NEURACAP
Company ReportSep 25, 2026 · 11 pages · Free to read

Adobe Company Valuation & Strategic Insights — September 2026

A NeuraCap company valuation report on Adobe Inc. (ADBE) as of September 25, 2026, for boards, investors and advisors weighing where the shares sit against valuation methods, peer benchmarks and the precedent transaction record, and what strategic options could close the gap.

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Key figures

$405.87
Median implied share price (12 methods)
vs. $238.93 current close
7.1x
Adobe EV / CY2027E EBITDA multiple
peer median 15.2x EV/2026E EBITDA
46.9%
Adobe EBITDA margin
peer average 31.8%
-34%
12-month share price move
$360.37 to $238.93

Read the report

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COMPANY VALUATION & STRATEGIC INSIGHTS

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ADOBE INC. (ADBE) · INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › DESIGN AND CREATIVE SOFTWARE

Adobe: Record Results, a Share Price That Is Pricing Doubt

Adobe Inc. (ADBE), as of Sep 25, 2026 — what the valuation methods, peer benchmarks, the precedent transaction record and the company's own filings say about where Adobe stands and what it can do next.

Sep 25, 2026 snapshot

Prepared by NeuraCap AI · Confidential

Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target.

ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice

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Executive summary

Adobe's operating record — a 46.9% EBITDA margin and revenue that has beaten recorded estimates in six straight quarters — sits well ahead of its peer set. Yet ADBE trades at 7.1x EV/CY2027E EBITDA against a 15.2x peer median, and every valuation method here implies a price above the $238.93 close, with a median of $405.87. Precedent buyers have paid up to 12.8x LTM EBITDA for comparable subscription businesses. The gap is about growth durability, not profitability, and the strategic roadmap sets out where Adobe can close it.

Key findings

  • Every valuation method implies a price above ADBE's $238.93 close.
  • Adobe's 46.9% EBITDA margin beats the 31.8% peer average by a wide margin.
  • Adobe's 11.4% revenue growth trails the 19.4% peer average — the market's key debate.
  • ADBE: Buyers have paid up to 12.8x LTM EBITDA for scaled subscription software targets.

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01
    COMPANY VALUATION & STRATEGIC INSIGHTS

    ADOBE INC. (ADBE) · INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › DESIGN AND CREATIVE SOFTWARE

    Cover slide introducing Adobe Inc. (ADBE) valuation and strategic insights report dated September 25, 2026.

    We're walking through Adobe Inc. (ADBE) as of September 25, 2026 — what the valuation methods imply, how the market has priced the shares, where Adobe ranks operationally, what buyers have paid for comparable businesses, and where the strategic options sit. Everything on these pages is illustrative context, not an opinion of value, so the reader can weigh each page on its own evidence.

    Everything on this page

    COMPANY VALUATION & STRATEGIC INSIGHTS ADOBE INC. (ADBE) · INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › DESIGN AND CREATIVE SOFTWARE Adobe: Record Results, a Share Price That Is Pricing Doubt Adobe Inc. (ADBE), as of Sep 25, 2026 — what the valuation methods, peer benchmarks, the precedent transaction record and the company's own filings say about where Adobe stands and what it can do next. Sep 25, 2026 snapshot Prepared by NeuraCap AI · Confidential Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    THE BOTTOM LINE

    Adobe Is Delivering; The Market Is Pricing Doubt About How Long the Growth Lasts.

    This slide states the report's central conclusion: Adobe is executing well while the market discounts the durability of its growth.

    We open with the headline: Adobe is delivering, and the market is pricing doubt about how long the growth lasts. That single tension — strong execution against a cautious multiple — frames every page that follows, from the valuation methods to the transaction record. It tells us exactly where to focus the conversation: on durability, not on profitability.

