# ADBE – Relative valuation (2026-11-10)

Sample run by the Fair Value Coordinator. Forward multiples where public consensus exists (Fwd P/E, Fwd EV/Sales = Fwd P/S x EV/market cap, Fwd P/FCF = market cap / FY1 consensus FCF); EV/EBITDA is TTM because forward EBITDA consensus is not on the free source (data gap). Low/mid/high = peer Q1/median/Q3. TSM excluded from Fwd P/FCF (source forecast in TWD).

### Peer set: peers CRM, NOW, ORCL, SAP, INTU, WDAY, ADSK, MSFT

| Peer | Fwd P/E | Fwd EV/Sales | EV/EBITDA (TTM) | Fwd P/FCF |
|---|---|---|---|---|
| CRM | 14.6x | 4.3x | 16.0x | 11.7x |
| NOW | 21.9x | 5.7x | 32.4x | 17.9x |
| ORCL | 13.8x | 5.1x | 14.5x | n/a |
| SAP | 26.2x | 5.5x | 19.4x | 26.8x |
| INTU | 14.3x | 3.9x | 13.5x | 10.4x |
| WDAY | 15.7x | 4.1x | 28.9x | 14.5x |
| ADSK | 20.0x | 6.1x | 23.5x | 19.8x |
| MSFT | 25.7x | 9.7x | 19.6x | 121.1x |

| Multiple | ADBE now | Peer Q1 / median / Q3 (n) | Implied $/share low / mid / high |
|---|---|---|---|
| Fwd P/E | 8.8x | 14.5x / 17.8x / 22.9x (8) | $388.36 / $477.96 / $613.26 |
| Fwd EV/Sales | 3.3x | 4.2x / 5.3x / 5.8x (8) | $305.30 / $383.93 / $420.62 |
| EV/EBITDA (TTM) | 9.4x | 15.6x / 19.5x / 24.9x (8) | $395.82 / $494.47 / $630.71 |
| Fwd P/FCF | 8.8x | 13.1x / 17.9x / 23.3x (7) | $351.15 / $479.29 / $622.17 |

**Implied range (Peer set): $360.16 / $458.91 / $571.69** (equal-weight average of usable multiples)


Sources: stockanalysis.com statistics + forecast pages for ADBE and each peer (S&P Global Market Intelligence data), fetched 2026-11-10 ~8:45 PM MST (Phoenix).