BSA | The Software Alliance is an advocate for the global software industry before governments and in the international marketplace, focusing on policy issues related to software innovation.

BSA | The Software Alliance

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.

Charles Geschke

Adobe Inc.

Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. The company operates in three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment offers Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, Microsoft Viva, and Skype for Business; Skype, Outlook.com, OneDrive, and LinkedIn; and Dynamics 365, a set of cloud-based and on-premises business solutions for organizations and enterprise divisions. The Intelligent Cloud segment licenses SQL, Windows Servers, Visual Studio, System Center, and related Client Access Licenses; GitHub that provides a collaboration platform and code hosting service for developers; Nuance provides healthcare and enterprise AI solutions; and Azure, a cloud platform. It also offers enterprise support, Microsoft consulting, and nuance professional services to assist customers in developing, deploying, and managing Microsoft server and desktop solutions; and training and certification on Microsoft products. The More Personal Computing segment provides Windows original equipment manufacturer (OEM) licensing and other non-volume licensing of the Windows operating system; Windows Commercial, such as volume licensing of the Windows operating system, Windows cloud services, and other Windows commercial offerings; patent licensing; and Windows Internet of Things. It also offers Surface, PC accessories, PCs, tablets, gaming and entertainment consoles, and other devices; Gaming, including Xbox hardware, and Xbox content and services; video games and third-party video game royalties; and Search, including Bing and Microsoft advertising. The company sells its products through OEMs, distributors, and resellers; and directly through digital marketplaces, online stores, and retail stores. Microsoft Corporation was founded in 1975 and is headquartered in Redmond, Washington.

Metric
Company Name	BSA \| The Software Alliance	Adobe Inc.	Microsoft Corporation
Symbol		ADBE	MSFT
MSH ID	ORG:BSA	COM:ADOBE	COM:MICROSOFT
Market	PRIVATE	STOCKS	STOCKS
Sector	Commercial & Professional Services	Technology	Technology
Industry	Software & Information Technology	Software - Infrastructure	Software - Infrastructure
Country	US	US	US
Stage
Employee Count	101	29.95K	221K
Website	bsa.org	adobe.com	microsoft.com
LinkedIn		adobe	microsoft
Founders

Metric
Market Cap		250.32B	3.47T
Enterprise Value
Monthly Web Traffic	42.00K	402.45M	1.93B
Web Traffic Growth	-0.43	-0.08	0.12
Valuation
Raised Capital

Metric
Revenue	19.41B	245.12B
Revenue (LTM)
Revenue (NTM)
Gross Profit	17.05B	171.01B
EBITDA	7.77B	131.72B
Operating Income	6.65B	109.43B
Net Income	5.43B	88.14B
EPS	11.93	11.86
Diluted EPS	11.83	11.80
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin	0.88	0.70
Operating Profit Margin	0.36	0.45
EBITDA Margin	0.40	0.54
Net Profit Margin	0.28	0.36
Return on Equity	0.35	0.38
Return on Assets	0.18	0.18
Return on Capital Employed	0.37	0.29

BSA

ORG:BSA

BSA | The Software Alliance

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio	52.76	36.46
P/B Ratio	17.34	12.63
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio	12.55	14.69
EV Multiple	31.12	26.58

Metric
Days Sales Outstanding	41.82	68.69
Days Payables Outstanding	48.69	93.60
Days Inventory Outstanding		8.54
Operating Cycle	41.82	90.90
Cash Conversion Cycle	12.11	-16.37
Asset Turnover	0.70	0.49

Metric
Operating Cash Flow	7.30B	118.55B
Free Cash Flow	6.94B	74.07B
Cash Flow to Debt	14.93	2.06
Operating Cash Flow/Sales	0.38	0.48
Free Cash Flow Yield	0.02	0.02

Metric
Cash & Equivalents	7.14B	18.32B
Accounts Receivable	-159M	-7.19B
Inventory		1.25B
Goodwill	12.80B	119.22B
Debt to Capitalization	0.29	0.24
Debt to Assets	0.14	0.19
Current Ratio	1.34	1.22
Quick Ratio	1.22	1.27

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue	0.09	0.04
R&D to Revenue	0.18	0.12
SG&A to Revenue	0.07	0.04