    Everything on this page

    THE BOTTOM LINE Adobe Is Delivering; The Market Is Pricing Doubt About How Long the Growth Lasts. Adobe (ADBE) · Sep 25, 2026 · valuation methods, market record, operating benchmarks, precedent transactions Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Adobe Sits at a Wide Implied Discount to the Methods' Median The 12 methods produce a median implied share price of $405.87 against $238.93 today — a +70% gap. The central reference band of $352.64 – $537.72 sits entirely above the current price, so the disagreement is about durability, not profitability. 2 Adobe Earns the Sector's Economics Without the Sector's Multiple Adobe is marked at 7.1x EV / CY2027E EBITDA against a 15.2x peer median, while carrying a 46.9% EBITDA margin versus a 31.8% peer average. The market is paying for growth rate, and Adobe's 11.4% sits below the 19.4% peer average. 3 Adobe's Reported Quarters Have Run Ahead of the Estimates on File In each of the 6 quarters tracked, reported revenue sat above an estimate recorded after the results — Q3 2025 revenue of $6.0B against a recorded estimate of $5.9B. Q3 FY2026 delivered $6.76 billion of revenue, 13% growth and $27.50 billion of ARR. 4 Buyers Have Paid More for This Kind of Cash Generation than Adobe Is Marked At Across 7 precedent transactions the median EV / LTM EBITDA paid is 12.8x, with the upper quartile at 27.0x, against 7.1x on Adobe's forward EBITDA. Thoma Bravo paid 12.8x for Anaplan, Inc.; Jawbreaker Parent, Inc. paid 11.6x for Jamf Holding Corp. $405.87 Median of the valuation methods vs the $238.93 share price — a +70% gap the deck explains 7.1x EV / CY2027E EBITDA — where ADBE trades peer median 15.2x — the multiple gap is the sentiment story 12.8x Median EV / LTM EBITDA paid for control across 7 precedent transactions — vs 7.1x in the market today 11.4% CY2027E revenue growth at a 46.9% EBITDA margin — the profile the market is pricing

  3. 03
    FOOTBALL FIELD VALUATION

    Adobe: Every Method on the Page Lands Above Where the Shares Sit Today

    A football-field chart shows every valuation method's implied share price relative to Adobe's current trading price.

    Every method on this page — the comparable multiples, the precedent transactions, and the broader valuation set — lands above where ADBE trades today. The central reference band of $352.64 – $537.72 sits entirely above the $238.93 close, and the median across the twelve methods works out to $405.87, a +70% gap to the market price. That gap is the story: the disagreement sits in growth durability, not in whether the business is profitable, so it's a useful anchor for any conversation about what closes the distance.

    Everything on this page

    FOOTBALL FIELD VALUATION Adobe: Every Method on the Page Lands Above Where the Shares Sit Today Sep 25, 2026 snapshot · each bar = the method's median multiple ±10%, applied to the company's own financials · Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 3 The comparable set implies $501.21 – $612.59 on EV / 2026E EBITDA at 15.47x – 18.91x, and $375.76 – $459.26 on EV / 2026E revenue; the precedent multiples imply $354.80 – $433.64 on EV / LTM EBITDA. $0 $200 $400 $600 $800 Multiples teal line = median of the valuation methods (+70% vs the share price) · amber line = current share price · shaded band = middle half of the methods TRADING 52-Week High-Low $190.12 $363.70 Analyst target range $190.00 $379.00 PUBLIC COMPARABLES EV / 2026E EBITDA $501.21 $612.59 15.47x – 18.91x EV / 2025A Revenue $432.15 $528.19 6.94x – 8.48x EV / 2026E Revenue $375.76 $459.26 5.39x – 6.59x EV / 2027E Revenue $348.15 $425.51 4.58x – 5.59x P/E (2026E Non-GAAP EPS) $613.16 $749.42 24.81x – 30.32x P/E (2027E Non-GAAP EPS) $586.22 $716.50 20.99x – 25.65x PRECEDENT TRANSACTIONS EV / LTM EBITDA $354.80 $433.64 11.52x – 14.08x EV / NTM EBITDA $287.97 $351.97 8.73x – 10.67x EV / LTM Revenue $307.12 $375.36 4.87x – 5.96x EV / NTM Revenue $260.51 $318.40 3.69x – 4.50x Methods median $405.87 Share price $238.93

  4. 04
    MARKET PRICES & THE FILING RECORD

    ADBE: Twelve Months of Investor Sentiment, Read Through the Record

    A weekly price chart tracks ADBE's twelve-month trading range alongside the filing events that map onto it.

