ADOBE INC. (ADBE)

Services-Prepackaged Software

Latest Price

$248.83

TTM P/E

14.59

Normalized P/E

19.40

Div Yield

Book Value

28.62

P/B Ratio

8.69

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

+252% upside

EPS: $16.70

Target P/E: 19×

Formula: EPS × P/E

P/E Fair Value

$317.30

+28% upside

88.3% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	41.16M	$8.44B	10.31%	+346.1K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	26.41M	$5.41B	6.62%	-274.8K	2026-06-30
STATE STREET CORP	20.52M	$4.21B	5.14%	+602.3K	2026-06-30
Invesco Ltd.	14.65M	$3.00B	3.67%	+9.08M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	11.62M	$2.38B	2.91%	-111.1K	2026-06-30
JANE STREET GROUP, LLC	9.71M	$1.99B	2.43%	+5.62M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	9.36M	$1.92B	2.35%	-608.8K	2026-06-30
CITADEL ADVISORS LLC	8.50M	$1.74B	2.13%	+3.73M	2026-06-30
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	6.79M	$1.39B	1.70%	-5.3K	2026-06-30
MORGAN STANLEY	5.39M	$1.10B	1.35%	-286.4K	2026-06-30