Adobe's Q4 FY2023 financial highlights indicate record revenue of $6.19 billion, representing a 10% year-over-year growth. However, revenue growth has shown deceleration over several consecutive quarters, raising investor concerns regarding potential market share erosion. Despite these concerns, Adobe recorded $2.26 billion in operating income, resulting in operating profit margins exceeding 33% against $6.2 billion in revenue. The company also generated a record $3.16 billion in cash flow from operations, translating to an impressive cash flow from operations to sales ratio above 50%. Valuation metrics show Adobe currently trading at a forward P/E of 15.48 and a forward Price to Operating Cash Flow of 14.12, both near multi-year lows. Management's FY2026 forecast projects total revenue between $25.90 billion and $26.10 billion, with an expected 10.2% year-over-year increase in total ending annual recurring revenue, and non-GAAP earnings per share around $18. Based on a proprietary discounted cash flow model, the intrinsic value per share is calculated at $405.79, indicating that Adobe stock is currently undervalued at its market price of $353.79. This fundamental analysis supports a 'Buy' recommendation for Adobe stock investors, given the favorable risk-reward profile.