MeritValue

ADOBE INC.

ADBEdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$15.8B1$17.6B2$19.4B3$21.5B3$23.8B3
Net income$4.82B4$4.76B5$5.43B6$5.56B6$7.13B6
Operating cash flow$7.23B7$7.84B8$7.3B9$8.06B9$10B9
Capital expenditure$348M10$442M11$360M12$183M12$179M12
Free cash flow (derived)$6.88B7$7.4B8$6.94B9$7.87B9$9.85B9
Total debt$4.12B13$4.13B14$3.63B15$7.13B16$6.21B16
Cash & equivalents$3.84B17$4.24B18$7.14B19$7.61B20$5.43B20
Diluted shares481.0M470.9M459.1M449.7M427.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000023%
of the whole company
Your share of last year’s profit
$166.98
Your share of its debt
$145.43
Your share of free cash flow
$230.73
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$350.98
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth4.6%
  • fcfBase$7.87B
DCF · Growth Exit 5Y
$327.66
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth4.6%
  • fcfBase$7.87B
Earnings Power Value
$133.95
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.43B
  • growthAssumed0.0%
Graham Number
$101.13
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years4.6%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $327.66

Default growth 4.6%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-03 · accession 0000796343-24-000006 (Revenues)
  2. 10-K · period ending 2022-12-02 · accession 0000796343-25-000004 (Revenues)
  3. 10-K · period ending 2023-12-01 · accession 0000796343-26-000003 (Revenues)
  4. 10-K · period ending 2021-12-03 · accession 0000796343-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-02 · accession 0000796343-25-000004 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-01 · accession 0000796343-26-000003 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-03 · accession 0000796343-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-02 · accession 0000796343-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-01 · accession 0000796343-26-000003 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-03 · accession 0000796343-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-02 · accession 0000796343-25-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-01 · accession 0000796343-26-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-03 · accession 0000796343-23-000007 (LongTermDebt)
  14. 10-K · period ending 2022-12-02 · accession 0000796343-24-000006 (LongTermDebt)
  15. 10-K · period ending 2023-12-01 · accession 0000796343-25-000004 (LongTermDebt)
  16. 10-K · period ending 2024-11-29 · accession 0000796343-26-000003 (LongTermDebtCurrent)
  17. 10-K · period ending 2021-12-03 · accession 0000796343-23-000007 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-02 · accession 0000796343-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-01 · accession 0000796343-25-000004 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-11-29 · accession 0000796343-26-000003 (CashAndCashEquivalentsAtCarryingValue)