Daily US Stock Pick: 3-Year ROE > 15%

Adobe (ADBE) — A $10B Free-Cash-Flow Business at 15x Earnings

Adobe clears all three hard criteria: 3-year ROE consistently above 33%, $10.3B in annual free cash flow, and a P/E of 15x — 69% below its 10-year median and below the software sector average. Today's pick examines the valuation gap, the competitive moat, and the two risks worth tracking.