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Runs immune-sequencing technology (clonoSEQ, T-Detect) to measure disease at the molecular level for diagnostics and drug discovery.
Runs immune-sequencing technology (clonoSEQ, T-Detect) to measure disease at the molecular level for diagnostics and drug discovery.
Bills per test: clonoSEQ checks for leftover cancer cells in blood cancers, and Medicare and other insurers pay a set fee, so test volume and coverage decisions matter most. A second line sells sequencing services and drug-discovery work to pharmaceutical partners, paid by fees and milestones.
Moat: narrow (IP / patents, data, installed base). Proprietary immune-sequencing database and an FDA-cleared MRD test create a data moat and switching costs.
Headquarters: Seattle, Washington, US · Founded: 2009 · Employees: 624
Size Adaptive Biotechnologies (ADPT) is a United States Health Care company (Biotechnology) with a market value of $4.47B, the 1270th largest of 3,117 United States companies the cockpit tracks. Shares closed at $27.98 on 6 Nov 2026.
Performance Over six months the shares gained 102.6%, against -1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 50.1% over the last twelve months (peer median +8.3%); the operating margin is -11.8% (peer median -35.0%).
Valuation It trades at 14.7× enterprise value to sales against a peer median of 14.5× (8th most expensive of 16).
Capital Return on invested capital runs 27.7 points below its cost of capital (14.9% WACC).
Short interest Short interest is 7.5% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $308M | $277M | $179M | $170M | $185M |
| Revenue growth | — | +55% | +5% | -8% | — |
| Gross profit | $224M | $194M | $96.6M | $72.5M | $106M |
| EBITDA | -$20.3M | -$39.3M | -$134M | -$179M | -$170M |
| Net income | -$63.9M | -$59.5M | -$159M | -$225M | -$200M |
| Free cash flow | -$24.0M | -$48.9M | -$98.9M | -$167M | -$200M |
| Capital expenditure | $3.02M | $2.96M | $3.66M | $10.7M | $16.3M |
| Total debt | $410M | $210M | $223M | $229M | $233M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Adaptive Biotechnologies ADPT | $4.47B | +103% | +50% | -12% | 14.7× | n/a |
| Natera NTRA | $44.8B | +60% | +38% | -11% | 16.2× | n/a |
| Guardant Health GH | $20.2B | +58% | +43% | -40% | 17.7× | n/a |
| NeoGenomics NEO | $2.18B | +88% | +11% | -6% | 3.2× | n/a |
| Personalis PSNL | $1.71B | +164% | -13% | -164% | 22.1× | n/a |
| Tempus AI TEM | $13.9B | +53% | +37% | -18% | 9.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADPT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.2% | +2.1% | 6th highest of 21 |
| 6-month return | +102.6% | -1.2% | 3rd highest of 21 |
| Distance from 52-week high | -9.0% | -25.5% | 4th highest of 21 |
| Revenue growth (TTM) | +50.1% | +8.3% | 4th highest of 16 |
| Operating margin | -11.8% | -35.0% | 8th highest of 16 |
| EV / Sales | 14.7× | 14.5× | 8th most expensive of 16 |
| ROIC minus cost of capital | -27.7 pp | -11.2 pp | 5th lowest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Adaptive Biotechnologies ADPT | United States | $4.47B | +103% | +50% | -12% | 14.7× | n/a | n/a |
| JOINN Laboratories (China) 6127.HK | Hong Kong | $4.43B | +9% | +17% | -4% | 15.1× | n/a | n/a |
| Changchun High-Tech Industry (Group) 000661.SZ | China | $4.51B | -13% | -18% | -1% | 2.8× | 32.2% | +7.1% |
| Beijing Wantai Biological Pharmacy Enterprise 603392.SS | China | $4.72B | -37% | +8% | -35% | 14.5× | n/a | n/a |
| Dianthus Therapeutics DNTH | United States | $4.81B | -1% | -61% | -11,441% | 2,087.9× | n/a | n/a |
| CRISPR Therapeutics CRSP | United States | $4.86B | -9% | -34% | -2,059% | 133.6× | n/a | n/a |
| Shanghai RAAS Blood Products 002252.SZ | China | $4.89B | -11% | -22% | 17% | 5.7× | n/a | n/a |
| Edgewise Therapeutics EWTX | United States | $4.89B | +28% | n/a | n/a | n/a | n/a | n/a |
| Relay Therapeutics RLAY | United States | $4.08B | +46% | +24% | -2,999% | 308.8× | n/a | n/a |
| 3SBio 1530.HK | Hong Kong | $4.92B | -34% | +102% | 61% | 1.2× | n/a | n/a |
| AbCellera Biologics ABCL | United States | $3.85B | +149% | +101% | -340% | 51.7× | n/a | n/a |
| Beijing Tiantan Biological Products 600161.SS | China | $3.76B | -11% | -13% | 21% | 4.8× | 3.2% | +12.5% |
| Lin BioScience 6696.TWO | Taiwan | $3.74B | +129% | n/a | n/a | n/a | n/a | n/a |
| Chongqing Zhifei Biological Products 300122.SZ | China | $5.35B | -2% | -28% | -210% | 5.4× | -6.4% | -10.0% |
| Anthem Biosciences ANTHEM.NS | India | $5.46B | +17% | -1% | 35% | 24.9× | 36.7% | +26.2% |
| Iovance Biotherapeutics IOVA | United States | $3.64B | +64% | +35% | -91% | 10.4× | n/a | n/a |
| Cogent Biosciences COGT | United States | $5.49B | -9% | n/a | n/a | n/a | n/a | n/a |
| Tango Therapeutics TNGX | United States | $3.63B | -7% | +121% | -253% | 49.1× | n/a | n/a |
| Enliven Therapeutics ELVN | United States | $3.62B | +21% | n/a | n/a | n/a | n/a | n/a |
| Hangzhou Tigermed Consulting 300347.SZ | China | $5.58B | -6% | +16% | 10% | 5.4× | 28.4% | +16.4% |
| Disc Medicine IRON | United States | $3.50B | +16% | n/a | n/a | n/a | n/a | n/a |