$ADBE, hold 📊 | 6 months thesis

Adobe Inc. operates as a technology company worldwide. 🎯 FQ3 FY2026 (ends Aug) | reported Sep 10 | Rev $6.8B | Adj EPS $6.13 vs $6.09 🟢 | GAAP EPS $4.69 | GAAP op margin 34.8% 💡 Consensus and price now embed a structurally impaired asset: ~10x forward non-GAAP EPS versus roughly 22-28x for large-cap application software peers and versus Adobe's own multi-year average well above 20x, plus a PE percentile of 26 versus sector. 🏢 Business Quality: 8/10 📊 Valuation: At $247.09: ~10.1x FY26 non-GAAP EPS midpoint of $24.40; ~9.3x a rough FY27 non-GAAP EPS of $26-27; market cap $95.4B on 389.2M shares. 🔮 Catalyst: FQ4 FY2026 results and, more importantly, initial FY2027 guidance; the fiscal year ends late November 2026 ⚖️ Hold, prior Hold stands, a flip to Buy at confidence 5 (<7) was blocked with no material change. 📊 Our read: HOLD. Full analysis → https://stockduty.xyz/s/ADBE1020

Adobe Inc. operates as a technology company worldwide.