Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Adobe Inc., current price multiples
| 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. | Software & Services | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||
| Current share price (P) | $269.39 | ||||||||||||||||||||
| No. shares of common stock outstanding | 410,500,000 | ||||||||||||||||||||
| Growth rate (g) | 37.28% | ||||||||||||||||||||
| Earnings per share (EPS) | $17.37 | ||||||||||||||||||||
| Next year expected EPS | $23.84 | ||||||||||||||||||||
| Operating profit per share | $21.21 | ||||||||||||||||||||
| Sales per share | $57.90 | ||||||||||||||||||||
| Book value per share (BVPS) | $28.31 | ||||||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||||||
| Price to earnings (P/E) | 15.51 | 18.73 | 80.27 | 69.67 | — | 203.69 | 44.99 | 31.29 | 28.71 | 31.51 | 670.44 | 95.14 | 28.72 | 61.41 | 58.94 | 79.38 | 37.75 | 59.27 | |||
| Price to next year expected earnings | 11.30 | 16.08 | 65.66 | 54.98 | — | 203.67 | 44.68 | 27.80 | 22.54 | 11.21 | 808.26 | 83.06 | 27.40 | 54.02 | 50.78 | 79.36 | 31.04 | 47.21 | |||
| Price-earnings-growth (PEG) | 0.42 | 1.14 | 3.61 | 2.61 | — | 21,616.21 | 64.37 | 2.49 | 1.05 | 0.17 | — | 6.55 | 5.94 | 4.49 | 3.67 | 3,198.08 | 1.74 | 2.32 | |||
| Price to operating profit (P/OP) | 12.70 | 14.06 | 67.69 | 54.44 | — | 689.47 | 28.89 | 24.59 | 22.74 | 22.18 | 998.28 | 86.79 | 24.71 | 58.85 | 85.83 | 100.61 | 30.77 | 46.00 | |||
| Price to sales (P/S) | 4.65 | 2.06 | 26.93 | 15.84 | 24.05 | 13.94 | 4.32 | 6.43 | 10.38 | 6.83 | 108.14 | 11.70 | 4.70 | 8.08 | 11.13 | 4.94 | 9.33 | 12.23 | |||
| Price to book value (P/BV) | 9.51 | 4.61 | 116.36 | 15.73 | 28.99 | 13.79 | 9.92 | 6.14 | 8.51 | 19.17 | 61.93 | 13.79 | 2.91 | 8.28 | 2.77 | 4.62 | 10.83 | 17.40 | |||
Based on: 10-K (reporting date: 2025-11-28).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Adobe Inc., historical price multiples
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).
The valuation ratios demonstrate considerable fluctuation over the observed period. Generally, the ratios decreased from 2023 to the projected values for 2025, suggesting a potential shift in investor sentiment or company performance expectations. Prior to 2023, the ratios exhibited more varied movements, with some peaking in 2021 and others declining steadily.
- Price to Earnings (P/E)
- The Price to Earnings ratio peaked in 2021 at 48.90 before declining to 33.15 in 2022. It then increased again to 49.64 in 2023, followed by a decrease to 31.98 in 2024 and a substantial drop to 17.51 projected for 2025. This indicates increasing volatility in earnings relative to share price, culminating in a significantly lower valuation based on earnings in the later projections.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio also showed a peak in 2021 at 40.64. It experienced a decline in 2022, followed by a rebound in 2023. The ratio then decreased to 26.38 in 2024 and continued its downward trend, reaching 14.34 in the 2025 projection. This pattern mirrors the P/E ratio, suggesting a consistent relationship between earnings and operating profit valuations.
- Price to Sales (P/S)
- The Price to Sales ratio exhibited a consistent decline from 17.04 in 2020 to 8.27 in 2024, with a slight increase observed in 2023. The projected value for 2025 is 5.25, representing the lowest value in the observed period. This suggests a decreasing valuation relative to revenue, potentially indicating increased competition or slowing sales growth expectations.
