Adobe Inc.
ADBE 6.8Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
Adobe sells the software that professionals use to make images, video, documents and web pages. Photoshop, Illustrator, Premiere and the PDF format are its work. Almost every designer and marketing department uses at least one of these tools.Adobe销售专业人士用来制作图像、视频、文档和网页的软件。Photoshop、Illustrator、Premiere和PDF格式都是它的作品。几乎每一个设计师和市场部门都至少用到其中一样工具。
Earns from营收来源 monthly and annual subscriptions, which renew at a high rate.来自按月和按年的订阅费，续约率很高。
Read the full description查看完整介绍
Adobe Inc. operates as a technology company worldwide. The Digital Media segment offers products and services that enable individuals, teams, and enterprises to create, publish, and promote content. This segment serves photographers, video editors, graphic and experience designers, game developers, content creators, students, marketers, business owners, knowledge workers, and consumers. The Digital Experience segment provides an integrated platform; and products, services, and solutions that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers e-learning, technical document publishing, web conferencing, document and forms platform, web application development, printing, and Adobe Advertising solutions. It also provides consulting, training, customer management, technical support, and learning services. The company offers its solutions to enterprise customers, and businesses and consumers; and licenses its products to end-user customers through app stores and website at adobe.com. It markets and distributes its products through distributors, retailers, software developers, mobile app stores, systems integrators, independent software vendors, value-added resellers, and original equipment and hardware manufacturers. The company also provides an online visibility management and content marketing software-as-a-service platform. The company has a strategic alliance with HUMAIN for the development of generative AI models and AI-powered applications. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.
Revenue breakdown营收构成 share of revenue营收占比
This segment bundles Adobe's creative and document tools into one subscription. Creative Cloud covers image editing, illustration, and video production; Document Cloud (Acrobat) handles PDF creation, signing, and editing. Firefly, Adobe's own generative AI engine, is built into these apps for image and video generation. It is the larger and faster-growing half of Adobe.此部门将Adobe的创意工具和文档工具打包为一个订阅。Creative Cloud包括图像编辑、插画绘制和视频制作工具，Document Cloud（Acrobat）负责PDF文件的创建、签署和编辑。Firefly是Adobe自研的生成式AI引擎，内置于这些应用中，用于生成图像和视频。这是Adobe更大、增长更快的一半。
- Creative Cloud — Photoshop for images, Illustrator for drawings, Premiere for video, and about twenty other tools sold as one subscription.处理图像的 Photoshop、画图的 Illustrator、剪辑视频的 Premiere，以及大约二十个其他工具，作为一个订阅一起出售。
- Document Cloud (Acrobat)Document Cloud（Acrobat） — Creates, signs and edits PDF files. Adobe created the PDF format.创建、签署和编辑 PDF 文件。PDF 格式就是 Adobe 发明的。
- Firefly — Adobe's own image and video generation models, trained on licensed material so that commercial use is safe.Adobe 自己的图像和视频生成模型，用有授权的素材训练，所以用于商业用途是安全的。
This segment sells software that large companies use to build, run, and measure marketing campaigns. Adobe Experience Manager manages the content on a company's websites and apps, and Adobe Analytics tracks what visitors do once they arrive. Customers are mostly large enterprises rather than individual creators, so contracts are large and sticky.此部门销售大型企业用来制定、执行和衡量营销活动的软件。Adobe Experience Manager管理公司网站和应用程序上的内容，Adobe Analytics则追踪访客到达后的行为。客户主要是大型企业，而非个人创作者，因此合同金额大、黏性高。
- Adobe Experience Manager — Manages the content on a large company's websites and apps.管理一家大公司网站和应用上的内容。
- Adobe Analytics — Measures what visitors do on those sites.衡量访客在这些网站上做了什么。
Company facts公司资料
- Founded成立时间
- 1982
- Headquarters总部
- San Jose, California
- Former name曾用名
- Adobe Systems Incorporated
- Employees员工人数
- 31,360
- Industry行业
- Software - Application
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
🔄 A2026-09-10 — Q3 beat + internal CEO: WATCH [6.5]→[6.8] (NOT the pre-registered [7.0]). All 5 numeric triggers cleared (total ARR +11.2%, AI-ARR +150%) but Wadhwani (≈75% of revenue) is leaving with no successor; −6-7% on the CEO news; Q4 guide light. In the $225-260 zone, trim 13x fwd. Creative Cloud has no named operating leader. —— 👀 On Deck, gated on the CEO appointment. 🔻 FV cut $380-460 → $290-360; moat 7.5 → 6.0. Q2 (6/11) was a real beat-and-raise — rev $6.62B +13%, non-GAAP EPS $5.96 +18%, FY26 guide raised twice above street — and the stock fell 5%. The ceiling broke, not the floor: Adobe guided FY26 ARR growth down to 10.2% from a 12.5% exit rate, ~half of it from deferring Creative Cloud price increases, the rest from routing users into free products (creative freemium MAU 50M → 90M), with monetization pushed to 2027. A company that declines to take price on its flagship is not being priced as a compounder because it is not behaving as one — so 18-20x FCF became 13-16x.