    Over the twelve months shown, ADBE traded between $195.16 and $360.37 and closed the period at $238.93 — a decline we can trace against the filings marked on the chart. Where a filing explains a move, the page says so; where it doesn't, the page says that too, so the read stays disciplined. That discipline is what lets us separate sentiment from substance when we look at the chart together.

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    MARKET PRICES & THE FILING RECORD ADBE: Twelve Months of Investor Sentiment, Read Through the Record Weekly closes, Sep 28, 2025 – Sep 25, 2026 · range $195.16 – $360.37 · last $238.93 · numbered markers = the filings below Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Move-to-event links use calibrated language; where no filing explains a move, the page says so. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 4 $200 $300 2025-09 2025-11 2026-01 2026-03 2026-05 2026-07 2026-08 1 2 3 4 5 6 7 8 The year's turns line up with the numbered filings — starting with the Earnings Release & Result of Operations on Dec 14, 2025. 1 Dec 14, 2025 · Earnings Release & Result of Operations Filed 8-K - 2025-12-10 - Adobe reported record Q4 and FY2025 revenue and operating cash flow, and issued FY2026 financial guidance. 2 Feb 1, 2026 · Compensation & Benefit Arrangement Filed 8-K - 2026-01-27 - Adobe's board approved a 2026 Performance Share Program, an Executive Annual Incentive Plan, and a new Executive… 3 Mar 15, 2026 · Earnings Release & Result of Operations Filed 8-K - 2026-03-12 - Adobe reported record Q1 FY2026 results with $6.40 billion revenue and 12% YoY growth, provided Q2 guidance, and… 4 Apr 26, 2026 · Shareholder Meeting, Proxy & Voting Matter Filed 8-K - 2026-04-21 - Adobe disclosed the outcomes of its 2026 annual meeting votes, approving an equity incentive plan amendment and… 5 Jun 14, 2026 · Earnings Release & Result of Operations Filed 8-K - 2026-06-11 - Adobe reported record Q2 FY2026 revenue of $6.62 billion, raised its FY2026 revenue and non-GAAP EPS targets, and… 6 Jul 19, 2026 · Compensation & Benefit Arrangement Filed 8-K - 2026-07-17 - Adobe's Executive Compensation Committee approved a retention letter for Chief Legal Officer Louise Pentland…

  5. 05
    PERFORMANCE METRICS

    Adobe Keeps Compounding High-Margin Revenue as Growth Eases Toward High Single Digits

    A bar-and-line chart tracks Adobe's revenue, margin and growth from CY2026 through CY2029E.

    Adobe keeps compounding high-margin revenue even as growth eases toward high single digits across the CY2026–CY2029E window shown here. The estimate years are marked E, and both growth and margin are computed from the published series, so the trajectory is visible without any adjustment on our part. That easing growth curve is exactly what the market is questioning on the football field, which is why this page matters to the debate.

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    PERFORMANCE METRICS Adobe Keeps Compounding High-Margin Revenue as Growth Eases Toward High Single Digits CY2026 – CY2029E · bars = level, line = growth / margin · estimates are the platform's, shown as published Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Growth and margin are computed from the published series; estimate years are marked E. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 5 CY2026 revenue of $24.1B carried $11.8B of EBITDA at a 49.1% EBITDA margin, and the estimates describe $26.8B of CY2027E revenue with $12.6B of EBITDA at a 46.9% EBITDA margin. REVENUE & REVENUE GROWTH $24.1B 2026 $26.8B 2027E $29.2B 2028E $31.9B 2029E 11.4% 8.9% 9.1% bars: revenue (navy = actual, blue = estimate) · line: revenue growth EBITDA & EBITDA MARGIN $11.8B 2026 $12.6B 2027E 49.1% 46.9% bars: ebitda (navy = actual, teal = estimate) · line: ebitda margin · CY2028E, CY2029E not shown: no EBITDA figure published

  6. 06
    INVESTMENT BANKING KPI BENCHMARKING

    Adobe Converts Less Growth into Far More Profit than Its Benchmark Set

    A benchmarking chart compares Adobe's revenue growth and EBITDA margin against its peer set.

