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Adaptive Biotechnologies Corp (ADPT) stock

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NASDAQ: ADPT Nasdaq Biotechnology Next results ~November 4, 2026

B Fundamentals grade

Adaptive Biotechnologies Corp is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$7.4

Valuation models combined (3)

Base case. Range ~$6.2–$10. Weighted average of 3 models (growth cash-flow model, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Adaptive Biotechnologies Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 11 selling0 purchases and 168 sales by directors and officers, last 12 monthsInsider trades
  • Funds152 adding, 129 cuttingOf 60 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Adaptive Biotechnologies files

Where Adaptive Biotechnologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $308m, up 50.1% on a year earlier, slower than the 55.9% growth a quarter earlier. Free-cash-flow margin rose to -7.8% from -40.4% a year earlier. Operating margin widened to -12.2% from -59.0%. The diluted share count is up 4.1% on a year earlier, which dilutes existing holders. It passes 5 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $15.41 a share, against a share price of $28.48.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Adaptive Biotechnologies Corp's trailing-twelve-month revenue grew 50.1% year on year, with a free-cash-flow margin of -7.8%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 78 biotechnology companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 71.0% while net income grew 47.3%: a 24pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 50.1% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 46.9 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Growth slowing. The growth rate is 5.7 points lower than a quarter earlier.
  • Loss-making. Operating margin is -12.2%: costs exceed revenue.
  • Burning cash. Free cash flow was -7.8% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 15.9% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 4.1% in a year.
  • High sales multiple. The shares trade at 13 times revenue while operating margins remain thin.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
-$0.25 against an average estimate of -$0.13: missed by 87.2%
Revenue
$72m, up 21.5% on a year earlier
Share reaction
+7.4% in the first session after the results on July 29, 2026, against +0.1% for the S&P 500
Guidance given
MRD business revenue $268m to $278m (full year 2026); total company operating expenses, including cost of revenue $350m to $355m (full year 2026)
Next report
November 4, 2026; average EPS estimate -$0.10

Adaptive Biotechnologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.9%
  • 1 week-4.6%
  • 1 month-11.6%
  • This year+54.3%
  • 1 year+44.4%
  • 5 years-28.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$308M
Operating margin
-12.2%
Net margin
-20.7%
EPS (TTM, diluted)
$-0.41

Growth

Revenue growth
+50.1%
Change in growth rate
−5.7 pts
Share count change
+4.1%

Cash

Free cash flow (TTM)
-$24M
FCF margin
-7.8%
Stock pay % of revenue
15.9%

Earnings

Last results
July 29, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Adaptive Biotechnologies Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Adaptive Biotechnologies Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.17 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$6.2 ~$4.4–$7.6 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$6.9 ~$7.1–$27 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$10 ~$8.4–$12 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$7.4 ~$6.2–$10 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Adaptive Biotechnologies Corp with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$29.92$59.13$28.06$7.64$4.90$6.00$16.24$25.06
Market value$4.1bn$7.8bn$3.9bn$1.1bn$707m$882m$2.5bn$3.9bn
+ Net debt (− = net cash)−$97m−$123m−$139m$35m$66m$85m$61m−$170m
Enterprise value$4.0bn$7.6bn$3.8bn$1.1bn$773m$967m$2.5bn$3.7bn
Multiples
Price / sales 48.7x78.9x25.5x5.9x4.2x4.9x8.9x12.6x
Price / earnings ————————
Price / free cash flow 21.3x———————
EV / EBITDA ————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

24 /100

Weak moat

How hard Adaptive Biotechnologies's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -9.5% of total assets over 7 years.

  • Pricing power 15 / 20

    Gross margin has been a median 67.6%, moving by 6.9 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -111.7%; its worst year was -146.2%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 8 years, at a median -85.2% of revenue.

  • Discipline 2 / 20

    The diluted share count rose 12.8% over five years; stock-based pay has been a median 25.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (29 before it).

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

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $72m and EPS of −$0.10 (range −$0.11 to −$0.08) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.54 −39% $293m +6%
Next −$0.18 +67% $360m +23%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +19.9% on 90 days ago. In the last 30 days, 0 analysts raised Adaptive Biotechnologies Corp's forecast and 1 cut it.

