Adaptive Biotechnologies Corpor (ADPT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Adaptive Biotechnologies Corpor

NasdaqGS•Healthcare•Diagnostics & Research

$28.18+0.51(0.02%)Market open

Market Cap

$4.57B

P/S

14.8x

P/B

32.0x

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.

How this company scores

AverageMetricSide Score: 59/100

Strongest: Growth (20/25); weakest: Cash & Earnings Quality (7/25).

Profitability17/25

Growth20/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality7/25

Strengths

Growing revenueLong cash runwayInterest easily coveredProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 14.8x5y range 2.6x – 14.8x

Currently above its 17-quarter median.

P/B · 32.0x5y range 1.6x – 32.0x

Currently above its 17-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $4.57B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $308.08M
Q. Revenue: $71.55M
TTM EBITDA: $-23.60M
TTM Op. Income: $-37.46M
Q. Op. Income: $-15.77M
TTM Net Income: $-63.85M
Q. Net Income: $-39.79M
EPS: $-0.25
Shares Out.: $159.86M

$308.08M in TTM revenue grew 50.1% YoY, reaching $71.55M last quarter. TTM EBITDA of $-23.60M and TTM operating income of $-37.46M show growth is flowing through to the bottom line. However, net income is negative at $63.85M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 71.8%
EBITDA Margin: -17.5%
Op. Margin: -22.0%
Net Margin: -55.6%

Op. margin of -22.0% is up 20.5% YoY — cost efficiency is improving. Net margin at -55.6% and gross margin of 71.8% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 48% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 14.8x
P/B Ratio: 32.0x

P/S of 14.8x and P/B of 32.0x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $640.68M
Cash: $169.87M
Long-Term Debt: N/A
Book Value: $142.91M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-6.40M
TTM Free Cash Flow: $-24.03M
FCF Margin: -7.8%
FCF / Net Income: 0.4

TTM FCF of $-24.03M on $-6.40M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has risen for 7 consecutive quarters — an improving trend.