    Adobe is marked at 11.4% revenue growth against a 19.4% peer average, yet it carries a 46.9% EBITDA margin against a 31.8% peer average — only MSFT scores higher, at 58.6%. In other words, Adobe converts less growth into far more profit than its benchmark set. That combination deserves its own line of questioning: is the growth gap structural, or is it the more easily closed of the two numbers?

    Everything on this page

    INVESTMENT BANKING KPI BENCHMARKING Adobe Converts Less Growth into Far More Profit than Its Benchmark Set Adobe (ADBE) highlighted · vertical line = peer average excluding the target Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. On the benchmarked lines Adobe is marked at 11.4% revenue growth against a 19.4% peer average, and at a 46.9% EBITDA margin against a 31.8% peer average, with only MSFT higher at 58.6%. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 6 CY2026 REVENUE GROWTH ADBE 11.4% ADSK 16.1% FIG 39.1% MSFT 17.5% SAP 6.0% CRM 11.6% SHOP 31.7% NOW 22.1% UBER 11.2% Peer average 19.4% CY2026 EBITDA MARGIN ADBE 46.9% ADSK 38.6% FIG 9.8% MSFT 58.6% SAP 32.1% CRM 38.4% SHOP 18.5% NOW 38.8% UBER 19.7% Peer average 31.8%

  7. 07
    COMPANY VALUATION METRICS

    The Comparable Set, with ADBE Highlighted

    A comparable-company table lists peer valuation multiples with Adobe highlighted for reference.

    The peer set carries a 15.2x median EV / 2026E EBITDA and a 27.6x median P/E on 2026E non-GAAP EPS, while Adobe is marked at 7.1x EV / CY2027E EBITDA. The market in this set is paying up for growth rate — FIG at 39.1% growth draws a premium multiple — which is consistent with the margin-versus-growth read on the prior page. That pattern gives us a specific lever to underwrite: closing the growth gap is what the market appears willing to pay for.

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    COMPANY VALUATION METRICS The Comparable Set, with ADBE Highlighted Peers carry a 15.2x median EV / 2026E EBITDA and a 27.6x median P/E on 2026E non-GAAP EPS, while Adobe is marked at 7.1x EV / CY2027E EBITDA. The market is rewarding growth rate in this set — FIG at 39.1% and SHOP at 31. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Summary rows are computed over the peer set (outlier multiples excluded); the target row is shown for reference, not included in its own benchmark. ‡ peer added from the company's industry tier: the platform's refined set held 3 names, so the set was extended with industry members (see the sources page). ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 7 Company Price EV Mkt cap CY2027E Rev CY2027E Growth CY2027E Margin P/E 2027E P/E 2028E EV/Rev 2027E EV/EBITDA 2027E ADBE — Adobe Inc. $238.93 $89.7B $95.0B $26.8B 11.4% 46.9% 9.7x 8.6x 3.3x 7.1x NOW — ServiceNow, Inc. † $137.78 $146B $142B $16.2B 22.1% 38.8% 33.8x 27.5x 9.0x 23.3x FIG — Figma, Inc. $21.34 $9.8B $11.4B $1.5B 39.1% 9.8% 74.6x 59.8x 6.7x 67.6x UBER — Uber Technologies, Inc. † $69.22 $151B $141B $57.8B 11.2% 19.7% 20.6x 15.7x 2.6x 13.2x SHOP — Shopify Inc. † $145.16 $182B $187B $15.2B 31.7% 18.5% 76.5x 59.0x 12.0x 64.8x ADSK — Autodesk, Inc. $211.35 $43.7B $44.2B $8.2B 16.1% 38.6% 17.0x 15.2x 5.3x 13.8x MSFT — Microsoft Corporation $497.93 $3,745B $3,698B $359B 17.5% 58.6% 27.6x 23.3x 10.4x 17.8x CRM — Salesforce, Inc. † $238.22 $227B $196B $45.9B 11.6% 38.4% 16.7x 15.1x 5.0x 12.9x SAP — SAP SE † $209.11 $244B $257B $45.8B 6.0% 32.1% n/a n/a 5.3x 16.6x Peer average 38.1x 30.8x 7.0x 16.2x Peer median 27.6x 23.3x 6.0x 15.2x

  8. 08
    MERGERS & ACQUISITIONS

    The Transaction Record Pays for Recurring-Revenue Quality, and That Is Where Adobe's Effort Compounds

    A precedent transaction table lists scaled subscription-software deals that read onto Adobe's profile.