- Price to Book Value (P/BV)
- The Price to Book Value ratio decreased from 16.53 in 2020 to 11.22 in 2022, then increased to 16.31 in 2023. It subsequently decreased to 12.61 in 2024 and is projected to reach 10.74 in 2025. While less volatile than the earnings-based ratios, the P/BV ratio still demonstrates a general downward trend, indicating a decreasing valuation relative to net asset value.
Overall, the observed trends suggest a potential re-evaluation of the company’s valuation by the market. The consistent decline in price multiples from 2023 to the 2025 projections warrants further investigation into the underlying factors driving these changes.
Price to Earnings (P/E)
Adobe Inc., historical P/E calculation, comparison to benchmarks
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 410,500,000 | 435,300,000 | 452,000,000 | 457,800,000 | 471,700,000 | 478,700,000 | |
| Selected Financial Data (US$) | |||||||
| Net income (in millions) | 7,130) | 5,560) | 5,428) | 4,756) | 4,822) | 5,260) | |
| Earnings per share (EPS)2 | 17.37 | 12.77 | 12.01 | 10.39 | 10.22 | 10.99 | |
| Share price1, 3 | 304.09 | 408.50 | 596.10 | 344.38 | 499.91 | 458.08 | |
| Valuation Ratio | |||||||
| P/E ratio4 | 17.51 | 31.98 | 49.64 | 33.15 | 48.90 | 41.69 | |
| Benchmarks | |||||||
| P/E Ratio, Competitors5 | |||||||
| Accenture PLC | 19.47 | 31.07 | 27.81 | 22.93 | 36.58 | 28.32 | |
| AppLovin Corp. | — | 68.97 | 56.56 | — | 472.35 | — | |
| Cadence Design Systems Inc. | — | 67.09 | 78.64 | 59.70 | 53.88 | 62.89 | |
| CrowdStrike Holdings Inc. | — | 892.67 | — | — | — | — | |
| Datadog Inc. | — | 235.49 | 884.97 | — | — | — | |
| International Business Machines Corp. | — | 39.68 | 22.50 | 71.56 | 19.40 | 19.30 | |
| Intuit Inc. | 48.19 | 58.94 | 64.61 | 57.31 | 75.17 | 49.52 | |
| Microsoft Corp. | 37.46 | 35.67 | 33.96 | 28.34 | 35.14 | 35.04 | |
| Oracle Corp. | 47.60 | 37.63 | 38.96 | 26.85 | 15.84 | 16.69 | |
| Palantir Technologies Inc. | — | 632.38 | 246.77 | — | — | — | |
| Palo Alto Networks Inc. | 112.39 | 42.42 | 170.35 | — | — | — | |
| Salesforce Inc. | 45.28 | 71.24 | 879.57 | 135.68 | 48.20 | 1,204.70 | |
| ServiceNow Inc. | 69.85 | 146.40 | 90.80 | 284.29 | 487.70 | — | |
| Synopsys Inc. | 69.11 | 33.69 | 70.08 | 51.76 | 73.37 | 55.92 | |
| Workday Inc. | 122.85 | 50.53 | — | 1,957.29 | — | — | |
| P/E Ratio, Sector | |||||||
| Software & Services | — | 42.11 | 40.33 | 34.78 | 38.09 | — | |
| P/E Ratio, Industry | |||||||
| Information Technology | — | 45.25 | 36.08 | 26.93 | 29.73 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 7,130,000,000 ÷ 410,500,000 = 17.37
3 Closing price as at the filing date of Adobe Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 304.09 ÷ 17.37 = 17.51
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited considerable fluctuation over the observed period. Initially, the ratio increased from 41.69 in November 2020 to 48.90 in December 2021, suggesting increasing investor optimism or a relative increase in the share price compared to earnings. A subsequent decline to 33.15 in December 2022 indicated a shift in market sentiment, potentially due to macroeconomic factors or company-specific concerns.
