Mitesh Patel · Apr 20, 2026 · 1 min read
Adobe has been under pressure since its failed Figma acquisition, down over 40% from its 2024 highs. But the fundamentals tell a different story — recurring revenue is growing, margins remain best-in-class, and the AI integration into Creative Cloud is accelerating. Is this a buying opportunity or a value trap? I dig into the numbers.
Adobe's stock has been a tale of two narratives: the bear case focuses on the failed Figma deal, rising competition from Canva and AI-native design tools, and slowing growth. The bull case points to Adobe's unmatched creative ecosystem, 90%+ recurring revenue, and the monetization potential of Firefly AI.
Revenue: FY2025 revenue of $21.5B, growing ~10% YoY. Digital Media ARR (the core metric) growing 12% YoY — healthy but decelerating.
For information and education only; not investment advice. See the full disclaimer.
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