Adaptive Biotechnologies Corp (ADPT)
Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunosequencing platform which combines a suite of proprietary chemistry, computational biology, and machine learning to generate clinical immunomics data to decode the adaptive immune system. It provides clonoSEQ diagnostic test which detects and monitors the remaining number of cancer cells that are present in a patient's body during and after treatment, known as Minimal Residual Disease (MRD). The company offers products and services for life sciences research, clinical diagnostics, and drug discovery applications. The company was formerly known as Adaptive TCR Corporation and changed its name to Adaptive Biotechnologies Corporation in December 2011. Adaptive Biotechnologies Corporation was incorporated in 2009 and is headquartered in Seattle, Washington.
- Symbol
- ADPT
- Exchange
- Nasdaq
- Sector
- Healthcare
- Industry
- Diagnostics & Research
- Market cap
- $4.44B
- 52 week range
- 12 - 28.78
Valuation
- Share price
- $27.89 (close of 2026-09-23)
- P/E (TTM)
- -69.72x
- Price to book
- 29.44x
- Price to free cash flow
- -184.58x
- Enterprise value
- $4.68B
- Book value per share
- $0.95
Price performance
| Period | Change |
|---|
| 1 day | +0.11% |
| 5 days | +4.54% |
| 1 month | +7.31% |
| 3 months | +61.87% |
| 6 months | +104.17% |
| Year to date | +71.74% |
| 1 year | +100.22% |
| 3 years | +450.10% |
| 5 years | -28.89% |
| All time | -30.80% |
Profitability and growth
- Return on equity
- -26.44%
- Return on invested capital
- -24.45%
- Return on assets
- -11.60%
- Return on capital employed
- -13.51%
- Gross margin
- 74.24%
- Net margin
- -21.48%
- EBITDA margin
- -14.80%
- Revenue growth
- 54.77%
- Net income growth
- 62.69%
- Free cash flow growth
- 50.50%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -0.54%
- Current ratio
- 4.79x
- Net debt to EBITDA
- -6.62x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $276.98M
- Cost of revenue
- $71.36M
- Gross profit
- $205.62M
- EBITDA
- $-40.99M
- Net income
- $-59.50M
- Earnings per share
- $-0.39
- Research and development
- $93.77M
- Interest expense
- $11.78M
- Shares outstanding
- 151.72M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $276.98M | $205.62M | $-59.50M | $-0.39 |
| 2024-12-31 | $178.96M | $106.88M | $-159.49M | $-1.08 |
| 2023-12-31 | $170.28M | $94.72M | $-225.25M | $-1.56 |
| 2022-12-31 | $185.31M | $127.40M | $-200.19M | $-1.40 |
| 2021-12-31 | $154.34M | $105.04M | $-207.28M | $-1.48 |
| 2020-12-31 | $98.38M | $75.85M | $-146.23M | $-1.11 |
| 2019-12-31 | $85.07M | $62.80M | $-68.61M | $-1.01 |
| 2018-12-31 | $55.66M | $35.99M | $-46.45M | $-3.67 |
| 2017-12-31 | $38.45M | $22.77M | $-42.83M | $-3.50 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 74.24% | -21.48% | -26.44% | -24.45% |
| 2024-12-31 | 59.72% | -89.12% | -78.77% | -66.63% |
| 2023-12-31 | 55.63% | -132.29% | -73.07% | -66.39% |
| 2022-12-31 | 68.75% | -108.03% | -43.14% | -41.53% |
| 2021-12-31 | 68.06% | -134.30% | -34.31% | -36.23% |
| 2020-12-31 | 77.10% | -148.63% | -19.67% | -21.00% |
| 2019-12-31 | 73.82% | -80.65% | -12.01% | -15.34% |
| 2018-12-31 | 64.67% | -83.44% | 17.99% | - |
| 2017-12-31 | 59.22% | -111.40% | 19.07% | - |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $70.50M | $126.57M |
| 2024-12-31 | $47.92M | $132.41M |
| 2023-12-31 | $65.06M | $130.66M |
| 2022-12-31 | $90.03M | $125.36M |
| 2021-12-31 | $139.06M | - |
| 2020-12-31 | $123.44M | - |
| 2019-12-31 | $96.58M | - |
| 2018-12-31 | $55.03M | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $-48.95M | $51.48M |
| 2024-12-31 | $-98.88M | $53.61M |
| 2023-12-31 | $-167.02M | $62.91M |
| 2022-12-31 | $-200.29M | $55.48M |
| 2021-12-31 | $-254.47M | $43.25M |
| 2020-12-31 | $-168.49M | $24.76M |
| 2019-12-31 | $194.20M | $13.12M |
| 2018-12-31 | $-38.56M | $11.15M |
| 2017-12-31 | $-37.28M | $7.01M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-04
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-29 | Jun/2026 | - |
| 2026-05-05 | - | - |
| 2026-02-05 | - | - |
| 2025-11-05 | - | - |
| 2025-08-05 | - | - |
| 2025-05-01 | - | - |
| 2025-02-12 | - | - |
| 2025-02-11 | - | - |
Filings and sources
- Company website
- adaptivebiotech.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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