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Adobe Inc. (ADBE06) Fair Value & Analysis

Technology · TH · Market cap 819M THB

AI Adobe Inc. ADBE06 · BK
Price2.16 THB
Fair Value2.12 THB
Upside-1.7%
Quality94/100
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Healthy Growth
Highly profitable · 28.7% net margin
Moderate debt · generates free cash flow
Ranks above peers (9/10)
Wide moat 100/100
Evidence: High Range 1.34 THB – 3.25 THB Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 6 days ago

Fair value updated Aug 13, 2026, revised from 2.15 THB to 2.12 THB (−1.2%) since Aug 2, 2026. Share price +9.1% over the past month.

A strong business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (1.34 THB to 3.25 THB) leaves room in how you read the outcome.
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Price vs Fair Value (3 months)

2.26 THB 1.60 THB Fair Value 2.12 THB May 2026 Aug 2026

White line = price, green steps = our fair value per fiscal year. As of Aug 13, 2026.

How to read this chart

3‑month range 1.60 THB – 2.26 THB · fair‑value band 1.34 THB – 3.25 THB · the 2.16 THB price screens above the 2.12 THB fair value. As of Aug 13, 2026.

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Analysis

Adobe Inc. (ADBE06) currently trades at 2.16 THB, while our model-based Fair Value estimate is 2.12 THB, implying the stock looks roughly 1.7% fairly valued today. The Quality Score stands at 94/100 (high quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Adobe Inc. generated revenue of 25.2B THB at a net margin of 28.7%. Revenue grew 12.7% year over year. It earns a return on equity of 63.0%. Net debt stands at $779M. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1.34 THB (bear case) to 3.25 THB (bull case); at 2.16 THB, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 36% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -40% fair-value upside, at -2%, ADBE06 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 1.24 THB 1.92 THB 2.89 THB 80
Rev-Margin DCF 1.06 THB 1.74 THB 2.59 THB 74
ROIC Compounder 0.7218 THB 0.8749 THB 1.04 THB 72
All 24 models by family
DCF Models
FCF DCF 1.25 THB 2.02 THB 3.15 THB 38
Owner Earnings 0.9838 THB 1.59 THB 2.48 THB 31
5Y Revenue Exit 1.06 THB 1.74 THB 2.64 THB 39
5Y EBITDA Exit 1.37 THB 2.36 THB 3.57 THB 41
5Y P/E Exit 1.51 THB 2.65 THB 3.93 THB 38
10Y Revenue Exit 1.09 THB 1.72 THB 2.62 THB 36
10Y EBITDA Exit 1.30 THB 2.12 THB 3.32 THB 37
10Y P/E Exit 1.39 THB 2.32 THB 3.59 THB 35
Earnings-Based
Graham-Dodd 0.6036 THB 2.57 THB 3.51 THB 54
Lynch FV 0.6562 THB 0.9374 THB 1.22 THB 50
PEG = 1.0 0.6562 THB 0.9374 THB 1.22 THB 46
EPV 0.6753 THB 0.7687 THB 0.8466 THB 59
Multiples
P/E Multiple 1.86 THB 2.49 THB 3.11 THB 63
P/S Multiple 1.13 THB 1.51 THB 1.89 THB 58
P/B Multiple 0.6512 THB 0.8682 THB 1.09 THB 55
EV/EBIT 1.94 THB 2.59 THB 3.24 THB 53
EV/EBITDA 1.59 THB 2.12 THB 2.66 THB 54
EV/Revenue 0.9766 THB 1.40 THB 1.82 THB 43
Asset-Based
NCAV (Graham) 0.0724 THB 0.0969 THB 0.1447 THB 50
Growth DCF
Growth DCF 1.24 THB 1.92 THB 2.89 THB 80
Rev-Margin DCF 1.06 THB 1.74 THB 2.59 THB 74
Economic Profit
Residual Income 0.6944 THB 1.20 THB 24.94 THB 61
ROIC Compounder 0.7218 THB 0.8749 THB 1.04 THB 72
Growth Earnings
Growth-Adj P/E 1.32 THB 1.88 THB 2.44 THB 68

Widest divergence: DCF Models (2.02 THB) versus Asset-Based (0.0969 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 25.2B THB
Revenue growth (YoY) +12.7%
Net margin 28.7%
Return on equity 63.0%
Free cash flow $9.9B FY2025
P/E ratio 0.0
More key figures
Operating margin 35.3%
EPS (TTM) 585.41 THB
EPS growth (YoY) +7.9%
Net debt $779M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 94/100

Of which business quality 87 · Market factors (momentum, volatility) 39

Profitability 91
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Cashflow 90
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 17
Calm price path (market factor)
52W Momentum 64
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Adobe Inc. operates as a technology company worldwide. The Digital Media segment offers products and services that enable individuals, teams, and enterprises to create, publish, and promote content.

