Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

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Historical Valuation Ratios (Summary)

Adobe Systems Inc., historical price multiples (quarterly data)

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Jun 1, 2018 Mar 2, 2018 Dec 1, 2017 Sep 1, 2017 Jun 2, 2017 Mar 3, 2017 Dec 2, 2016 Sep 2, 2016 Jun 3, 2016 Mar 4, 2016 Nov 27, 2015 Aug 28, 2015 May 29, 2015 Feb 27, 2015 Nov 28, 2014 Aug 29, 2014 May 30, 2014 Feb 28, 2014 Nov 29, 2013 Aug 30, 2013 May 31, 2013 Mar 1, 2013 Nov 30, 2012 Aug 31, 2012 Jun 1, 2012 Mar 2, 2012
Price to earnings (P/E) 53.70 55.72 57.41 45.34 49.16 48.82 46.80 54.99 52.52 58.71 70.59 86.16 113.65 119.47 132.73 137.51 126.91 118.76 104.21 56.90 40.48 30.65 22.73
Price to operating profit (P/OP) 44.83 43.58 44.86 36.25 39.10 38.74 36.62 41.58 39.58 45.20 49.21 57.85 73.42 72.16 86.32 86.36 84.34 80.08 71.49 40.52 28.76 22.08 16.04
Price to sales (P/S) 14.33 13.60 13.32 10.46 10.87 10.42 9.34 9.82 8.86 9.25 9.27 9.35 9.54 8.60 8.59 8.21 8.78 7.98 7.45 6.10 5.38 5.00 4.30
Price to book value (P/BV) 13.37 12.12 11.50 8.83 9.09 8.45 7.37 7.49 6.49 6.62 6.35 6.23 6.28 5.55 5.26 5.02 5.43 4.88 4.49 3.72 3.30 3.21 2.84 2.52 2.53 2.84
Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Adobe Systems Inc.'s P/E ratio declined from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Adobe Systems Inc.'s P/OP ratio declined from Q4 2017 to Q1 2018 but then increased from Q1 2018 to Q2 2018 not reaching Q4 2017 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Adobe Systems Inc.'s P/S ratio increased from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company's required rate of return and its actual rate of return. Adobe Systems Inc.'s P/BV ratio increased from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.

Price to Earnings (P/E)

Adobe Systems Inc., historical P/E calculation (quarterly data)

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Jun 1, 2018 Mar 2, 2018 Dec 1, 2017 Sep 1, 2017 Jun 2, 2017 Mar 3, 2017 Dec 2, 2016 Sep 2, 2016 Jun 3, 2016 Mar 4, 2016 Nov 27, 2015 Aug 28, 2015 May 29, 2015 Feb 27, 2015 Nov 28, 2014 Aug 29, 2014 May 30, 2014 Feb 28, 2014 Nov 29, 2013 Aug 30, 2013 May 31, 2013 Mar 1, 2013 Nov 30, 2012 Aug 31, 2012 Jun 1, 2012 Mar 2, 2012
No. shares of common stock outstanding1 489,662,656 492,470,335 491,578,529 492,943,014 493,405,675 494,697,996 494,078,475 497,227,020 498,290,892 500,209,547 498,330,407 498,799,349 497,645,374 500,269,100 498,314,061 498,738,874 497,375,239 497,730,431 496,604,463 499,887,325 502,261,330 501,936,172 498,790,943 495,054,621 491,762,581 496,126,247
Selected Financial Data (USD $)
Net income (in thousands) 663,167  583,076  501,549  419,569  374,390  398,446  399,613  270,788  244,074  254,307  222,705  174,465  147,493  84,888  88,136  44,686  88,527  47,046  65,320  83,002  76,546  65,117  222,333  201,357  223,876  185,209 
Earnings per share (EPS)3 4.43 3.81 3.45 3.23 2.93 2.65 2.37 1.99 1.80 1.60 1.26 0.99 0.73 0.61 0.54 0.49 0.57 0.55 0.58 0.89 1.13 1.42 1.67
Share price1, 2 237.68 212.54 197.84 146.43 143.81 129.58 110.71 109.70 94.39 93.78 89.18 85.50 83.40 73.13 71.49 67.71 72.44 64.88 60.85 50.88 45.56 43.52 37.95 32.80 31.41 34.31
P/E ratio4 53.70 55.72 57.41 45.34 49.16 48.82 46.80 54.99 52.52 58.71 70.59 86.16 113.65 119.47 132.73 137.51 126.91 118.76 104.21 56.90 40.48 30.65 22.73

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Adobe Systems Inc.'s Quarterly or Annual Report.

