Question 1

What is Adobe's P/FCF ratio?

Accepted Answer

Adobe (ADBE) P/FCF ratio is 10.0× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Adobe?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Adobe specifically, the relevant sector benchmark is the current sector median of 21.6×.

Question 5

Is Adobe's P/FCF ratio high or low?

Accepted Answer

Adobe's P/FCF ratio of 10.0× is below its own 5-year average of 28.8× and below the sector median of 21.6×. That places the current reading at the 3th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Adobe's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Adobe (ADBE) P/FCF ratio has ranged from a low of 7.6× in 2009 to a high of 50.5× in 2020. The 5-year average is 28.8× and the 5-year median is 29.4×.

Question 7

What was Adobe's P/FCF ratio in 2025?

Accepted Answer

Adobe (ADBE) P/FCF ratio at the end of 2025 was 13.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Adobe's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$133.49B	$9.85B	13.5×	-15.7×	Nov 28, 2025
2024	$228.56B	$7.82B	29.2×	-10.9×	Nov 29, 2024
2023	$278.67B	$6.94B	40.1×	+18.7×	Dec 1, 2023
2022	$158.92B	$7.40B	21.5×	-21.1×	Dec 2, 2022
2021	$293.47B	$6.89B	42.6×	-0.5×	Dec 3, 2021
2020	$228.50B	$5.31B	43.0×	+6.4×	Nov 27, 2020
2019	$149.73B	$4.09B	36.6×	+4.1×	Nov 29, 2019
2018	$122.50B	$3.76B	32.6×	+0.3×	Nov 30, 2018
2017	$88.34B	$2.73B	32.3×	+7.5×	Dec 1, 2017
2016	$49.43B	$2.00B	24.8×	-11.0×	Dec 2, 2016
2015	$45.94B	$1.28B	35.8×	+3.5×	Nov 27, 2015
2014	$36.70B	$1.14B	32.2×	+2.8×	Nov 28, 2014
2013	$28.35B	$963.33M	29.4×	+15.5×	Nov 29, 2013
2012	$17.13B	$1.23B	13.9×	+3.9×	Nov 30, 2012
2011	$13.33B	$1.33B	10.0×	-5.6×	Dec 2, 2011
2010	$14.69B	$943.35M	15.6×	-3.0×	Dec 3, 2010
2009	$18.55B	$998.18M	18.6×	+8.2×	Nov 27, 2009
2008	$12.14B	$1.17B	10.4×	-7.7×	Nov 28, 2008
2007	$23.65B	$1.31B	18.1×	-9.3×	Nov 30, 2007
2006	$23.14B	$843.99M	27.4×	-3.3×	Dec 1, 2006
2005	$20.93B	$681.48M	30.7×	+6.0×	Dec 2, 2005
2004	$15.31B	$620.52M	24.7×	-0.3×	Dec 3, 2004
2003	$9.85B	$393.68M	25.0×	+2.1×	Nov 28, 2003
2002	$6.82B	$297.75M	22.9×	+2.5×	Nov 29, 2002
2001	$7.59B	$372.15M	20.4×	—	Nov 30, 2001


Paycom Software (PAYC)	14.0×
Intuit (INTU)	13.9×
Okta (OKTA)	13.8×
EPAM Systems (EPAM)	13.4×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Accenture (ACN)	10.3×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
Science Applications International (SAIC)	6.7×
Strategy (MSTR)	5.5×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×

P/FCF Ratio for Adobe (ADBE)

P/FCF Ratio daily chart for Adobe (ADBE)

Historical P/FCF Ratio for Adobe (ADBE) from 2001 to 2025

About P/FCF Ratio at Adobe (ADBE)

Adobe P/FCF Ratio by Year

Adobe P/FCF Ratio 2025: 13.5×

Adobe P/FCF Ratio 2024: 29.2×

Adobe P/FCF Ratio 2023: 40.1×

Adobe P/FCF Ratio 2022: 21.5×

Adobe P/FCF Ratio 2021: 42.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Adobe (ADBE) Key Financials

P/FCF Ratio daily chart for Adobe (ADBE)

Historical P/FCF Ratio for Adobe (ADBE) from 2001 to 2025

About P/FCF Ratio at Adobe (ADBE)

Adobe P/FCF Ratio by Year

Adobe P/FCF Ratio 2025: 13.5×

Adobe P/FCF Ratio 2024: 29.2×

Adobe P/FCF Ratio 2023: 40.1×

Adobe P/FCF Ratio 2022: 21.5×

Adobe P/FCF Ratio 2021: 42.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Adobe's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Adobe?

+Is Adobe's P/FCF ratio high or low?

+What is Adobe's historical P/FCF ratio range?

+What was Adobe's P/FCF ratio in 2025?

+Why does Adobe's P/FCF ratio change over time?

Adobe (ADBE) Key Financials