ADBE vs ADP: Adobe Systems and Automatic Data Processing compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Automatic Data Processing is the larger company, worth $111.3B, close to Adobe Systems's $102.7B.
- Adobe Systems grew revenue faster over the last year (+12.9% vs +6.8%).
- Adobe Systems keeps more of each dollar of revenue as operating profit (35.7% vs 24.2%).
- On earnings, Adobe Systems is the cheaper stock (14.8x vs 26.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ADBE | ADP |
|---|---|---|
| Market cap | $102.7B | $111.3B |
| Share price | $242.27 | $270.88 |
| Revenue (last fiscal year) | $23.8B | $21.9B |
| Free cash flow (last fiscal year) | $9.9B | — |
| Revenue growth, last year | +12.9% | +6.8% |
| Revenue growth per year, last 5 fiscal years | +10.8% | +7.4% |
| Operating margin | 35.7% | 24.2% |
| Net margin | 28.1% | 20.1% |
| Return on equity | 61.9% | 73.2% |
| P/E (trailing) | 14.8x | 26.0x |
| Price / free cash flow | 10.4x | 23.3x |
| EV / EBITDA | 10.2x | 16.5x |
| FCF growth the price implies | -3.6% | — |
| Dividend yield | — | 2.4% |
| Debt / equity | 1.55x | 9.48x |
| Fundamental grade | B | C |
| Superinvestors holding it | 8 | 5 |
| Insider purchases, last 12 months | 10 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Adobe Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $15.8B | $6.9B | 36.8% |
| 2022 | $17.6B | $7.4B | 34.6% |
| 2023 | $19.4B | $6.9B | 34.3% |
| 2024 | $21.5B | $7.9B | 31.3% |
| 2025 | $23.8B | $9.9B | 36.6% |
Automatic Data Processing
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $16.5B | — | 22.6% |
| 2023 | $18.0B | — | 23.6% |
| 2024 | $19.2B | — | 23.9% |
| 2025 | $20.6B | — | 24.1% |
| 2026 | $21.9B | — | 24.2% |
Where the revenue comes from
Adobe Systems · by segments, 2025
Digital Media$17.6B74%
Digital Experience$5.9B25%
Publishing and Advertising$256M1%
Automatic Data Processing · by segments, 2026
Employer Services$14.8B68%
PEO Services$7.1B32%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ADBE in InvestinglyQuestions
Which is bigger, Adobe Systems or Automatic Data Processing?
Automatic Data Processing (ADP), at $111.3B against $102.7B.
Is ADBE or ADP cheaper?
By trailing P/E, Adobe Systems (14.8x) is cheaper than Automatic Data Processing (26.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, ADBE or ADP?
Adobe Systems: revenue grew +12.9% over the last year, against +6.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.