    The deals that read onto Adobe are the scaled subscription transactions: Thoma Bravo's purchase of Anaplan, Inc. at 12.8x LTM EV/EBITDA, alongside Jawbreaker Parent, Inc. and Jamf Holding Corp. Buyers in this record have consistently paid up for recurring-revenue quality, which is precisely the quality Adobe's own subscription base carries. That gives us a real-world reference point for what disciplined buyers have been willing to underwrite in this space.

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    MERGERS & ACQUISITIONS The Transaction Record Pays for Recurring-Revenue Quality, and That Is Where Adobe's Effort Compounds The transactions that read onto Adobe are the scaled subscription ones: Thoma Bravo's purchase of Anaplan, Inc. at $9.0B and 12.8x LTM EV/EBITDA, Jawbreaker Parent, Inc. and Jamf Holding Corp. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Multiples are LTM/NTM at announcement where disclosed; values link to the record where a link exists. Summary rows exclude outlier multiples (disclosed on the sources page), show their n, and are suppressed (n/a) where fewer than 3 deals carry the multiple. The strategic read is a NeuraCap analytical view. 2 further recorded transaction(s) live in the companion transaction record. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 8 Announced Acquirer Target Deal value EV LTM Rev LTM EBITDA LTM EV/Rev LTM EV/EBITDA NTM EV/Rev NTM EV/EBITDA 2026-05-16 Publicis Groupe LiveRamp Holdings, Inc. $2.5B $2.2B $813M $179M 2.7x 12.1x 2.4x 9.1x 2025-12-20 GT Silver BidCo, Inc. Clearwater Analytics Holdings, Inc. $7.1B $8.4B $640M $216M 9.3x 38.9x 9.3x 26.6x 2025-11-18 Adobe Inc. Semrush Holdings, Inc. $1.8B $1.7B $429M $45M 4.0x 38.2x 3.4x 22.4x 2025-10-28 Jawbreaker Parent, Inc. Jamf Holding Corp. $1.7B $2.0B $691M $169M 2.8x 11.6x 2.9x 7.7x 2024-03-20 H.I.G. Payroll & Professional Services business $1.0B $1.2B n/a n/a n/a 10.0x n/a n/a 2022-03-20 Thoma Bravo Anaplan, Inc. $9.2B $9.0B $592M n/a 13.4x 12.8x 12.9x n/a 2021-12-06 Zendesk, Inc. Momentive Global Inc. $3.4B $3.4B $427M n/a 8.0x n/a 7.2x n/a 2020-12-12 PTC Inc. Arena Holdings, Inc. $715M $816M $119M n/a 6.8x n/a 4.8x n/a 75th percentile 8.4x 27.0x 7.7x 22.4x Average 6.2x 19.9x 5.7x 15.1x Median 5.4x 12.8x 4.1x 9.7x 25th percentile 2.8x 11.8x 2.9x 9.1x n (deals carrying the… n=8 n=7 n=8 n=5 THE STRATEGIC READ Across 7 transactions the median EV / LTM EBITDA paid is 12.8x, against 7.1x marked on Adobe's forward EBITDA, and across 8 transactions the median EV / LTM revenue is 5.4x. Two formats recur: sponsors underwriting mature, cash-generative subscription bases, and strategics buying seat and data reach inside accounts they already serve. Adobe paid 38.2x LTM EBITDA for Semrush Holdings, Inc.

  9. 09
    STRATEGIC ROADMAP

    Where Adobe Can Close the Distance Between Its Economics and Its Multiple

    A roadmap sets out strategic options for Adobe across near-, medium- and longer-term horizons.