Q2 2018 Calculations

3 EPS = (Net incomeQ2 2018 + Net incomeQ1 2018 + Net incomeQ4 2017 + Net incomeQ3 2017) ÷ No. shares of common stock outstanding
= (663,167,000 + 583,076,000 + 501,549,000 + 419,569,000) ÷ 489,662,656 = 4.43

4 P/E ratio = Share price ÷ EPS
= 237.68 ÷ 4.43 = 53.70

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Adobe Systems Inc.'s P/E ratio declined from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.

Price to Operating Profit (P/OP)

Adobe Systems Inc., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 1, 2018 Mar 2, 2018 Dec 1, 2017 Sep 1, 2017 Jun 2, 2017 Mar 3, 2017 Dec 2, 2016 Sep 2, 2016 Jun 3, 2016 Mar 4, 2016 Nov 27, 2015 Aug 28, 2015 May 29, 2015 Feb 27, 2015 Nov 28, 2014 Aug 29, 2014 May 30, 2014 Feb 28, 2014 Nov 29, 2013 Aug 30, 2013 May 31, 2013 Mar 1, 2013 Nov 30, 2012 Aug 31, 2012 Jun 1, 2012 Mar 2, 2012
No. shares of common stock outstanding1 489,662,656 492,470,335 491,578,529 492,943,014 493,405,675 494,697,996 494,078,475 497,227,020 498,290,892 500,209,547 498,330,407 498,799,349 497,645,374 500,269,100 498,314,061 498,738,874 497,375,239 497,730,431 496,604,463 499,887,325 502,261,330 501,936,172 498,790,943 495,054,621 491,762,581 496,126,247
Selected Financial Data (USD $)
Operating income (in thousands) 698,484  702,733  649,340  545,674  504,082  468,999  472,280  369,325  344,239  307,758  290,434  246,019  193,617  173,025  124,505  74,176  135,258  78,746  102,836  110,354  111,309  98,224  307,765  278,304  305,143  288,979 
Operating profit per share3 5.30 4.88 4.41 4.04 3.68 3.35 3.02 2.64 2.39 2.07 1.81 1.48 1.14 1.01 0.83 0.78 0.86 0.81 0.85 1.26 1.58 1.97 2.37
Share price1, 2 237.68 212.54 197.84 146.43 143.81 129.58 110.71 109.70 94.39 93.78 89.18 85.50 83.40 73.13 71.49 67.71 72.44 64.88 60.85 50.88 45.56 43.52 37.95 32.80 31.41 34.31
P/OP ratio4 44.83 43.58 44.86 36.25 39.10 38.74 36.62 41.58 39.58 45.20 49.21 57.85 73.42 72.16 86.32 86.36 84.34 80.08 71.49 40.52 28.76 22.08 16.04

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Adobe Systems Inc.'s Quarterly or Annual Report.

Q2 2018 Calculations

3 Operating profit per share = (Operating incomeQ2 2018 + Operating incomeQ1 2018 + Operating incomeQ4 2017 + Operating incomeQ3 2017) ÷ No. shares of common stock outstanding
= (698,484,000 + 702,733,000 + 649,340,000 + 545,674,000) ÷ 489,662,656 = 5.30

4 P/OP ratio = Share price ÷ Operating profit per share
= 237.68 ÷ 5.30 = 44.83

Ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Adobe Systems Inc.'s P/OP ratio declined from Q4 2017 to Q1 2018 but then increased from Q1 2018 to Q2 2018 not reaching Q4 2017 level.

Price to Sales (P/S)

Adobe Systems Inc., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 1, 2018 Mar 2, 2018 Dec 1, 2017 Sep 1, 2017 Jun 2, 2017 Mar 3, 2017 Dec 2, 2016 Sep 2, 2016 Jun 3, 2016 Mar 4, 2016 Nov 27, 2015 Aug 28, 2015 May 29, 2015 Feb 27, 2015 Nov 28, 2014 Aug 29, 2014 May 30, 2014 Feb 28, 2014 Nov 29, 2013 Aug 30, 2013 May 31, 2013 Mar 1, 2013 Nov 30, 2012 Aug 31, 2012 Jun 1, 2012 Mar 2, 2012
No. shares of common stock outstanding1 489,662,656 492,470,335 491,578,529 492,943,014 493,405,675 494,697,996 494,078,475 497,227,020 498,290,892 500,209,547 498,330,407 498,799,349 497,645,374 500,269,100 498,314,061 498,738,874 497,375,239 497,730,431 496,604,463 499,887,325 502,261,330 501,936,172 498,790,943 495,054,621 491,762,581 496,126,247
Selected Financial Data (USD $)
Revenue (in thousands) 2,195,360  2,078,947  2,006,595  1,841,074  1,772,190  1,681,646  1,608,419  1,463,967  1,398,709  1,383,335  1,306,404  1,217,768  1,162,158  1,109,181  1,073,328  1,005,409  1,068,208  1,000,120  1,041,699  995,119  1,010,549  1,007,873  1,153,428  1,080,580  1,124,449  1,045,220 
Sales per share3 16.59 15.63 14.85 14.00 13.23 12.44 11.85 11.17 10.65 10.14 9.62 9.15 8.74 8.51 8.32 8.25 8.25 8.13 8.17 8.34 8.47 8.70 8.83
Share price1, 2 237.68 212.54 197.84 146.43 143.81 129.58 110.71 109.70 94.39 93.78 89.18 85.50 83.40 73.13 71.49 67.71 72.44 64.88 60.85 50.88 45.56 43.52 37.95 32.80 31.41 34.31
P/S ratio4 14.33 13.60 13.32 10.46 10.87 10.42 9.34 9.82 8.86 9.25 9.27 9.35 9.54 8.60 8.59 8.21 8.78 7.98 7.45 6.10 5.38 5.00 4.30

