Adaptive Biotechnologies (ADPT) Financials

$13.88 0.00 (0.00%)

Closing price 05/22/2026 04:00 PM Eastern

Extended Trading

$13.60 -0.28 (-2.02%)

As of 05/22/2026 06:12 PM Eastern

Annual Income Statements for Adaptive Biotechnologies

This table shows Adaptive Biotechnologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-43	-46	-70	-146	-207	-200	-225	-159	-59
Consolidated Net Income / (Loss)	-43	-46	-69	-146	-207	-200	-225	-160	-59
Net Income / (Loss) Continuing Operations	-43	-46	-69	-146	-207	-200	-225	-160	-59
Total Pre-Tax Income	-43	-46	-69	-146	-207	-200	-225	-160	-59
Total Operating Income	-44	-50	-78	-153	-209	-200	-227	-163	-57
Total Gross Profit	0.01	36	63	76	105	127	95	107	206
Total Revenue	16	56	85	98	154	185	170	179	277
Operating Revenue	16	56	85	98	154	185	170	179	277
Total Cost of Revenue	16	20	22	23	49	58	76	72	71
Operating Cost of Revenue	16	20	22	23	49	58	76	72	71
Total Operating Expenses	44	86	141	229	314	328	322	269	263
Selling, General & Admin Expense	16	20	30	50	75	89	84	73	73
Marketing Expense	17	24	38	61	95	96	89	85	95
Research & Development Expense	32	39	71	116	142	142	122	103	94
Amortization Expense	1.69	1.70	1.70	1.70	1.70	1.70	1.70	1.70	1.70
Impairment Charge	-	-	-	-	0.00	0.00	25	7.21	0.00
Total Other Income / (Expense), net	1.64	3.31	9.79	6.59	1.67	-0.18	1.73	2.95	-2.33
Interest Expense	-	-	-	0.00	0.00	4.24	14	12	12
Interest & Investment Income	1.64	3.31	9.79	6.59	1.67	4.06	16	15	9.44
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	-0.02	-0.18	-0.05	-0.10	0.04
Basic Earnings per Share	($3.50)	($3.67)	($1.01)	($1.11)	($1.48)	($1.40)	($1.56)	($1.08)	($0.39)
Weighted Average Basic Shares Outstanding	12.20M	12.63M	69.17M	131.22M	140.35M	142.52M	144.38M	147.10M	151.72M
Diluted Earnings per Share	($3.50)	($3.67)	($1.01)	($1.11)	($1.48)	($1.40)	($1.56)	($1.08)	($0.39)
Weighted Average Diluted Shares Outstanding	12.20M	12.63M	69.17M	131.22M	140.35M	142.52M	144.38M	147.10M	151.72M
Weighted Average Basic & Diluted Shares Outstanding	12.20M	12.63M	69.17M	131.22M	140.35M	143.23M	145.09M	148.58M	153.98M

This table shows Adaptive Biotechnologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-50	-69	-48	-46	-32	-34	-30	-26	9.55	-14	-20
Consolidated Net Income / (Loss)	-50	-69	-48	-46	-32	-34	-30	-26	9.55	-14	-20
Net Income / (Loss) Continuing Operations	-50	-69	-48	-46	-32	-34	-30	-26	9.55	-14	-20
Total Pre-Tax Income	-50	-69	-48	-46	-32	-34	-30	-26	9.55	-14	-20
Total Operating Income	-51	-71	-49	-47	-33	-34	-30	-25	10	-13	-19
Total Gross Profit	19	26	24	24	30	29	35	41	76	53	52
Total Revenue	38	46	42	43	46	47	52	59	94	72	71
Operating Revenue	38	46	42	43	46	47	52	59	94	72	71
Total Cost of Revenue	19	20	18	19	17	18	17	18	18	18	19
Operating Cost of Revenue	19	20	18	19	17	18	17	18	18	18	19
Total Operating Expenses	70	97	73	71	62	63	65	66	66	66	71
Selling, General & Admin Expense	20	21	20	18	17	18	17	18	18	20	21
Marketing Expense	20	22	22	20	21	22	23	24	23	24	26
Research & Development Expense	29	29	30	25	24	23	24	24	24	22	24
Amortization Expense	0.43	0.43	0.42	0.42	0.43	0.43	0.42	0.42	0.43	0.43	0.42
Total Other Income / (Expense), net	0.63	1.60	1.23	1.07	0.54	0.12	-0.23	-0.56	-0.75	-0.81	-0.81
Interest Expense	3.65	3.01	2.99	2.70	2.94	2.95	2.91	2.95	2.97	2.95	2.89
Interest & Investment Income	4.28	4.61	4.22	3.77	3.47	3.07	2.68	2.39	2.23	2.15	2.08
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	0.02	0.02	-0.00	-	0.02
Basic Earnings per Share	($0.35)	($0.48)	($0.33)	($0.31)	($0.22)	($0.22)	($0.20)	($0.17)	$0.06	($0.08)	($0.13)
Weighted Average Basic Shares Outstanding	144.70M	144.38M	145.79M	147.41M	147.52M	147.10M	149.20M	152.08M	152.43M	151.72M	155.52M
Diluted Earnings per Share	($0.35)	($0.48)	($0.33)	($0.31)	($0.22)	($0.22)	($0.20)	($0.17)	$0.06	($0.08)	($0.13)
Weighted Average Diluted Shares Outstanding	144.70M	144.38M	145.79M	147.41M	147.52M	147.10M	149.20M	152.08M	163.16M	151.72M	155.52M
Weighted Average Basic & Diluted Shares Outstanding	144.77M	145.09M	147.37M	147.47M	147.58M	148.58M	151.92M	152.27M	152.67M	153.98M	160.04M

