Adobe Inc. (ADBE)

Services-Prepackaged Software

Latest Price

$239.94

TTM P/E

13.40

Normalized P/E

17.90

Div Yield

Book Value

30.23

P/B Ratio

7.94

Valuation metrics

EPS: $16.70

Book value / share: $28.14

Formula: √(22.5 × EPS × BVPS)

Graham Number

$102.83

57% 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

50% 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

+265% upside

EPS: $16.70

Target P/E: 18×

Formula: EPS × P/E

P/E Fair Value

$300.60

+25% upside

90.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	41.16M	$8.44B	10.53%	+346.1K	2026-06-30
Vanguard Capital Management LLC	26.41M	$5.41B	6.75%	-274.8K	2026-06-30
State Street Corp	20.52M	$4.21B	5.25%	+602.3K	2026-06-30
Invesco Ltd.	14.65M	$3.00B	3.75%	+9.08M	2026-06-30
Geode Capital Management, LLC	11.62M	$2.38B	2.97%	-111.1K	2026-06-30
Jane Street Group, LLC	9.71M	$1.99B	2.48%	+5.62M	2026-06-30
Vanguard Portfolio Management LLC	9.36M	$1.92B	2.39%	-608.8K	2026-06-30
Citadel Advisors LLC	8.50M	$1.74B	2.17%	+3.73M	2026-06-30
Arrowstreet Capital, Limited Partnership	6.79M	$1.39B	1.74%	-5.3K	2026-06-30
Morgan Stanley	5.39M	$1.10B	1.38%	-286.4K	2026-06-30