Consensus EPS forecast Adaptive Biotechnologies Corp, last 90 days
−$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.45 Current fiscal year, 60 days ago: −$0.54 Current fiscal year, 30 days ago: −$0.54 Current fiscal year, 7 days ago: −$0.54 Current fiscal year, Now: −$0.54 −$0.54 Next fiscal year, 90 days ago: −$0.24 Next fiscal year, 60 days ago: −$0.18 Next fiscal year, 30 days ago: −$0.18 Next fiscal year, 7 days ago: −$0.18 Next fiscal year, Now: −$0.18 −$0.18

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.45−$0.24
60 days ago −$0.54−$0.18
30 days ago −$0.54−$0.18
7 days ago −$0.54−$0.18
Now −$0.54−$0.18

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.13 −$0.25 −87.2%
Mar 2026 −$0.16 −$0.13 +20.2%
Dec 2025 −$0.18 −$0.09 +50.8%
Sept 2025 −$0.14 $0.06 +143.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • MRD business revenue full year 2026 $268m to $278m Raised
    “Adaptive Biotechnologies expects full year revenue for the MRD business to be between $268 million and $278 million, updated from the previous range between $260 million and $270 million.” source
  • total company operating expenses, including cost of revenue full year 2026 $350m to $355m
    “We expect full year total company operating expenses, including cost of revenue, to be between $350 million and $355 million, updated from the previous range between $350 million and $360 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

8 analysts, Oct 2026
Buy8100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026268
  2. Sep 20262619
  3. Aug 20262518
  4. Jul 20262518

Counts of recommendations published by analysts covering Adaptive Biotechnologies Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.5%
of tradable shares
Days to cover
4.56
at average volume
Short interest, 1 month
−11%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
1.3%
of shares
Employees
624
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +44.4%

$17.36 on October 31, 2025 to $25.06

ThenNowEffect
Revenue (last 12 months) $205m $308m +50.1%
P/S multiple 12.6x 12.6x +0.1%
Share count 149m 155m −3.9%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +404.2%

$4.97 on November 3, 2023 to $25.06

ThenNowEffect
Revenue (last 12 months) $190m $308m +62.5%
P/S multiple 3.8x 12.6x +235.8%
Share count 143m 155m −7.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ADPT−53%−73%−36%+22%+171%+54%
Industry peers (median)−35%−56%−17%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ADPT33%33%33%67%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ADPT−63%−78%−66%−52%−28%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since June 27, 2019: 97% from January 22, 2021 to April 18, 2024. Getting back needed a 2801% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$12.41 – $29.84
From 52-week high
−16.0%
vs 50-day average
−4.9%
vs 200-day average
+27.6%
Volatility (1 year)
67%
Beta vs S&P 500
1.72

