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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. 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.

24.02 1.56 −6.10%
Market cap
$4.1B
P/E
0.0×
Fwd P/E
−36.6×
Dividend yield
—
F-score
6/9
Altman Z
2.08
Beneish M
−2.44
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 125.01
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 6 5 5 4 16 10 1 7 7 5 2 5
Insider Ownership 3.12%

Capital & Financial Ratios $m

Market Cap 4,080.00
Revenue 308.08
Net Income (63.99)
Free Cash Flow (24.03)
Net Debt (9.38)
Current Ratio 4.79 (at or above 1.5: strong)
Debt/Equity 2.22 (above 2: weak)
P/E ratio 0.00
Fwd P/E (36.60) (negative: loss-making)
P/S ratio 12.46 (above 10: high)
P/B ratio 25.49 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth (39.23%) (below 0%: weak)
Next Y EPS Growth 69.26% (at or above 15%: strong)
Next Y revenue growth 5.93%
Next 5Y EPS Growth 41.57% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.4×, against a ten-year median of 8.4×; over the ten years it ranged from 1.4× in 2019 to 72.9× in 2020.
P/S against its own 10 years 63.81%
10-year low 10-year high
P/B against its own 10 years 97.07%
10-year low 10-year high
EV/Sales against its own 10 years 65.16%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 346 222 227 344
Receivables 38 42 50 50
Inventory 14 8 10 10
Other — — — —
410 284 300 421
2023 2024 2025 Q'26
Payables 8 7 6 5
ST’ Debt — — — —
Other — 1 5 —
88 98 90 88

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 71 72 — — —
’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) — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.13) (0.25) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — 24.05 15.19 24.01 5.96 2.61 2.28 5.96

Analyst estimates 2026–2028

Powerpack
High — — — 55.12 65.69 71.25 28.92 10.79 7.07 20.76
People
People Employees — — 346 453 622 858 790 709 619 624
Revenue/emp, $m — 0.00 0.16 0.19 0.16 0.18 0.23 0.24 0.29 0.44
Income, $m
Income, $m Revenue — 38 56 85 98 154 185 170 179 277
Gross margin, % — 59.22 64.67 73.82 77.10 68.06 68.75 55.63 59.72 74.24
EBT — (43) (46) (69) (146) (207) (200) (225) (160) (59)
EBT margin, % — (111.40) (83.44) (80.65) (148.63) (134.31) (108.13) (132.32) (89.18) (21.47)
Net income — (43) (46) (69) (146) (207) (200) (225) (160) (59)
Depreciation — 6 5 3 9 21 22 13 11 15
Per share, $
Per share, $ Revenue — 3.15 4.41 1.23 0.75 1.10 1.30 1.18 1.22 1.83
Earnings — (3.51) (3.68) (1.01) (1.11) (1.48) (1.40) (1.56) (1.08) (0.39)
Cash flow — (2.86) (2.55) 2.97 (1.14) (1.37) (1.29) (1.08) (0.65) (0.30)
Capex — (0.19) (0.50) (0.16) (0.14) (0.44) (2.07) (3.05) (1.69) (0.02)
Free cash flow — (3.05) (3.05) 2.81 (1.28) (1.81) (3.36) (4.13) (2.33) (0.32)
Book value — 27.61 23.97 8.26 5.66 4.30 3.26 2.14 1.38 1.48
Shares, m — 12 13 69 131 140 143 144 147 152
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S — 0.00 0.00 24.33 78.86 25.52 6.00 4.04 4.93 8.90
P/B — 0.00 0.00 3.62 10.44 6.52 2.40 2.23 4.36 10.95
EV/Sales — 0.00 0.00 17.98 72.93 23.92 4.52 3.29 4.91 8.87
EV/FCF — 1.50 1.50 7.87 (42.58) (14.51) (4.18) (3.36) (8.89) (50.17)
Cash, $m
Cash, $m Operating cash flow — (35) (32) 205 (150) (193) (184) (156) (95) (46)
Capex — (2) (6) (11) (19) (62) (295) (440) (248) (3)
Free cash flow — (37) (39) 194 (168) (254) (479) (597) (343) (49)
Balance, $m
Balance, $m Working capital — 184 158 534 622 289 452 322 186 210
Total debt — 562 561 37 104 107 224 — — —
Net debt — 370 396 (540) (688) (353) (498) (346) (222) (227)
Shareholders’ equity — 337 303 571 743 604 464 308 202 225
Returns, %
Returns, % ROA — (12.29) (13.33) (11.18) (14.42) (20.32) (22.49) (29.68) (26.57) (11.31)
ROIC — (3.93) (4.45) (159.18) (173.67) (52.02) 0.00 0.00 0.00 0.00
ROE — 17.68 19.20 (44.46) (22.25) (30.77) (37.48) (58.33) (62.45) (27.84)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
GRAL GRAIL, Inc. $6.1B — (loss-making) — (loss-making) +25.72% (above 0%: growing) n/m −4.95% (below 0%: shrinking) (28.12%) (388.89%) Compare
RDNT RadNet, Inc. $5.5B — (loss-making) 279× +24.99% (above 0%: growing) −47.37% (below 0%: shrinking) −43.22% (below 0%: shrinking) 14.14% 6.34% Compare
SHC Sotera Health Company $5.2B 31.4× 23.7× +9.18% (above 0%: growing) +533.33% (above 0%: growing) +60.56% (above 0%: growing) 55.38% 33.23% Compare
BLLN BillionToOne, Inc. $4.9B 95.0× 99.4× +64.40% (above 0%: growing) n/m +400.65% (above 0%: growing) 70.45% 5.03% Compare
ADPT Adaptive Biotechnologies Corporation $4.1B — (loss-making) — (loss-making) +21.53% (above 0%: growing) n/m +42.04% (above 0%: growing) 71.82% (22.04%)
VCYT Veracyte, Inc. $3.6B 29.9× 45.1× +15.49% (above 0%: growing) n/m +32.95% (above 0%: growing) 72.21% 15.29% Compare
CDNA CareDx, Inc. $3.5B 29.7× 2,967× +52.23% (above 0%: growing) n/m +223.42% (above 0%: growing) 73.50% 85.81% Compare
NEO NeoGenomics, Inc. $2.2B — (loss-making) — (loss-making) +11.21% (above 0%: growing) n/m −16.18% (below 0%: shrinking) 45.56% (4.85%) Compare
WGS GeneDx Holdings Corp. $2.1B — (loss-making) — (loss-making) +11.44% (above 0%: growing) n/m −585.59% (below 0%: shrinking) 68.37% (15.25%) Compare
Median of peers $4.2B 30.7× 99.4× +20.24% — +14.00% 61.87% 5.69%

All 52 Diagnostics & Research stocks →

Adaptive Biotechnologies Corporation (ADPT) key facts

  • Concern: Adaptive Biotechnologies Corporation reported a net loss of $59.5 million, or a loss of $0.39 per share, for fiscal 2025.
  • Strength: Adaptive Biotechnologies Corporation’s revenue for fiscal 2025 (year ended December 2025) was $277.0 million, up 54.8% from fiscal 2024.
  • Adaptive Biotechnologies Corporation (ADPT) is a Diagnostics & Research company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, ADPT traded at $24.02, a market capitalization of $4.1 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 12.5× sales.
  • Return on equity was −27.8% and debt-to-equity 2.22.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.08 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/ADPT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com