The P/E ratio then rose again to 49.64 in December 2023, mirroring the increase in share price. However, this was followed by a decrease to 31.98 in November 2024, and a more substantial drop to 17.51 in November 2025. This recent downward trend suggests that earnings growth is outpacing share price appreciation, or that investors are becoming less willing to pay a premium for each dollar of earnings.
- P/E Ratio Trend
- The P/E ratio demonstrated a cyclical pattern over the period. An initial increase was followed by a decrease, then another increase, and finally a pronounced decline. This suggests sensitivity to both earnings performance and broader market conditions.
- Relationship to Share Price and EPS
- The P/E ratio’s movements correlate with changes in both share price and earnings per share. The increases in the ratio generally coincided with increases in share price, while the decreases often followed periods of share price decline or significant earnings growth. The most recent decline in the P/E ratio is largely attributable to a combination of decreasing share price and increasing EPS.
The ratio’s decline from 49.64 in December 2023 to 17.51 in November 2025 is particularly noteworthy. This represents a significant contraction in the valuation multiple, potentially indicating a re-evaluation of the company’s future growth prospects or a shift towards value-oriented investing.
Price to Operating Profit (P/OP)
Adobe Inc., historical P/OP calculation, comparison to benchmarks
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 410,500,000 | 435,300,000 | 452,000,000 | 457,800,000 | 471,700,000 | 478,700,000 | |
| Selected Financial Data (US$) | |||||||
| Operating income (in millions) | 8,706) | 6,741) | 6,650) | 6,098) | 5,802) | 4,237) | |
| Operating profit per share2 | 21.21 | 15.49 | 14.71 | 13.32 | 12.30 | 8.85 | |
| Share price1, 3 | 304.09 | 408.50 | 596.10 | 344.38 | 499.91 | 458.08 | |
| Valuation Ratio | |||||||
| P/OP ratio4 | 14.34 | 26.38 | 40.52 | 25.85 | 40.64 | 51.75 | |
| Benchmarks | |||||||
| P/OP Ratio, Competitors5 | |||||||
| Accenture PLC | 14.62 | 23.52 | 21.69 | 16.83 | 28.35 | 22.21 | |
| AppLovin Corp. | — | 58.16 | 31.12 | — | 111.61 | — | |
| Cadence Design Systems Inc. | — | 52.42 | 65.43 | 47.21 | 48.13 | 57.54 | |
| CrowdStrike Holdings Inc. | — | — | — | — | — | — | |
| Datadog Inc. | — | 797.11 | — | — | — | — | |
| International Business Machines Corp. | — | 25.48 | 17.99 | 14.35 | 16.23 | 15.90 | |
| Intuit Inc. | 37.87 | 48.11 | 49.04 | 46.05 | 62.00 | 41.56 | |
| Microsoft Corp. | 29.68 | 28.73 | 27.76 | 24.72 | 30.79 | 29.30 | |
| Oracle Corp. | 33.50 | 25.65 | 25.30 | 16.51 | 14.31 | 12.17 | |
| Palantir Technologies Inc. | — | 941.61 | 431.61 | — | — | — | |
| Palo Alto Networks Inc. | 102.53 | 159.88 | 193.40 | — | — | — | |
| Salesforce Inc. | 38.94 | 58.80 | 177.62 | 357.52 | 431.39 | 511.08 | |
| ServiceNow Inc. | 66.94 | 152.95 | 206.26 | 260.27 | 436.46 | — | |
| Synopsys Inc. | 100.63 | 56.25 | 67.90 | 43.85 | 75.64 | 59.90 | |
| Workday Inc. | 155.71 | 381.31 | — | — | — | — | |
| P/OP Ratio, Sector | |||||||
| Software & Services | — | 34.32 | 32.29 | 27.53 | 34.16 | — | |
| P/OP Ratio, Industry | |||||||
| Information Technology | — | 35.11 | 30.04 | 22.85 | 26.25 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 8,706,000,000 ÷ 410,500,000 = 21.21
3 Closing price as at the filing date of Adobe Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 304.09 ÷ 21.21 = 14.34
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited considerable fluctuation over the observed period. Initially, the ratio decreased significantly before stabilizing and then declining again. This movement correlates with changes in both share price and operating profit per share.
