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Adobe Inc. (ADBE) vs KeyCorp (KEY): Which Is the Better Buy in 2026?

As of 2026-06-19, ADBE is undervalued at $195, with a DCF intrinsic value of $558 and a margin of safety of 65%. KEY is undervalued at $23, with an intrinsic value of $51 and a margin of safety of 56%. Of the two, ADBE has the wider margin of safety.

ADBE
Adobe Inc.
$195.16
VS
KEY
KeyCorp
$22.59

Rewards

ADBE
  • ★Adobe Inc. has maintained ROIC above 15% for 4 consecutive years, indicating a durable competitive advantage.
  • ★Gross margin of 89.4% indicates strong pricing power — typical of businesses with significant intellectual property or brand strength.
  • ★Adobe Inc. scores 100/100 on the Economic Moat Score (Wide Moat), with roic consistency as the strongest competitive dimension.
KEY

    Risks

    ADBE
      KEY
      • ⚠Gross margin of 0.0% is low, suggesting a competitive or commodity-like market with limited pricing power.
      • ⚠Share count has increased by 18% over the past 4 years, diluting existing shareholders.
      • ⚠Altman Z-Score of 0.24 places the company in the distress zone — financial patterns resemble those of companies that experienced bankruptcy.

      Key Valuation Metrics

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      ADBE
      KEY
      Valuation
      $9.22B
      Free Cash Flow
      N/A
      11.88%
      FCF Yield
      N/A
      11.16
      Trailing P/E
      13.86
      7.09
      Forward P/E
      10.51
      Quality & Moat
      37.82%
      ROIC
      11.53%
      62.95%
      ROE
      9.98%
      89.40%
      Gross Margin
      0.00%
      0.57
      PEG Ratio
      1.74
      Balance Sheet Safety
      0.13
      Net Debt / Equity
      N/A
      N/A
      Interest Coverage
      N/A
      0.15
      Net Debt / EBITDA
      N/A
      0.00%
      Dividend Yield
      3.63%
      ADBE: 6Ties: 1KEY: 1
      ADBEKEY

      Historical Fundamentals

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      ADBE

      Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

      KEY

      Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

      Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

      $1 Retained Earnings Test

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      ADBE
      $-0.60
      created per $1 retained over 3 years
      Market Cap Declined
      Σ Retained
      $18.12B
      Δ Market Cap
      $-10.93B
      Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
      > $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer
      KEY
      N/A
      Net losses over 3 years — test not applicable
      Company had negative cumulative retained earnings
      Σ Retained
      $-257.0M
      Δ Market Cap
      +$6.50B
      Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
      > $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer

      Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
      > $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer

      Discounted Cash Flow (DCF) Analysis

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      ADBE
      65.0% Margin of Safety
      Price is 65.0% below estimated fair value
      Current Price: $195.16
      Fair Value: $558.28
      Strongly undervalued
      Undervalued
      Fairly valued
      Overvalued
      Strongly overvalued
      KEY
      56.1% Margin of Safety
      Price is 56.1% below estimated fair value
      Current Price: $22.59
      Fair Value: $51.43
      Strongly undervalued
      Undervalued
      Fairly valued
      Overvalued
      Strongly overvalued

      Reverse DCF — Market-Implied Growth

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      ADBE

      What growth rate is the market pricing in at $195?

      -1.6%
      Market-Implied Owner Earnings Growth
      Standard FCF implies -4.0%

      The market implies -1.6% Owner Earnings growth, below historical trends — potential opportunity.

      Standard FCF implies a more demanding -4.0%, reflecting heavy growth investment expected to generate future returns.

      KEY

      Requires positive FCF to compute implied growth rate.

      Economic Moat Score

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      ADBE
      100/100
      Wide Moat
      70+ Wide · 40-69 Narrow · <40 None

      Wide moat with strength across all dimensions. ROIC Consistency is the standout factor.

      Composite score measuring competitive advantage durability across four dimensions: returns above cost of capital, pricing power stability, revenue predictability, and capital efficiency. Based on 4 years of fundamental data.
      KEY
      47/100
      Narrow Moat
      70+ Wide · 40-69 Narrow · <40 None

      Narrow moat with reinvestment efficiency as the key competitive advantage. Improving revenue predictability would strengthen the moat.

      Composite score measuring competitive advantage durability across four dimensions: returns above cost of capital, pricing power stability, revenue predictability, and capital efficiency. Based on 5 years of fundamental data.