    We've grounded each option here in the sector study, the latest market window and the precedent transactions — these are observations for evaluation, not instructions. They range from converting recent ARR into multi-product attach, to pricing generative features on consumption, to how capital is deployed between repurchase and tuck-ins, to holding the enterprise base through leadership transition. Each is a distinct lever a board can weigh against the gap the earlier pages describe.

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    STRATEGIC ROADMAP Where Adobe Can Close the Distance Between Its Economics and Its Multiple NeuraCap analytical views grounded in the sector study, the latest market window and the precedent transactions · observations, not recommendations Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Each option is framed for evaluation, not as an instruction; the evidence chips show where each input comes from. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 9 EVIDENCE Precedent transactions: 10 NEAR TERM Turn the Semrush ARR into Multi-Product Attach The filings set out $1.9 billion of cash consideration for Semrush Holdings, Inc., adding $480 million of ARR and SEO capability to Adobe Experience Manager. MEDIUM TERM Price Generative Features on Consumption Alongside Seats Growth of 11.4% sits below the 19.4% peer average while the 46.9% EBITDA margin sits well above 31.8%. A hybrid seat-plus-consumption model on Firefly and GenStudio is worth evaluating: it widens the payable base beyond the creative professional without discounting renewals to hold seats. MEDIUM TERM Keep Capital Working Between Repurchase and Tuck-Ins The 2026 annual meeting approved a $25 billion repurchase program, and the filings record total debt reduced to $4.80 billion with a $1.5 billion revolver and a $3 billion commercial paper limit.

  10. 10
    WHAT IT MEANS

    ADBE: What It Means

    This slide translates the evidence into distinct implications for the board, partners and advisors.

    We've translated the evidence for the people who act on it: the board can see which levers close the gap to the methods' median, partners and investors get the precedent multiples as a reference point, and advisors get a clear frame for leading with the disagreement itself. None of this is investment advice — it's analytical interpretation drawn from the recorded evidence. That structure is what makes the report usable across every seat at the table.

    Everything on this page

    WHAT IT MEANS ADBE: What It Means The evidence translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. This page is analytical interpretation drawn from the recorded evidence. It is not investment advice. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 10 FOR THE BOARD & OWNERS Move the Levers That Close the Gap to the Methods' Median The methods page shows where the value sits and the benchmarking page shows which operating gaps are structural and which are executional. Revenue quality, mix and margin durability are the levers that move the multiple. FOR POTENTIAL PARTNERS & INVESTORS The Precedent Transactions Set the Reference Precedent multiples and the comparable set frame every conversation about this company; the summary rows carry the figures, each with its n. FOR ADVISORS Lead with the Disagreement, Not the Data The football field's gap between market, peers and buyers is the conversation; the benchmarking page and the transaction record are its support.

  11. 11
    SOURCES & METHODOLOGY

    Sources, Methodology and Important Notice

    This slide sets out the sources and basis behind the figures and multiples used across the report.

    Each figure in this report traces back to a named source — filings, consensus estimates or market prices — and this page sets out the basis on which it was read. Where the peer set needed extension beyond the core comparables, that choice is noted here rather than left implicit. That traceability is what lets a client weigh any number in the deck against its own source.

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    SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this company deck is built and what each kind of statement rests on · Sep 25, 2026 Every figure on these pages links to the record it was taken from; where a figure has no link, this page names its source and the basis on which it was read. ADBE Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice 11 OBSERVED DATA Prices, financials, estimates, comparables and the transaction record come from the NeuraCap analytics platform exactly as recorded; filings link to their source. Nothing on any page is re-derived from outside data. PEER SET & PRECEDENTS The platform's refined peer set for Adobe held 3 name(s). Peer set extended with industry members: (Design and Creative Software) were appended in the platform's priority order, so the comparables, benchmarks and precedent record rest on 8 peers. Tier-added peers are marked ‡ on the comparables page. 5 name(s) sharing Adobe's own industry classification, largest by market capitalisation, were added (NOW, UBER, SHOP, CRM, SAP), marked † on the comparables page. The precedent transactions are the… VALUATION METHODS Each football-field bar applies a method’s median multiple, ±10% (peer multiples, or precedent-transaction multiples), to the company’s own financials; per-share values bridge enterprise value through recorded net debt and diluted shares. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. MULTIPLE QUALITY All recorded multiples passed the sanity bounds; none were excluded. INHERITED CONTEXT No sector study or weekly update was linked to this run; positioning statements are limited accordingly. DRIVER ATTRIBUTION A share-price move is linked to a filing only in calibrated language ("the move appears to reflect…"). Where no filing explains a move, the page says so. ANALYTICAL INTERPRETATION The roadmap and what-it-means pages are NeuraCap analytical views drawn from the recorded evidence, labeled as such, framed for evaluation. IMPORTANT NOTICE This report is informational only. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources: sec.gov

