Adobe demonstrates strong traction in its AI strategy, with significant user growth and a clear monetization path. However, rivals are innovating faster. While Adobe's revenue has grown at a compounded rate of 16.8%, recent quarterly growth has slowed to around 10%. Despite a dip in the operating cash flow to sales ratio and a forward P/E near multi-year lows, the company's intrinsic value per share is calculated at $414.04, suggesting it is undervalued at its current market price of $331.56.