ADBE vs CMRC: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: CMRC is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ADBE and CMRC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ADBE and CMRC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Adobe Inc., founded in 1982 and headquartered in San Jose, California, is a global software company whose products span the entire content lifecycle: creation, editing, management, delivery, and measurement of digital experiences. Its three functional franchises are Creative Cloud (Photoshop, Illustrator, Premiere Pro, After Effects, Lightroom, and more than 20 other applications used by designers, photographers, filmmakers, and students), Document Cloud (Acrobat, Acrobat Sign, and PDF-based workflow tools relied on by enterprises and knowledge workers), and Experience Cloud (an enterprise marketing, analytics, and commerce platform serving brands and agencies). Adobe reports these through two main financial segments: Digital Media, which generated approximately $17.65 billion in FY2025 revenue, and Digital Experience, which covers the marketing and analytics suite. Revenue is overwhelmingly subscription-based, producing a large and predictable annualized recurring revenue base and a net profit margin of approximately 30% in FY2025. Adobe pioneered the move from perpetual software licenses to cloud subscriptions beginning around 2012 under CEO Shantanu Narayen, who joined in 2007 and guided the company through decades of growth. That transition created one of the highest-margin software models in the industry. The company has grown inorganically through significant acquisitions, including Marketo (marketing automation, 2018) and Semrush (SEO and digital marketing intelligence, completed 2026), while its proposed acquisition of design-collaboration platform Figma was abandoned in 2023 following regulatory opposition. As of mid-2026, Adobe is navigating a dual transition: embedding agentic and generative AI across its product portfolio through its Firefly platform, and a planned CEO succession following Narayen's announced departure.

Full ADBE guide

Commerce.com, Inc. is the parent of three software products for online sellers. BigCommerce is a hosted (software-as-a-service) storefront platform used by business-to-consumer and business-to-business merchants. Feedonomics takes a merchant's product catalog and formats it for marketplaces, ad networks, search engines and, increasingly, AI shopping assistants. Makeswift is a visual site-building tool for marketing teams. In fiscal 2025 the company booked $342.3M of revenue, up 2.8%. About $255.6M (75%) came from subscription solutions, which covers platform plans, Feedonomics feed management and recurring services. The other $86.7M came from partner and services revenue, mostly revenue-sharing from payments and technology partners such as PayPal, Google and Stripe, plus integration fees and one-off professional services. Revenue is concentrated in the US (about 76% in fiscal 2025), with EMEA at 12% and growing fastest.

Full CMRC guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ADBE drivers: Firefly AI Monetization Ramp; Deep Enterprise Ecosystem Lock-In.
• CMRC drivers: The September 2026 cost plan; Feedonomics and AI shopping channels.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most acute risk is that generative AI from foundational model providers such as OpenAI and Google commoditizes image, video, and design creation to a degree that undercuts the perceived value of a full Creative Cloud subscription, while Canva's freemium model (more than 260 million monthly active users as of late 2025) absorbs the non-professional segment. For CMRC, the plainest risk is that revenue starts shrinking: full-year 2026 guidance of $336.5M to $344.5M, cut in August from $347.5M to $369.5M, spans a small decline to under 1% growth against 2025's $342.3M, and subscription revenue fell 1% in the June quarter.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ADBE if you believe its drivers more; CMRC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ADBE and CMRC guides.

ADBE. Adobe's trailing valuation multiples have compressed dramatically from prior-year levels, with the P/E ratio now sitting well below Adobe's own five-year and ten-year historical averages, reflecting investor concern about AI disruption and slowing multiple expansion rather than deteriorating fundamentals. The business continues to generate strong free cash flow and expanding net margins, and RPO surpassing $20 billion signals high revenue visibility. The gap between the current multiple and historical norms reflects a genuine debate about whether Adobe's growth rate and moat durability justify a premium re-rating or a structurally lower multiple regime.

CMRC. With about 83 million shares outstanding and the stock in the mid-$2 range in early September 2026 (Pale Fire's reported purchases imply ~$2.55 a share), CMRC carried an equity value of roughly $210M, which is well under one times annual revenue. Cash roughly offsets the convertible debt, so enterprise value is about the same. That low multiple for a ~75% gross margin software company reflects flat revenue, sub-100% retention and a history of losses. The September plan reframes the math: if 2027 non-GAAP operating margins reach the 20% target on revenue near $340M, operating income would be around $68M, roughly double the 2026 guidance midpoint. The first half of 2026 was GAAP profitable ($4.8M), but the second half carries up to ~$26M of restructuring costs.

Headline figures (approximate, 2026-06-27): ADBE shows revenue (fy2025) ~$23.8 billion, revenue growth (fy2025 yoy) ~11%, net income (fy2025) ~$7.1 billion, net profit margin (fy2025) ~30%; CMRC shows revenue (ttm to june 2026) ~$347M, fy2026 revenue guidance ~$336.5M to $344.5M, gaap net income (ttm) ~-$6M (loss), non-gaap operating income (fy2026 guidance) ~$28M to $34M.

ADBE and CMRC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ADBE and CMRC exposure against your real portfolio. It is not an investment adviser.