# Adobe Inc. (ADBE) — Stock CV

Adobe Inc. is a $94.2B technology company. Revenue grew 12.0% over the last year, it keeps 28¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 12.9× earnings — near the lowest of its own history.

> Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing, and engaging with compelling content across multiple operating systems, devices, and media.

## Identity

- **Ticker**: ADBE
- **Sector**: Technology
- **Industry**: Software—Application
- **Headquarters**: SAN JOSE, CA
- **Employees**: 31 360
- **Website**: https://www.adobe.com
- **Market cap**: $94.2B
- **Last price**: $242.15
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $26.0B
- **Net income**: $7.28B
- **Free cash flow**: $10.6B
- **Net cash**: $385M
- **P/E**: 12.9
- **Revenue growth (YoY)**: 12.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 90 |
| Growth | 77 |
| Profitability | 100 |
| Health | 56 |
| Quality | 97 |
| Moat | 100 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +12.0% YoY
- [x] Profitable — $7.28B TTM
- [x] Profit growing — +18.3% YoY
- [x] Generates cash — $10.6B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $94.2B market cap
- [x] Not printing shares — -12.0% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 31/100
- [x] Valuation not extreme — P/E 12.9

## Experience (career milestones)

- **FY2025** — Best year on record: $7.13B net income
- **2025** — Adobe Inc. announced its agreement to acquire Semrush for $1.9 billion
- **2022** — Adobe announced a $20 billion acquisition of Figma, an Adobe XD competitor, in September 2022, its largest to date
- **Aug 19, 2021** — Adobe announced it had entered into a definitive agreement to acquire Frame.io, a leading…
- **FY2019** — Revenue crossed $10B: $11.2B for the year
- **FY2019** — Became debt-free: cash now exceeds total debt
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $5.85B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2013** — Creative Cloud pivot: killed boxed software for subscriptions — margins never looked back
- **2012** — The original announcement of Adobe Creative Cloud was met with a positive reception from CNET journalists as a much…
- **2011** — Adobe announced that it had entered into a definitive agreement to acquire privately held…
- **2002** — Its first notable acquisition in the decade was in 2002, when Adobe acquired Canadian company Accelio, also known as…
- **1993** — PDF & Acrobat: the portable-document standard
- **1991** — Adobe would acquire Photoshop from John and Thomas Knoll, FrameMaker from Frame Technology Corporation
- **1990** — Photoshop: licensed from the Knoll brothers — became a verb
- **Aug 20, 1986** — IPO on Nasdaq
- **1982** — Founded by Warnock & Geschke: two Xerox PARC researchers with a page-description language

## Strengths

- High gross margin (89.3%)
- Strongly profitable — 28.0% net margin
- Revenue growing 12.0% year over year
- Strong cash conversion — FCF is 40.8% of revenue
- Net cash position after subtracting debt from cash

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $15.8B | $4.82B | $6.88B |
| FY2022 | $17.6B | $4.76B | $7.40B |
| FY2023 | $19.4B | $5.43B | $6.94B |
| FY2024 | $21.5B | $5.56B | $7.87B |
| FY2025 | $23.8B | $7.13B | $9.85B |

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Source: https://stockcv.com/ADBE — derived from company filings; may be delayed or incomplete. Information, not investment advice.