This table details how cash moves in and out of Adaptive Biotechnologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	52	-30	44	27	16	-49	-24	-17	22
Net Cash From Operating Activities	-35	-32	205	-150	-193	-184	-156	-95	-46
Net Cash From Continuing Operating Activities	-35	-32	205	-150	-193	-184	-156	-96	-46
Net Income / (Loss) Continuing Operations	-43	-46	-69	-146	-207	-200	-225	-160	-59
Consolidated Net Income / (Loss)	-43	-46	-69	-146	-207	-200	-225	-160	-59
Depreciation Expense	4.10	4.30	6.09	6.77	12	19	21	18	16
Amortization Expense	2.04	0.49	-2.77	2.48	8.93	2.44	-7.49	-6.51	-0.81
Non-Cash Adjustments To Reconcile Net Income	7.31	11	16	28	50	66	102	61	56
Changes in Operating Assets and Liabilities, net	-5.48	-1.72	255	-41	-57	-72	-46	-8.07	-58
Net Cash From Investing Activities	36	0.74	-482	-117	181	2.91	130	78	38
Net Cash From Continuing Investing Activities	36	0.74	-482	-117	181	2.91	130	78	38
Purchase of Property, Plant & Equipment	-2.42	-6.30	-11	-19	-62	-16	-11	-3.66	-2.96
Purchase of Investments	-125	-147	-884	-695	-317	-279	-430	-244	-182
Sale and/or Maturity of Investments	164	154	414	597	560	298	570	326	223
Net Cash From Financing Activities	50	1.25	320	294	27	132	2.25	0.24	30
Net Cash From Continuing Financing Activities	50	1.25	320	294	27	132	2.25	0.24	30
Repayment of Debt	-0.02	-0.02	-0.01	-	-	-	0.00	0.00	0.00
Other Financing Activities, net	0.22	1.27	4.06	22	27	132	2.25	0.24	30
Cash Interest Paid	-	-	-	0.00	0.00	0.49	8.99	8.86	13

