Adobe Inc (ADBE) is undervalued and Salesforce Inc (CRM) is undervalued.
Against our estimates of intrinsic value, ADBE trades at the wider discount: a margin of safety of +65%, against +55% for CRM.
Values as of the 22 Sept 2026 close.
A 10.6x revenue multiple, adjusted for growth and margin, values the shares at $687.96; the price of $238.25 is 65% below that value.
Leak Score 85/100 on 10 of 12 signals
A 9.7x revenue multiple, adjusted for growth and margin, values the shares at $513.01; the price of $233.28 is 55% below that value.
Leak Score 75/100 on 9 of 12 signals
| Metric | ADBE | CRM |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $238.25 | $233.28 |
| Intrinsic value | $687.96 | $513.01 |
| Margin of safety | +65% | +55% |
| Leak Score | 85/100 (10/12) | 75/100 (9/12) |
| Market cap | $94.7B | $192.0B |
| Revenue growth, 5 years | 13.1% | 14.3% |
| Operating margin | 36.4% | 21.5% |
| Net margin | 28.1% | 22.0% |
| Return on equity | 61.9% | 19.4% |
| Debt to equity | 0.57 | 1.10 |
| P/E | 13.3x | 21.3x |
| Forward P/E | 8.6x | 14.5x |
| P/B | 8.3x | 5.0x |
| Dividend yield | — | 0.5% |