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Adobe Inc. (ADBE) 财务分析 | 估值·财报 | 100Baggers.club

Adobe Inc.

ADBE

Adobe Inc. operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform. Its flagship product is Creative Cloud, a subscription service that allows members to access its creative products. This segment serves content creators, workers, marketers, educators, enthusiasts, communicators, and consumers. The Digital Experience segment provides an integrated platform and set of applications and services that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers products and services, such as e-learning solutions, technical document publishing, web conferencing, document and forms platform, web application development, and high-end printing, as well as Advertising Cloud offerings. The company offers its products and services directly to enterprise customers through its sales force and local field offices, as well as to end users through app stores and through its website at adobe.com. It also distributes products and services through a network of distributors, value-added resellers, systems integrators, software vendors and developers, retailers, and original equipment manufacturers. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.

深度研究阅读完整报告

奥多比(ADBE)股票深度分析 — 利润率创新高的公司为何估值创新低

利润率创47.4%新高的印钞机，却被市场按“AI受害者”定价，隐含零增长。这并非简单的低估，而是市场在AI恐慌中对一家软件垄断者价值的严重错判。

📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

89.07%

毛利润 = $5.70B

营业收入 = $6.40B

Operating Profit Margini营业利润率

37.79%

营业利润 = $2.42B

营业收入 = $6.40B

EBITDA MarginiEBITDA利润率

40.51%

EBITDA = $2.59B

营业收入 = $6.40B

EBIT MarginiEBIT利润率

37.79%

EBIT = $2.42B

营业收入 = $6.40B

Net Profit Margini净利率

29.52%

净利润 = $1.89B

营业收入 = $6.40B

Pretax Profit Margini税前利润率

37.86%

税前利润 = $2.42B

营业收入 = $6.40B

E

运营效率指标

Interest Coveragei利息保障倍数

65.98x

EBIT (TTM) = $9.11B

利息费用 (TTM) = $0.14B

40.9x

37.0x

35.3x

34.0x

66.0x

SG&A / Revenuei销管费率

33.93%

销售及管理费用 = $2.17B

营业收入 = $6.40B

R&D / Revenuei研发占比

17.35%

研发费用 = $1.11B

营业收入 = $6.40B

R

回报率指标 (TTM)

ROAi总资产回报率

24.05%

净利润 = $7.21B

平均总资产 = $29.97B

ROEi净资产收益率

56.45%

净利润 = $7.21B

平均股东权益 = $12.77B

ROICi投入资本回报率

61.46%

NOPAT (TTM) = $7.20B

平均投入资本 = $11.71B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

11.97%

当期营收 = $6.40B

去年同期营收 = $5.71B

+10.3%

+10.6%

+10.7%

+10.5%

+12.0%

Operating Cash Flow/Sharei每股经营现金流

$25.56

经营现金流 = $10.51B

流通股数 = 0.41B

$21.38

$22.21

$22.77

$24.06

$25.56

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+12.0%	$6.40B	↑
毛利	+11.9%	$5.70B, 89.07%	↑
营业利润	+11.8%	$2.42B, 37.79%	↑
EBITDA	+5.3%	$2.59B, 40.51%	↑
税前利润	+11.0%	$2.42B, 37.86%	↑
净利润	+4.3%	$1.89B, 29.52%	↑
稀释每股收益	+11.4%	4.60	↑

L

流动性指标

Current Ratioi流动比率

0.91

关注

流动资产 = $10.39B

流动负债 = $11.39B

Quick Ratioi速动比率

0.91

正常

速动资产 = $10.39B

流动负债 = $11.39B

Cash Ratioi现金比率

0.60

健康

现金及等价物 = $6.89B

流动负债 = $11.39B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.58

正常

总债务 = $6.66B

总权益 = $11.43B

Liabilities to Assetsi资产负债率 (总负债)

61.5%

关注

总负债 = $18.27B

总资产 = $29.70B

Equity Multiplieri权益乘数

2.60

正常

总资产 = $29.70B

总权益 = $11.43B

E

效率指标

Asset Turnoveri总资产周转率

0.82

正常

营收 (TTM) = $24.45B

平均总资产 = $29.97B

Inventory Turnoveri存货周转率

N/A

正常

营业成本 (TTM) = $2.67B

平均存货 = $0.00B

Receivables Turnoveri应收账款周转率

11.02

健康

营收 (TTM) = $24.45B

平均应收账款 = $2.22B

S

偿债能力

Interest Coveragei利息保障倍数

65.98

健康

EBIT (TTM) = $9.11B

利息费用 (TTM) = $0.14B

Net Debt to EBITDAi净债务/EBITDA

0.03

健康

净债务 = $0.32B

EBITDA (TTM) = $9.88B

Debt Service Coveragei偿债覆盖率

9.72

健康

经营现金流 (TTM) = $10.51B

债务偿付 = $1.08B

V

价值指标

Goodwill %i商誉占比

43.3%

关注

商誉 = $12.87B

总资产 = $29.70B

Working Capital Ratioi营运资本比率

-0.03

关注

营运资本 = $-1.00B

总资产 = $29.70B

C

现金流指标

经营现金流 TTMi

$10.51B

自由现金流 TTMi

$10.32B

FCF = OCF - CapEx

经营现金流 (TTM) = $10.51B

资本支出 (TTM) = $-0.19B

自由现金流收益率i

10.61%

关注

FCF (TTM) = $10.32B

市值 = $97.27B

经营现金流/销售比i

42.97%

健康

经营现金流 (TTM) = $10.51B

营业收入 (TTM) = $24.45B

Q

质量与覆盖指标

收益质量i

1.46x

健康

经营现金流 (TTM) = $10.51B

净利润 (TTM) = $7.21B

现金流/债务比i

1.58x

健康

经营现金流 (TTM) = $10.51B

总负债 = $6.66B

短期覆盖率i

0.92x

健康

经营现金流 (TTM) = $10.51B

流动负债 = $11.39B

资本支出覆盖率i

55.30x

健康

经营现金流 (TTM) = $10.51B

资本支出 (TTM) = $0.19B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

98.19%

健康

自由现金流 (TTM) = $10.32B

经营现金流 (TTM) = $10.51B

资本支出/营收比i

0.78%

健康

资本支出 (TTM) = $0.19B

营业收入 (TTM) = $24.45B

净债务/EBITDAi

0.03

健康

净债务 = $0.32B

EBITDA (TTM) = $9.88B

G

增长指标

经营现金流增长率i

19.18%

健康

当期OCF (TTM) = $2.96B

上期OCF = $2.48B

股东盈余i

$7.79B

健康

净利润 (TTM) = $7.21B

+ 折旧摊销 (TTM) = $0.78B

- 资本支出 (TTM) = $-0.19B