About fifteen years ago, Adobe was all about selling boxes with thick manuals and CD ROMS. How times have changed: the actual physical stuff they are selling is almost incidental. It’s the recurring revenues that have made their fortune.
You can see this reflected in the long-term stock chart, which went from about $20 in 2010 to THIRTY TIMES that much these days. The p/e is currently a rather zesty 54 on ADBE.
