Adobe Inc. (ADBE)
Adobe dominates creative and document software through subscription products such as Photoshop, Premiere, and Acrobat. Its Firefly generative-AI tools are being woven throughout its Creative Cloud suite.
ADBE vs AMAT: how the two businesses compare
- Bigger business: AMAT, with $28.4B of yearly revenue, about 1.2× ADBE's $23.8B.
- More profitable: ADBE keeps 30 cents of each sales dollar as profit, against 25 cents at AMAT.
- More cash from each sale: ADBE turns 42 cents of each sales dollar into operating cash flow, against 28 cents at AMAT.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Applied Materials (AMAT) is the larger business by reported revenue: $28.4B in its fiscal year ended Oct 2025, about 1.2× ADBE's $23.8B (fiscal year ended Nov 2025). ADBE's net margin was 30.0% and AMAT's 24.7%. The SEC classifies them differently (Services-Prepackaged Software; Semiconductors & Related Devices); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- Different
- ADBE November 27 · AMAT October 26
- Jan 15, 2026
ADBE vs AMAT: quick comparison
| Company fact | ADBE | AMAT |
|---|---|---|
| Company | Adobe Inc. | Applied Materials, Inc. |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | San Jose, California | Santa Clara, California |
| Founded | 1982 | 1967 |
| SEC industry | Services-Prepackaged Software | Semiconductors & Related Devices |
| Fiscal year-end | November 27 | October 26 |
| Latest annual filing | 10-K · 2026-01-15 | 10-K · 2025-12-12 |
ADBE vs AMAT: audited financials
- Scale: AMAT's $28.4B of revenue is about 1.2× ADBE's $23.8B.
- Net margin: ADBE kept 30.0% of revenue as net income versus 24.7% at AMAT.
- Cash conversion: operating cash flow equalled ADBE 42.2% of revenue, or 1.41× net income; AMAT 28.1% of revenue, or 1.14× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 1 month apart (2025-11-28 for ADBE, 2025-10-26 for AMAT), so each figure reflects somewhat different demand and cost conditions.
| Metric | ADBE | AMAT |
|---|---|---|
| Revenue | $23.8B2024-11-30 to 2025-11-28 · SEC filing | $28.4B2024-10-28 to 2025-10-26 · SEC filing |
| Net income | $7.1B2024-11-30 to 2025-11-28 · SEC filing | $7.0B2024-10-28 to 2025-10-26 · SEC filing |
| Operating cash flow | $10.0B2024-11-30 to 2025-11-28 · SEC filing | $8.0B2024-10-28 to 2025-10-26 · SEC filing |
| Diluted EPS | $16.702024-11-30 to 2025-11-28 · SEC filing | $8.662024-10-28 to 2025-10-26 · SEC filing |
| Net margin | 30.0%2024-11-30 to 2025-11-28 · SEC filing | 24.7%2024-10-28 to 2025-10-26 · SEC filing |
ADBE: FY ending 2025-11-28 · AMAT: FY ending 2025-10-26. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ADBE and AMAT overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: ADBE files as Services-Prepackaged Software; AMAT as Semiconductors & Related Devices.
- Offset fiscal calendars: ADBE's year ends November 27 and AMAT's October 26, about 1 month apart.
- Only AMAT maps to Tariffs & trade.
- Profitability: net margin of 30.0% for ADBE versus 24.7% for AMAT.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Applied Materials, Inc. (AMAT)
Applied Materials makes the manufacturing equipment that chipmakers use to fabricate semiconductors. As the largest supplier in its field, its orders serve as a leading indicator of industry capital spending.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves ADBE
We have not yet published a company-specific driver list for ADBE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-01-15.
What moves AMAT
We have not yet published a company-specific driver list for AMAT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-12-12.
The investment question
You now know AMAT reports about 1.2× ADBE's revenue, and ADBE keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, and which evidence in the next filings would prove that assumption wrong.
Members-only research
What members are reading this month
- Issue 07: The Vote That Knocked Almost a Quarter off Data Center Stocks
Texas has frozen new data center approvals since the summer. The vote extends that freeze, but it cannot unplug campuses that already have power. We map who is exposed, test whether the sell-off overshot and say where the real risk sits.
- Citadel bought the AI fire sale. The seller had run out of time.
Up 439% in the first half, down about 67% in July: how an AI hedge fund ended up selling a roughly $16 billion stock book to Citadel at a discount.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. ADBE's fiscal year ends November 27, while AMAT's ends October 26. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 42 matched transaction rows for ADBE and 30 matched transaction rows for AMAT. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
ADBE primary filings
AMAT primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
ADBE vs AMAT FAQs
Are ADBE and AMAT direct competitors?
Not necessarily. Adobe files as Services-Prepackaged Software and Applied Materials as Semiconductors & Related Devices. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is ADBE or AMAT the bigger company by revenue?
Applied Materials (AMAT) is the larger business by reported revenue: $28.4B in its fiscal year ended Oct 2025, about 1.2× ADBE's $23.8B (fiscal year ended Nov 2025). ADBE's net margin was 30.0% and AMAT's 24.7%. The SEC classifies them differently (Services-Prepackaged Software; Semiconductors & Related Devices); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, ADBE or AMAT?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this ADBE vs AMAT comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Adobe Inc. and Applied Materials, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
ADBE vs AMAT compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included