This table details how cash moves in and out of Adaptive Biotechnologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-21	-24	6.20	-11	-22	9.76	2.54	-7.47	12	15	7.11
Net Cash From Operating Activities	-47	-27	-38	-17	-27	-12	-28	-12	-7.13	2.06	-9.54
Net Cash From Continuing Operating Activities	-47	-27	-38	-17	-27	-12	-28	-12	-7.13	2.06	-9.54
Net Income / (Loss) Continuing Operations	-50	-69	-48	-46	-32	-34	-30	-26	9.55	-14	-20
Consolidated Net Income / (Loss)	-50	-69	-48	-46	-32	-34	-30	-26	9.55	-14	-20
Depreciation Expense	5.34	4.96	4.79	4.58	4.16	4.02	4.31	4.08	3.98	3.77	3.42
Amortization Expense	-2.27	-2.53	-2.22	-1.68	-1.58	-1.03	-0.54	-0.33	-0.09	0.14	0.28
Non-Cash Adjustments To Reconcile Net Income	19	44	17	23	15	15	14	15	13	14	13
Changes in Operating Assets and Liabilities, net	-19	-3.51	-10	2.83	-13	3.05	-16	-5.31	-34	-2.45	-6.30
Net Cash From Investing Activities	26	3.21	45	5.88	5.29	22	26	3.35	17	-8.25	9.14
Net Cash From Continuing Investing Activities	26	3.21	45	5.88	5.29	22	26	3.35	17	-8.25	9.14
Purchase of Property, Plant & Equipment	-2.78	-1.30	-1.51	-1.73	-0.34	-0.08	-1.26	-0.66	-0.41	-0.64	-0.80
Purchase of Investments	-119	-122	-53	-83	-63	-45	-51	-51	-33	-47	-39
Sale and/or Maturity of Investments	148	127	100	90	69	67	77	55	51	39	49
Net Cash From Financing Activities	0.02	0.09	0.04	0.03	0.04	0.13	5.45	1.61	1.68	22	7.50
Net Cash From Continuing Financing Activities	0.02	0.09	0.04	0.03	0.04	0.13	5.45	1.61	1.68	22	7.50
Other Financing Activities, net	0.02	0.09	0.04	0.03	0.04	0.13	5.45	1.61	1.68	22	7.50
Cash Interest Paid	2.45	1.90	2.29	2.09	2.16	2.32	2.37	2.62	2.94	4.70	3.58

This table presents Adaptive Biotechnologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	333	912	1,116	923	857	661	539	513
Total Current Assets	181	613	727	403	562	410	284	300
Cash & Equivalents	55	97	123	139	90	65	48	70
Short-Term Investments	110	480	565	214	408	281	174	156
Accounts Receivable	4.81	13	10	17	40	38	42	50
Inventories, net	7.84	9.07	14	19	14	14	8.44	9.82
Prepaid Expenses	3.06	14	15	13	9.44	11	11	13
Plant, Property, & Equipment, net	19	60	40	85	83	68	49	34
Total Noncurrent Assets	133	239	350	435	211	183	207	178
Long-Term Investments	0.00	105	119	217	-	0.00	34	13
Goodwill	119	119	119	119	119	119	119	119
Intangible Assets	14	12	10	8.53	6.83	5.13	3.43	1.73
Other Noncurrent Operating Assets	0.25	2.92	102	91	85	59	51	45
Total Liabilities & Shareholders' Equity	333	912	1,116	923	857	661	539	513
Total Liabilities	30	341	373	319	393	353	337	288
Total Current Liabilities	23	78	105	114	110	88	98	90
Short-Term Debt	-	-	-	-	-	0.00	0.87	4.64
Accounts Payable	1.79	4.45	3.24	3.31	8.08	7.72	7.27	6.47
Accrued Expenses	2.56	4.37	13	9.34	12	8.60	8.16	7.70
Current Deferred Revenue	14	61	73	80	64	49	56	45
Current Employee Benefit Liabilities	4.64	8.12	12	16	16	14	16	17
Other Current Liabilities	-	0.00	3.53	5.06	9.23	9.38	10	8.92
Total Noncurrent Liabilities	7.14	263	268	205	283	265	239	198
Long-Term Debt	-	-	-	-	125	131	132	127
Noncurrent Deferred Revenue	6.81	226	164	99	59	45	27	1.01
Other Noncurrent Operating Liabilities	0.34	37	104	107	99	89	79	70
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-258	571	743	604	464	308	202	225
Total Preferred & Common Equity	-258	571	743	604	464	308	203	219
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-258	571	743	604	464	308	203	219
Common Stock	38	936	1,254	1,324	1,387	1,453	1,506	1,582
Retained Earnings	-296	-365	-512	-719	-919	-1,144	-1,304	-1,363
Accumulated Other Comprehensive Income / (Loss)	-0.11	0.67	0.89	-1.14	-4.12	0.22	0.17	0.25
Noncontrolling Interest	-	-	0.00	0.11	-0.07	-0.12	-0.22	6.21

