Adobe Inc.
ADBE Technology Software Application
Adobe Inc.’s revenue for fiscal 2025 (year ended November 2025) was $23.8 billion, up 10.5% from fiscal 2024. In the quarter to August 2026, revenue grew 12.9%, EPS grew 10.8%, free cash flow grew 14.7% and total debt rose 2.63%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years; insiders bought in the last twelve months.
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Adobe Inc. (ADBE) Beneish M-score
Adobe Inc.'s Beneish M-score for fiscal 2025 is −2.85; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.85 | 0.13 |
| FY2024 | −2.99 | (0.29) |
| FY2023 | −2.70 | 0.25 |
| FY2022 | −2.95 | (0.36) |
| FY2021 | −2.60 | 0.00 |
| FY2020 | −2.60 | 0.11 |
| FY2019 | −2.71 | (0.14) |
| FY2018 | −2.57 | (0.07) |
| FY2017 | −2.50 | 0.19 |
| FY2016 | −2.69 | 0.00 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.02 | — | 0.94 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.05 | — | 0.42 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.10) | — | −0.46 | |
| Leverage index | 1.15 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.85 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SNOW Snowflake Inc. compare | −3.5× |
| NOW ServiceNow, Inc. compare | −2.9× |
| ADBE Adobe Inc. | −2.9× |
| INTU Intuit Inc. compare | −2.8× |
| DDOG Datadog, Inc. compare | −2.7× |
| ADP Automatic Data Processing, Inc. compare | −2.6× |
| MSTR Strategy Inc compare | −2.5× |
| CDNS Cadence Design Systems, Inc. compare | −2.4× |
| UBER Uber Technologies, Inc. compare | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI
More on ADBE
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