- Overall Trend
- The P/OP ratio began at 51.75 in November 2020, decreased to a low of 25.85 in December 2022, increased to 40.52 in December 2023, and then decreased again to 14.34 by November 2025. This indicates a general decline in valuation relative to operating profit over the entire period, with a temporary increase in 2023.
- Initial Decline (2020-2022)
- A substantial decrease in the P/OP ratio occurred between November 2020 and December 2022. This was driven by a combination of a declining share price and, to a lesser extent, a slower growth rate in operating profit per share. The share price experienced a significant drop in 2022, contributing heavily to the ratio’s decline.
- Recovery and Subsequent Decline (2022-2025)
- The ratio experienced a recovery in December 2023, rising to 40.52. This increase was attributable to a substantial increase in the share price. However, this recovery was short-lived, as the P/OP ratio resumed its downward trend, reaching 14.34 in November 2025. This recent decline is primarily due to a more pronounced decrease in share price, coupled with continued growth in operating profit per share.
- Operating Profit Per Share
- Operating profit per share demonstrated consistent growth throughout the period, increasing from US$8.85 in November 2020 to US$21.21 in November 2025. This positive trend in profitability did not fully offset the impact of share price fluctuations on the P/OP ratio.
- Share Price Influence
- The share price exhibited significant volatility. The decrease from December 2021 to December 2022, and again from December 2023 to November 2025, had a considerable negative impact on the P/OP ratio, despite the underlying growth in operating profit per share. The share price appears to be a dominant factor influencing the P/OP ratio’s movements.
In conclusion, the P/OP ratio’s trajectory suggests that the market valuation of operating profit has decreased over the period, primarily driven by share price performance. While operating profit per share has grown consistently, it has not been sufficient to maintain or increase the P/OP ratio in the face of share price declines.
Price to Sales (P/S)
Adobe Inc., historical P/S calculation, comparison to benchmarks
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 410,500,000 | 435,300,000 | 452,000,000 | 457,800,000 | 471,700,000 | 478,700,000 | |
| Selected Financial Data (US$) | |||||||
| Revenue (in millions) | 23,769) | 21,505) | 19,409) | 17,606) | 15,785) | 12,868) | |
| Sales per share2 | 57.90 | 49.40 | 42.94 | 38.46 | 33.46 | 26.88 | |
| Share price1, 3 | 304.09 | 408.50 | 596.10 | 344.38 | 499.91 | 458.08 | |
| Valuation Ratio | |||||||
| P/S ratio4 | 5.25 | 8.27 | 13.88 | 8.95 | 14.94 | 17.04 | |
| Benchmarks | |||||||
| P/S Ratio, Competitors5 | |||||||
| Accenture PLC | 2.15 | 3.48 | 2.98 | 2.56 | 4.28 | 3.26 | |
| AppLovin Corp. | — | 23.14 | 6.14 | 1.80 | 5.99 | — | |
| Cadence Design Systems Inc. | — | 15.26 | 20.02 | 14.23 | 12.55 | 13.85 | |
| CrowdStrike Holdings Inc. | 19.36 | 26.10 | 12.81 | 30.15 | 48.70 | 22.79 | |
| Datadog Inc. | — | 16.12 | 20.19 | 14.64 | 49.25 | 49.57 | |
| International Business Machines Corp. | — | 3.81 | 2.73 | 1.94 | 1.94 | 1.47 | |
| Intuit Inc. | 9.90 | 10.72 | 10.72 | 9.30 | 16.09 | 11.78 | |
