Adobe

ADBE

Software - Application · Technology

Price

$237.25

+1.94 (+0.82%)

Market Cap

$94.31B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count falling — buybacks

−11.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 481.0M (2021) → 427.0M (2025)

Adobe Inc. operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform. Its flagship product is Creative Cloud, a subscription service that allows members to access its creative

Winston Score History

Politician Trades

54 trades / 12mo

25 Congressional buys and 29 sells on ADBE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+11.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$4.3B/ year

↑ Rising (+9% vs prior year)

18.1% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$6.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Adobe is putting 18% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

89.1%

Premium pricing power — 89.1% gross margin

Operating Margin

37.8%

Excellent — 37.8% operating margin

ROCE

13.6%

Good — 13.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+11.0%

Steady sales growth (11.0% YoY)

EPS YoY

+12.8%

Earnings growing (12.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

146%

Turns 146% of profit into real cash

FCF Margin

42.2%

Converts sales into free cash efficiently (42.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.55

Conservative — low debt load (0.55)

Interest Cover

64.93x

Comfortably covers interest (64.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

13.8x

Attractive valuation — P/E 13.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+7.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (13.8 → 6.3)

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Dividends

Not applicable for this business.

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