Software - Infrastructure · NASDAQ
当前价格
$234.84
内在价值
使用下方计算器估算
对 Adobe Inc. 运行完整的 DCF 分析，自动填充基本面数据，可调节假设参数，含敏感性热力图。
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.
ROIC (TTM)
37.4%
ROE (TTM)
62.3%
FCF Yield
10.78%
基于过去 12 个月的数据，ADBE 每股自由现金流为 N/A，投入资本回报率（ROIC）为 37.4%，这些是使用 DCF 方法进行股票估值的关键输入。P/FCF 比率为 N/A，FCF 收益率为 10.78%，是评估 ADBE 相对估值的重要参考指标。
ADBE 的内在价值取决于未来增长率、折现率（WACC）和终值假设。DCF 模型将预期自由现金流折现回现值——WACC 的小幅变化可能导致估算偏移 20% 以上，因此敏感性分析至关重要。
ADBE 是否被低估取决于 DCF 内在价值与当前市价 $234.84 的比较。正的安全边际（内在价值高于市价）暗示潜在低估，但置信度取决于增长率和折现率假设的可靠性。
对 Adobe Inc. 进行 DCF 估值的步骤：(1) 以过去 12 个月每股自由现金流为基础，(2) 根据Software - Infrastructure行业趋势和公司基本面预测未来 5-10 年的 FCF 增长，(3) 选择反映 ADBE 风险的折现率（WACC），(4) 加上预测期之后的终值。
DCF（折现现金流）根据公司未来的现金产生能力估算其当前价值。对于 Adobe Inc.，这意味着预测Software - Infrastructure在未来 5-10 年能产生多少自由现金流，再折现到今天的价值。ADBE 的 ROIC 为 37.4%，表明资本效率较高，支持在 DCF 模型中使用较高的增长假设。
WACC（加权平均资本成本）是 DCF 模型中的折现率——反映投资者要求的最低回报。对于 ADBE，资本结构和股权风险溢价决定了 WACC。WACC 每提高 1%，内在价值通常下降 10-15%。
