Last 48 quarters of trend data · Technology · Enterprise Software
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 12.98 | 15.77 | 15.25 | 14.26 | 17.98 | 21.33 | 26.27 | 26.55 | 33.94 | 38.19 | 31.86 | 104.95 | 47.40 | 46.16 | 38.69 | 31.74 | 33.88 | 38.03 | 43.15 | 42.33 | 59.97 |
| — | -26.1% | -42.0% | -46.3% | -47.0% | -44.1% | -17.5% | -74.7% | -28.4% | -17.3% | -17.6% | +230.7% | +39.9% | +21.4% | -10.3% | -25.0% | -43.5% | -42.5% | -20.6% | +0.3% | +133.3% | |
| P/S Ratio | 3.66 | 4.26 | 3.94 | 4.21 | 5.39 | 6.40 | 7.65 | 8.40 | 10.19 | 11.90 | 9.45 | 12.56 | 13.92 | 13.22 | 10.40 | 8.49 | 8.79 | 9.74 | 11.59 | 12.60 | 18.00 |
| — | -33.5% | -48.6% | -49.9% | -47.1% | -46.2% | -19.0% | -33.1% | -26.8% | -10.0% | -9.2% | +47.9% | +58.3% | +35.7% | -10.3% | -32.6% | -51.2% | -52.2% | -26.8% | -7.6% | +6.8% | |
| P/B Ratio | 8.79 | 9.79 | 9.05 | 9.43 | 11.49 | 13.03 | 15.70 | 14.67 | 16.20 | 17.69 | 13.51 | 16.84 | 17.02 | 16.39 | 13.50 | 11.13 | 11.33 | 12.01 | 14.54 | 15.59 | 20.00 |
| — | -24.9% | -42.4% | -35.7% | -29.1% | -26.3% | +16.2% | -12.9% | -4.8% | +8.0% | +0.1% | +51.3% | +50.3% | +36.4% | -7.1% | -28.6% | -43.4% | -46.0% | -17.0% | -0.8% | +14.9% | |
| P/FCF | 8.98 | 11.81 | 12.36 | 9.23 | 10.68 | 18.04 | 20.96 | 19.55 | 19.89 | 32.76 | 26.56 | 59.22 | 45.34 | 36.27 | 24.81 | 24.83 | 17.81 | 27.34 | 26.55 | 32.17 | 37.61 |
| — | -34.5% | -41.0% | -52.8% | -46.3% | -44.9% | -21.1% | -67.0% | -56.1% | -9.7% | +7.0% | +138.6% | +154.6% | +32.7% | -6.5% | -22.8% | -52.6% | -55.0% | -17.2% | +3.5% | +9.4% | |
| EV / EBITDA | 9.60 | 11.44 | 10.94 | 10.43 | 13.77 | 16.28 | 19.56 | 20.16 | 26.09 | 29.05 | 23.70 | 57.68 | 35.06 | 33.11 | 26.76 | 21.99 | 23.19 | 25.50 | 29.04 | 29.85 | 42.98 |
| — | -29.7% | -44.1% | -48.2% | -47.2% | -44.0% | -17.5% | -65.1% | -25.6% | -12.3% | -11.4% | +162.3% | +51.2% | +29.8% | -7.9% | -26.3% | -46.0% | -47.4% | -22.9% | -8.0% | +4.5% | |
| EV / EBIT | 11.07 | 12.48 | 11.54 | 10.88 | 14.45 | 17.20 | 20.90 | 21.38 | 27.80 | 30.60 | 25.24 | 64.87 | 37.86 | 36.16 | 29.68 | 24.25 | 25.82 | 29.22 | 33.65 | 34.48 | 49.59 |
| — | -27.4% | -44.8% | -49.1% | -48.0% | -43.8% | -17.2% | -67.0% | -26.6% | -15.4% | -14.9% | +167.4% | +46.7% | +23.8% | -11.8% | -29.7% | -47.9% | -47.3% | -21.7% | -5.8% | +5.1% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.3% | 88.1% | 89.2% | 89.6% | 89.5% | 89.3% | 89.1% | 89.1% | 89.0% | 89.8% | 88.7% | 88.6% | 87.4% | 88.1% | 88.1% | 87.8% | 87.4% | 87.7% | 87.7% | 88.0% | 87.7% |
| — | -1.3% | +0.1% | +0.6% | +0.6% | -0.5% | +0.5% | +0.6% | +1.8% | +1.8% | +0.7% | +0.9% | -0.0% | +0.5% | +0.5% | -0.2% | -0.2% | -0.5% | -0.8% | -0.6% | +0.2% | |
| Operating Margin | 36.6% | 34.8% | 33.8% | 37.8% | 36.5% | 36.3% | 35.9% | 37.9% | 34.9% | 36.8% | 35.5% | 17.5% | 34.5% | 34.7% | 33.7% | 34.1% | 33.3% | 33.5% | 34.9% | 37.1% | 36.5% |
| — | -4.0% | -5.8% | -0.2% | +4.6% | -1.5% | +1.1% | +116.3% | +1.1% | +6.1% | +5.3% | -48.6% | +3.8% | +3.7% | -3.3% | -8.1% | -8.9% | -8.6% | -4.9% | -0.4% | +2.9% | |
| Net Margin | 30.0% | 27.0% | 25.9% | 29.5% | 30.0% | 29.6% | 28.8% | 31.7% | 30.0% | 31.1% | 29.6% | 12.0% | 29.4% | 28.7% | 26.9% | 26.8% | 26.0% | 25.6% | 26.9% | 29.7% | 30.0% |
