$Adobe (ADBE.US)$From the peak on January 29, 2024.$638.250It has fallen to a new low in the past two years.$262.949，The decline reached58.8%As the leading "star tech stocks" and "AI application software stocks" in the SaaS field occupy this position, the market has begun to repeatedly ask a question: "Is this company beyond saving?”
As someone who has worked in the architecture and design industry for a long time and uses it extensively in daily life $Adobe (ADBE.US)$As someone who has worked with software and participated in enterprise-level license management, I am more concerned not with short-term stock price fluctuations, but with a more fundamental issue:There will still be in 10-20 years. $Adobe (ADBE.US)$Is this company?
To break down this issue, we need to elaborate on the following four parts in detail.
Part One
Whenever I feel unclear about the strategic direction, I tend to first look back from the final state several years in the future. This actually makes it easier to find the optimal solution for the present.This line of thinking is essentially similar to the reverse thinking approach of 'discounted future cash flows'.Applied here, if we can determine whether this company will still be relevant over a longer time frame, then it’s not difficult to tell whether the current price represents a value trap or a valuation opportunity.
Looking back from the perspective of 2026, Adobe has already gone through nearly 45 years. To predict whether it will still exist 10 to 20 years from now,we need...

$Adobe (ADBE.US)$ Stop loss with tears

$Adobe (ADBE.US)$ After short covering, the market will fall again

$Adobe (ADBE.US)$ What the heck!

$Adobe (ADBE.US)$ Let me ask the experts a question.
After reviewing the balance sheet, does the continuous growth in treasury stock indicate that the company has been repurchasing shares every year but has not retired them? And has most of the long-term free cash flow been used for share repurchases?
Despite generating substantial free cash flow year after year, why does the company hardly distribute dividends or reduce debt? Instead, it uses its valuable liquid assets to repurchase shares without canceling them, ultimately retaining a large portion of profits in the form of treasury stock?

$Adobe (ADBE.US)$ it’s true A“逗比”

$Adobe (ADBE.US)$ What a complete disaster!