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Adaptive Biotechnologies Corp

ADPT

$27.91 ▼ -0.17 (-0.61%) at close

11 Visible periods

31 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

Adaptive Biotechnologies Corp faces fundamental challenges with weakness in Return on Common Equity (%) and Profit Margin (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $4.2B

Dividend Yield —

Revenue Growth 54.8% ↗

Op. Margin -20.6% ↗

ROIC -16.5% ↗

FCF / Share $-0.32 ↗

Trailing P/E —

Price / Book 19.6x

FCF Yield —

Debt / Equity 0.58

info Valuation on last close. End-of-day price, Sep 23, 2026.

11-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$276.98M

↑ +54.8% —

Net Income Profit after all expenses

$-59.50M

↑ +62.7% —

Operating Margin Operating profit as % of sales

-20.6%

↑ +77.3% 10th

FCF / Share Free cash flow per share

$-0.32

↑ +52.0% —

Long-Term Debt Long-term obligations

$126.57M

↓ -4.4% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Operating Margin (%)Operating Margin (%) is in the bottom quartile
Profit Margin (%)Profit Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability ↑

Returns ↑

Financial Health ↑

Cash Quality ↓

Financial view

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📈 Is growth accelerating? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗
Revenue Growth YoY (%)	54.8% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+585%)	5.1% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-36%)	-8.1% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-201%)	20.1% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+151%)	56.9% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+611%)	15.6% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+96%)	52.8% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+560%)	44.8% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+460%)	—	—	—
EPS Growth YoY (%)	63.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	30.8% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-11.4% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	5.4% Fair Fair Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—	—	—	—
Net Income Growth YoY (%)	62.7% Excellent ↑ Excellent Improving Year-over-year change in net income	29.2% Excellent ↑ Excellent Improving Year-over-year change in net income	-12.5% Weak ↑ Weak Improving Year-over-year change in net income	3.4% Caution ↑ Caution Improving Year-over-year change in net income	-41.8% Weak ↑ Weak Improving Year-over-year change in net income	-113.1% Weak ↓ Weak Declining Year-over-year change in net income	-47.7% Weak Weak Year-over-year change in net income	-8.4% Weak Weak Year-over-year change in net income	—	—	—
FCF Growth YoY (%)	52.0% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	41.9% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	17.7% Good Good Year-over-year change in free cash flow	22.5% Good Good Year-over-year change in free cash flow	—	—	—	—	—	—	—
Revenue CAGR 3Y (%)	14.3% Good ↓ Good Declining Compound annual revenue growth over 3 years	5.1% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	20.1% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	29.6% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	40.5% Excellent Excellent Compound annual revenue growth over 3 years	36.8% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—	—
Revenue CAGR 5Y (%)	23.0% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	16.0% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	25.1% Excellent Excellent Compound annual revenue growth over 5 years	37.0% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗
Operating Margin (%) (%)	-20.6% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-237%)	-90.8% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-706%)	-133.3% Weak → Weak Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-989%)	-108.0% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-820%)	-135.4% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1003%)	-155.3% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1136%)	-92.1% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-714%)	-89.4% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-696%)	-115.7% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-871%)	—	—
Effective Tax Rate (%) (%)	0.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	-21.5% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-279%)	-89.1% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-843%)	-132.3% Weak → Weak Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1202%)	-108.0% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1000%)	-134.3% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1219%)	-148.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1339%)	-80.6% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-772%)	-83.4% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-795%)	-111.4% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1028%)	—	—
FCF Margin (%) (%)	-17.7% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-55.3% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-98.1% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-108.1% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-164.9% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-171.3% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	228.3% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	-69.3% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-97.0% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—
FCF / Net Income (x)	0.82x Caution → Caution Stable Free cash flow relative to reported net income Optimal: > 1x	0.62x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.74x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.00x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	1.23x Good ↑ Good Improving Free cash flow relative to reported net income Optimal: > 1x	1.15x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	-2.83x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.83x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	0.87x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	—	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗
Return on Invested Capital (%)	-16.5% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-48.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-40.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-26.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-27.3% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-16.2% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-10.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	15.2% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	15.6% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—	—
Return on Capital (%) (%)	-11.1% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-30.1% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-34.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-23.4% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-22.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-13.7% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-8.6% Weak Weak Operating profit relative to total assets Optimal: > 10%	-15.0% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—	—
Return on Common Equity (%) (%)	-27.2% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-281%)	-78.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-625%)	-73.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-587%)	-43.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-388%)	-34.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-329%)	-19.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-231%)	-12.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-180%)	18.0% Good Good Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+20%)	19.1% Good Good Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+27%)	—	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗
Debt to Equity (x)	0.58x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: At sector avg	0.65x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+9%)	0.42x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-29%)	0.27x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-55%)	—	—	—	—	—	—	—
Interest Coverage (x)	-4.85x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-14.04x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-16.45x Weak Weak Operating income divided by interest expense Optimal: > 5x	-47.24x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	—	—	—	—	—
Net Debt (USD)	$56.07M	$84.49M	$65.60M	$35.33M	$-139.06M	$-123.44M	$-96.58M	$-55.03M	—	—	—
Debt / EBITDA (x)	-3.09x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.91x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.63x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.69x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—	—	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗
Revenue per Share (USD)	$1.83	$1.22	$1.18	$1.30	$1.10	—	—	—	—	—	—
Basic EPS, GAAP (USD)	$-0.39	$-1.08	$-1.56	$-1.40	$-1.48	—	—	—	—	—	—
Free Cash Flow per Share (USD)	$-0.32	$-0.67	$-1.16	$-1.41	$-1.81	—	—	—	—	—	—
Book Value per Share (USD)	$1.42	$1.37	$2.13	$3.24	$4.27	$5.40	$4.56	$-20.10	—	—	—
Tangible Book Value per Share (USD)	$0.65	$0.57	$1.31	$2.41	$3.43	$4.54	$3.61	$-29.36	—	—	—
Basic Weighted Avg Shares (shares)	151.72M	147.10M	144.38M	142.52M	140.35M	—	—	—	—	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗
Working Capital (USD)	$210.27M	$185.70M	$322.17M	$452.36M	$288.94M	$621.72M	$534.38M	$157.92M	—	—	—
LT Debt (USD)	$126.57M	$132.41M	$130.66M	$125.36M	—	—	—	—	—	—	—
Total Equity (USD)	$218.79M	$202.71M	$308.40M	$464.17M	$603.99M	$743.27M	$571.04M	$-258.11M	$-224.62M	$-189.73M	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗
Sales/Revenue/Turnover (USD)	$276.98M	$178.96M	$170.28M	$185.31M	$154.34M	$98.38M	$85.07M	$55.66M	$38.45M	—	—
Depreciation Expense (USD)	$16.13M	$17.55M	$20.53M	$19.22M	$12.25M	$6.77M	$6.09M	$4.30M	$4.10M	—	—
Net Income, GAAP (USD)	$-59.50M	$-159.49M	$-225.25M	$-200.19M	$-207.28M	$-146.23M	$-68.61M	$-46.45M	$-42.83M	—	—
Operating Cash Flow (USD)	$-45.99M	$-95.21M	$-156.32M	$-183.94M	$-192.73M	$-149.68M	$205.40M	$-32.26M	$-34.86M	—	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced yesterday 11 years · 37 quarters

Adaptive Biotechnologies Corp

Analytical Summary

11-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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