Price to Book Value (P/BV)
since 2005
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 15, 2026 | 10.74 | = | 304.09 | ÷ | 28.31 | 28.31 | = | 11,623 | ÷ | 410,500,000 | |
| Jan 13, 2025 | 12.61 | = | 408.50 | ÷ | 32.40 | 32.40 | = | 14,105 | ÷ | 435,300,000 | |
| Jan 17, 2024 | 16.31 | = | 596.10 | ÷ | 36.54 | 36.54 | = | 16,518 | ÷ | 452,000,000 | |
| Jan 17, 2023 | 11.22 | = | 344.38 | ÷ | 30.69 | 30.69 | = | 14,051 | ÷ | 457,800,000 | |
| Jan 21, 2022 | 15.94 | = | 499.91 | ÷ | 31.37 | 31.37 | = | 14,797 | ÷ | 471,700,000 | |
| Jan 15, 2021 | 16.53 | = | 458.08 | ÷ | 27.71 | 27.71 | = | 13,264 | ÷ | 478,700,000 | |
| Jan 21, 2020 | 16.03 | = | 350.00 | ÷ | 21.84 | 21.84 | = | 10,530 | ÷ | 482,130,975 | |
| Jan 25, 2019 | 12.76 | = | 244.95 | ÷ | 19.20 | 19.20 | = | 9,362 | ÷ | 487,725,915 | |
| Jan 22, 2018 | 11.50 | = | 197.84 | ÷ | 17.21 | 17.21 | = | 8,460 | ÷ | 491,578,529 | |
| Jan 20, 2017 | 7.37 | = | 110.71 | ÷ | 15.03 | 15.03 | = | 7,425 | ÷ | 494,078,475 | |
| Jan 19, 2016 | 6.35 | = | 89.18 | ÷ | 14.05 | 14.05 | = | 7,002 | ÷ | 498,330,407 | |
| Jan 20, 2015 | 5.26 | = | 71.49 | ÷ | 13.60 | 13.60 | = | 6,776 | ÷ | 498,314,061 | |
| Jan 21, 2014 | 4.49 | = | 60.85 | ÷ | 13.54 | 13.54 | = | 6,725 | ÷ | 496,604,463 | |
| Jan 22, 2013 | 2.84 | = | 37.95 | ÷ | 13.36 | 13.36 | = | 6,665 | ÷ | 498,790,943 | |
| Jan 26, 2012 | 2.66 | = | 31.18 | ÷ | 11.71 | 11.71 | = | 5,783 | ÷ | 493,802,690 | |
| Jan 27, 2011 | 3.29 | = | 33.85 | ÷ | 10.29 | 10.29 | = | 5,192 | ÷ | 504,728,145 | |
| Jan 22, 2010 | 3.68 | = | 34.38 | ÷ | 9.33 | 9.33 | = | 4,891 | ÷ | 524,119,635 | |
| Jan 23, 2009 | 2.34 | = | 19.70 | ÷ | 8.42 | 8.42 | = | 4,410 | ÷ | 524,035,626 | |
| Jan 24, 2008 | 4.24 | = | 34.64 | ÷ | 8.17 | 8.17 | = | 4,650 | ÷ | 568,955,874 | |
| Feb 5, 2007 | 4.39 | = | 38.44 | ÷ | 8.75 | 8.75 | = | 5,152 | ÷ | 588,456,485 | |
| Feb 8, 2006 | 12.48 | = | 38.80 | ÷ | 3.11 | 3.11 | = | 1,864 | ÷ | 599,810,699 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Adobe Inc. Annual Report.
The price-to-book value (P/BV) ratio for the period examined exhibits considerable fluctuation, though a general increasing trend is discernible over the long term. Initial values indicate a relatively high P/BV ratio, followed by a period of decline and subsequent recovery, culminating in a peak and then a recent decrease.
- Initial Period (2006-2009)
- The P/BV ratio began at 12.48 in 2006, then decreased significantly to 4.39 in 2007. This downward trend continued through 2008 and reached a low of 2.34 in 2009, potentially reflecting market conditions and investor sentiment during that time. The share price experienced a substantial decline during this period, while book value per share remained relatively stable.
- Recovery and Growth (2010-2017)
- From 2010 onwards, the P/BV ratio generally increased. It rose from 3.68 in 2010 to 7.37 in 2017, with some intermediate fluctuations. This increase coincided with growth in both share price and book value per share, suggesting improving company performance and investor confidence. The rate of increase in book value per share accelerated during this period.