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.8%
After a week
7 up, 5 down
typical move ±12.0%
After a month
8 up, 4 down
typical move ±15.0%
Results releasedNext dayS&P 500 next day5 days21 days
July 29, 2026 +7.4% +0.1% +9.2% +17.4%
May 5, 2026 −0.5% +2.2% −6.0% +24.7%
February 5, 2026 −8.8% +0.6% −10.2% −13.6%
January 12, 2026 +14.7% 0.0% +13.4% −0.9%
November 5, 2025 −8.0% −0.7% −14.3% −12.8%
August 5, 2025 +7.1% +0.3% +16.0% +19.3%
May 1, 2025 +33.7% +2.2% +26.0% +29.8%
February 11, 2025 −1.7% −0.2% +9.0% −6.6%
November 7, 2024 +1.2% +1.2% −3.0% +12.0%
August 1, 2024 −5.5% −3.3% −3.3% +3.3%
May 7, 2024 −1.2% +0.1% +23.0% +21.1%
April 5, 2024 +3.7% +1.1% +10.3% +17.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Adaptive Biotechnologies Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Adaptive Biotechnologies Corp
$150M $200M $250M $300M $350M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $179.7M Revenue (TTM), FY23 Q4: $170.3M Revenue (TTM), FY24 Q1: $174.5M Revenue (TTM), FY24 Q2: $168.8M Revenue (TTM), FY24 Q3: $177.3M Revenue (TTM), FY24 Q4: $179M Revenue (TTM), FY25 Q1: $189.5M Revenue (TTM), FY25 Q2: $205.2M Revenue (TTM), FY25 Q3: $252.8M Revenue (TTM), FY25 Q4: $277M Revenue (TTM), FY26 Q1: $295.4M Revenue (TTM), FY26 Q2: $308.1M $308.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $179.7M
FY23 Q4 $170.3M
FY24 Q1 $174.5M
FY24 Q2 $168.8M
FY24 Q3 $177.3M
FY24 Q4 $179M
FY25 Q1 $189.5M
FY25 Q2 $205.2M
FY25 Q3 $252.8M
FY25 Q4 $277M
FY26 Q1 $295.4M
FY26 Q2 $308.1M
Revenue growth, TTM YoY Adaptive Biotechnologies Corp
-20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.9% Revenue growth, TTM YoY, FY23 Q4: -8.1% Revenue growth, TTM YoY, FY24 Q1: -5.3% Revenue growth, TTM YoY, FY24 Q2: -11.0% Revenue growth, TTM YoY, FY24 Q3: -1.3% Revenue growth, TTM YoY, FY24 Q4: 5.1% Revenue growth, TTM YoY, FY25 Q1: 8.6% Revenue growth, TTM YoY, FY25 Q2: 21.6% Revenue growth, TTM YoY, FY25 Q3: 42.6% Revenue growth, TTM YoY, FY25 Q4: 54.8% Revenue growth, TTM YoY, FY26 Q1: 55.9% Revenue growth, TTM YoY, FY26 Q2: 50.1% 50.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.9%
FY23 Q4 -8.1%
FY24 Q1 -5.3%
FY24 Q2 -11.0%
FY24 Q3 -1.3%
FY24 Q4 5.1%
FY25 Q1 8.6%
FY25 Q2 21.6%
FY25 Q3 42.6%
FY25 Q4 54.8%
FY26 Q1 55.9%
FY26 Q2 50.1%
Operating margin (TTM) Adaptive Biotechnologies Corp
-150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -108.6% Operating margin (TTM), FY23 Q4: -133.3% Operating margin (TTM), FY24 Q1: -125.3% Operating margin (TTM), FY24 Q2: -129.2% Operating margin (TTM), FY24 Q3: -112.7% Operating margin (TTM), FY24 Q4: -90.8% Operating margin (TTM), FY25 Q1: -75.7% Operating margin (TTM), FY25 Q2: -59.0% Operating margin (TTM), FY25 Q3: -30.9% Operating margin (TTM), FY25 Q4: -20.6% Operating margin (TTM), FY26 Q1: -15.8% Operating margin (TTM), FY26 Q2: -12.2% -12.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -108.6%
FY23 Q4 -133.3%
FY24 Q1 -125.3%
FY24 Q2 -129.2%
FY24 Q3 -112.7%
FY24 Q4 -90.8%
FY25 Q1 -75.7%
FY25 Q2 -59.0%
FY25 Q3 -30.9%
FY25 Q4 -20.6%
FY26 Q1 -15.8%
FY26 Q2 -12.2%
FCF margin (TTM) Adaptive Biotechnologies Corp
-100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -95.4% FCF margin (TTM), FY23 Q4: -98.1% FCF margin (TTM), FY24 Q1: -83.0% FCF margin (TTM), FY24 Q2: -80.9% FCF margin (TTM), FY24 Q3: -64.6% FCF margin (TTM), FY24 Q4: -55.3% FCF margin (TTM), FY25 Q1: -46.8% FCF margin (TTM), FY25 Q2: -40.4% FCF margin (TTM), FY25 Q3: -24.9% FCF margin (TTM), FY25 Q4: -17.7% FCF margin (TTM), FY26 Q1: -10.0% FCF margin (TTM), FY26 Q2: -7.8% -7.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -95.4%
FY23 Q4 -98.1%
FY24 Q1 -83.0%
FY24 Q2 -80.9%
FY24 Q3 -64.6%
FY24 Q4 -55.3%
FY25 Q1 -46.8%
FY25 Q2 -40.4%
FY25 Q3 -24.9%
FY25 Q4 -17.7%
FY26 Q1 -10.0%
FY26 Q2 -7.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 38 56 85 98 154 185 170 179 277 308
Gross profit 23 36 63 76 105 127 95 107 206 233
EBITDA −40 −45 −72 −146 −197 −179 −207 −145 −41 −23
Operating income −44 −50 −78 −153 −209 −200 −227 −163 −57 −37
Net income −43 −46 −69 −146 −207 −200 −225 −159 −59 −64
Diluted EPS −$1.75 −$1.83 −$0.51 −$1.11 −$1.48 −$1.40 −$1.56 −$1.08 −$0.39 −$0.41
Growth (year on year)
Revenue — +44.8% +52.8% +15.6% +56.9% +20.1% −8.1% +5.1% +54.8% +50.1%
Margins
Gross margin 59.2% 64.7% 73.8% 77.1% 68.1% 68.7% 55.6% 59.7% 74.2% 75.6%
EBITDA margin −105.0% −81.7% −85.0% −148.4% −127.5% −96.7% −121.8% −81.1% −14.8% −7.5%
Operating margin −115.7% −89.4% −92.1% −155.3% −135.4% −108.0% −133.3% −90.8% −20.6% −12.2%
Net margin −111.4% −83.4% −80.6% −148.6% −134.3% −108.0% −132.3% −89.1% −21.5% −20.7%
Free-cash-flow margin −97.0% −69.3% 228.3% −171.3% −164.9% −108.1% −98.1% −55.3% −17.7% −7.8%
Cash flow
Cash from operations −35 −32 205 −150 −193 −184 −156 −95 −46 −21
Capital spending 2 6 11 19 62 16 11 4 3 3
Free cash flow −37 −39 194 −168 −254 −200 −167 −99 −49 −24
Stock-based pay 7 11 13 25 43 55 63 54 51 49
Free cash flow after stock pay −44 −50 181 −193 −298 −256 −230 −152 −100 −73
Balance sheet
Cash — 55 97 123 139 90 65 48 70 170
Total debt — 0 0 0 0 125 131 133 131 0
Net debt (negative = net cash) — −55 −97 −123 −139 35 66 85 61 −170
Diluted shares 24m 25m 138m 131m 140m 143m 144m 147m 152m 155m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $641m
Short-term assets $421mLonger-term assets $220m
What it owes, and who funded it · $633m
Short-term liabilities $88mLonger-term liabilities $402mShareholders' equity $143m
  • Short-term assets cover short-term liabilities $421m of assets due within a year against $88m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $421m short-term assets against $402m of longer-dated liabilities.
  • More cash than debt $170m of cash against $0 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • 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 No debt to cover.
  • Operating profit covers interest at least five times over Operating income of −$37m against $12m of interest.

