SAN JOSE, CA – September 13, 2026 (STL.News) Adobe Inc. presents investors with a very different problem from many of the beaten-down companies currently trading on U.S. exchanges. Adobe isn’t losing money. Revenue isn’t declining. Cash flow isn’t deteriorating. Subscription revenue isn’t collapsing. In fact, Adobe just reported record quarterly revenue, double-digit growth, record operating cash flow and rapidly expanding artificial-intelligence-related recurring revenue. Yet Adobe shares closed Friday at about $252.23, leaving the stock roughly 32% below its 52-week high of $370.86 and well below the valuations investors have historically assigned to one of the world’s dominant software companies.

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