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ADPT · Nasdaq · United States · Biological Products, (No Diagnostic Substances)
In shortAdaptive Biotechnologies Corp is loss-making, burns cash and holds more cash than debt, with revenue growing (+54.8% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -20.6% | 0/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -21.5% | 0/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -28.2% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -16.3% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 3.34× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.60× | 78/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | -4.85× | 0/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | -5.93 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -17.7% | 0/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 0 of 5 | 0/100 |
Weight in the score: 20%
| Profitable years (last 5) | 0 of 5 | 0/100 |
|---|---|---|
| Years of revenue decline (last 5) | 1 of 5 | 67/100 |
| Revenue growth volatility | 29.2% | 3/100 |
| Operating margin volatility | 46.9% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 14.3% | 96/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
4 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 154 | 185 | 170 | 179 | 277 |
| Cost of revenue | 49 | 58 | 76 | 72 | 71 |
| Gross profit | 105 | 127 | 95 | 107 | 206 |
| Research & development | 142 | 142 | 122 | 103 | 94 |
| Operating income | (209) | (200) | (227) | (163) | (57) |
| Interest expense | – | 4.2 | 14 | 12 | 12 |
| Pre-tax income | (207) | (200) | (225) | (160) | (59) |
| Income tax | – | – | 0 | 0 | 0 |
| Net income | (207) | (200) | (225) | (159) | (59) |
| Diluted EPS | −$1.48 | −$1.40 | −$1.56 | −$1.08 | −$0.39 |
| Diluted shares (millions) | 140 | 143 | 144 | 147 | 152 |
4 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.
The last 8 quarters of Adaptive Biotechnologies Corp are included in the Investor plan. Try free for 7 days →
−5.93 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Aug 4, 2026