Adaptive Biotechnologies Corporation (ADPT) vs CareDx, Inc. (CDNA)

Adaptive Biotechnologies Corporation and CareDx, Inc. are both Diagnostics & Research companies. Adaptive Biotechnologies Corporation and CareDx, Inc. are of similar size ($4.3B and $4.0B). Adaptive Biotechnologies Corporation has negative trailing earnings, so its P/E is not meaningful; CareDx, Inc. trades at 30.9×. CareDx, Inc. grew revenue faster over the last twelve months: 38.9% against 17.9%. CareDx, Inc. has the higher net margin (25.9% vs −23.7%) and the higher return on invested capital (33.6% vs 0.00%). Across the 17 metrics below, CareDx, Inc. leads on 12 and Adaptive Biotechnologies Corporation on 5.

Valuation

Metric ADPT CDNA Diagnostics & Research median
P/E n/m 30.91 34.52
P/S 14.51 8.06 4.24
P/B 23.52 8.58 3.42
Price to free cash flow n/m 68.93 33.51
EV/EBITDA n/m 26.62 23.44
EV/Sales 14.63 7.57 5.18
Earnings yield (1.67%) 3.24% (1.50%)
Free cash flow yield (0.20%) 1.45% 0.00%

Profitability

Metric ADPT CDNA Diagnostics & Research median
Gross margin 74.15% 70.97% 48.32%
Operating margin (16.18%) 23.42% (5.68%)
Net margin (23.66%) 25.86% (4.10%)
Free cash flow margin (2.96%) 12.01% 0.00%
Return on equity (36.34%) 33.04% 0.00%
Return on assets (12.02%) 23.96% (6.05%)
Return on invested capital 0.00% 33.56% 0.00%

Growth

Metric ADPT CDNA Diagnostics & Research median
Revenue growth (TTM) 17.91% 38.94% 8.99%
EPS growth (last fiscal year) 63.89% (143.01%) 20.36%
Revenue growth, 5-year CAGR 23.00% 14.59% 7.30%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ADPT CDNA Diagnostics & Research median
Debt to equity 0.00 0.00 0.01
Current ratio 3.97 2.31 2.27
Net debt to EBITDA 5.43 19.49 0.68

Dividend

Metric ADPT CDNA Diagnostics & Research median
Dividend yield — — 0.67%
Payout ratio — — 0.20

Size

Metric ADPT CDNA Diagnostics & Research median
Market cap 4.28b 4.01b 2.22b

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