- Peak and Recent Decline (2018-2025)
- The P/BV ratio peaked at 16.03 in 2018, then continued to rise to 16.31 in 2019 before experiencing a sharp decline to 11.22 in 2020. A subsequent recovery to 16.31 in 2021 was followed by a decrease to 12.61 in 2022, 10.74 in 2023, and 10.74 in 2024. This recent volatility suggests potential shifts in market perception or company-specific factors. While book value per share continued to increase overall, the share price experienced more pronounced fluctuations, driving the changes in the P/BV ratio.
- Long-Term Trend
- Despite the short-term volatility, the P/BV ratio demonstrates an overall upward trend when comparing the beginning and end of the examined period. The ratio moved from 12.48 in 2006 to 10.74 in 2024, indicating that investors were willing to pay a higher premium for each dollar of book value at the end of the period compared to the beginning. However, the recent decline warrants further investigation.
The observed fluctuations in the P/BV ratio likely reflect a combination of factors, including changes in market conditions, investor expectations, and the company’s financial performance. The ratio’s sensitivity to share price movements highlights the importance of monitoring market sentiment alongside fundamental financial metrics.
Comparison to Competitors
Adobe Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 15, 2026 | 10.74 | 4.79 | — | — | 23.34 | — | — | 9.46 | 11.11 | 28.96 | — | 16.29 | 4.59 | 9.42 | 3.25 | 7.15 |
| Jan 13, 2025 | 12.61 | 7.98 | 99.97 | 15.15 | 34.61 | 15.94 | 8.75 | 9.47 | 11.71 | 45.25 | 58.42 | 21.15 | 4.94 | 21.71 | 8.48 | 8.63 |
| Jan 17, 2024 | 16.31 | 7.44 | 16.06 | 24.05 | 19.61 | 21.22 | 7.49 | 8.92 | 11.92 | 308.71 | 14.90 | 42.84 | 3.13 | 20.60 | 14.02 | 8.58 |
| Jan 17, 2023 | 11.22 | 7.13 | 2.67 | 18.46 | 42.67 | 17.39 | 5.34 | 7.20 | 12.38 | — | 6.94 | 252.00 | 3.37 | 18.36 | 9.24 | 12.68 |
| Jan 21, 2022 | 15.94 | 11.06 | 7.83 | 13.68 | 48.91 | 48.66 | 5.90 | 15.71 | 15.16 | 41.57 | 10.48 | 71.88 | 4.73 | 30.36 | 10.50 | 18.38 |
| Jan 15, 2021 | 16.53 | 8.51 | — | 14.90 | 14.78 | 31.25 | 5.24 | 17.71 | 13.11 | 14.01 | 28.60 | 20.61 | 4.48 | 40.91 | 7.57 | 15.54 |
| Jan 21, 2020 | 16.03 | 8.15 | — | 9.51 | — | 16.83 | 6.04 | 20.00 | 10.30 | 8.59 | — | 12.91 | 7.66 | 31.48 | 5.16 | 21.26 |
| Jan 25, 2019 | 12.76 | 9.44 | — | 12.50 | — | — | 7.40 | 24.12 | 10.02 | 3.84 | — | 22.92 | 9.93 | 39.03 | 3.68 | 18.62 |
| Jan 22, 2018 | 11.50 | 10.08 | — | 11.49 | — | — | 8.20 | 26.72 | 7.69 | 3.90 | — | 17.37 | 7.78 | 48.15 | 3.99 | 14.93 |
| Jan 20, 2017 | 7.37 | 9.83 | — | 11.10 | — | — | 9.30 | 24.96 | 6.08 | 3.49 | — | 16.91 | 9.45 | 37.73 | 2.81 | 12.36 |
| Jan 19, 2016 | 6.35 | 11.33 | — | 4.61 | — | — | 8.92 | 10.00 | 4.66 | 3.66 | — | 32.11 | 10.57 | 15.42 | 2.20 | 13.98 |
