ADPT Healthcare

Adaptive Biotechnologies Corporation

$25.80+2.95%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Healthcare
Industry: Diagnostics & Research
Country: United States
Market cap: 4.1B USD
Enterprise value: 3.5B USD
Full-time employees: 624

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.10 vs a peer median of 0.63)bigger price swings (beta 2.10 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #836 of 1,157 healthcare companies (bottom 28%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 12% from December 2022 to July 2026.
Adaptive Biotechnologies had 12% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Adaptive Biotechnologies had 12% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 19% of revenue in 2025.
Adaptive Biotechnologies paid employees $51M in stock in 2025, 19% of its $277M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -21% in 2025, the smallest loss relative to revenue of the last 6 years.
Adaptive Biotechnologies still lost money on operations in 2025 (margin -21%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Adaptive Biotechnologies looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

39/ 100

Oct 5 39 → Nov 4 39

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-1.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-0.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-0.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield3.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

83/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.3%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth17.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.39Sector median: 0.0584 · MAD: 0.0840

Revenue growth50.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 4.52Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

25/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 3.7 points to -12.2%

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-12.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.58Sector median: 0.0706 · MAD: 0.1217

Return on assets-10.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.17Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-25.6%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -3.02Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin75.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-44.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Debt down 100%

Why

Mixed versus peers:

▲ Debt / equity
▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.10

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.28Sector median: 0.6250 · MAD: 0.3380

Current ratio4.79×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.59Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.00×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 1.07Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Adaptive Biotechnologies

Is Adaptive Biotechnologies getting weaker?: Its latest SEC filing (Aug 4, 2026) got stronger: operating margin rose 3.7 points to -12.2%; debt down 100%. Its overall score is unchanged at 39/100 since Oct 28, 2026.
How is Adaptive Biotechnologies valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.6% vs peers 1.5% (weaker than 100% of peers).
Is Adaptive Biotechnologies growing?: Yes, faster than most of its peers. Growth scores 83/100 against 1,393 healthcare peers. Revenue growth 50.1% vs a peer median of 6.1% (stronger than 90% of peers).Revenue growth 50.1% vs peers 6.1% (stronger than 90% of peers).
How profitable is Adaptive Biotechnologies?: Less profitable than most of its peers. Profitability scores 25/100 against 1,393 healthcare peers. Return on invested capital -25.6% vs a peer median of 4.7% (weaker than 81% of peers).Return on invested capital -25.6% vs peers 4.7% (weaker than 81% of peers).
How risky is Adaptive Biotechnologies?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.00× vs a peer median of 0.22× (stronger than 95% of peers).Debt / equity 0.00× vs peers 0.22× (stronger than 95% of peers). Beta 2.10 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.10 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 3.7 points to -12.2%
Debt down 100%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	295.4M USD	308.1M USD	+4.3%
Net income (12 months)	−49.7M USD	−63.9M USD	+28.5%
Operating margin	-15.8%	-12.2%	+3.7 pts
Free cash flow (12 months)	−29.5M USD	−24.0M USD	−18.6%
Debt	130.6M USD	0 USD	turned negative
Cash	77.6M USD	169.9M USD	+119.0%
Shares outstanding	160.0M	159.6M	−0.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Diagnostics & Research · 26 companies

Valuations in Diagnostics & Research are within their usual range since Nov 2018.

53% of months since Nov 2018 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +109% vs the whole market, against a usual +111%.

Nov 2018Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	68.1%	68.7%	55.6%	59.7%	74.2%	▲ 15 pts
Operating margin	-135.4%	-108.0%	-133.3%	-90.8%	-20.6%	▲ 70 pts
Net margin	-134.3%	-108.0%	-132.3%	-89.1%	-21.5%	▲ 68 pts
Return on assets (ROA)	-22.4%	-23.4%	-34.1%	-29.6%	-11.6%	▲ 18 pts
Return on equity (ROE)	-34.3%	-43.1%	-73.0%	-78.7%	-27.2%	▲ 51 pts
Free cash flow margin	-164.9%	-108.1%	-98.1%	-55.3%	-17.7%	▲ 38 pts
Current ratio	3.54×	5.12×	4.66×	2.89×	3.34×	▲ 15%
Quick ratio	3.37×	4.99×	4.50×	2.81×	3.23×	▲ 15%
Debt to equity	—	0.27×	0.42×	0.66×	0.60×	▼ 8.8%
Interest coverage	—	-47.24×	-16.45×	-14.04×	-4.85×	▲ 65%

ADPT price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.10 vs a peer median of 0.63)bigger price swings (beta 2.10 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #836 of 1,157 healthcare companies (bottom 28%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 12% from December 2022 to July 2026.

Adaptive Biotechnologies had 12% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Adaptive Biotechnologies had 12% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 19% of revenue in 2025.

Adaptive Biotechnologies paid employees $51M in stock in 2025, 19% of its $277M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -21% in 2025, the smallest loss relative to revenue of the last 6 years.

Adaptive Biotechnologies still lost money on operations in 2025 (margin -21%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Adaptive Biotechnologies looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Adaptive Biotechnologies

Is Adaptive Biotechnologies getting weaker?

Its latest SEC filing (Aug 4, 2026) got stronger: operating margin rose 3.7 points to -12.2%; debt down 100%. Its overall score is unchanged at 39/100 since Oct 28, 2026.

How is Adaptive Biotechnologies valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.6% vs peers 1.5% (weaker than 100% of peers).

Is Adaptive Biotechnologies growing?

Yes, faster than most of its peers. Growth scores 83/100 against 1,393 healthcare peers. Revenue growth 50.1% vs a peer median of 6.1% (stronger than 90% of peers).Revenue growth 50.1% vs peers 6.1% (stronger than 90% of peers).

How profitable is Adaptive Biotechnologies?

Less profitable than most of its peers. Profitability scores 25/100 against 1,393 healthcare peers. Return on invested capital -25.6% vs a peer median of 4.7% (weaker than 81% of peers).Return on invested capital -25.6% vs peers 4.7% (weaker than 81% of peers).

How risky is Adaptive Biotechnologies?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.00× vs a peer median of 0.22× (stronger than 95% of peers).Debt / equity 0.00× vs peers 0.22× (stronger than 95% of peers). Beta 2.10 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.10 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

295.4M USD

308.1M USD

+4.3%

Net income (12 months)

−49.7M USD

−63.9M USD

+28.5%

Operating margin

-15.8%

-12.2%

+3.7 pts

Free cash flow (12 months)

−29.5M USD

−24.0M USD

−18.6%

Debt

130.6M USD

0 USD

turned negative

Cash

77.6M USD

169.9M USD

+119.0%

Shares outstanding

160.0M

159.6M

−0.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

68.1%

68.7%

55.6%

59.7%

74.2%

▲ 15 pts

Operating margin

-135.4%

-108.0%

-133.3%

-90.8%

-20.6%

▲ 70 pts

Net margin

-134.3%

-108.0%

-132.3%

-89.1%

-21.5%

▲ 68 pts

Return on assets (ROA)

-22.4%

-23.4%

-34.1%

-29.6%

-11.6%

▲ 18 pts

Return on equity (ROE)

-34.3%

-43.1%

-73.0%

-78.7%

-27.2%

▲ 51 pts

Free cash flow margin

-164.9%

-108.1%

-98.1%

-55.3%

-17.7%

▲ 38 pts

Current ratio

3.54×

5.12×

4.66×

2.89×

3.34×

▲ 15%

Quick ratio

3.37×

4.99×

4.50×

2.81×

3.23×

▲ 15%

Debt to equity

—

0.27×

0.42×

0.66×

0.60×

▼ 8.8%

Interest coverage

—

-47.24×

-16.45×

-14.04×

-4.85×

▲ 65%