Enterprise Value (EV)
Current Enterprise Value (EV)
Adobe Inc., current enterprise value calculation
| Current share price (P) | $269.39 |
| No. shares of common stock outstanding | 410,500,000 |
| US$ in millions | |
| Common equity (market value)1 | 110,585) |
| Add: Preferred stock, $0.0001 par value; none issued (per books) | —) |
| Total equity | 110,585) |
| Add: Debt, current portion (per books) | —) |
| Add: Debt, excluding current portion (per books) | 6,210) |
| Total equity and debt | 116,795) |
| Less: Cash and cash equivalents | 5,431) |
| Less: Short-term investments | 1,164) |
| Enterprise value (EV) | 110,200) |
Based on: 10-K (reporting date: 2025-11-28).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 269.39 × 410,500,000
Historical Enterprise Value (EV)
Adobe Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Adobe Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 304.09 × 410,500,000
The enterprise value (EV) exhibited considerable fluctuation between November 2020 and November 2025. Initial values demonstrated a period of growth followed by a significant decline and subsequent recovery, though not to the initial peak. A close relationship between common equity (market value), total equity, and enterprise value is apparent throughout the observed period.
- Overall Trend
- From November 2020 to December 2021, enterprise value increased from US$217,408 million to US$234,133 million, representing a growth of approximately 7.7%. However, a substantial decrease occurred between December 2021 and December 2022, with EV falling to US$155,690 million. A strong recovery followed, with EV reaching US$265,229 million by December 2023. This upward momentum was not sustained, as EV decreased to US$175,562 million in November 2024 and further declined to US$124,444 million in November 2025.
- Relationship between Equity and Enterprise Value
- Common equity (market value) and total equity consistently matched in value across all observed periods. Enterprise value closely tracked these equity measures, suggesting that changes in market perception of the company’s equity significantly influenced its overall valuation. The correlation between these values indicates that the company’s valuation is heavily reliant on its equity component.
- Total Equity and Debt Impact
- Total equity and debt remained relatively close to enterprise value throughout the period. The difference between total equity and debt and enterprise value was minimal, indicating that net debt had a limited impact on the overall valuation. The fluctuations in enterprise value were primarily driven by changes in equity values rather than significant shifts in debt levels.
The most significant decline in enterprise value occurred between December 2021 and December 2022, a decrease of approximately 33.5%. The recovery experienced between December 2022 and December 2023 was substantial, with an increase of approximately 70.4%. However, the subsequent declines in November 2024 and November 2025 suggest a renewed period of market uncertainty or changing investor sentiment.
- Recent Performance
- The decline from December 2023 to November 2025 represents a decrease of approximately 53.1% in enterprise value. This recent downward trend warrants further investigation to determine the underlying causes, such as macroeconomic factors, industry-specific challenges, or company-specific performance issues.