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. In the quarter to June 2026, revenue grew 21.5%, EPS fell 47.1% and free cash flow grew 42.0%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
Follow ADPT
Adaptive Biotechnologies Corporation (ADPT) Altman Z-score
Adaptive Biotechnologies Corporation's Altman Z-score for fiscal 2025 is 2.08, in the grey zone (1.81–2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.08 | 4.14 |
| FY2024 | −2.06 | (0.55) |
| FY2023 | −1.51 | (1.75) |
| FY2022 | 0.24 | (5.87) |
| FY2021 | 6.11 | (6.03) |
| FY2020 | 12.14 | 8.55 |
| FY2019 | 3.59 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.49 | |
| Retained earnings / total assets | (2.66) | — | −3.72 | |
| EBIT / total assets | (0.11) | — | −0.37 | |
| Market value of equity / total liabilities | 8.56 | — | 5.14 | |
| Sales / total assets | 0.54 | — | 0.54 | |
| Altman Z-score | Grey zone | 2.08 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.91 | ||
Z and Z″ put Adaptive Biotechnologies Corporation in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| VCYT Veracyte, Inc. compare | 21.1× |
| WGS GeneDx Holdings Corp. compare | 7.8× |
| BLLN BillionToOne, Inc. compare | 6.0× |
| CDNA CareDx, Inc. compare | 4.1× |
| ADPT Adaptive Biotechnologies Corporation | 2.1× |
| RDNT RadNet, Inc. compare | 2.0× |
| NEO NeoGenomics, Inc. compare | 1.8× |
| SHC Sotera Health Company compare | 1.8× |
| GRAL GRAIL, Inc. compare | 0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets