Adobe Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $10.592B TTM free cash flow base; 8% annual FCF growth for years 1-5, 4% for years 6-10; 11% discount rate; 3% terminal growth; approximately $1.12B net debt; 397.50M shares outstanding.

Reasoning: Adobe's FCF growth was tempered below its 12% TTM revenue growth to reflect increasing competitive and pricing pressure from generative-AI-native creative and document tools, while the discount rate includes an added risk premium for that same disruption risk relative to a typical mega-cap software company.