Adobe Inc., FCFE calculation

USD $ in thousands

	12 months ended	Nov 30, 2018	Dec 1, 2017	Dec 2, 2016	Nov 27, 2015	Nov 28, 2014	Nov 29, 2013
	Net income
	Net noncash charges
	Changes in operating assets and liabilities, net of acquired assets and assumed liabilities
	Net cash provided by operating activities
	Purchases of property and equipment
	Proceeds from sale of property
	Proceeds from debt issuance, net of costs
	Repayment of debt and capital lease obligations
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Adobe Inc.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Adobe Inc.’s FCFE increased from 2016 to 2017 and from 2017 to 2018.

Adobe Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in thousands)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Alphabet Inc.
Facebook Inc.
International Business Machines Corp.
Microsoft Corp.
Oracle Corp.
salesforce.com inc.
P/FCFE, Sector
Software & Computer Services
P/FCFE, Industry
Technology

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Adobe Inc., historical P/FCFE calculation, comparison to benchmarks

		Nov 30, 2018	Dec 1, 2017	Dec 2, 2016	Nov 27, 2015	Nov 28, 2014	Nov 29, 2013
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in thousands)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	Alphabet Inc.
	Facebook Inc.
	International Business Machines Corp.
	Microsoft Corp.
	Oracle Corp.
	salesforce.com inc.
	P/FCFE, Sector
	Software & Computer Services
	P/FCFE, Industry
	Technology

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of Adobe Inc.’s Annual Report.

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
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⁵ P/FCFE = Share price ÷ FCFE per share
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Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Adobe Inc.’s P/FCFE ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.

	Adobe Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Adobe Inc. (ADBE)

Price to FCFE (P/FCFE)