Adobe Inc. (ADBE) intrinsic value & 10-year financials
Adobe Inc. (ADBE) has a Graham intrinsic value of $554.70 per share. At $245.20 on Oct 17, 2026, the stock trades 56% below that value. Over the last 10 fiscal years revenue grew 16.9% a year to $23.8B, with an average return on invested capital of 33.6%.
- Graham intrinsic value
- $554.70
- Share price (Oct 17, 2026)
- $245.20
- Price vs Graham value
- 56% below
- Market cap
- $104.7B
- Revenue (FY2025)
- $23.8B
- Revenue growth (10-yr CAGR)
- 16.9%
- ROIC (10-yr avg)
- 33.6%
- Free cash flow (FY2025)
- $9.9B
ADBE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $23.8B | $7.1B | $16.70 | $9.9B | 36.6% | 56.3% |
| FY2024 | $21.5B | $5.6B | $12.36 | $7.9B | 31.3% | 41.8% |
| FY2023 | $19.4B | $5.4B | $11.82 | $6.9B | 34.3% | 39.0% |
| FY2022 | $17.6B | $4.8B | $10.10 | $7.4B | 34.6% | 33.4% |
| FY2021 | $15.8B | $4.8B | $10.02 | $6.9B | 36.8% | 35.1% |
| FY2020 | $12.9B | $5.3B | $10.83 | $5.3B | 32.9% | 38.9% |
| FY2019 | $11.2B | $3.0B | $6.00 | $4.0B | 29.3% | 29.1% |
| FY2018 | $9.0B | $2.6B | $5.20 | $3.8B | 31.5% | 26.5% |
| FY2017 | $7.3B | $1.7B | $3.38 | $2.7B | 29.7% | 21.0% |
| FY2016 | $5.9B | $1.2B | $2.32 | $2.0B | 25.5% | 14.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Adobe Inc. is a consistent compounder, expanding top-line revenue at 16.8% annually over the past decade.
Adobe Inc. has earned high returns on invested capital, averaging 33.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Adobe Inc. shows that management has aggressively returned capital to shareholders by retiring 15.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Adobe Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $554.70 per share.