Sources and methodology

Adobe's financials, share price, market capitalisation and enterprise value are as recorded from its SEC filings and market data as of September 25, 2026; forward figures are analyst consensus estimates. The peer set is the listed companies whose business most closely overlaps Adobe's, selected by comparing reported business segments: ServiceNow, Inc. (NOW), Figma, Inc. (FIG), Uber Technologies, Inc. (UBER), Shopify Inc. (SHOP), Autodesk, Inc. (ADSK), Microsoft Corporation (MSFT), Salesforce, Inc. (CRM), SAP SE (SAP). Peer multiples, growth and margins are computed from their filings, consensus estimates and market prices as of September 25, 2026.

What this report is built from

Adobe's financials, share price, market capitalisation and enterprise value are as recorded from its SEC filings and market data as of September 25, 2026; forward figures are analyst consensus estimates. The peer set is the listed companies whose business most closely overlaps Adobe's, selected by comparing reported business segments: ServiceNow, Inc. (NOW), Figma, Inc. (FIG), Uber Technologies, Inc. (UBER), Shopify Inc. (SHOP), Autodesk, Inc. (ADSK), Microsoft Corporation (MSFT), Salesforce, Inc. (CRM), SAP SE (SAP). Peer multiples, growth and margins are computed from their filings, consensus estimates and market prices as of September 25, 2026.

The valuation methods and how the ranges are computed

Each football-field bar applies one valuation method to Adobe's own financials. For a peer method the multiple is the median of the peer set's multiples (for example EV over the calendar-year consensus EBITDA); for a precedent method it is the median multiple paid in the recorded transactions (EV over the target's last-twelve-month revenue or EBITDA at announcement). Each bar spans that median ±10% and is applied to the company's own revenue or EBITDA for the same basis; enterprise value is bridged to a per-share value through recorded net debt and diluted shares, and the trading range and analyst range are shown alongside for reference. A multiple outside sanity bounds (P/E 2–100x, EV/EBITDA 1–60x, EV/Revenue 0.2–30x) is excluded from every range and disclosed. The methods' median is the median of the bar midpoints. All valuation content is an illustrative perspective, not an opinion of value.

KPI benchmarking

Growth and EBITDA margin are compared across the peer set; the peer average excludes Adobe so the company is measured against its peers rather than a set it is part of. Metrics benchmarked: CY2026 Revenue Growth, CY2026 EBITDA Margin. Where one peer's figure is far outside the rest of the set, its bar is drawn not to scale and marked, and its true figure is printed.

Precedent transactions

The precedent record is the set of recorded transactions involving Adobe's peers and closest comparables, taken from SEC filings, with the 75th percentile, average, median and 25th percentile of the disclosed multiples. Multiples are LTM/NTM at announcement where disclosed; values link to the record where a link exists.

Inherited context

No sector study or bi-weekly update was linked to this report; positioning statements are limited accordingly.

Sources

Company financials and filings: the company's SEC filings on EDGAR. Peer financials, transaction terms and events: SEC filings on EDGAR, linked from each figure. Forward figures: analyst consensus estimates. Prices and market capitalisations: market data as of September 25, 2026.

Interpretation and important notice

The strategic roadmap and what-it-means pages are NeuraCap analytical views drawn from the recorded evidence, framed for evaluation and not as instructions. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. This report is informational and not investment advice.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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