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.

Ticker: ADPT
Exchange: Nasdaq
Sector: Healthcare
Industry: Diagnostics & Research
Market cap: $4.52B
52-week range: $12.00 - $30.74

Valuation

Share price: $27.98 (close of Nov 6, 2026)
P/E (TTM): -63.59x
Price to book: 24.58x
Price to free cash flow: -512.43x
Enterprise value: $4.85B
Book value per share: $1.14

Price performance

Period	Change
1 day	+4.29%
5 days	+5.03%
1 month	+4.01%
3 months	+18.56%
6 months	+93.90%
Year to date	+72.29%
1 year	+79.82%
3 years	+482.92%
5 years	-23.97%
All time	-30.57%

Short interest

As of: Oct 15, 2026
Short % of float: 9.42%
Shares short: 11.99M
Days to cover: 5.03
Change since prior report: +1.25%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -26.44%
Return on invested capital: -18.78%
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%

Cash flow and balance sheet

Free cash flow yield (TTM): -0.20%
Current ratio: 3.97x
Net debt to EBITDA: -7.19x

Latest reported year

Period end: Dec 31, 2025
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%	-18.78%
2024-12-31	59.72%	-89.12%	-78.77%	-55.69%
2023-12-31	55.63%	-132.29%	-73.07%	-55.78%
2022-12-31	68.75%	-108.03%	-43.14%	-34.99%
2021-12-31	68.06%	-134.30%	-34.31%	-29.19%
2020-12-31	77.10%	-148.63%	-19.67%	-17.95%
2019-12-31	73.82%	-80.65%	-12.01%	-12.90%
2018-12-31	64.67%	-83.44%	-	-16.42%
2017-12-31	59.22%	-111.40%	-	-13.20%

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	-
2017-12-31	$85.31M	-

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

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-04	Sep 2026	-$0.10
2026-07-29	Jun 2026	-$0.13
2026-05-05	Mar 2026	-$0.16
2026-02-05	Dec 2025	-$0.19
2025-11-05	Sep 2025	-$0.16
2025-08-05	Jun 2025	-$0.24
2025-05-01	Mar 2025	-$0.28
2025-02-11	Dec 2024	-$0.26

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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