Adaptive Biotechnologies Corporation Common Stock (ADPT)

FairStock Score: 37/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Adaptive Biotechnologies is a commercial-stage diagnostics company with an immunosequencing platform and a clonoSEQ test. The top line is moving: revenue rose to $277.0M in FY2025 from $179.0M in FY2024 and $170.3M in FY2023. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $71.6M, up from $58.9M in fiscal Q2 2025, the quarter ended 2025-06-30. But profits remain elusive. FY2025 net income was $-59.5M, or diluted EPS $-0.39, and fiscal Q2 2026 net income was $-39.8M, or $-0.25 per share. Fiscal Q1 2026 lost $20.0M, and the latest quarter's net margin was -55.61%. Only fiscal Q3 2025 showed positive net income of $9.5M, or $0.06 per diluted share, and that was not enough to change the annual picture. The Lynch category is none because the company has lost money in each of the last four years. Financial health is stretched: debt-to-equity is 2.72, trailing free cash flow is -$24.0M, and the FCF yield is -0.6%. The Piotroski F-Score is 3/9 and Altman Z-Score is 2.48. At the 2026-10-13 close of $25.28, market cap is $4.0B. FairStock calculations show P/E -63.20 and P/B 28.09, while ROE is -38.76% and ROCE is -4.12%. A 2.10 beta adds volatility. I see a promising platform but no durable moat or earnings record yet. The price implies a future recovery that the current filings do not yet support.

In plain English: Adaptive Biotechnologies makes laboratory tests that study the immune system and help monitor cancer cells. Revenue is rising, but the company still loses money and carries a lot of debt, so the business looks weak. At $25.28, the price looks expensive next to its losses and accounting value, even though it is well below its 52-week high.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer