Built a cannibal screen using 16 years of SEC XBRL data: true FCF yield above 8% plus net buyback yield above 5%. Here's what came out and why I think Adobe's freemium data moat is being completely misread.

I run a screener built on raw SEC XBRL filings with 1,600 tickers, 16 years of data, true FCF defined as operating cash flow minus CapEx minus stock-based compensation. I recently added a cannibal screen: net buyback yield above 5% (previous diluted shares minus current diluted shares, divided by previous) combined with true FCF yield above 8%. The idea is to find companies where the cash engine is real AND buybacks are happening at a price that makes mathematical sense. Standouts from the screen: ADBE, CMCSA, DBX, PYPL, DVA, BCO. Profit margin as a rough moat proxy puts Adobe, Comcast, Fiserv and GPN at the top of the quality stack. The Adobe section is where I'd most welcome pushback. The standard bear case: freemium dilutes pricing power, SEMRush is inflating top-line growth, insiders aren't buying, management turnover signals trouble ahead. I take these seriously. Near-term signal reading is not my comparative advantage. But here's what I keep coming back to. I'm a data architect by trade and the context angle looks different from that lens. Adobe has 800 million users on its freemium tier generating creative workflow behavioral data — what good design looks like, what color combinations convert, what layout patterns work — at a scale that Midjourney, DALL-E, and the general purpose models simply don't have access to. In the age of specialized AI agents, that context corpus is a genuine moat that doesn't show up anywhere in the standard financial analysis. The question I can't shake: Anthropic operates on a freemium model and nobody questions whether that creates value. Why is Adobe's freemium model categorically different? If anything Adobe has the enterprise distribution to monetize what it learns in ways Anthropic currently doesn't. The jaws of life chart for Adobe is the cleanest I've found in my dataset. Nine years of simultaneous numerator growth and denominator shrinkage. Full write-up including the charts here: [https://cavemanscreener.substack.com/p/the-jaws-of-life-finding-stocks-that](https://cavemanscreener.substack.com/p/the-jaws-of-life-finding-stocks-that)