{
  "method": "10-year FCFF DCF with terminal perpetuity; all money/shares in millions",
  "valuation_date": "2026-10-02",
  "tax_rate": 0.22,
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    "name": "Adobe",
    "title": "Adobe：创意软件的“收费站”，AI 会加深还是拆掉它的护城河？",
    "period": "FY2026 Q3",
    "fyend": "Friday closest to November 30",
    "exchange": "NASDAQ",
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    "capital_ratio": 4,
    "colors": [
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      "#ed4d53",
      "#f7eced"
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  "reverse_constant_first_five_year_growth": -0.008756142075140028,
  "sensitivity": [
    {
      "margin_delta": -0.03,
      "wacc_delta": -0.01,
      "value": 424.55667704119645
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      "margin_delta": -0.03,
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  ],
  "limitations": [
    "TTM fiscal-end baseline carried to valuation date; cash/debt/shares use latest disclosed dates, not live balances.",
    "Model is an assumption-based valuation range, not a price target or probability forecast.",
    "5-year reverse growth is held constant; years 6-10 fade linearly to terminal growth.",
    "SBC stays in forecast GAAP margins; share reserve covers existing awards only; no second deduction of future SBC.",
    "R&D remains an expense; maintenance capex equals depreciation in forecast; incremental reinvestment explicitly deducted."
  ]
}