Adobe Valuation Questioned As Figma AI Credits Challenge Creative Cloud

Simply Wall St

Thu, February 26, 2026 at 12:11 PM GMT+9 3 min read

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Figma has introduced an AI credit based monetization model aimed at designers who frequently use generative tools, directly targeting Adobe's core audience.

The move comes as the design software market adjusts to rapid generative AI adoption and to questions around how these tools will be priced and packaged.

For Adobe, the development raises fresh competitive pressure on its Creative Cloud offering and its approach to AI features across products.

Adobe, listed as NasdaqGS:ADBE, is coming into this competitive shift after a period of weaker share price performance, with the stock at $257.81 and showing a 41.6% decline over the past year. Returns have also been negative over 3 and 5 years, at 20.3% and 42.5% declines respectively, which may make investors especially sensitive to any signs that competitors are targeting Adobe’s core users.

For you as an investor, the key question is how Adobe plans to position its own AI driven features and pricing as rivals experiment with new models such as Figma’s AI credits. The rest of this article will look at what this competitive move could mean for Adobe’s product decisions, its subscription mix, and how the company is trying to keep its creative tools central to professional workflows.

Stay updated on the most important news stories for Adobe by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Adobe.

NasdaqGS:ADBE Earnings & Revenue Growth as at Feb 2026

📰 Beyond the headline: 0 risks and 4 things going right for Adobe that every investor should see.

Quick Assessment

**✅ Price vs Analyst Target**: At US$257.81 versus a consensus target of about US$408.47, Adobe trades roughly 37% below where analysts on average think it could be.

**✅ Simply Wall St Valuation**: Simply Wall St currently views Adobe as undervalued, trading about 52.6% below its estimated fair value.

**❌ Recent Momentum**: The 30 day return of about 15.4% decline signals weak short term sentiment as Figma competition and AI concerns weigh on the share price.

There is only one way to know the right time to buy, sell or hold Adobe. Head to Simply Wall St’s company report for the latest analysis of Adobe’s Fair Value.

Key Considerations

📊 Figma's AI credit model directly targets Adobe's creative users, so you will want to judge whether Adobe's own Firefly and AI tools feel compelling enough to keep professionals inside Creative Cloud.

📊 Watch how AI features are bundled or priced in Creative Cloud, any changes in subscriber growth or churn, and whether margins hold as Adobe invests in generative AI.

⚠️ The key risk is that designers test Figma's AI tools at scale, which could gradually weaken Adobe's pricing power or reduce usage of its core apps.

 






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Dig Deeper

For the full picture including more risks and rewards, check out the complete Adobe analysis. Alternatively, you can check out the community page for Adobe to see how other investors believe this latest news will impact the company’s narrative.

_ This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._

Companies discussed in this article include ADBE.

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