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Adaptive Biotechnologies Corporation

ADPT Healthcare Diagnostics & Research

Adaptive Biotechnologies Corporation’s revenue for fiscal 2025 (year ended December 2025) was $277.0 million, up 54.8% from fiscal 2024.

Revenue
−10.7%
EPS
−66.7%
Free cash flow
+201.9%

Quarter to September 2026, against a year earlier

27.09 0.26 +0.97%
Market cap
$4.3B
P/E
0.0×
Fwd P/E
−49.4×
Dividend yield
—
F-score
6/9
Altman Z
2.08
Beneish M
−2.44
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 111.75
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 5 5 4 16 10 1 7 7 5 2 10 —
Insider Ownership 3.45%

Capital & Financial Ratios $m

Size
Market Cap 4,280.00
Revenue ttm 298.01
Net income ttm (70.73)
Free cash flow ttm (8.82)
Net debt Q (298.95)
Valuation
P/E 0.00
Forward P/E (49.40) (negative: loss-making)
Price / sales 14.51 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 23.52 (above 6: high)
Financial health
Current ratio Q 3.97 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (0.91)
Growth
Revenue growth Q −10.72% (below 0%: shrinking)
Operating income growth Q −104.44% (below 0%: shrinking)
EPS, this year −19.78% (below 0%: weak)
EPS, next year A +75.59% (at or above 15%: strong)
Revenue, next year A +5.86%
EPS, past 5 yrs —
EPS, next 5 yrs A +41.57% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 14.6×, against a ten-year median of 8.7×; over the ten years it ranged from 1.4× in 2019 to 72.9× in 2020.
P/S against its own 10 years 67.28%
10-year low 10-year high
P/B against its own 10 years 96.70%
10-year low 10-year high
EV/Sales against its own 10 years 68.67%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 346 222 227 299
Receivables 38 42 50 67
Inventory 14 8 10 10
Other — — — —
410 284 300 393
2023 2024 2025 Q'26
Payables 8 7 6 7
ST’ Debt — — — —
Other — 1 5 —
88 98 90 99

Compound Annual Growth %

10y 5y 3y
Sales — 23.00% 14.34%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (21.26%) (21.44%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.10 Actual 0.02

