Adobe Inc.

ADBENASDAQ

$271.19

Last price · USD

Market cap: $115.8B
P/E: 16.2x
EV / EBITDA: 12.0x
P/S: 4.9x
FCF yield: 8.5%
Div. yield: 0.00%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Adobe Inc. balance sheet

Annual · USD millions except per-share data · 44 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	5,431	7,613	7,141	4,236	3,844	+9.0%
Short-term investments	1,164	273	701	1,860	1,954	-12.1%
Cash & short-term investments	6,595	7,886	7,842	6,096	5,798	+3.3%
Net receivables	2,344	2,072	2,224	2,065	1,878	+5.7%
Accounts receivable	2,344	2,072	2,224	2,065	1,878	+5.7%
Prepaids	0	0	0	0	993	—
Other current assets	1,224	1,274	1,018	835	0	—
Total current assets	10,163	11,232	11,084	8,996	8,669	+4.1%
Non-current assets
Property, plant & equipment (net)	2,185	2,217	2,388	2,315	2,116	+0.8%
Goodwill	12,857	12,788	12,805	12,787	12,668	+0.4%
Intangible assets	495	782	1,088	1,449	1,820	-27.8%
Goodwill & intangible assets	13,352	13,570	13,893	14,236	14,488	-2.0%
Tax assets	2,186	1,657	1,191	777	1,085	+19.1%
Other non-current assets	1,610	1,554	1,223	841	883	+16.2%
Total non-current assets	19,333	18,998	18,695	18,169	18,572	+1.0%
Total assets	29,496	30,230	29,779	27,165	27,241	+2.0%
Current liabilities
Accounts payable	417	361	314	379	312	+7.5%
Other payables	153	240	207	192	173	-3.0%
Total payables	570	601	521	571	485	+4.1%
Short-term debt	0	1,499	0	500	0	—
Capital lease obligations (current)	77	75	73	87	97	-5.6%
Tax payables	153	240	85	75	54	+29.7%
Deferred revenue	6,905	6,131	5,837	5,297	4,733	+9.9%
Other current liabilities	2,648	1,464	1,141	1,030	1,066	+25.5%
Total current liabilities	10,200	10,521	8,251	8,128	6,932	+10.1%
Non-current liabilities
Long-term debt	6,210	4,129	3,634	3,629	4,123	+10.8%
Capital lease obligations (non-current)	361	353	373	417	453	-5.5%
Deferred revenue (non-current)	125	128	113	117	145	-3.6%
Deferred tax liabilities (non-current)	0	0	0	0	5	—
Other non-current liabilities	977	994	890	823	786	+5.6%
Total non-current liabilities	7,673	5,604	5,010	4,986	5,512	+8.6%
Capital lease obligations	438	428	446	504	550	-5.5%
Total debt	6,648	6,056	4,080	4,633	4,673	+9.2%
Total liabilities	17,873	16,125	13,261	13,114	12,444	+9.5%
Stockholders' equity
Retained earnings	45,354	38,470	33,346	28,319	23,905	+17.4%
Additional paid-in capital	15,361	13,419	11,586	9,868	8,428	+16.2%
Treasury stock	(48,847)	(37,583)	(28,129)	(23,843)	(17,399)	—
Accumulated other comprehensive income (loss)	(245)	(201)	(285)	(293)	(137)	—
Total stockholders' equity	11,623	14,105	16,518	14,051	14,797	-5.9%
Total equity	11,623	14,105	16,518	14,051	14,797	-5.9%
Total liabilities & equity	29,496	30,230	29,779	27,165	27,241	+2.0%
Additional fields
Accrued Expenses	0	751	679	643	551	—
Net Debt	1,217	(1,557)	(3,061)	397	829	+10.1%
Total Investments	1,164	273	701	1,860	1,954	-12.1%

Adobe Inc.

ADBENASDAQ

$271.19

Last price · USD

Market cap: $115.8B
P/E: 16.2x
EV / EBITDA: 12.0x
P/S: 4.9x
FCF yield: 8.5%
Div. yield: 0.00%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Adobe Inc. balance sheet

Annual · USD millions except per-share data · 44 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	5,431	7,613	7,141	4,236	3,844	+9.0%
Short-term investments	1,164	273	701	1,860	1,954	-12.1%
Cash & short-term investments	6,595	7,886	7,842	6,096	5,798	+3.3%
Net receivables	2,344	2,072	2,224	2,065	1,878	+5.7%
Accounts receivable	2,344	2,072	2,224	2,065	1,878	+5.7%
Prepaids	0	0	0	0	993	—
Other current assets	1,224	1,274	1,018	835	0	—
Total current assets	10,163	11,232	11,084	8,996	8,669	+4.1%
Non-current assets
Property, plant & equipment (net)	2,185	2,217	2,388	2,315	2,116	+0.8%
Goodwill	12,857	12,788	12,805	12,787	12,668	+0.4%
Intangible assets	495	782	1,088	1,449	1,820	-27.8%
Goodwill & intangible assets	13,352	13,570	13,893	14,236	14,488	-2.0%
Tax assets	2,186	1,657	1,191	777	1,085	+19.1%
Other non-current assets	1,610	1,554	1,223	841	883	+16.2%
Total non-current assets	19,333	18,998	18,695	18,169	18,572	+1.0%
Total assets	29,496	30,230	29,779	27,165	27,241	+2.0%
Current liabilities
Accounts payable	417	361	314	379	312	+7.5%
Other payables	153	240	207	192	173	-3.0%
Total payables	570	601	521	571	485	+4.1%
Short-term debt	0	1,499	0	500	0	—
Capital lease obligations (current)	77	75	73	87	97	-5.6%
Tax payables	153	240	85	75	54	+29.7%
Deferred revenue	6,905	6,131	5,837	5,297	4,733	+9.9%
Other current liabilities	2,648	1,464	1,141	1,030	1,066	+25.5%
Total current liabilities	10,200	10,521	8,251	8,128	6,932	+10.1%
Non-current liabilities
Long-term debt	6,210	4,129	3,634	3,629	4,123	+10.8%
Capital lease obligations (non-current)	361	353	373	417	453	-5.5%
Deferred revenue (non-current)	125	128	113	117	145	-3.6%
Deferred tax liabilities (non-current)	0	0	0	0	5	—
Other non-current liabilities	977	994	890	823	786	+5.6%
Total non-current liabilities	7,673	5,604	5,010	4,986	5,512	+8.6%
Capital lease obligations	438	428	446	504	550	-5.5%
Total debt	6,648	6,056	4,080	4,633	4,673	+9.2%
Total liabilities	17,873	16,125	13,261	13,114	12,444	+9.5%
Stockholders' equity
Retained earnings	45,354	38,470	33,346	28,319	23,905	+17.4%
Additional paid-in capital	15,361	13,419	11,586	9,868	8,428	+16.2%
Treasury stock	(48,847)	(37,583)	(28,129)	(23,843)	(17,399)	—
Accumulated other comprehensive income (loss)	(245)	(201)	(285)	(293)	(137)	—
Total stockholders' equity	11,623	14,105	16,518	14,051	14,797	-5.9%
Total equity	11,623	14,105	16,518	14,051	14,797	-5.9%
Total liabilities & equity	29,496	30,230	29,779	27,165	27,241	+2.0%
Additional fields
Accrued Expenses	0	751	679	643	551	—
Net Debt	1,217	(1,557)	(3,061)	397	829	+10.1%
Total Investments	1,164	273	701	1,860	1,954	-12.1%