Debt to Equity
since 2005
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Adobe Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Calculation
Adobe Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Nov 28, 2025 | = | ÷ | |||
| Nov 29, 2024 | = | ÷ | |||
| Dec 1, 2023 | = | ÷ | |||
| Dec 2, 2022 | = | ÷ | |||
| Dec 3, 2021 | = | ÷ | |||
| Nov 27, 2020 | = | ÷ | |||
| Nov 29, 2019 | = | ÷ | |||
| Nov 30, 2018 | = | ÷ | |||
| Dec 1, 2017 | = | ÷ | |||
| Dec 2, 2016 | = | ÷ | |||
| Nov 27, 2015 | = | ÷ | |||
| Nov 28, 2014 | = | ÷ | |||
| Nov 29, 2013 | = | ÷ | |||
| Nov 30, 2012 | = | ÷ | |||
| Dec 2, 2011 | = | ÷ | |||
| Dec 3, 2010 | = | ÷ | |||
| Nov 27, 2009 | = | ÷ | |||
| Nov 28, 2008 | = | ÷ | |||
| Nov 30, 2007 | = | ÷ | |||
| Dec 1, 2006 | = | ÷ | |||
| Dec 2, 2005 | = | ÷ |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-12-01), 10-K (reporting date: 2016-12-02), 10-K (reporting date: 2015-11-27), 10-K (reporting date: 2014-11-28), 10-K (reporting date: 2013-11-29), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-12-02), 10-K (reporting date: 2010-12-03), 10-K (reporting date: 2009-11-27), 10-K (reporting date: 2008-11-28), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-12-01), 10-K (reporting date: 2005-12-02).
1 US$ in millions
The debt to equity ratio for the period examined demonstrates a fluctuating pattern, generally increasing over time with notable shifts in specific years. Initially, information is unavailable until 2008, at which point the ratio is relatively low. A significant increase is then observed, followed by a period of relative stability before another substantial rise in recent years.
- Initial Period (2008-2011)
- From 2008 to 2011, the debt to equity ratio increased from 0.08 to 0.26. This indicates a growing reliance on debt financing relative to equity. The increase suggests the entity may have been leveraging its operations, potentially to fund growth initiatives or acquisitions. The rate of increase slowed between 2010 and 2011.
- Period of Stability (2011-2014)
- Between 2011 and 2014, the ratio remained relatively stable, fluctuating between 0.22 and 0.27. This suggests a period of consistent capital structure management, with debt and equity growing at similar rates. The entity appeared to maintain a balanced approach to financing during this timeframe.
- Moderate Increase (2015-2019)
- From 2015 to 2019, the debt to equity ratio experienced a moderate increase, rising from 0.27 to 0.39. This indicates a renewed trend of increasing leverage. The increase in 2018 and 2019 was more pronounced, potentially linked to specific investment or financing activities.
- Significant Increase and Recent Fluctuations (2020-2025)
- The period from 2020 to 2025 shows the most significant changes. The ratio increased substantially to 0.44 in 2020, then decreased to 0.22 in 2022, before rising again to 0.53 in 2025. This volatility suggests potentially large debt issuances or repayments, or significant changes in equity value. The increase to 0.53 in 2025 represents the highest ratio observed during the analyzed period, indicating a substantial reliance on debt financing.
Overall, the trend indicates a shift towards greater reliance on debt financing over the long term, punctuated by periods of stability and recent, significant fluctuations. The increases in the debt to equity ratio, particularly in the later years, warrant further investigation to understand the underlying drivers and potential implications for the entity’s financial risk profile.