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.19 −0.09 Beat by 0.10
Q1 FY26 −0.16 −0.13 Beat by 0.03
Q2 FY26 −0.13 −0.10 Beat by 0.03
Q3 FY26 −0.10 0.02 Beat by 0.12
Q4 FY26 −0.06 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.13) (0.25) 0.02 — —
’25 (0.20) (0.17) 0.06 (0.09) (0.39)
’24 (0.33) (0.31) (0.22) (0.23) (1.08)
’23 (0.40) (0.33) (0.35) (0.48) (1.56)
’22 (0.44) (0.37) (0.32) (0.28) (1.40)
’21 (0.29) (0.35) (0.40) (0.43) (1.48)
’20 (0.25) (0.26) (0.27) (0.33) (1.11)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 71 72 84 — —
’25 52 59 94 72 277
’24 42 43 46 47 179
’23 38 49 38 46 170
’22 39 44 48 55 185
’21 38 39 39 38 154
’20 21 21 26 30 98
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (6) 10 — —
’25 (28) (12) (7) 2 (46)
’24 (38) (17) (27) (12) (95)
’23 (59) (24) (47) (27) (156)
’22 (64) (47) (42) (30) (184)
’21 (58) (37) (43) (54) (193)
’20 (32) (31) (47) (40) (150)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (8) 8 — —
’25 (30) (13) (8) 1 (49)
’24 (40) (19) (27) (13) (343)
’23 (62) (27) (49) (28) (597)
’22 (68) (52) (48) (33) (479)
’21 (74) (59) (58) (63) (254)
’20 (35) (33) (51) (49) (168)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 38 56 85 98 154 185 170 179 277 298 +28.0% 293 360 446 +17.2%
Gross margin, % — 59.22 64.67 73.82 77.10 68.06 68.75 55.63 59.72 74.24 74.15 +15.0 pt
EBT — (43) (46) (69) (146) (207) (200) (225) (160) (59) (71) +4.2%
EBT margin, % — (111.40) (83.44) (80.65) (148.63) (134.31) (108.13) (132.32) (89.18) (21.47) (23.73) +89.9 pt
Net income — (43) (46) (69) (146) (207) (200) (225) (160) (59) (71) +4.2%
Per share, $
Per share, $ Revenue — 3.15 4.41 1.23 0.75 1.10 1.30 1.18 1.22 1.83 1.86 (6.6%)
Earnings — (3.51) (3.68) (1.01) (1.11) (1.48) (1.40) (1.56) (1.08) (0.39) (0.45) (24.0%)
Cash flow — (2.86) (2.55) 2.97 (1.14) (1.37) (1.29) (1.08) (0.65) (0.30) (0.03) (24.5%)
Capex — (0.19) (0.50) (0.16) (0.14) (0.44) (2.07) (3.05) (1.69) (0.02) (0.03) (24.7%)
Free cash flow — (3.05) (3.05) 2.81 (1.28) (1.81) (3.36) (4.13) (2.33) (0.32) (0.05) (24.5%)
Book value — 27.61 23.97 8.26 5.66 4.30 3.26 2.14 1.38 1.48 1.15 (30.6%)
Shares, m — 12 13 69 131 140 143 144 147 152 157 +37.0%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — 0.00 0.00 24.33 78.86 25.52 6.00 4.04 4.93 8.90 14.51 17.0
P/B — 0.00 0.00 3.62 10.44 6.52 2.40 2.23 4.36 10.95 23.52 4.5
EV/Sales — 0.00 0.00 17.98 72.93 23.92 4.52 3.29 4.91 8.87 14.63 15.2
EV/FCF — 1.50 1.50 7.87 (42.58) (14.51) (4.18) (3.36) (8.89) (50.17) (494.26) (12.5)
Cash, $m
Cash, $m Operating cash flow — (35) (32) 205 (150) (193) (184) (156) (95) (46) (4) +3.5%
Capex — (2) (6) (11) (19) (62) (295) (440) (248) (3) (5) +3.2%
Free cash flow — (37) (39) 194 (168) (254) (479) (597) (343) (49) (9) +3.5%
Balance, $m
Balance, $m Working capital — 184 158 534 622 289 452 322 186 210 294 +1.7%
Net debt — 370 396 (540) (688) (353) (498) (346) (222) (227) (299) n/m
Shareholders’ equity — 337 303 571 743 604 464 308 202 225 184 (4.9%)
Returns, %
Returns, % ROA — (12.29) (13.33) (11.18) (14.42) (20.32) (22.49) (29.68) (26.57) (11.31) (12.02) +1.0 pt
ROIC — (3.93) (4.45) (159.18) (173.67) (52.02) 0.00 0.00 0.00 0.00 0.00 +3.9 pt
ROE — 17.68 19.20 (44.46) (22.25) (30.77) (37.48) (58.33) (62.45) (27.84) (36.34) (45.5) pt
People
People Employees — — 346 453 622 858 790 709 619 624 — +8.8%
Revenue/emp, $m — 0.00 0.16 0.19 0.16 0.18 0.23 0.24 0.29 0.44 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Adaptive Biotechnologies Corporation vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RDNT RadNet, Inc. $6.1B — (loss-making) 1,050× +24.99% (above 0%: growing) −47.37% (below 0%: shrinking) −43.22% (below 0%: shrinking) 14.14% 6.34% Compare
GRAL GRAIL, Inc. $5.3B — (loss-making) — (loss-making) +3.71% (above 0%: growing) n/m −24.90% (below 0%: shrinking) 0.00% (385.29%) Compare
BLLN BillionToOne, Inc. $5.3B 88.7× 146× +47.24% (above 0%: growing) +164.29% (above 0%: growing) +9.25% (above 0%: growing) 70.86% 8.96% Compare
SHC Sotera Health Company $4.5B 26.3× 26.4× +4.36% (above 0%: growing) +20.12% (above 0%: growing) +64.98% (above 0%: growing) 55.65% 34.98% Compare
ADPT Adaptive Biotechnologies Corporation $4.3B — (loss-making) — (loss-making) −10.72% (below 0%: shrinking) −66.67% (below 0%: shrinking) +201.86% (above 0%: growing) 76.24% (0.54%)
CDNA CareDx, Inc. $4.0B 30.9× 36.2× +39.29% (above 0%: growing) +1,133.33% (above 0%: growing) −68.62% (below 0%: shrinking) 71.09% 5.82% Compare
NEO NeoGenomics, Inc. $2.1B — (loss-making) — (loss-making) +11.43% (above 0%: growing) n/m −3,724.21% (below 0%: shrinking) 46.16% (3.79%) Compare
VCYT Veracyte, Inc. $1.9B 15.2× 45.2× +15.08% (above 0%: growing) +62.50% (above 0%: growing) −9.63% (below 0%: shrinking) 70.58% 10.92% Compare
WGS GeneDx Holdings Corp. $1.9B — (loss-making) — (loss-making) +11.44% (above 0%: growing) n/m −585.59% (below 0%: shrinking) 68.37% (15.25%) Compare
Median of peers $4.3B 28.6× 45.2× +13.26% +62.50% −34.06% 62.01% 6.08%

All 49 Diagnostics & Research stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.08m 39.60m 27.00
2024 4.97m 8.35m 10.00
2023 8.90m 2.75m 8.00
2022 8.85m (1.14m) 13.00
2021 8.75m (6.18m) 47.00

Ownership

Directors and executive officers, together 5.70%
Viking Global Entities 18.80%
BlackRock, Inc. 7.50%
Vanguard Subsidiaries and Divisions 6.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Adaptive Biotechnologies Corporation (ADPT) Latest News

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 4 · · GuruFocus.com

4 Nov

Impact 3 · · MarketBeat transcript
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

29 Oct

Impact 4 · · TMX Newsfile

27 Oct

Impact 4 · · Insider Monkey

26 Oct

Impact 4 · · Trefis

20 Oct

Impact 3 · · Trefis

9 Oct

Impact 3 · · Trefis

8 Oct

Impact 3 · · Simply Wall St.

25 Sep

Impact 4 · · Simply Wall St.
Impact 4 · · GlobeNewswire
Impact 4 · · Simply Wall St.

24 Sep

Impact 4 · · Simply Wall St.

22 Sep

Impact 4 ·

17 Sep

Impact 4 ·

21 Aug

Impact 4 · · Barchart

30 Jul

Impact 4 · transcript

29 Jul

Impact 4 ·
Impact 3 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript

24 Jul

Impact 3 ·
Impact 3 ·

23 Jul

Impact 3 ·

17 Jun

Impact 3 ·

15 Jun

Impact 4 ·

4 Jun

Impact 3 · · Simply Wall St.

ADPT metrics, ten years each

stockrow.com/ADPT · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com