Adobe sign with logo mounted on building exterior, San Francisco, California, September 18, 2025. (Photo by Smith Collection/Gado/Getty Images)Gado via Getty ImagesWe believe Adobe (ADBE) is starting to screen like a value candidate. The stock now trades nearly 40% below its 12-month high and at a price-to-sales ratio meaningfully below its three-year average — a rare reset for a premium software name. Yet the underlying fundamentals remain intact: revenue continues to grow at a healthy clip, margins stay a ...