| Microsoft Corp. | 13.54 | 12.82 | 11.60 | 10.40 | 12.81 | 10.85 | |
| Oracle Corp. | 10.32 | 7.44 | 6.63 | 4.25 | 5.38 | 4.33 | |
| Palantir Technologies Inc. | — | 102.00 | 23.27 | 9.34 | 15.58 | 39.86 | |
| Palo Alto Networks Inc. | 13.82 | 13.62 | 10.87 | 9.62 | 10.72 | 6.66 | |
| Salesforce Inc. | 7.40 | 8.45 | 5.84 | 7.40 | 9.24 | 8.88 | |
| ServiceNow Inc. | 9.20 | 18.99 | 17.52 | 12.75 | 19.02 | — | |
| Synopsys Inc. | 13.05 | 12.45 | 14.75 | 10.03 | 13.22 | 10.08 | |
| Workday Inc. | 7.65 | 9.61 | 7.71 | 11.19 | 13.95 | 10.65 | |
| P/S Ratio, Sector | |||||||
| Software & Services | — | 10.40 | 8.78 | 7.45 | 9.54 | — | |
| P/S Ratio, Industry | |||||||
| Information Technology | — | 9.34 | 7.33 | 6.01 | 6.99 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 23,769,000,000 ÷ 410,500,000 = 57.90
3 Closing price as at the filing date of Adobe Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 304.09 ÷ 57.90 = 5.25
5 Click competitor name to see calculations.
The price to sales ratio exhibited considerable fluctuation over the observed period. Initially, the ratio decreased from 17.04 in November 2020 to 14.94 in December 2021, followed by a substantial decline to 8.95 in December 2022. A subsequent increase to 13.88 was noted in December 2023, before decreasing again to 8.27 in November 2024 and further to 5.25 in November 2025.
- Price to Sales Ratio Trend
- The price to sales ratio demonstrated a generally decreasing trend over the six-year period, despite interim increases. The most significant decline occurred between December 2021 and December 2022. The ratio’s value in November 2025 represents the lowest point observed within the analyzed timeframe.
Share price and sales per share both generally increased over the period, although not consistently. The share price peaked in December 2023 at 596.10, while sales per share showed a consistent upward trajectory, reaching 57.90 in November 2025. The decreasing P/S ratio, despite increasing sales per share, suggests that the market valuation of each dollar of sales has diminished over time.
- Relationship between Share Price and Sales per Share
- While share price and sales per share generally trended upwards, the P/S ratio’s behavior indicates a decoupling between price and sales. The initial decrease in the P/S ratio alongside increasing sales per share suggests growing investor skepticism regarding the company’s ability to translate sales into profits or future growth. The continued decline in the P/S ratio, even with continued sales per share growth, reinforces this observation.
The volatility in the P/S ratio suggests potential shifts in market sentiment or expectations regarding the company’s future performance. The ratio’s decline could also be attributed to broader macroeconomic factors impacting the sector or overall market conditions.
- Potential Interpretations
- The observed trends in the P/S ratio could indicate that investors are becoming less willing to pay a premium for each dollar of the company’s sales. This could be due to concerns about future growth prospects, increased competition, or changes in the company’s profitability. Further investigation into the underlying drivers of these trends is warranted.