What's working
- Still elite: 89.3% GM expanding, 36.6% op margin expanding, ~39% ROIC, 41.4% FCF margin, 9.14% FCF yield, near net-cash, shares −3.2%/yr, $25B buyback ≈ 25% of cap, SBC 19.7% of FCF and falling (passes the disqualifier that killed most of the March software cohort)
- Acrobat 850M MAU +20%, AI Assistant ARR 3x — untouched
- Director David Ricks (CEO of Eli Lilly) bought $1.95M at $194.51, within 2.3% of the low, his 2nd open-market buy
- FTC case closed, $150M, immaterial. Entry $225-260, strong buy <$210, Trim 13x fwd. ⏳ Q3 prints Thu 9/10 (confirmed) — watch total ARR vs the 10.2% guide, not revenue; a revenue beat with an ARR miss confirms the bears → [5.5]. An internal CEO pick (Wadhwani/Chakravarthy) = upgrade to [7]
Red flags
- No permanent CEO (month 5, announcement publicly slipped its expected date) and no permanent CFO — Durn left with 4 days' notice for Marvell (assessed benign: ex-AMAT, audit risk 1, no restatement, didn't dump stock)
- Reported ARR +12.5% is flattered by ~$480M acquired Semrush ARR — organic ~10.5%, six straight quarters decelerating
- AI-first ARR >$500M tripled YoY but is 1.85% of ARR — BofA's "defensive retention, not additive growth" is numerically correct today
- 4 downgrades + ~20 PT cuts on a beat-and-raise; MS → Underweight $240, BofA Underperform $190; mean tgt $269.61 but median $250 is BELOW spot
- Non-GAAP flatters +35.9% over GAAP — the honest multiple is 14.1x GAAP, not 10.4x
- Moat: Affinity went permanently free (reads/writes PSD), Canva $4B ARR / B2B +100%, Figma +46% NDR 139% — the attack is seat compression, not user loss, and it needs no one to be better than Photoshop
Watch
- Yahoo's "+257 net shares purchased" is FALSE — 30 of 31 "buys" are RSU vests/grants; corrected net −$16.7M
- Old break triggers were unusable — Adobe discontinued Digital Media ARR reporting in Q2 FY26.
🔄 A2026-09-10 —— 第三季度超预期 + 内部人选出任 CEO：观察 [6.5]→[6.8]（并非预先设定的 [7.0]）。 5 项数字触发条件全部达成（总 ARR +11.2%，AI ARR +150%），但占营收约 75% 的业务负责人 Wadhwani 离职且尚无继任者；CEO 消息公布后股价 −6-7%；第四季度指引偏弱。 现价在 $225-260 区间内，减持 13x fwd。 Creative Cloud 尚无指定的业务负责人。 —— 🔻 8/04 分析——下调评级 [7.5] → [6.5]，合理价值 $380-460 → $290-360。 第二季度确实是超预期并上调指引，股价仍下跌 5%。 破掉的是天花板不是地板：Adobe 把 2026 财年 ARR 增速指引从 12.5% 下调到 10.2%，其中约一半来自推迟 Creative Cloud 涨价。 🚩 报告口径 ARR +12.5% 被约 $480M 收购而来的 Semrush ARR 美化——有机增速约 10.5%，已连续六个季度减速。 🚩 AI 优先 ARR 超过 $500M、同比翻三倍，但只占总 ARR 的 1.85%。 ✅ 依然顶尖：89.3% 毛利率、36.6% 营业利润率、约 39% ROIC、$25B 回购约等于市值的 25%。 ✅ 董事 David Ricks（礼来 CEO）以 $194.51 买入 $1.95M。 买入区间 $225-260，强烈买入 <$210，减持 13x 前瞻市盈率。 A2026-08-04
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 62%
- Revenue growth营收增长
- +13%
Competitors竞争对手
Why customers stay客户为什么留下
The file formats are the industry standard, so work made in one studio opens in another. A professional spends years learning these tools, so the cost to change is personal as well as financial. That is why price rises hold.这些文件格式是行业标准，所以在一个工作室里做出来的作品能在另一个工作室里打开。一个专业人士要花好几年才能学会这些工具，所以更换的代价既是钱上的，也是个人的。这就是为什么涨价站得住脚。
Recent news近期新闻 last 7 days近7天
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