Adobe Inc (ADBE34) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Adobe Inc BRL 41.04, price BRL 24.79, upside +65.6%, quality 90 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range R$19.98 – R$77.67 · fair‑value band R$24.69 – R$55.72 · the R$24.79 price screens below the R$41.04 fair value. Dashed = 300-day average. As of Sep 29, 2026.
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.
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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.
Stock analysis
Adobe Inc (ADBE34) currently trades at R$24.79, while our model-based Fair Value estimate is R$41.04, implying the stock looks roughly 39.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R$57.13 per share, and 18 of the 24 models we run sit above the R$24.79 price.
Bear case: the Economic Profit group reads lowest at R$15.94, and 6 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: R$24.69 (bear) to R$55.72 (bull), the price of R$24.79 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 90/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Adobe Inc reported revenue of $23.8B in FY2025 versus $15.8B in FY2021, a compound +10.8%/yr. Reported net income was $7.1B in FY2025, compounding +10.3%/yr from FY2021.
Key figures
Market cap R$484B (≈ $92.7B) · P/E ratio 13.7 · P/S ratio 4.11 · EPS (TTM) R$1.81 · Net margin 30.0% · Return on equity 63.0% · Return on assets (EBIT) 23.6% · Operating margin 35.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (medium confidence).
What moves the price
The share trades about 38% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −8% fair-value upside, at 66%, ADBE34 screens cheaper than that median.
Fair Value models
Bear R$24.69Fair Value R$41.04Bull R$55.72
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (R$1.52 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.98/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+10.5%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+13.1%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+16.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+11.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.3%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.33% → 37%
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Adobe Inc Fair Value". https://www.fairvalue-calculator.com/stock/ADBE34
Frequently asked questions
Is Adobe Inc (ADBE34) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of R$41.04 versus a price of R$24.79, about +66% upside (undervalued).
What is the fair value of ADBE34?
Our model-based fair value for Adobe Inc is R$41.04 (as of Sep 29, 2026), built from audited fundamentals. The current price: R$24.79.
What is the quality score of ADBE34?
Adobe Inc has a Quality Score of 90/100. 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 price target for Adobe Inc (ADBE34)?
Our model-based price target is the fair value of R$41.04 (as of Sep 29, 2026) from 24 valuation models. Cautious scenario R$24.69, optimistic scenario R$55.72. It is a calculation from audited fundamentals, not an analyst target.
What is the Adobe Inc stock forecast for 2026?
Our models put fair value at R$41.04, about +66% upside versus a price of R$24.79 (undervalued). Cautious scenario R$24.69, optimistic scenario R$55.72. The calculation is refreshed regularly with new filings.
What is the revenue of Adobe Inc (ADBE34)?
Adobe Inc reported trailing-twelve-month revenue of about $25.2B (latest available figure, as of Sep 29, 2026).
What is the intrinsic value of Adobe Inc (ADBE34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Adobe Inc it is R$41.04 per share (as of Sep 29, 2026), against a price of R$24.79. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Adobe Inc stock overvalued or undervalued in 2026?
As of Sep 29, 2026, ADBE34 trades below its calculated fair value: price R$24.79, fair value R$41.04, a gap of about +66% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ADBE34?
No. The price is what the market pays today (R$24.79); the fair value is what the company's own numbers justify (R$41.04). For Adobe Inc the two are R$16.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Adobe Inc worth?
The market values Adobe Inc at about R$484B (market capitalisation, as of Sep 29, 2026). Per share that is R$24.79; our models calculate a fair value of R$41.04 per share.
What do the bullish and bearish scenarios say about ADBE34?
Our models span a range for Adobe Inc: cautious scenario R$24.69, base R$41.04, optimistic R$55.72 per share (as of Sep 29, 2026, price R$24.79). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is ADBE34 from its 52-week high?
Adobe Inc trades at R$24.79, about 38% below its 52-week high of R$39.99 and 24% above the low of R$19.98 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$41.04 is for.
Which stocks are comparable to Adobe Inc?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Adobe Inc stock attractive at the current price?
The data as of Sep 29, 2026: price R$24.79, calculated fair value R$41.04 (+66%), Quality Score 90/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ADBE34 calculated?
We run Adobe Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$41.04, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Adobe Inc currently trades 40 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Adobe Inc (ADBE34)?
The closing price on Oct 2, 2026 was R$24.79. Our model-based fair value is R$41.04, about +66% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Adobe Inc right now?
The rarer combination: high quality (90/100) AND below fair value. That earns a closer look rather than a quick verdict. A fairly wide model range (R$24.69 to R$55.72) leaves room in how you read the outcome.
Key figures of Adobe Inc
How large is the market capitalisation of Adobe Inc (ADBE34)?
The market capitalisation of Adobe Inc is R$484B (≈ $92.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Adobe Inc (ADBE34)?
The price-to-earnings ratio of Adobe Inc is 13.7. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Adobe Inc (ADBE34)?
The price-to-sales ratio of Adobe Inc is 4.11 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Adobe Inc (ADBE34)?
Earnings per share at Adobe Inc are R$1.81 (price ÷ EPS = P/E 13.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Adobe Inc (ADBE34)?
The net margin of Adobe Inc is 30.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Adobe Inc (ADBE34)?
The return on equity (ROE) of Adobe Inc is 63.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Adobe Inc (ADBE34)?
On an EBIT basis the return on assets of Adobe Inc is 23.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Adobe Inc (ADBE34)?
The operating margin of Adobe Inc is 35.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Adobe Inc (ADBE34)?
Revenue at Adobe Inc is growing +12.7% versus a year earlier (3y avg +10.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Adobe Inc (ADBE34)?
Earnings per share at Adobe Inc are growing +7.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Adobe Inc (ADBE34) generate?
The free cash flow of Adobe Inc is $9.9B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Adobe Inc (ADBE34) carry?
The net debt of Adobe Inc is $779M (fiscal year 2025, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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