Price to Book Value (P/BV)
Adobe Inc., historical P/BV calculation, comparison to benchmarks
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 410,500,000 | 435,300,000 | 452,000,000 | 457,800,000 | 471,700,000 | 478,700,000 | |
| Selected Financial Data (US$) | |||||||
| Stockholders’ equity (in millions) | 11,623) | 14,105) | 16,518) | 14,051) | 14,797) | 13,264) | |
| Book value per share (BVPS)2 | 28.31 | 32.40 | 36.54 | 30.69 | 31.37 | 27.71 | |
| Share price1, 3 | 304.09 | 408.50 | 596.10 | 344.38 | 499.91 | 458.08 | |
| Valuation Ratio | |||||||
| P/BV ratio4 | 10.74 | 12.61 | 16.31 | 11.22 | 15.94 | 16.53 | |
| Benchmarks | |||||||
| P/BV Ratio, Competitors5 | |||||||
| Accenture PLC | 4.79 | 7.98 | 7.44 | 7.13 | 11.06 | 8.51 | |
| AppLovin Corp. | — | 99.97 | 16.06 | 2.67 | 7.83 | — | |
| Cadence Design Systems Inc. | — | 15.15 | 24.05 | 18.46 | 13.68 | 14.90 | |
| CrowdStrike Holdings Inc. | 23.34 | 34.61 | 19.61 | 42.67 | 48.91 | 14.78 | |
| Datadog Inc. | — | 15.94 | 21.22 | 17.39 | 48.66 | 31.25 | |
| International Business Machines Corp. | — | 8.75 | 7.49 | 5.34 | 5.90 | 5.24 | |
| Intuit Inc. | 9.46 | 9.47 | 8.92 | 7.20 | 15.71 | 17.71 | |
| Microsoft Corp. | 11.11 | 11.71 | 11.92 | 12.38 | 15.16 | 13.11 | |
| Oracle Corp. | 28.96 | 45.25 | 308.71 | — | 41.57 | 14.01 | |
| Palantir Technologies Inc. | — | 58.42 | 14.90 | 6.94 | 10.48 | 28.60 | |
| Palo Alto Networks Inc. | 16.29 | 21.15 | 42.84 | 252.00 | 71.88 | 20.61 | |
| Salesforce Inc. | 4.59 | 4.94 | 3.13 | 3.37 | 4.73 | 4.48 | |
| ServiceNow Inc. | 9.42 | 21.71 | 20.60 | 18.36 | 30.36 | — | |
| Synopsys Inc. | 3.25 | 8.48 | 14.02 | 9.24 | 10.50 | 7.57 | |
| Workday Inc. | 7.15 | 8.63 | 8.58 | 12.68 | 18.38 | 15.54 | |
| P/BV Ratio, Sector | |||||||
| Software & Services | — | 12.08 | 11.43 | 10.64 | 13.62 | — | |
| P/BV Ratio, Industry | |||||||
| Information Technology | — | 13.29 | 11.49 | 10.46 | 12.54 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 11,623,000,000 ÷ 410,500,000 = 28.31
3 Closing price as at the filing date of Adobe Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 304.09 ÷ 28.31 = 10.74
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio exhibited fluctuations over the observed period. Initially, the ratio demonstrated a slight decrease from 16.53 in November 2020 to 15.94 in December 2021. A more pronounced decline followed, with the ratio reaching 11.22 in December 2022. Subsequently, the P/BV ratio increased to 16.31 in December 2023, before decreasing again to 12.61 in November 2024 and further to 10.74 in November 2025.
- Share Price Trend
- The share price generally increased from November 2020 to December 2021, then experienced a significant decrease through December 2022. A recovery was observed through December 2023, but the share price declined again in November 2024 and November 2025.
- Book Value Per Share Trend
- Book value per share increased from November 2020 to December 2021. It then decreased slightly in December 2022, followed by an increase in December 2023. A decrease was observed in November 2024 and a further decrease in November 2025.
- P/BV Ratio and Underlying Components
- The P/BV ratio’s movements appear to be influenced by the combined trends of the share price and book value per share. The largest decrease in the P/BV ratio coincided with the largest decrease in share price in 2022. The subsequent increase in the ratio in 2023 was associated with a share price recovery and an increase in book value per share. The declines in both share price and book value per share in the later periods contributed to the decreasing P/BV ratio.
The P/BV ratio’s trajectory suggests a dynamic relationship between market valuation and the company’s net asset value. The ratio’s decline to 10.74 in November 2025 represents the lowest value observed during the analyzed period.