−62% below 5y medianEV / revenue vs. its own five years
Board median EV / revenue10.2×five-year median 11.8× · −14%
Median Rule of 405321 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on0 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026
Against the line
growth + FCF margin, in points
line 40score 54
growth 12 ptFCF margin 42 pt
Growth +12% plus FCF margin +42% is 54 points, 14 above the line at 40. Counting the stock as an expense: 46 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Dec 3, 2021 → Aug 28, 2026
Five-year median 9.9×, middle half 7.7–12.4×, range 4.2–18.7×. Now 3.8×: −62% below its own median, higher than 0% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Aug 28, 2026 · $B
FCF 10.94B − SBC 2.07B = 8.87B ex-SBC · operating income 9.27B is the GAAP figure after SBC
Against its scale group
ADBE (blue) vs. the other Mega companies on the board (4), grey
Revenue growth+12% vs. +16%
Gross margin89% vs. 73%
FCF margin+42% vs. +14%
SBC / revenue8% vs. 7%
Rule of 4054 vs. 30
EV / revenue3.8× vs. 7.1×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Nov 29, 2024 → Aug 28, 2026 · a gap is a dropped quarter