Comparison to Competitors
Adobe Inc., debt to equity, long-term trends, comparison to competitors
| Adobe Inc. | Accenture PLC | AppLovin Corp. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 28, 2025 | ||||||||||||||||
| Nov 29, 2024 | ||||||||||||||||
| Dec 1, 2023 | ||||||||||||||||
| Dec 2, 2022 | ||||||||||||||||
| Dec 3, 2021 | ||||||||||||||||
| Nov 27, 2020 | ||||||||||||||||
| Nov 29, 2019 | ||||||||||||||||
| Nov 30, 2018 | ||||||||||||||||
| Dec 1, 2017 | ||||||||||||||||
| Dec 2, 2016 | ||||||||||||||||
| Nov 27, 2015 | ||||||||||||||||
| Nov 28, 2014 | ||||||||||||||||
| Nov 29, 2013 | ||||||||||||||||
| Nov 30, 2012 | ||||||||||||||||
| Dec 2, 2011 | ||||||||||||||||
| Dec 3, 2010 | ||||||||||||||||
| Nov 27, 2009 | ||||||||||||||||
| Nov 28, 2008 | ||||||||||||||||
| Nov 30, 2007 | ||||||||||||||||
| Dec 1, 2006 | ||||||||||||||||
| Dec 2, 2005 |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-12-01), 10-K (reporting date: 2016-12-02), 10-K (reporting date: 2015-11-27), 10-K (reporting date: 2014-11-28), 10-K (reporting date: 2013-11-29), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-12-02), 10-K (reporting date: 2010-12-03), 10-K (reporting date: 2009-11-27), 10-K (reporting date: 2008-11-28), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-12-01), 10-K (reporting date: 2005-12-02).
Comparison to Sector (Software & Services)
Adobe Inc., debt to equity, long-term trends, comparison to sector (software & services)
| Adobe Inc. | Software & Services | |
|---|---|---|
| Nov 28, 2025 | ||
| Nov 29, 2024 | ||
| Dec 1, 2023 | ||
| Dec 2, 2022 | ||
| Dec 3, 2021 | ||
| Nov 27, 2020 | ||
| Nov 29, 2019 | ||
| Nov 30, 2018 | ||
| Dec 1, 2017 | ||
| Dec 2, 2016 | ||
| Nov 27, 2015 | ||
| Nov 28, 2014 | ||
| Nov 29, 2013 | ||
| Nov 30, 2012 | ||
| Dec 2, 2011 | ||
| Dec 3, 2010 | ||
| Nov 27, 2009 | ||
| Nov 28, 2008 | ||
| Nov 30, 2007 | ||
| Dec 1, 2006 | ||
| Dec 2, 2005 |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-12-01), 10-K (reporting date: 2016-12-02), 10-K (reporting date: 2015-11-27), 10-K (reporting date: 2014-11-28), 10-K (reporting date: 2013-11-29), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-12-02), 10-K (reporting date: 2010-12-03), 10-K (reporting date: 2009-11-27), 10-K (reporting date: 2008-11-28), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-12-01), 10-K (reporting date: 2005-12-02).
Comparison to Industry (Information Technology)
Adobe Inc., debt to equity, long-term trends, comparison to industry (information technology)
| Adobe Inc. | Information Technology | |
|---|---|---|
| Nov 28, 2025 | ||
| Nov 29, 2024 | ||
| Dec 1, 2023 | ||
| Dec 2, 2022 | ||
| Dec 3, 2021 | ||
| Nov 27, 2020 | ||
| Nov 29, 2019 | ||
| Nov 30, 2018 | ||
| Dec 1, 2017 | ||
| Dec 2, 2016 | ||
| Nov 27, 2015 | ||
| Nov 28, 2014 | ||
| Nov 29, 2013 | ||
| Nov 30, 2012 | ||
| Dec 2, 2011 | ||
| Dec 3, 2010 | ||
| Nov 27, 2009 | ||
| Nov 28, 2008 | ||
| Nov 30, 2007 | ||
| Dec 1, 2006 | ||
| Dec 2, 2005 |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-12-01), 10-K (reporting date: 2016-12-02), 10-K (reporting date: 2015-11-27), 10-K (reporting date: 2014-11-28), 10-K (reporting date: 2013-11-29), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-12-02), 10-K (reporting date: 2010-12-03), 10-K (reporting date: 2009-11-27), 10-K (reporting date: 2008-11-28), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-12-01), 10-K (reporting date: 2005-12-02).