Stock Analysis on Net

Adobe Inc. (NASDAQ:ADBE)

Enterprise Value (EV)

Microsoft Excel

Current Enterprise Value (EV)

Adobe Inc., current enterprise value calculation

Microsoft Excel
Current share price (P) $356.35
No. shares of common stock outstanding 424,200,000
US$ in millions
Common equity (market value)1 151,164
Add: Preferred stock, $0.0001 par value; none issued (per books)
Total equity 151,164
Add: Debt, current portion (per books) 1,499
Add: Debt, excluding current portion (per books) 4,129
Total equity and debt 156,792
Less: Cash and cash equivalents 7,613
Less: Short-term investments 273
Enterprise value (EV) 148,906

Based on: 10-K (reporting date: 2024-11-29).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 356.35 × 424,200,000


Historical Enterprise Value (EV)

Adobe Inc., EV calculation

Microsoft Excel
Nov 29, 2024 Dec 1, 2023 Dec 2, 2022 Dec 3, 2021 Nov 27, 2020 Nov 29, 2019
Share price1, 2 $408.50 $596.10 $344.38 $499.91 $458.08 $350.00
No. shares of common stock outstanding1 435,300,000 452,000,000 457,800,000 471,700,000 478,700,000 482,130,975
US$ in millions
Common equity (market value)3 177,820 269,437 157,657 235,808 219,283 168,746
Add: Preferred stock, $0.0001 par value; none issued (book value)
Total equity 177,820 269,437 157,657 235,808 219,283 168,746
Add: Debt, current portion (book value) 1,499 500 3,149
Add: Debt, excluding current portion (book value) 4,129 3,634 3,629 4,123 4,117 989
Total equity and debt 183,448 273,071 161,786 239,931 223,400 172,884
Less: Cash and cash equivalents 7,613 7,141 4,236 3,844 4,478 2,650
Less: Short-term investments 273 701 1,860 1,954 1,514 1,527
Enterprise value (EV) 175,562 265,229 155,690 234,133 217,408 168,707

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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Adobe Inc. Annual Report.

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 408.50 × 435,300,000


Equity and Market Value Trends
The common equity (market value) and total equity exhibit an overall upward trend from 2019 to 2021, increasing from approximately 168.7 billion USD to 235.8 billion USD. However, a decline is observed in 2022 where both values drop to around 157.7 billion USD before rising sharply again in 2023 to approximately 269.4 billion USD. A notable decrease occurs again in 2024, with values falling to about 177.8 billion USD.
Total Equity and Debt
Total equity and debt closely mirror the pattern of total equity, beginning at about 168.7 billion USD in 2019, reaching a peak near 239.9 billion USD in 2021, followed by a decline in 2022 to around 161.8 billion USD. It then rebounds strongly in 2023 to roughly 273.1 billion USD and falls again in 2024 to approximately 183.4 billion USD. The changes indicate fluctuations in debt alongside equity but maintain a similar overall trajectory.
Enterprise Value (EV)
Enterprise value follows a pattern similar to that of total equity and total equity and debt. It increased steadily through 2019 to 2021, peaking at about 234.1 billion USD before declining to around 155.7 billion USD in 2022. EV then rises significantly in 2023, reaching approximately 265.2 billion USD, but decreases again to near 175.6 billion USD by 2024.
Summary of Financial Trends
Across all observed metrics, there is a consistent pattern of growth from 2019 through 2021, followed by a pronounced decline in 2022. The data for 2023 shows strong recovery and growth in all values, but 2024 marks another substantial decrease. These fluctuations may suggest periods of market volatility or shifts in financial strategy impacting equity valuation and capital structure.