	6.51B	7.45B	9B	10.25B	11.65B	12.89B
Americas Growth	-	-	24.01%	21.35%	27.15%	14.57%	20.69%	13.95%	13.69%	10.61%
EMEA	1.34B	1.62B	1.99B	2.55B	2.98B	3.4B	4.25B	4.59B	4.88B	5.55B
EMEA Growth	-	21.15%	22.60%	28.46%	16.67%	14.28%	25.06%	8.02%	6.27%	13.79%
Asia	671.02M	835.14M	1.1B	1.36B	1.69B	2.01B	2.54B	2.76B	2.87B	3.06B
Asia Growth	-	24.46%	31.70%	23.94%	23.99%	19.16%	25.97%	8.87%	4.06%	6.47%

Frequently Asked Questions

Valuation & Price

Adobe Inc. (ADBE) has a price-to-earnings (P/E) ratio of 25.1x. This suggests investors expect higher future growth.

Growth & Financials

Adobe Inc. (ADBE) reported $23.77B in revenue for fiscal year 2024. This represents a 464% increase from $4.22B in 2011.

Adobe Inc. (ADBE) grew revenue by 10.8% over the past year. This is steady growth.

Yes, Adobe Inc. (ADBE) is profitable, generating $7.13B in net income for fiscal year 2024 (25.9% net margin).

Dividend & Returns

Adobe Inc. (ADBE) has a return on equity (ROE) of 36.3%. This is excellent, indicating efficient use of shareholder capital.

Adobe Inc. (ADBE) generated $9.85B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...