Adobe Inc.
$101.58B- Market cap
- $101.97B
- Debt
- +$6.21B
- Cash
- −$6.60B
Capital structure 94% equity / 6% debt · EV / Revenue 4.27x · EV / EBITDA 10.93x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2025 · Mkt capMarket cap $101.97B · View financials
Snapshot Sep 8, 2026, 3:20 PM ET
FY 2026 · Mkt cap
Decision snapshot: ADBE stock price at discount vs MSFT $256.52 current versus $458.05 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at MSFT's multiple
Implied fair value · at ADBE's multiple
Snapshot Sep 8, 2026, 3:20 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Pricing power
Operating leverage
Multiple discount
Value edge
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: ADBE FY 2025 (ended Nov 28, 2025) · MSFT FY 2026 (ended Jun 30, 2026). Fiscal years are not aligned.
Trendline
Six fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 94% equity / 6% debt · EV / Revenue 4.27x · EV / EBITDA 10.93x
Capital structure 99% equity / 1% debt · EV / Revenue 10.93x · EV / EBITDA 17.71x
MSFT carries the larger enterprise value at $3.63T against $101.58B; ADBE trades on the lower EV / Revenue multiple (4.27x vs 10.93x); ADBE on the lower EV / EBITDA (10.93x vs 17.71x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
ADOBE INC. · implied price per share
Bear
$313.20
Base
$377.85
Bull
$467.00
MICROSOFT CORPORATION · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.53x
0.11x
Net debt / EBITDA
Leverage against operating earnings
-0.04x
-0.13x
Cash and equivalents
Liquid reserves on the balance sheet
$6.60B
$76.84B
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
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$6.21B
$49.52B
LLM-powered synthesis
An explanation of the financial evidence. Check its snapshot date against the figures above.
This explanation uses an earlier data snapshot or evidence version. Review its generation date and the current figures, or refresh after signing in.
If you believe ADBE can sustain its high gross margin and improve growth or operating leverage closer to MSFT, then the stock looks attractive to buy because it trades at a large discount on P/E, P/S, and EV-based multiples despite strong quality scores and a healthy balance sheet.
At the current price of $251.34, ADBE is far below the MSFT MSFT-implied value of $449.94, implying 79.0% upside on the stated P/E framework. The discount is reinforced by ADBE's much lower absolute valuation multiples versus MSFT, despite ADBE's stronger gross margin and higher ROIC.
Supporting Metrics