Full company description

Adobe Inc. operates as a technology company worldwide. The Digital Media segment offers products and services that enable individuals, teams, and enterprises to create, publish, and promote content. This segment serves photographers, video editors, graphic and experience designers, game developers, content creators, students, marketers, business owners, knowledge workers, and consumers. The Digital Experience segment provides an integrated platform; and products, services, and solutions that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers e-learning, technical document publishing, web conferencing, document and forms platform, web application development, printing, and Adobe Advertising solutions. It also provides consulting, training, customer management, technical support, and learning services. The company offers its solutions to enterprise customers, and businesses and consumers; and licenses its products to end-user customers through app stores and website at adobe.com. It markets and distributes its products through distributors, retailers, software developers, mobile app stores, systems integrators, independent software vendors, value-added resellers, and original equipment and hardware manufacturers. The company also provides an online visibility management and content marketing software-as-a-service platform. The company has a strategic alliance with HUMAIN for the development of generative AI models and AI-powered applications. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

Adobe Inc. reported revenue of $23.8B in FY2025 versus $17.6B in FY2022, a compound +10.5%/yr. Reported net income was $7.1B in FY2025, compounding +14.5%/yr from FY2022.

Growth Quality 92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$23.8B
Latest YoY
+10.5%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.5%
Revenue +10.5%/yr
FY22 $17.6B
FY23 $19.4B
FY24 $21.5B
FY25 $23.8B
Net income +14.5%/yr
FY22 $4.8B
FY23 $5.4B
FY24 $5.6B
FY25 $7.1B

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Cite: Fair Value Calculator (2026). "Adobe Inc. Fair Value". https://www.fairvalue-calculator.com/stock/ADBE06

Peer Group

Software - Application · 724 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 94 · Top 25%
Fair Value upside −2% · Above median
Return on equity (TTM) 63% · Top 25%
Return on assets 20% · Top 25%
Net margin (TTM) 29% · Top 25%
Operating margin (TTM) 35% · Top 25%
Revenue growth 13% · Above median
Debt / equity 0.53× · Higher than 75% of peers

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 0.0× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE31 · sector 1
FUTURE64 · sector 38
PAST100 · sector 13
HEALTH73 · sector 98
DIVIDEND0 · sector 30

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAPS C$12.46 C$16.26 +30%
Shopify Inc SHOP C$209.78 C$28.76 -86%
Uber Technologies, Inc UBER $75.36 $43.66 -42%
Salesforce, Inc CRM $193.32 $249.28 +29%
ServiceNow, Inc NOW $124.94 $43.73 -65%
Cadence Design Systems, Inc CDNS $323.13 $112.57 -65%
Beijing Kingsoft Office Software, Inc 688111 ¥254.50 ¥81.23 -68%
Tata Elxsi Limited TATAELXSI ₹3,712 ₹2,519 -32%
Douzone Bizon Co 012510 120,000 KRW 92,181 KRW -23%
KFin Technologies Limited KFINTECH ₹922.00 ₹556.85 -40%

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Frequently asked questions

Is Adobe Inc. (ADBE06) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 2.12 THB versus a price of 2.16 THB, about −2% (fairly valued).
What is the fair value of ADBE06?
Our model-based fair value for Adobe Inc. is 2.12 THB (as of Aug 13, 2026), built from audited fundamentals. The current price: 2.16 THB.
What is the quality score of ADBE06?
Adobe Inc. has a Quality Score of 94/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Adobe Inc. (ADBE06)?
Adobe Inc. reported trailing-twelve-month revenue of about 25.2B THB (latest available figure, as of Aug 13, 2026).
What is the net profit margin of ADBE06?
The net profit margin of Adobe Inc. is about 28.7%, meaning it keeps roughly 28.7% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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