| — | -8.7% | -10.2% | -6.8% | -0.2% | -5.0% | -2.8% | +164.9% | +2.2% | +8.5% | +10.2% | -55.3% | +13.0% | +12.0% | +0.1% | -9.8% | -13.4% | -16.8% | -7.7% | -8.0% | -54.3% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 55.4% | 15.7% | 14.9% | 16.4% | 15.9% | 15.3% | 13.8% | 13.3% | 11.7% | 11.5% | 10.4% | 3.9% | 9.2% | 9.2% | 8.9% | 8.8% | 8.3% | 8.0% | 8.5% | 8.9% | 8.4% |
| — | +2.8% | +8.3% | +23.1% | +35.1% | +33.2% | +32.7% | +243.4% | +27.9% | +25.0% | +16.4% | -56.1% | +11.0% | +14.4% | +5.1% | -0.4% | -2.0% | -6.6% | +4.2% | -5.8% | -53.1% | |
| ROA | 23.9% | 6.1% | 5.7% | 6.4% | 6.4% | 6.2% | 5.8% | 6.0% | 5.6% | 5.6% | 5.4% | 2.1% | 5.0% | 4.9% | 4.8% | 4.6% | 4.4% | 4.3% | 4.5% | 4.8% | 4.6% |
| — | -2.1% | -1.4% | +6.0% | +13.7% | +10.7% | +8.8% | +184.1% | +11.2% | +14.2% | +12.7% | -54.3% | +15.5% | +15.1% | +5.5% | -2.6% | -5.6% | -8.6% | +2.1% | -7.1% | -52.1% | |
| ROIC | 51.4% | 12.7% | 13.2% | 14.7% | 12.9% | 12.3% | 12.2% | 12.7% | 11.3% | 11.2% | 10.6% | 5.1% | 9.8% | 9.5% | 8.8% | 8.3% | 7.6% | 7.3% | 7.4% | 7.6% | 7.5% |
| — | +3.2% | +8.4% | +15.7% | +14.3% | +9.9% | +14.4% | +150.7% | +15.5% | +17.7% | +21.3% | -38.6% | +28.2% | +30.0% | +18.6% | +9.5% | +2.0% | -2.6% | +2.1% | -1.9% | +7.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.57 | 0.57 | 0.61 | 0.58 | 0.57 | 0.56 | 0.57 | 0.50 | 0.43 | 0.42 | 0.41 | 0.26 | 0.25 | 0.26 | 0.28 | 0.29 | 0.33 | 0.32 | 0.33 | 0.34 | 0.32 |
| — | +2.0% | +7.0% | +16.2% | +33.2% | +34.9% | +39.7% | +89.6% | +73.8% | +60.9% | +48.0% | -9.0% | -25.1% | -19.6% | -16.8% | -14.2% | +4.4% | -0.7% | -1.7% | -2.5% | -11.0% | |
| Debt / EBITDA | 0.70 | 2.63 | 2.91 | 2.57 | 2.72 | 2.79 | 2.83 | 2.76 | 2.78 | 2.76 | 2.90 | 3.65 | 2.06 | 2.12 | 2.21 | 2.29 | 2.69 | 2.73 | 2.65 | 2.57 | 2.71 |
| — | -5.6% | +2.6% | -6.9% | -2.3% | +1.1% | -2.4% | -24.5% | +35.3% | +30.1% | +31.1% | +59.1% | -23.6% | -22.4% | -16.4% | -10.7% | -0.5% | -3.6% | -9.0% | -9.9% | -19.2% | |
| Current Ratio | 1.00 | 0.77 | 0.75 | 0.91 | 1.00 | 1.02 | 0.99 | 1.18 | 1.07 | 1.11 | 1.16 | 1.05 | 1.34 | 1.25 | 1.16 | 1.12 | 1.11 | 1.14 | 1.07 | 1.04 | 1.25 |
| — | -24.4% | -24.4% | -23.0% | -6.7% | -8.3% | -14.6% | +12.9% | -20.5% | -11.0% | +0.6% | -6.4% | +21.4% | +9.4% | +8.0% | +8.0% | -11.5% | -18.0% | -18.5% | -18.3% | -15.4% | |
| Quick Ratio | 1.00 | 0.77 | 0.75 | 0.91 | 1.00 | 1.02 | 0.99 | 1.18 | 1.07 | 1.11 | 1.16 | 1.05 | 1.34 | 1.25 | 1.16 | 1.12 | 1.11 | 1.14 | 1.07 | 1.04 | 1.25 |
| — | -24.4% | -24.4% | -23.0% | -6.7% | -8.3% | -14.6% | +12.9% | -20.5% | -11.0% | +0.6% | -6.4% | +21.4% | +9.4% | +8.0% | +8.0% | -11.5% | -18.0% | -18.5% | -18.3% | -15.4% | |
| Interest Coverage | 34.21 | 35.67 | 35.43 | 39.44 | 35.30 | 33.64 | 31.90 | 36.19 | 40.82 | 41.04 | 48.07 | 36.85 | 65.57 | 65.56 | 64.46 | 50.94 | 55.18 | 53.00 | 54.29 | 56.11 | 53.43 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying ADBE stock.
Adobe Inc.'s current P/E is 13.0x. The average P/E over the last 4 quarters is 15.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Adobe Inc.'s current operating margin is 36.6%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Adobe Inc.'s business trajectory between earnings reports.