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Adobe Systems Inc.'s Quarterly or Annual Report.

Q2 2018 Calculations

3 Sales per share = (RevenueQ2 2018 + RevenueQ1 2018 + RevenueQ4 2017 + RevenueQ3 2017) ÷ No. shares of common stock outstanding
= (2,195,360,000 + 2,078,947,000 + 2,006,595,000 + 1,841,074,000) ÷ 489,662,656 = 16.59

4 P/S ratio = Share price ÷ Sales per share
= 237.68 ÷ 16.59 = 14.33

Ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Adobe Systems Inc.'s P/S ratio increased from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.

Price to Book Value (P/BV)

Adobe Systems Inc., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 1, 2018 Mar 2, 2018 Dec 1, 2017 Sep 1, 2017 Jun 2, 2017 Mar 3, 2017 Dec 2, 2016 Sep 2, 2016 Jun 3, 2016 Mar 4, 2016 Nov 27, 2015 Aug 28, 2015 May 29, 2015 Feb 27, 2015 Nov 28, 2014 Aug 29, 2014 May 30, 2014 Feb 28, 2014 Nov 29, 2013 Aug 30, 2013 May 31, 2013 Mar 1, 2013 Nov 30, 2012 Aug 31, 2012 Jun 1, 2012 Mar 2, 2012
No. shares of common stock outstanding1 489,662,656 492,470,335 491,578,529 492,943,014 493,405,675 494,697,996 494,078,475 497,227,020 498,290,892 500,209,547 498,330,407 498,799,349 497,645,374 500,269,100 498,314,061 498,738,874 497,375,239 497,730,431 496,604,463 499,887,325 502,261,330 501,936,172 498,790,943 495,054,621 491,762,581 496,126,247
Selected Financial Data (USD $)
Stockholders' equity (in thousands) 8,705,583  8,634,028  8,459,869  8,170,434  7,803,998  7,588,690  7,424,835  7,277,946  7,248,611  7,081,202  7,001,580  6,841,332  6,610,103  6,589,020  6,775,905  6,731,260  6,636,888  6,610,883  6,724,634  6,834,759  6,927,302  6,805,338  6,665,182  6,438,693  6,099,646  5,986,302 
Book value per share (BVPS)3 17.78 17.53 17.21 16.57 15.82 15.34 15.03 14.64 14.55 14.16 14.05 13.72 13.28 13.17 13.60 13.50 13.34 13.28 13.54 13.67 13.79 13.56 13.36 13.01 12.40 12.07
Share price1, 2 237.68 212.54 197.84 146.43 143.81 129.58 110.71 109.70 94.39 93.78 89.18 85.50 83.40 73.13 71.49 67.71 72.44 64.88 60.85 50.88 45.56 43.52 37.95 32.80 31.41 34.31
P/BV ratio4 13.37 12.12 11.50 8.83 9.09 8.45 7.37 7.49 6.49 6.62 6.35 6.23 6.28 5.55 5.26 5.02 5.43 4.88 4.49 3.72 3.30 3.21 2.84 2.52 2.53 2.84

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Adobe Systems Inc.'s Quarterly or Annual Report.

Q2 2018 Calculations

3 BVPS = Stockholders' equity ÷ No. shares of common stock outstanding
= 8,705,583,000 ÷ 489,662,656 = 17.78

4 P/BV ratio = Share price ÷ BVPS
= 237.68 ÷ 17.78 = 13.37

Ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company's required rate of return and its actual rate of return. Adobe Systems Inc.'s P/BV ratio increased from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.