Last 48 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Adobe Inc.'s quarterly P/E stands at 14.3x, down 46.3% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 48.5% YoY to 10.4x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 14.98 | 14.26 | 17.98 | 21.33 | 26.27 | 26.55 | 33.94 | 38.19 | 31.86 | 104.95 | 47.40 | 46.16 | 38.69 |
| — | -46.3% | -47.0% | -44.1% | -17.5% | -74.7% | -28.4% | -17.3% | -17.6% | +230.7% | +39.9% | +21.4% | -10.3% | |
| P/S Ratio | 4.35 | 4.21 | 5.39 | 6.40 | 7.65 | 8.40 | 10.19 | 11.90 | 9.45 | 12.56 | 13.92 | 13.22 | 10.40 |
| — | -49.9% | -47.1% | -46.2% | -19.0% | -33.1% | -26.8% | -10.0% | -9.2% | +47.9% | +58.3% | +35.7% | -10.3% | |
| P/B Ratio | 9.19 | 9.43 | 11.49 | 13.03 | 15.70 | 14.67 | 16.20 | 17.69 | 13.51 | 16.84 | 17.02 | 16.39 | 13.50 |
| — | -35.7% | -29.1% | -26.3% | +16.2% | -12.9% | -4.8% | +8.0% | +0.1% | +51.3% | +50.3% | +36.4% | -7.1% | |
| P/FCF | 10.49 | 9.23 | 10.68 | 18.04 | 20.96 | 19.55 | 19.89 | 32.76 | 26.56 | 59.22 | 45.34 | 36.27 | 24.81 |
| — | -52.8% | -46.3% | -44.9% | -21.1% | -67.0% | -56.1% | -9.7% | +7.0% | +138.6% | +154.6% | +32.7% | -6.5% | |
| EV / EBITDA | 10.98 | 10.39 | 13.77 | 16.28 | 19.56 | 20.16 | 26.09 | 29.05 | 23.70 | 57.68 | 35.06 | 33.11 | 26.76 |
| — | -48.5% | -47.2% | -44.0% | -17.5% | -65.1% | -25.6% | -12.3% | -11.4% | +162.3% | +51.2% | +29.8% | -7.9% | |
| EV / EBIT | 12.01 | 10.39 | 14.88 | 17.20 | 20.90 | 21.38 | 27.80 | 30.60 | 25.24 | 64.87 | 37.86 | 36.16 | 29.68 |
| — | -51.4% | -46.5% | -43.8% | -17.2% | -67.0% | -26.6% | -15.4% | -14.9% | +160.2% | +42.9% | +23.8% | -11.8% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Adobe Inc.'s operating margin was 38.3% in Q1 2026, up 1.8 pp QoQ and up 0.5 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 36.8% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.6% | 89.6% | 88.9% | 89.3% | 89.1% | 89.1% | 89.0% | 89.8% | 88.7% | 88.6% | 87.4% | 88.1% | 88.1% |
| — | +0.6% | -0.1% | -0.5% | +0.5% | +0.6% | +1.8% | +1.8% | +0.7% | +0.9% | -0.0% | +0.5% | +0.5% | |
| Operating Margin | 36.6% | 38.3% | 36.5% | 36.3% | 35.9% | 37.9% | 34.9% | 36.8% | 35.5% | 17.5% | 34.5% | 34.7% | 33.7% |
| — | +1.3% | +4.6% | -1.5% | +1.1% | +116.3% | +1.1% | +6.1% | +5.3% | -48.6% | +3.8% | +3.7% | -3.3% | |
| Net Margin | 30.0% | 29.5% | 30.0% | 29.6% | 28.8% | 31.7% | 30.0% | 31.1% | 29.6% | 12.0% | 29.4% | 28.7% | 26.9% |
| — | -6.8% | -0.2% | -5.0% | -2.8% | +164.9% | +2.2% | +8.5% | +10.2% | -55.3% | +13.0% | +12.0% | +0.1% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 55.4% | 16.4% | 15.9% | 15.3% | 13.8% | 13.3% | 11.7% | 11.5% | 10.4% | 3.9% | 9.2% | 9.2% | 8.9% |
| — | +23.1% | +35.1% | +33.2% | +32.7% | +243.4% | +27.9% | +25.0% | +16.4% | -56.1% | +11.0% | +14.4% | +5.1% | |
| ROA | 23.9% | 6.4% | 6.4% | 6.2% | 5.8% | 6.0% | 5.6% | 5.6% | 5.4% | 2.1% | 5.0% | 4.9% | 4.8% |
| — | +6.0% | +13.7% | +10.7% | +8.8% | +184.1% | +11.2% | +14.2% | +12.7% | -54.3% | +15.5% | +15.1% | +5.5% | |
| ROIC | 51.4% | 20.0% | 12.9% | 12.3% | 12.2% | 12.7% | 11.3% | 11.2% | 10.6% | 5.1% | 9.8% | 9.5% | 8.8% |
| — | +57.1% | +14.3% | +9.9% | +14.4% | +150.7% | +15.5% | +17.7% | +21.3% | -38.6% | +28.2% | +30.0% | +18.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Adobe Inc.'s Debt/EBITDA ratio is 0.2x, down from 2.7x last quarter — comfortably within a safe range. The current ratio has weakened 23.0% YoY to 0.91x, tightening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.57 | 0.04 | 0.57 | 0.56 | 0.57 | 0.50 | 0.43 | 0.42 | 0.41 | 0.26 | 0.25 | 0.26 | 0.28 |
| — | -92.5% | +33.2% | +34.9% | +39.7% | +89.6% | +73.8% | +60.9% | +48.0% | -9.0% | -25.1% | -19.6% | -16.8% | |
| Debt / EBITDA | 0.70 | 0.17 | 2.72 | 2.79 | 2.83 | 2.76 | 2.78 | 2.76 | 2.90 | 3.65 | 2.06 | 2.12 | 2.21 |
| — | -93.7% | -2.3% | +1.1% | -2.4% | -24.5% | +35.3% | +30.1% | +31.1% | +59.1% | -23.6% | -22.4% | -16.4% | |
| Current Ratio | 1.00 | 0.91 | 1.00 | 1.02 | 0.99 | 1.18 | 1.07 | 1.11 | 1.16 | 1.05 | 1.34 | 1.25 | 1.16 |
| — | -23.0% | -6.7% | -8.3% | -14.6% | +12.9% | -20.5% | -11.0% | +0.6% | -6.4% | +21.4% | +9.4% | +8.0% | |
| Quick Ratio | 1.00 | 0.91 | 1.00 | 1.02 | 0.99 | 1.18 | 1.07 | 1.11 | 1.16 | 1.05 | 1.34 | 1.25 | 1.16 |
| — | -23.0% | -6.7% | -8.3% | -14.6% | +12.9% | -20.5% | -11.0% | +0.6% | -6.4% | +21.4% | +9.4% | +8.0% | |
| Interest Coverage | 33.10 | — | 34.26 | 32.43 | 31.01 | 34.89 | 39.14 | 39.06 | 45.98 | 33.59 | 62.25 | 62.85 | 62.46 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Adobe Inc.'s current P/E is 15.0x. The average P/E over the last 4 quarters is 20.0x. 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 expanding 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.