      Forensic Accounting

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      ADBE
      -2.85
      Unlikely Manipulator
      Above -1.78 = likely manipulator · -2.22 to -1.78 = grey zone

      M-Score Trend

      Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.
      KEY
      -2.60
      Unlikely Manipulator
      Above -1.78 = likely manipulator · -2.22 to -1.78 = grey zone
      Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.

      Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.

      Ownership Breakdown

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      ADBE
      Insiders 0.2%Institutions 88.1%Retail & Other 11.7%
      No. of Institutional Holders3,191
      High insider ownership aligns management incentives with shareholders — a key signal in Buffett-style analysis. Institutional concentration can indicate smart-money conviction but also crowding risk.
      KEY
      Insiders 0.3%Institutions 88.9%Retail & Other 10.8%
      No. of Institutional Holders1,225
      High insider ownership aligns management incentives with shareholders — a key signal in Buffett-style analysis. Institutional concentration can indicate smart-money conviction but also crowding risk.

      High insider ownership aligns management incentives with shareholders. Institutional concentration can indicate smart-money conviction but also crowding risk.

      Insider Buying Activity

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      ADBE
      0
      Buys (3M)
      0
      Buys (12M)
      DURN DANIEL J
      Chief Financial Officer
      $507,758
      @ $390.58 · 2025-03-20
      RICKS DAVID A
      Director
      $998,946
      @ $443.98 · 2025-01-28
      Open market purchases · includes direct & indirect ownership · excludes option exercises
      KEY
      0
      Buys (3M)
      0
      Buys (12M)
      ALLARD JACQUELINE
      Director
      $2,525
      @ $14.03 · 2025-04-22
      TOBIN RICHARD J.
      Director
      $10,380
      @ $13.84 · 2025-04-21
      KHANNA SOMESH
      Director
      $1,387
      @ $13.87 · 2025-04-21
      RAMANI MOHIT
      Officer
      $137,500
      @ $13.75 · 2025-04-21
      BANK OF NOVA SCOTIA
      Beneficial Owner of more than 10% of a Class of Security
      $892,500
      @ $17.85 · 2025-02-05
      Open market purchases · includes direct & indirect ownership · excludes option exercises

      Open market purchases · includes direct & indirect ownership · excludes option exercises.

      Insider Selling Activity

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      ADBE
      2
      Sells (3M)
      4
      Sells (12M)
      Total value (12M): $1.05M
      FORUSZ JILLIAN
      Officer
      $185,915
      @ $246.25 · 2026-04-30
      DURN DANIEL J
      Chief Financial Officer
      $331,355
      @ $248.02 · 2026-04-20
      DURN DANIEL J
      Chief Financial Officer
      $485,323
      @ $294.85 · 2026-01-27
      FORUSZ JILLIAN
      Officer
      $50,344
      @ $337.88 · 2025-10-31
      FORUSZ JILLIAN
      Officer
      $175,828
      @ $380.58 · 2025-05-02
      FORUSZ JILLIAN
      Officer
      $145,567
      @ $435.83 · 2025-01-28
      BELSKY SCOTT K
      Officer
      $2.05M
      @ $431.61 · 2025-01-27
      BANSE AMY L
      Director
      $333,300
      @ $550.00 · 2024-12-06
      FORUSZ JILLIAN
      Officer
      $327,987
      @ $485.19 · 2024-10-29
      BELSKY SCOTT K
      Officer
      $232,525
      @ $483.42 · 2024-10-25
      BELSKY SCOTT K
      Officer
      $1.14M
      @ $511.48 · 2024-10-16
      DURN DANIEL J
      Chief Financial Officer
      $3.35M
      @ $515.44 · 2024-09-17
      GARFIELD MARK S.
      Officer
      $52,089
      @ $537.00 · 2024-07-25
      BELSKY SCOTT K
      Officer
      $258,297
      @ $537.00 · 2024-07-25
      GARFIELD MARK S.
      Officer
      $85,255
      @ $564.60 · 2024-07-16
      BELSKY SCOTT K
      Officer
      $1.25M
      @ $561.60 · 2024-07-16
      Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives
      KEY
      2
      Sells (3M)
      9
      Sells (12M)
      Total value (12M): $8.77M
      GILE ELIZABETH R
      Director
      $499,992
      @ $20.88 · 2026-06-03
      MAGO ANGELA G
      Officer
      $494,411
      @ $21.66 · 2026-05-08
      PAINE ANDREW J III
      Officer
      $1.53M
      @ $23.23 · 2026-02-06
      MAGO ANGELA G
      Officer
      $1.35M
      @ $21.55 · 2026-01-29
      EVANS KATRINA M.
      Officer
      $710,789
      @ $21.74 · 2026-01-22
      PAINE ANDREW J III
      Officer
      $867,143
      @ $19.29 · 2025-09-09
      BRADY AMY G
      Chief Technology Officer
      $880,500
      @ $17.61 · 2025-08-08
      EVANS KATRINA M.
      Officer
      $317,390
      @ $18.67 · 2025-07-24
      GORMAN CHRISTOPHER M
      Chief Executive Officer
      $2.12M
      @ $18.86 · 2025-07-23
      BRADY AMY G
      Chief Technology Officer
      $305,710
      @ $16.09 · 2025-06-12
      HIGHSMITH CARLTON LEE
      Director
      $83,000
      @ $16.60 · 2025-05-13
      KIDIK ALLYSON M
      Officer
      $17,973
      @ $17.69 · 2025-02-14
      GORMAN CHRISTOPHER M
      Chief Executive Officer
      $1.01M
      @ $17.46 · 2025-02-13
      MAGO ANGELA G
      Officer
      $294,065
      @ $19.59 · 2024-11-06
      PAINE ANDREW J III
      Officer
      $1.26M
      @ $19.03 · 2024-11-06
      HIGHSMITH CARLTON LEE
      Director
      $154,260
      @ $17.14 · 2024-11-05
      BRADY AMY G
      Chief Technology Officer
      $719,692
      @ $16.92 · 2024-08-29
      HIGHSMITH CARLTON LEE
      Director
      $162,100
      @ $16.21 · 2024-08-16
      Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives

      Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives.

      🎭 Mr. Market's Mood

      Learn more →
      ADBE
      FearGreed
      🥶Extreme Fear(17/100)

      "Mr. Market is panicking — potential buying opportunity if fundamentals are strong"

      Composite sentiment score based on 6 market signals. Inspired by Buffett's "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.
      KEY
      FearGreed
      😏Greed(70/100)

      "Market is optimistic — be cautious and ensure you have a margin of safety"

      Composite sentiment score based on 6 market signals. Inspired by Buffett's "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.

      Composite sentiment score based on market signals. Inspired by Buffett’s "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.

      ⚖️ Buffett Signal

      Learn more →
      ADBE
      ⚪Awaiting DCF Data

      The Buffett Signal cross-references market sentiment with DCF valuation. Configure the DCF Analysis above to generate a signal.

      DCF Margin of Safety: N/AMr. Market's Mood: Extreme Fear (17)
      KEY
      ⚪Awaiting DCF Data

      The Buffett Signal cross-references market sentiment with DCF valuation. Configure the DCF Analysis above to generate a signal.

      DCF Margin of Safety: N/AMr. Market's Mood: Greed (70)
      View ADBE Full AnalysisView KEY Full Analysis

      Frequently Asked Questions: ADBE vs KEY

      Is Adobe Inc. or KeyCorp more undervalued in 2026?▼

      Based on our discounted cash flow model, ADBE trades at a 65.0% margin of safety (intrinsic value $558 vs. price $195), compared to KEY's 56.1% margin of safety (intrinsic $51 vs. $23).

      Which stock has a wider economic moat, Adobe Inc. or KeyCorp?▼

      ADBE scores 100/100 (Wide moat), while KEY scores 47/100 (Narrow moat). The moat score measures competitive advantage durability across ROIC consistency, margin stability, revenue predictability, and reinvestment efficiency.

      Is KeyCorp in financial distress?▼

      KEY's Altman Z-Score of 0.2 places it in the Distress zone, signaling elevated bankruptcy risk. ADBE scores 8.8 (Safe zone). The Altman Z-Score is a five-factor model that predicts insolvency within two years; scores below 1.81 indicate significant distress.

      Which stock has higher return on invested capital, Adobe Inc. or KeyCorp?▼

      ADBE earns 37.8% ROIC versus KEY's 11.5%. A higher ROIC means the company generates more profit per dollar of capital employed, a hallmark of durable competitive advantage in Buffett-style analysis.