Adobe remains the best example of what not to buy because AI has had minimal impact and its backlog is slowing rapidly. Management chose user acquisition over monetization, as Duolingo did, leaving open whether users stay when prices rise; for now, waiting to monetize looks the same as being unable to. Free or cheaper tools that match its specialist subscriptions could cut usage, RPO and cash generation. When acceleration and margin expansion are everywhere, owning neither makes little sense. … Show more

Adobe's consistently decelerating ARR growth is a bad sign that many bulls overlook, though it doesn't mean the company is going to zero. x.com 

Adobe's cash generation and growing AI subscriptions give its tentative turnaround fundamental support. It has $10.59B in free cash flow; revenue and EPS are expected to grow at double-digit rates through 2028, while AI-first ARR is up 150% year over year and Firefly ARR 40% quarter over quarter. Its Stage 1 base is attempting to break a long downtrend. x.com 

Adobe's ARR deceleration is not a one-off quarter but has been consistent for nine quarters. Whether recent freemium growth can drive revenue acceleration in coming quarters remains to be seen. x.com  x.com 

Adobe's Semrush acquisition was its biggest red flag: it bought low-quality growth just to patch a hole in revenue. @SteadyCompound notes Adobe's organic growth has decelerated for ten straight quarters while both its CEO and CFO are leaving. x.com 

Adobe is growing almost everywhere even as its stock has fallen more than 65% over five years. Free cash flow per share rose 23% year over year, AI-first ARR more than 150%, platform MAUs over 20%, Acrobat and Express MAUs over 25% and Creative freemium MAUs over 70%. x.com 

Adobe's 8x P/E signals that its outlook numbers are unreliable, its capital allocation is poor and it is likely a casualty of AI. It spent all its free cash flow buying back shares at $400 and is on a direct collision course with AI; no one can say its products will be as crucial as in the last two decades. Unlike Meta in 2022, whose ads business was never impaired, there are too many unknowns. It could work or stagnate for years, so it sits in the too-hard bucket even if multiples scream buy. … Show more

Adobe is not re-accelerating: management guides growth down to 9-10% with operating margins falling, and more pressure lies ahead. That makes buying every dip at about 16x earnings a mistake, even as @qualtrim points to 12% revenue growth and a 47.4% operating margin. x.com  x.com 

Adobe is a bit undervalued, though not significantly, at 13x earnings with 13% revenue growth. Its falling profit margin is concerning, and AI threats are growing as image generation improves. x.com 

Adobe's growth acceleration may not last because its remaining performance obligations are decelerating. @CapitalFaktory is right that Adobe is accelerating growth in 2026 to its fastest pace since 2022, but slowing RPO makes doubts about the sustainability of that acceleration reasonable. x.com