Adaptive Biotechnologies Corporation (ADPT) vs Veracyte, Inc. (VCYT)

Adaptive Biotechnologies Corporation and Veracyte, Inc. are both Diagnostics & Research companies. Adaptive Biotechnologies Corporation is the larger, with a market value of $4.1B against $3.6B — 1.1× the size. Adaptive Biotechnologies Corporation has negative trailing earnings, so its P/E is not meaningful; Veracyte, Inc. trades at 29.9×. Adaptive Biotechnologies Corporation grew revenue faster over the last twelve months: 50.1% against 17.3%. Veracyte, Inc. has the higher net margin (20.4% vs −20.7%) and the higher return on invested capital (7.32% vs −16.6%). Across the 18 metrics below, Veracyte, Inc. leads on 16 and Adaptive Biotechnologies Corporation on 2.

Valuation

Metric ADPT VCYT Diagnostics & Research median
P/E n/m 29.94 35.56
P/S 12.46 6.14 4.37
P/B 25.49 2.48 3.06
Price to free cash flow n/m 20.78 35.76
EV/EBITDA n/m 23.93 24.35
EV/Sales 12.43 5.28 5.51
Earnings yield (1.71%) 3.34% (1.89%)
Free cash flow yield (0.63%) 4.81% (0.15%)

Profitability

Metric ADPT VCYT Diagnostics & Research median
Gross margin 75.57% 71.71% 50.89%
Operating margin (12.16%) 18.82% (8.57%)
Net margin (20.73%) 20.37% (6.37%)
Free cash flow margin (7.80%) 29.54% 0.00%
Return on equity (38.68%) 8.77% (2.92%)
Return on assets (11.23%) 8.09% (6.71%)
Return on invested capital (16.57%) 7.32% 0.00%

Growth

Metric ADPT VCYT Diagnostics & Research median
Revenue growth (TTM) 50.13% 17.28% 7.69%
EPS growth (last fiscal year) 63.89% 164.52% 25.92%
Revenue growth, 5-year CAGR 23.00% 34.50% 7.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ADPT VCYT Diagnostics & Research median
Debt to equity 2.22 0.00 0.11
Current ratio 4.79 9.16 2.02
Net debt to EBITDA 5.43 (5.44) 0.70

Dividend

Metric ADPT VCYT Diagnostics & Research median
Dividend yield — — 0.66%
Payout ratio — — 0.20

Size

Metric ADPT VCYT Diagnostics & Research median
Market cap 4.08b 3.57b 2.16b

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