Adobe

ADBE

Software - Application · Technology

Also trades as: 0R2Y.L · ADBE.SW

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through May 29, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Adobe makes software that people use to create and edit photos, videos, documents, and websites. Its most famous products include Photoshop, Illustrator, Acrobat, and Premiere Pro, which are used by designers, photographers, filmmakers, students, and businesses around the world. Adobe is one of the dominant players in creative and document software globally.

Adobe earns most of its money through subscriptions — customers pay a monthly or yearly fee to access its Creative Cloud or Document Cloud software bundles. The company operates worldwide, with a large portion of revenue coming from North America and Europe, and its massive installed base of professional users makes it difficult for competitors to displace. The main growth driver is expanding its AI-powered tools, like Firefly, into its existing products, though the rise of free or cheaper AI creative tools from competitors poses a real long-term risk to its pricing power.

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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

+12.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+7.8% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$5.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Adobe is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Profit per sale

Gross Margin

89.2%

Premium pricing power — 89.2% gross margin

Profit after running costs

Operating Margin

33.8%

Excellent — 33.8% operating margin

Return on the money invested

ROCE

50.0%

Exceptional — 50.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+11.5%

Steady sales growth (+11.5% YoY)

Profit growth

EPS YoY

+11.5%

Earnings growing (+11.5% YoY)

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

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

150%

Turns 150% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.58

Conservative — low debt load (0.58)

Covers its interest

Interest Cover

67.33x

Comfortably covers interest (67.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

15.6x

no trend

Fair value — P/E 15.6

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

Cheaper or dearer next year

P/E vs Forward

+6.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.6 → 9.0)

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Dividends

Dividend

Dividend Yield

0.02%

no trend

Small dividend — 0.02% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+0.0%

no trend

Dividend flat

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