Adaptive Biotechnologies Corporation (ADPT) AI Stock Analysis

Adaptive Biotechnologies Corporation is a commercial-stage company focused on immune medicine platforms to diagnose and treat diseases. Its core offerings include immunoSEQ, an immunosequencing platform that supports translational research and discovery of diagnostic signals. The company's flagship clinical diagnostic product, clonoSEQ, is a CLIA-validated laboratory developed test used to detect and monitor minimal residual disease in patients with lymphoid cancers such as multiple myeloma, acute lymphoblastic leukemia, and chronic lymphocytic leukemia. The company also maintains a clinical pipeline across cancer and autoimmune disorders, and collaborates with industry partners like Genentech, Inc.

Adaptive Biotechnologies grew annual revenue from $154.3M in FY2021 to $277.0M in FY2025, delivering a 5-year revenue CAGR of 23.0%. Revenue increased 54.8% in FY2025 after expanding 5.1% in FY2024 and declining 8.1% in FY2023. Gross margin reached 74.2% in FY2025, up from 55.6% in FY2023. Operating margin improved to -20.6% in FY2025 compared to -133.3% in FY2023, while net loss narrowed to -$59.5M from -$225.2M. Over the trailing twelve months ended June 30, 2026, revenue stood at $308.1M with quarterly revenue growing 21.5% year-over-year. TTM operating margin was -22.0% and EPS was -$0.41.

As of June 30, 2026, the company held $344.3M in cash and short-term investments against total debt of $410.5M, resulting in net debt of $66.2M. Shareholders' equity was $142.9M, with a debt-to-equity ratio of 2.87 and a current ratio of 4.79. Operating cash flow in FY2025 was -$46.0M, an improvement from -$95.2M in FY2024. Capital expenditures totaled $3.0M in FY2025, leading to free cash flow of -$48.9M. The share count increased 11.7% over 5 years.

ADPT trades at an enterprise value of $4.52B and a market cap of $3.83B. Its price-to-sales ratio is 12.4x and EV-to-revenue is 14.7x, compared to the median price-to-sales of 4.1x for its US-listed Healthcare peers. Its price-to-book multiple is 31.1x. Over the past year, ADPT returned 39.1%, outperforming the S&P 500's 16.8% return. Over 5 years, the stock returned -28.3% compared to an 83.0% gain for the benchmark.

Wall Street coverage includes 6 Strong Buy, 2 Buy, and 1 Hold ratings. The mean price target is $29.81, representing 24.1% upside over the last close of $24.02. Consensus expectations project FY2026 revenue of $293.4M with EPS of -$0.54, followed by FY2027 revenue of $359.2M and EPS of -$0.18. Adaptive Biotechnologies beat EPS expectations in each of the last 4 quarters. The next earnings date is November 4, 2026.

This page is an AI-written research summary of Adaptive Biotechnologies Corporation (ADPT). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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