Price to Book Value (P/BV)
since 2005
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Calculation
Adobe Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 13, 2025 | = | ÷ | = | ÷ | |||||||
| Jan 17, 2024 | = | ÷ | = | ÷ | |||||||
| Jan 17, 2023 | = | ÷ | = | ÷ | |||||||
| Jan 21, 2022 | = | ÷ | = | ÷ | |||||||
| Jan 15, 2021 | = | ÷ | = | ÷ | |||||||
| Jan 21, 2020 | = | ÷ | = | ÷ | |||||||
| Jan 25, 2019 | = | ÷ | = | ÷ | |||||||
| Jan 22, 2018 | = | ÷ | = | ÷ | |||||||
| Jan 20, 2017 | = | ÷ | = | ÷ | |||||||
| Jan 19, 2016 | = | ÷ | = | ÷ | |||||||
| Jan 20, 2015 | = | ÷ | = | ÷ | |||||||
| Jan 21, 2014 | = | ÷ | = | ÷ | |||||||
| Jan 22, 2013 | = | ÷ | = | ÷ | |||||||
| Jan 26, 2012 | = | ÷ | = | ÷ | |||||||
| Jan 27, 2011 | = | ÷ | = | ÷ | |||||||
| Jan 22, 2010 | = | ÷ | = | ÷ | |||||||
| Jan 23, 2009 | = | ÷ | = | ÷ | |||||||
| Jan 24, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2006 | = | ÷ | = | ÷ |
Based on: 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Adobe Inc. Annual Report.
- Share Price Trend
- The share price displayed considerable volatility over the analyzed period. Initially fluctuating around the 30–40 USD range between 2006 and 2008, it experienced a sharp decline to approximately 19.7 USD in early 2009. This dip corresponds with the global financial downturn during that period. Subsequently, the share price steadily recovered and demonstrated strong growth from 2010 onward, reaching a peak of 499.91 USD in early 2022. However, this peak was followed by a notable correction, with the price falling to 344.38 USD by early 2023, before climbing again to 596.1 USD in early 2024 and then retracting to 408.5 USD in early 2025. Overall, the share price showed upward momentum with intermittent corrections, particularly in recent years.
- Book Value Per Share (BVPS) Development
- BVPS showed a consistent upward trend throughout the years, increasing from 3.11 USD in 2006 to a peak of 36.54 USD in early 2024. There was a slight decline to 32.4 USD noted in early 2025. This steady increase in book value per share indicates growth in the company's net asset base over time, reflecting accumulation of equity or retained earnings. The mild recent reduction suggests either asset adjustments or share issuance effects.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio exhibited significant fluctuations corresponding largely with changes in share price rather than book value per share. Early in the period (2006), the ratio was exceptionally high at 12.48, driven by a relatively low BVPS of 3.11 USD. It then declined markedly reaching a trough of 2.34 in early 2009, indicating the market price moved closer to or below the book value during the financial crisis. From 2010 onward, the P/BV ratio progressively increased, peaking at 16.53 in early 2021 despite the steady growth in BVPS, reflecting strong investor expectations and possibly market optimism. The ratio declined significantly to 11.22 in early 2023 but surged again to 16.31 in early 2024 before retreating to 12.61 in early 2025. Such volatility implies that share price movements were more dominant in P/BV fluctuations, potentially influenced by broader market sentiment and company-specific performance outlooks rather than changes in fundamental book value.
- Overall Observations
- The data reveals a company that has grown its intrinsic value steadily, as evidenced by the rising book value per share. Market valuation, however, has been far more variable, impacted by external economic conditions and investor sentiment, which is reflected in the considerable variation seen in the P/BV ratio and share price. Peaks in valuation multiples and share prices in recent years may suggest periods of heightened market confidence or expectations of growth, whereas sharp drops correspond to broader market corrections or reevaluations of the company’s prospects. The combination of increasing book value and fluctuating market prices highlights the importance of considering both fundamental and market factors in valuation.
Comparison to Competitors
Adobe Inc., P/BV, long-term trends, comparison to competitors
| Adobe Inc. | Accenture PLC | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Fair Isaac Corp. | 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 13, 2025 | |||||||||||||||
| Jan 17, 2024 | |||||||||||||||
| Jan 17, 2023 | |||||||||||||||
| Jan 21, 2022 | |||||||||||||||
| Jan 15, 2021 | |||||||||||||||
| Jan 21, 2020 | |||||||||||||||
| Jan 25, 2019 | |||||||||||||||
| Jan 22, 2018 | |||||||||||||||
| Jan 20, 2017 | |||||||||||||||
| Jan 19, 2016 | |||||||||||||||
| Jan 20, 2015 | |||||||||||||||
| Jan 21, 2014 | |||||||||||||||
| Jan 22, 2013 | |||||||||||||||
| Jan 26, 2012 | |||||||||||||||
| Jan 27, 2011 | |||||||||||||||
| Jan 22, 2010 | |||||||||||||||
| Jan 23, 2009 | |||||||||||||||
| Jan 24, 2008 | |||||||||||||||
| Feb 5, 2007 | |||||||||||||||
| Feb 8, 2006 |
Based on: 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., P/BV, long-term trends, comparison to sector (software & services)
| Adobe Inc. | Software & Services | |
|---|---|---|
| Jan 13, 2025 | ||
| Jan 17, 2024 | ||
| Jan 17, 2023 | ||
| Jan 21, 2022 | ||
| Jan 15, 2021 | ||
| Jan 21, 2020 | ||
| Jan 25, 2019 | ||
| Jan 22, 2018 | ||
| Jan 20, 2017 | ||
| Jan 19, 2016 | ||
| Jan 20, 2015 | ||
| Jan 21, 2014 | ||
| Jan 22, 2013 | ||
| Jan 26, 2012 | ||
| Jan 27, 2011 | ||
| Jan 22, 2010 | ||
| Jan 23, 2009 | ||
| Jan 24, 2008 | ||
| Feb 5, 2007 | ||
| Feb 8, 2006 |
Based on: 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., P/BV, long-term trends, comparison to industry (information technology)
| Adobe Inc. | Information Technology | |
|---|---|---|
| Jan 13, 2025 | ||
| Jan 17, 2024 | ||
| Jan 17, 2023 | ||
| Jan 21, 2022 | ||
| Jan 15, 2021 | ||
| Jan 21, 2020 | ||
| Jan 25, 2019 | ||
| Jan 22, 2018 | ||
| Jan 20, 2017 | ||
| Jan 19, 2016 | ||
| Jan 20, 2015 | ||
| Jan 21, 2014 | ||
| Jan 22, 2013 | ||
| Jan 26, 2012 | ||
| Jan 27, 2011 | ||
| Jan 22, 2010 | ||
| Jan 23, 2009 | ||
| Jan 24, 2008 | ||
| Feb 5, 2007 | ||
| Feb 8, 2006 |
Based on: 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).