ADOBE INC.
ADBE · scored from FY2025 filings · Wide moat
On the watchlist
The four filters
Pricing power100
Median gross margin 87.2% over 10y, very stable.
Returns on capital100
Median ROIC 46.5%, above the 9% hurdle in 100% of years.
Balance-sheet safety100
Net cash position — no leverage risk.
Capital discipline100
Owner earnings +22.0%/yr, share count shrinking (buybacks).
Margin of safety
Above valueOn sale
- Owner earnings (normalized)
- $5.9B
- Est. intrinsic value / share
- $258.89
- Recent price
- —
- Discount to value
- No price data
Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
Moat Score history
Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.