From Adaptive Biotechnologies Corp'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.

Dividends, buybacks and capital spending

Diluted share count
+4.1%
year over year
R&D spending
28.6%
of revenue
Days sales outstanding
59 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated ADPT VCEL VIR ARVN IOVA SNDX Median
Revenue, last 12 months $308m $306m $303m $317m $325m $290m $56m
Revenue growth, last 12 months 50.1% 23.0% >999% −15.0% 34.5% 159.7% 12.6%
Revenue growth, 3-year average 17.6% 19.8% −14.8% 26.1% — 177.8% 13.7%
Revenue growth, latest quarter 21.5% 22.5% >999% >999% 65.7% 81.6% 10.2%
Gross margin 75.6% 74.6% 96.1% — 48.4% — 82.9%
Operating margin −12.2% 6.0% −92.4% −5.7% −92.7% −61.7% −189.4%
Operating margin, 3-year average −66.8% 1.6% <−999% −145.1% −554.7% −781.5% −363.5%
Net margin −20.7% 7.9% −83.0% 2.9% −89.1% −72.3% −169.8%
Cash from operations / revenue −6.8% 22.7% −66.8% −65.4% −81.3% −61.2% −168.0%
Free-cash-flow margin −7.8% 20.1% −67.1% −65.9% −91.2% −61.2% −162.4%
Free-cash-flow margin, 3-year average −43.0% 5.3% <−999% −135.2% −482.4% −652.6% −310.0%
Stock pay / revenue 15.9% 12.2% 15.5% 11.6% 14.4% 18.2% 20.0%
Change in share count 4.1% 0.6% 8.2% −7.6% 29.6% 2.5% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 50.1% 12.6% 55 of 172
Change in growth rate Growth -5.7pp -0.1pp 107 of 172
Gross margin Profitability 75.6% 82.4% 47 of 75
Operating margin Profitability -12.2% -189.4% 49 of 175
Net margin Profitability -20.7% -157.3% 51 of 180
Free-cash-flow margin Cash generation -7.8% -145.4% 48 of 176
Stock pay as % of revenue Cash generation 15.9% 19.2% 79 of 179
Long-term debt as % of assets Balance sheet 0.0% 20.6% 1 of 78
Change in share count Balance sheet 4.1% 7.9% 60 of 156
Days sales outstanding Balance sheet 59 days 75 days 40 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Mrd Business $212M 76.7% ▲ 45.9%
Immune Medicine Business $64.6M 23.3% ▲ 93.4%

From Adaptive Biotechnologies Corp's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.3B
Institutions reporting
296
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
45 / 41

