ADOBE INC. (ADBE)

Services-Prepackaged Software

Latest Price

$250.41

TTM P/E

14.33

Normalized P/E

19.29

Div Yield

Book Value

28.35

P/B Ratio

8.83

Valuation metrics

EPS: $16.70

Book value / share: $28.14

Formula: √(22.5 × EPS × BVPS)

Graham Number

$102.83

59% downside

Norm. op. income: $6.1B (median of 7yr)

Tax rate: 19%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$120.42

52% downside

Base FCF: $7.4B (median of recent 5yr)

Growth: 19%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$875.64

+250% upside

EPS: $16.70

Target P/E: 19×

Formula: EPS × P/E

P/E Fair Value

$317.30

+27% upside

80.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	40.81M	$9.92B	10.23%	+379.7K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	26.68M	$6.49B	6.69%	--	2026-03-31
STATE STREET CORP	19.91M	$4.84B	4.99%	-560.5K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	11.73M	$2.85B	2.94%	+195.2K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	9.97M	$2.42B	2.50%	--	2026-03-31
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	6.79M	$1.65B	1.70%	+563.8K	2026-03-31
MORGAN STANLEY	5.68M	$1.38B	1.42%	-518.1K	2026-03-31
Invesco Ltd.	5.57M	$1.35B	1.40%	+452.5K	2026-03-31
Bank of New York Mellon Corp	5.21M	$1.26B	1.30%	-379.6K	2026-03-31
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC	5.03M	$1.22B	1.26%	-56.8K	2026-03-31