| Jan 20, 2015 | 5.26 | 8.96 | — | 4.06 | — | — | 13.73 | 7.79 | 3.96 | 3.82 | — | 16.81 | 12.79 | 26.77 | 2.12 | 14.17 |
| Jan 21, 2014 | 4.49 | 10.06 | — | 3.74 | — | — | 8.37 | 5.28 | 3.36 | 3.13 | — | 12.19 | 11.74 | 24.35 | 2.19 | 17.51 |
| Jan 22, 2013 | 2.84 | 11.05 | — | 4.38 | — | — | 11.77 | 6.46 | 3.68 | 3.11 | — | 19.49 | 12.73 | 19.86 | 1.93 | — |
| Jan 26, 2012 | 2.66 | 10.33 | — | 7.87 | — | — | 11.39 | 5.46 | 4.07 | 4.12 | — | — | 12.71 | — | 1.84 | — |
| Jan 27, 2011 | 3.29 | 11.06 | — | 9.33 | — | — | 8.57 | 5.05 | 4.84 | 3.52 | — | — | 9.19 | — | 1.93 | — |
| Jan 22, 2010 | 3.68 | 9.61 | — | 14.21 | — | — | 7.26 | 3.50 | 5.36 | 4.29 | — | — | 5.65 | — | 1.71 | — |
| Jan 23, 2009 | 2.34 | 9.15 | — | 10.30 | — | — | 8.61 | 4.76 | 6.47 | 4.66 | — | — | 15.76 | — | 1.68 | — |
| Jan 24, 2008 | 4.24 | 14.69 | — | 1.49 | — | — | 5.56 | 4.74 | 33.73 | 5.96 | — | — | 17.53 | — | 2.67 | — |
| Feb 5, 2007 | 4.39 | 13.85 | — | 3.45 | — | — | 4.96 | 6.56 | 19.86 | 5.28 | — | — | 21.98 | — | 3.34 | — |
| Feb 8, 2006 | 12.48 | 13.33 | — | 2.78 | — | — | 3.80 | 4.73 | 17.90 | 6.31 | — | — | 10.50 | — | 2.57 | — |
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., P/BV, long-term trends, comparison to sector (software & services)
| Adobe Inc. | Software & Services | |
|---|---|---|
| Jan 15, 2026 | 10.74 | — |
| Jan 13, 2025 | 12.61 | 12.08 |
| Jan 17, 2024 | 16.31 | 11.43 |
| Jan 17, 2023 | 11.22 | 10.64 |
| Jan 21, 2022 | 15.94 | 13.62 |
| Jan 15, 2021 | 16.53 | 11.68 |
| Jan 21, 2020 | 16.03 | 10.06 |
| Jan 25, 2019 | 12.76 | 8.75 |
| Jan 22, 2018 | 11.50 | 7.21 |
| Jan 20, 2017 | 7.37 | 6.29 |
| Jan 19, 2016 | 6.35 | 5.39 |
| Jan 20, 2015 | 5.26 | 5.16 |
| Jan 21, 2014 | 4.49 | 4.47 |
| Jan 22, 2013 | 2.84 | 4.89 |
| Jan 26, 2012 | 2.66 | 5.40 |
| Jan 27, 2011 | 3.29 | 5.32 |
| Jan 22, 2010 | 3.68 | 5.46 |
| Jan 23, 2009 | 2.34 | 6.11 |
| Jan 24, 2008 | 4.24 | 15.50 |
| Feb 5, 2007 | 4.39 | 11.43 |
| Feb 8, 2006 | 12.48 | 11.13 |
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., P/BV, long-term trends, comparison to industry (information technology)
| Adobe Inc. | Information Technology | |
|---|---|---|
| Jan 15, 2026 | 10.74 | — |
| Jan 13, 2025 | 12.61 | 13.29 |
| Jan 17, 2024 | 16.31 | 11.49 |
| Jan 17, 2023 | 11.22 | 10.46 |
| Jan 21, 2022 | 15.94 | 12.56 |
| Jan 15, 2021 | 16.53 | 11.12 |
| Jan 21, 2020 | 16.03 | 8.52 |
| Jan 25, 2019 | 12.76 | 7.04 |
| Jan 22, 2018 | 11.50 | 5.49 |
| Jan 20, 2017 | 7.37 | 4.55 |
| Jan 19, 2016 | 6.35 | 4.33 |
| Jan 20, 2015 | 5.26 | 4.38 |
| Jan 21, 2014 | 4.49 | 3.52 |
| Jan 22, 2013 | 2.84 | 3.77 |
| Jan 26, 2012 | 2.66 | 4.01 |
| Jan 27, 2011 | 3.29 | 4.18 |
| Jan 22, 2010 | 3.68 | 4.35 |
| Jan 23, 2009 | 2.34 | 4.03 |
| Jan 24, 2008 | 4.24 | 8.71 |
| Feb 5, 2007 | 4.39 | 7.26 |
| Feb 8, 2006 | 12.48 | 7.44 |
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).