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Adobe Inc. (ADBE) vs W. R. Berkley Corporation (WRB): Which Is the Better Buy in 2026?

As of 2026-11-01, ADBE is undervalued at $250, with a DCF intrinsic value of $560 and a margin of safety of 55%. WRB is fairly valued at $74, with an intrinsic value of $76 and a margin of safety of 2%. Of the two, ADBE has the wider margin of safety.

ADBE
Adobe Inc.
$250.23
VS
WRB
W. R. Berkley Corporation
$73.86

Rewards

ADBE
  • ★Adobe Inc. has maintained ROIC above 15% for 4 consecutive years, indicating a durable competitive advantage.
  • ★Gross margin of 89.3% 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.
WRB
  • ★W. R. Berkley Corporation scores 99/100 on the Economic Moat Score (Wide Moat), with revenue predictability as the strongest competitive dimension.
  • ★Free cash flow has grown at a 10.7% CAGR over the past 4 years, demonstrating strong earnings power growth.
  • ★Each dollar of retained earnings has created $1.38 of earning power — management is creating shareholder value.

Risks

ADBE
    WRB
    • ⚠PEG ratio of 4.86 indicates the stock is expensive relative to its expected growth — the market may be pricing in more growth than analysts project.
    • ⚠Altman Z-Score of 1.22 places the company in the distress zone — financial patterns resemble those of companies that experienced bankruptcy.

    Key Valuation Metrics

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    ADBE
    WRB
    Valuation
    $9.35B
    Free Cash Flow
    N/A
    9.60%
    FCF Yield
    N/A
    13.97
    Trailing P/E
    15.62
    9.10
    Forward P/E
    15.22
    Quality & Moat
    38.51%
    ROIC
    14.58%
    61.90%
    ROE
    18.08%
    89.25%
    Gross Margin
    43.60%
    0.60
    PEG Ratio
    4.86
    Balance Sheet Safety
    0.10
    Net Debt / Equity
    Net cash
    N/A
    Interest Coverage
    N/A
    0.12
    Net Debt / EBITDA
    -0.32
    0.00%
    Dividend Yield
    0.54%
    ADBE: 6Ties: 1WRB: 3
    ADBEWRB

    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.

    WRB

    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
    WRB
    $2.28
    created per $1 retained over 3 years
    Exceptional Value Creator
    Σ Retained
    $3.18B
    Δ Market Cap
    +$7.25B
    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
    55.3% Margin of Safety
    Price is 55.3% below estimated fair value
    Current Price: $250.23
    Fair Value: $559.54
    Strongly undervalued
    Undervalued
    Fairly valued
    Overvalued
    Strongly overvalued
    WRB
    2.2% Margin of Safety
    Price is 2.2% below estimated fair value
    Current Price: $73.86
    Fair Value: $75.52
    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 $250?

    +1.5%
    Market-Implied Owner Earnings Growth
    Standard FCF implies -1.1%

    The market implies +1.5% Owner Earnings growth, below historical trends — potential opportunity.

    Standard FCF implies a more demanding -1.1%, reflecting heavy growth investment expected to generate future returns.

    WRB

    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.
    WRB
    99/100
    Wide Moat
    70+ Wide · 40-69 Narrow · <40 None

    Wide moat driven primarily by revenue predictability. Margin Stability is the area most vulnerable to competitive pressure.

    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.

    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.
    WRB
    -2.63
    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.

    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 89.0%Retail & Other 10.7%
    No. of Institutional Holders2,955
    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.
    WRB
    Insiders 26.3%Institutions 75.6%
    No. of Institutional Holders1,296
    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)
    1
    Buys (12M)
    Total value (12M): $1.95M
    RICKS DAVID A
    Director
    $1.95M
    @ $194.51 · 2026-06-25
    DURN DANIEL JAMES
    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
    WRB
    0
    Buys (3M)
    19
    Buys (12M)
    Total value (12M): $665.29M
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $18.75M
    @ $72.61 · 2026-03-03
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $21.49M
    @ $71.65 · 2026-02-27
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $39.38M
    @ $71.13 · 2026-02-25
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $35.74M
    @ $70.70 · 2026-02-20
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $2.84M
    @ $70.93 · 2026-02-13
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $6.83M
    @ $69.68 · 2026-02-11
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $2.84M
    @ $70.88 · 2026-02-06
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $21.45M
    @ $68.05 · 2026-02-04
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $33.09M
    @ $68.22 · 2026-01-30
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $69.30M
    @ $67.35 · 2026-01-28
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $46.90M
    @ $67.19 · 2026-01-23
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $42.61M
    @ $67.64 · 2026-01-21
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $36.64M
    @ $68.49 · 2026-01-16
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $55.62M
    @ $68.58 · 2026-01-14
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $32.64M
    @ $69.45 · 2026-01-09
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $47.42M
    @ $69.61 · 2026-01-07
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $47.17M
    @ $70.11 · 2026-01-02
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $62.04M
    @ $70.53 · 2025-12-29
    MITSUI SUMITOMO INSURANCE CO., LTD.
    Beneficial Owner of more than 10% of a Class of Security
    $42.55M
    @ $69.71 · 2025-12-22
    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
    0
    Sells (3M)
    4
    Sells (12M)
    Total value (12M): $1.11M
    FORUSZ JILLIAN
    Officer
    $109,961
    @ $264.33 · 2026-07-29
    FORUSZ JILLIAN
    Officer
    $185,915
    @ $246.25 · 2026-04-30
    DURN DANIEL JAMES
    Chief Financial Officer
    $331,355
    @ $248.02 · 2026-04-20
    DURN DANIEL JAMES
    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
    Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives
    WRB
    0
    Sells (3M)
    0
    Sells (12M)
    No open market insider sales found.
    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

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    ADBE
    FearGreed
    😐Neutral(42/100)

    "Market is pricing this stock without strong emotion in either direction"

    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.
    WRB
    FearGreed
    😏Greed(62/100)

    "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: Neutral (42)
    WRB
    ⚪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 (62)
    View ADBE Full AnalysisView WRB Full Analysis

    Frequently Asked Questions: ADBE vs WRB

    Is Adobe Inc. or W. R. Berkley Corporation more undervalued in 2026?▼

    Based on our discounted cash flow model, ADBE trades at a 55.3% margin of safety (intrinsic value $560 vs. price $250), compared to WRB's 2.2% margin of safety (intrinsic $76 vs. $74).

    Which stock has a wider economic moat, Adobe Inc. or W. R. Berkley Corporation?▼

    ADBE scores 100/100 (Wide moat), while WRB scores 99/100 (Wide moat). The moat score measures competitive advantage durability across ROIC consistency, margin stability, revenue predictability, and reinvestment efficiency.

    Is W. R. Berkley Corporation in financial distress?▼

    WRB's Altman Z-Score of 1.2 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 W. R. Berkley Corporation?▼

    ADBE earns 38.5% ROIC versus WRB's 14.6%. A higher ROIC means the company generates more profit per dollar of capital employed, a hallmark of durable competitive advantage in Buffett-style analysis.

    ADBE vs WRB: Which Is the Better Buy in 2026? | SafetyMargin.io