ADC Therapeutics SA key statistics and ratios

In fiscal 2025, ADC Therapeutics SA had an operating margin of -149.3% and a current ratio of 4.37. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

ADC Therapeutics SA: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	98.4%	96.4%	91.6%	92.9%	—
Operating margin	−58.8%	−238.6%	−184.4%	−149.3%	−125.1%
Net margin	−74.9%	−345.1%	−222.8%	−175.3%	−121.8%
Free-cash-flow margin	−66.2%	−175.3%	−176.0%	−173.8%	−128.5%
Return on equity	−197.8%	—	—	—	—
Return on assets	−32.0%	−56.8%	−46.6%	−44.2%	−32.2%
Asset turnover	0.43	0.16	0.21	0.25	0.26
Current ratio	5.31	4.97	3.62	4.37	3.03
Debt to equity	138.1%	—	—	—	—
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	88.8%	182.8%	154.8%	127.8%	103.3%
Capital spending as % of revenue	0.3%	4.6%	1.2%	0.3%	0.0%

US$ thousands unless shown otherwise. Fiscal quarters.

ADC Therapeutics SA: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	−192.6%	−191.8%	−123.6%	−234.3%	−188.5%	−77.7%	−121.1%	−132.0%
Net margin	−238.1%	−181.7%	−167.6%	−300.7%	−249.4%	−27.8%	−158.1%	−86.1%
Free-cash-flow margin	−136.8%	−129.8%	−245.7%	−127.9%	−180.4%	−135.0%	−142.6%	−61.3%
Current ratio	4.92	3.62	4.46	4.93	4.63	4.37	4.09	3.03
R&D as % of revenue	176.0%	160.3%	125.6%	159.7%	163.2%	78.9%	95.3%	90.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 3 checks passed · June 30, 2026

What it owns · $279m

Short-term assets $262mLonger-term assets $18m

What it owes, and who funded it · $508m

Short-term liabilities $86mLonger-term liabilities $421mShareholders' equity $-228m

Short-term assets cover short-term liabilities $262m of assets due within a year against $86m of liabilities due within a year.
Short-term assets cover long-term liabilities $262m short-term assets against $421m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$100m against $52m of interest.

From ADC Therapeutics SA's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: AAPG vs ADCT ADCT vs PLX ADCT vs BCYC

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

Figures from ADC Therapeutics SA's SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to ADC Therapeutics SA.