Adobe Inc (ADBE) is undervalued and Sap SE ADR (SAP) is undervalued.
Against our estimates of intrinsic value, ADBE trades at the wider discount: a margin of safety of +65%, against +38% for SAP.
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 8.8x revenue multiple, adjusted for growth and margin, values the shares at $339.66; the price of $210.68 is 38% below that value.
Leak Score 100/100 on 3 of 12 signals
| Metric | ADBE | SAP |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $238.25 | $210.68 |
| Intrinsic value | $687.96 | $339.66 |
| Margin of safety | +65% | +38% |
| Leak Score | 85/100 (10/12) | 100/100 (3/12) |
| Market cap | $94.7B | $243.2B |
| Revenue growth, 5 years | 13.1% | 5.9% |
| Operating margin | 36.4% | 28.4% |
| Net margin | 28.1% | 20.9% |
| Return on equity | 61.9% | 18.7% |
| Debt to equity | 0.57 | 0.22 |
| P/E | 13.3x | 26.5x |
| Forward P/E | 8.6x | 22.3x |
| P/B | 8.3x | 4.8x |
| Dividend yield | — | 1.4% |