ADPTAdaptive Biotechnologies Corporation
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ADPT?
Adaptive Biotechnologies Corporation keeps −12% of every revenue dollar as operating profit, against 3.6% for the median Diagnostics & Research name.
Operating margin · Diagnostics & Research median 3.6% · 12 months to Q2 2026
- Share count, year on year
- +5.1%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 29%
R&D as % of revenue
- Gross margin
- 76%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −155% |
| FY2021 | −135% |
| FY2022 | −108% |
| FY2023 | −133% |
| FY2024 | −91% |
| FY2025 | −21% |
Details›
- Gross margin12 months to Q2 2026
- 76%
- Operating margin12 months to Q2 2026
- −12%
- Net margin12 months to Q2 2026
- −21%
- Free cash flow margin
- −7.8%
- R&D as % of revenue
- 29%
- Revenue, trailing twelve months
- $308M
- Free cash flow, trailing twelve months
- −$24M
- Net income, trailing twelve months
- −$64M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from ADPT and who it buys from, as the companies report it.
- Genentech Inc. and Roche17%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; ADPT’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Diagnostics & Research
Ranks #12 of 21 by RyuScore