ADPTNasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
Adaptive Biotechnologies Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$23.95−0.07 (-0.29%)
Close on Oct 19, 2026
- Market cap
- $3.83B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
74.2%−2.9 pts over 5 years
Operating margin
-20.6%+134.7 pts over 5 years
Net margin
-21.5%+127.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +54.8% | +14.3% | +23.0% | – | |
| Gross profit | +92.4% | +17.3% | +22.1% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -22.3% | -28.2% | |
| Return on assets | – | -14.4% | -11.3% | |
| Current ratio | – | 6.91 | 3.34 | |
| Debt to equity | – | – | 0.60 | |
| Net debt to EBITDA | – | – | -1.48× | |
| Interest coverage | – | – | -4.8× | |
| Inventory turnover | – | 1.9× | 7.8× | |
| Capex to revenue | – | 19.1% | 1.1% | |
| Diluted shares | – | 131M | 152M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Adaptive Biotechnologies generated $674.19M from operations and spent $95.42M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$674.19M
Used
$95.42M
Capital expenditure$95.42M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-21.5%
×Asset turnover0.53×
×Equity multiplier2.50×
=Return on equity, FY2025-28.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -21.5% | 0.53× | 2.50× | -28.2% |
| FY2024 | -89.1% | 0.30× | 2.35× | -62.4% |
| FY2023 | -132.3% | 0.22× | 1.96× | -58.3% |
| FY2022 | -108.0% | 0.21× | 1.67× | -37.5% |
| FY2021 | -134.3% | 0.15× | 1.51× | -30.8% |
| FY2020 | -148.6% | 0.10× | 1.54× | -22.3% |
| FY2019 | -80.6% | 0.14× | 3.98× | -43.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$59.50M
- Cash generatingOperating cash flow above zero-$45.99M
- Return on assets improvedROA up on the prior year-24.1% → -11.0%
- Earnings backed by cashOperating cash flow above net income-$45.99M vs -$59.50M
- Less leverageLong-term debt to assets fell24.5% → 24.7%
- Better liquidityCurrent ratio rose2.89 → 3.34
- No dilutionShare count did not rise147M → 152M
- Gross margin improvedGross margin up on the prior year59.72% → 74.24%
- More efficientAsset turnover rose0.27 → 0.51