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 $4.3B against $1.9B — 2.2× the size. Adaptive Biotechnologies Corporation has negative trailing earnings, so its P/E is not meaningful; Veracyte, Inc. trades at 15.2×. Adaptive Biotechnologies Corporation grew revenue faster over the last twelve months: 17.9% against 17.5%. Veracyte, Inc. has the higher net margin (21.8% vs −23.7%) and the higher return on invested capital (4.33% vs 0.00%). Across the 17 metrics below, Veracyte, Inc. leads on 15 and Adaptive Biotechnologies Corporation on 2.

Valuation

Metric ADPT VCYT Diagnostics & Research median
P/E n/m 15.16 34.52
P/S 14.51 3.34 4.24
P/B 23.52 1.35 3.42
Price to free cash flow n/m 11.98 33.51
EV/EBITDA n/m 11.76 23.44
EV/Sales 14.63 2.51 5.18
Earnings yield (1.67%) 6.59% (1.50%)
Free cash flow yield (0.20%) 8.34% 0.00%

Profitability

Metric ADPT VCYT Diagnostics & Research median
Gross margin 74.15% 71.98% 48.32%
Operating margin (16.18%) 17.08% (5.68%)
Net margin (23.66%) 21.80% (4.10%)
Free cash flow margin (2.96%) 27.84% 0.00%
Return on equity (36.34%) 9.43% 0.00%
Return on assets (12.02%) 8.63% (6.05%)
Return on invested capital 0.00% 4.33% 0.00%

Growth

Metric ADPT VCYT Diagnostics & Research median
Revenue growth (TTM) 17.91% 17.50% 8.99%
EPS growth (last fiscal year) 63.89% 164.52% 20.36%
Revenue growth, 5-year CAGR 23.00% 34.50% 7.30%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ADPT VCYT Diagnostics & Research median
Debt to equity 0.00 0.00 0.01
Current ratio 3.97 5.56 2.27
Net debt to EBITDA 5.43 (5.44) 0.68

Dividend

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

Size

Metric ADPT VCYT Diagnostics & Research median
Market cap 4.28b 1.93b 2.22b

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