This table presents Adaptive Biotechnologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	884	791	765	718	620	585	559	511	497	491	506
Total Current Assets	564	501	477	435	374	352	308	256	262	281	292
Cash & Equivalents	218	95	109	89	71	60	38	51	43	55	78
Short-Term Investments	291	346	308	282	238	232	205	143	155	158	141
Accounts Receivable	27	31	32	31	42	36	41	44	44	45	48
Inventories, net	17	20	19	19	13	13	12	8.68	8.40	9.93	11
Prepaid Expenses	12	9.79	9.07	13	9.85	11	12	11	11	14	14
Plant, Property, & Equipment, net	87	81	79	77	65	55	51	44	41	37	31
Total Noncurrent Assets	233	209	208	206	178	178	199	210	194	172	183
Long-Term Investments	20	-	-	-	-	-	24	39	24	4.04	19
Goodwill	119	119	119	119	119	119	119	119	119	119	119
Intangible Assets	7.26	6.41	5.99	5.56	4.71	4.28	3.85	3.01	2.58	2.16	1.31
Other Noncurrent Operating Assets	87	83	83	81	54	55	52	49	48	47	44
Total Liabilities & Shareholders' Equity	884	791	765	718	620	585	559	511	497	491	506
Total Liabilities	396	368	369	356	346	343	335	321	317	286	282
Total Current Liabilities	104	90	95	93	83	88	88	88	92	83	87
Short-Term Debt	-	-	-	3.19	0.00	0.00	-	2.01	3.07	2.43	5.80
Accounts Payable	4.16	6.33	9.16	4.48	12	9.87	7.35	6.36	6.91	10	9.62
Accrued Expenses	11	8.04	8.36	10	7.91	6.71	6.06	7.76	7.21	7.21	7.47
Current Deferred Revenue	68	60	58	55	47	52	52	55	55	41	49
Current Employee Benefit Liabilities	13	6.12	11	11	6.40	9.52	12	6.41	9.70	13	6.22
Other Current Liabilities	8.53	9.29	9.35	9.48	9.59	9.81	10	10	9.96	9.44	8.51
Total Noncurrent Liabilities	292	277	273	263	263	255	247	233	225	203	195
Long-Term Debt	-	-	-	127	132	132	133	132	130	129	125
Noncurrent Deferred Revenue	67	54	51	44	44	39	33	25	20	1.21	0.81
Other Noncurrent Operating Liabilities	225	224	222	92	87	84	82	76	74	72	69
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	488	424	396	362	275	241	224	190	180	204	224
Total Preferred & Common Equity	488	424	396	362	275	242	224	190	180	204	216
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	488	424	396	362	275	242	224	190	180	204	216
Common Stock	1,373	1,403	1,422	1,437	1,467	1,480	1,493	1,524	1,539	1,554	1,600
Retained Earnings	-879	-977	-1,025	-1,075	-1,192	-1,238	-1,270	-1,334	-1,359	-1,350	-1,383
Accumulated Other Comprehensive Income / (Loss)	-5.97	-1.91	-0.89	-0.25	-0.11	-0.18	0.50	0.13	0.07	0.21	-0.03
Noncontrolling Interest	-0.03	-0.07	-0.07	-0.10	-0.15	-0.17	-0.20	-0.20	-0.18	-0.18	7.90