Top buyers and sellers, Q2 2026: 152 institutions bought and 129 sold ; the biggest buyer was D. E. Shaw & Co., Inc (+2.7M shares) and the biggest seller Ameriprise Financial Inc (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Viking Global Investors LP $643M 30.0M 19.3% 0.0%
Blackrock, Inc. $325M 15.1M 9.8% ▲ 13.8%
Vanguard Capital Management LLC $137M 6.4M 4.1% ▲ 5.1%
Wellington Management Group LLP $127M 5.9M 3.8% ▲ 53.2%
Vanguard Portfolio Management LLC $117M 5.5M 3.5% ▲ 21.9%
D. E. Shaw & Co., Inc. $99.2M 4.6M 3.0% ▲ 135.3%
Westfield Capital Management Co LP $91.5M 4.3M 2.8% ▼ 21.5%
Geode Capital Management, LLC $78.1M 3.6M 2.3% ▲ 0.2%
State Street Corp $74.2M 3.5M 2.2% ▲ 7.2%
Invesco Ltd. $66.4M 3.1M 2.0% ▼ 30.5%
Goldman Sachs Group Inc $64M 3.0M 1.9% ▼ 8.0%
Price T Rowe Associates Inc $57.2M 2.7M 1.7% ▲ 70.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Adaptive Biotechnologies Corp's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $130M 168 trades by 11 insiders · 74% under pre-set plans
Net ▼ $130M net selling
Insider Date Trade Shares Price Value
Rubinstein Julie President and COO October 29, 2026 Sell pre-set plan 11,881 $28.27 $335,876
Rubinstein Julie President and COO October 28, 2026 Sell pre-set plan 200 $28.90 $5,780
Rubinstein Julie President and COO October 28, 2026 Sell pre-set plan 11,681 $28.44 $332,208
Rubinstein Julie President and COO October 27, 2026 Sell pre-set plan 8,881 $27.53 $244,494
Rubinstein Julie President and COO October 27, 2026 Sell pre-set plan 3,000 $26.58 $79,740
Rubinstein Julie President and COO October 26, 2026 Sell pre-set plan 3,378 $26.30 $88,841
Rubinstein Julie President and COO October 26, 2026 Sell pre-set plan 8,503 $25.94 $220,568
Rubinstein Julie President and COO October 23, 2026 Sell pre-set plan 7,381 $25.28 $186,592
Rubinstein Julie President and COO October 23, 2026 Sell pre-set plan 4,500 $24.50 $110,250
Rubinstein Julie President and COO October 22, 2026 Sell pre-set plan 1,700 $25.29 $42,993
Rubinstein Julie President and COO October 22, 2026 Sell pre-set plan 10,181 $24.38 $248,213
Rubinstein Julie President and COO October 21, 2026 Sell pre-set plan 5,882 $25.57 $150,403

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 26, 2026 estimated from the company's past filing pattern, not announced

  • July 29, 2026
  • May 5, 2026
  • February 5, 2026
  • January 12, 2026
  • November 5, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Adaptive Biotechnologies Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Adaptive Biotechnologies Corp in brief

What does Adaptive Biotechnologies Corp do?
Adaptive Biotechnologies Corp is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Adaptive Biotechnologies Corp's stock ticker?
Adaptive Biotechnologies Corp trades under the ticker ADPT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Adaptive Biotechnologies Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Adaptive Biotechnologies Corp reported revenue of $308M, 50.1% higher than a year earlier, according to its SEC filings.
What is Adaptive Biotechnologies Corp's free cash flow?
Adaptive Biotechnologies Corp's free-cash-flow margin is -7.8% of revenue over the trailing twelve months, ranking 48 of the 176 biotechnology companies we cover.
Who are Adaptive Biotechnologies Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Viking Global Investors LP, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Adaptive Biotechnologies Corp's market cap?
On November 2, 2026, Adaptive Biotechnologies Corp's market capitalisation was about $3.9B and net debt of -$170M. Market figures come from third-party market data and may be delayed.
How much debt does Adaptive Biotechnologies Corp have?
Adaptive Biotechnologies Corp's debt-to-equity ratio is 0.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Adaptive Biotechnologies Corp's competitors?
In our Biotechnology peer group, the companies closest to Adaptive Biotechnologies Corp are Vericel Corp, Vir Biotechnology, Inc., Arvinas, Inc., Iovance Biotherapeutics, Inc. and Syndax Pharmaceuticals Inc. The side-by-side comparison below sets their revenue, margins and growth against Adaptive Biotechnologies Corp's.
Are insiders buying or selling Adaptive Biotechnologies Corp stock?
Over the last 12 months, Adaptive Biotechnologies Corp's directors and officers reported 0 open-market purchases and 168 sales on Form 4. The insider trading page charts every trade.
When is Adaptive Biotechnologies Corp's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Adaptive Biotechnologies Corp announces its own schedule.