This table displays calculated financial ratios and metrics derived from Adaptive Biotechnologies' official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	254.79%	52.83%	15.65%	56.88%	20.06%	-8.11%	5.10%	54.77%
EBITDA Growth	0.00%	-134.60%	16.54%	-91.27%	-30.79%	4.93%	-19.86%	29.20%	72.41%
EBIT Growth	0.00%	-123.75%	-57.55%	2.53%	-36.74%	4.20%	-13.41%	28.40%	64.86%
NOPAT Growth	0.00%	-123.75%	21.22%	-94.94%	-36.74%	4.20%	-13.41%	28.40%	64.86%
Net Income Growth	0.00%	-8.44%	-47.71%	-113.14%	-41.76%	3.34%	-12.45%	29.16%	62.75%
EPS Growth	0.00%	-4.86%	72.48%	-9.90%	-33.33%	5.41%	-11.43%	30.77%	63.89%
Operating Cash Flow Growth	0.00%	7.46%	736.73%	-172.87%	-28.76%	4.56%	15.02%	39.09%	51.70%
Free Cash Flow Firm Growth	0.00%	0.00%	196.15%	-146.62%	-57.52%	18.96%	18.88%	36.92%	24.63%
Invested Capital Growth	0.00%	0.00%	-140.39%	42.90%	153.36%	169.24%	1.40%	-13.75%	45.34%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	107.05%	-24.10%	10.28%	-5.24%	0.94%	9.58%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-13.96%	-8.58%	10.29%	-18.66%	19.96%	34.46%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-15.10%	-9.06%	10.07%	-16.34%	18.64%	26.94%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-15.10%	-9.06%	10.07%	-16.34%	18.64%	26.94%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	8.03%	-34.79%	9.56%	-14.95%	18.30%	25.30%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-211.00%	-8.03%	10.83%	-15.56%	19.40%	26.42%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-9.43%	-9.55%	-7.82%	11.46%	1.94%	13.17%	24.03%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-6.07%	-104.17%	46.06%	6.86%	10.32%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	16.96%	77.24%	328.37%	-23.16%	-10.41%	-2.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	0.06%	64.67%	73.82%	77.10%	68.06%	68.75%	55.63%	59.72%	74.24%
EBITDA Margin	-244.36%	-80.79%	-88.24%	-145.93%	-121.66%	-96.34%	-125.67%	-84.66%	-15.09%
Operating Margin	-283.48%	-89.39%	-92.15%	-155.33%	-135.39%	-108.03%	-133.33%	-90.83%	-20.62%
EBIT Margin	-283.48%	-89.39%	-92.15%	-155.33%	-135.39%	-108.03%	-133.33%	-90.83%	-20.62%
Profit (Net Income) Margin	-273.00%	-83.44%	-80.65%	-148.63%	-134.31%	-108.13%	-132.32%	-89.18%	-21.47%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	96.30%	93.35%	87.52%	95.69%	99.20%	100.09%	99.24%	98.18%	104.09%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-50.58%	-66.84%	0.00%	0.00%	-223.93%	-172.93%	-132.04%	-40.84%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-72.99%	-128.25%	0.00%	0.00%	-211.15%	-150.38%	-104.97%	-24.03%
Return on Net Nonoperating Assets (RNNOA)	0.00%	19.89%	187.16%	0.00%	0.00%	186.41%	114.59%	69.55%	13.03%
Return on Equity (ROE)	0.00%	-30.68%	7.46%	-22.25%	-30.77%	-37.52%	-58.34%	-62.49%	-27.82%
Cash Return on Invested Capital (CROIC)	0.00%	-1,002.31%	0.00%	0.00%	-718.96%	-315.60%	-174.32%	-117.27%	-77.80%
Operating Return on Assets (OROA)	0.00%	-29.91%	-12.59%	-15.07%	-20.49%	-22.49%	-29.92%	-27.08%	-10.86%
Return on Assets (ROA)	0.00%	-13.96%	-22.04%	-14.42%	-20.33%	-22.51%	-29.69%	-26.59%	-11.30%
Return on Common Equity (ROCE)	0.00%	26.16%	8.89%	-22.25%	-30.77%	-37.51%	-58.35%	-62.54%	-27.43%
Return on Equity Simple (ROE_SIMPLE)	0.00%	17.99%	-12.01%	-19.67%	-34.32%	-43.17%	-73.06%	-78.73%	0.00%
Net Operating Profit after Tax (NOPAT)	-31	-70	-55	-107	-146	-140	-159	-114	-40
NOPAT Margin	-198.44%	-62.57%	-64.50%	-108.73%	-94.77%	-75.62%	-93.33%	-63.58%	-14.44%
Net Nonoperating Expense Percent (NNEP)	0.00%	-12.08%	-2.71%	-5.27%	-8.86%	-12.78%	-22.56%	-27.07%	-16.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-23.77%	-36.21%	-33.89%	-11.23%
Cost of Revenue to Revenue	99.94%	35.33%	26.18%	22.90%	31.94%	31.25%	44.37%	40.28%	25.76%
SG&A Expenses to Revenue	101.66%	36.67%	35.65%	50.35%	48.27%	47.77%	49.29%	40.68%	26.25%
R&D to Revenue	203.93%	70.35%	83.11%	117.98%	92.22%	76.50%	71.72%	57.53%	33.85%
Operating Expenses to Revenue	283.54%	154.05%	165.96%	232.43%	203.45%	176.78%	188.96%	150.55%	94.86%
Earnings before Interest and Taxes (EBIT)	-44	-100	-157	-153	-209	-200	-227	-163	-57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-38	-90	-75	-144	-188	-179	-214	-152	-42
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	6.51	10.88	6.56	2.35	2.30	4.36	11.33
Price to Tangible Book Value (P/TBV)	0.00	0.00	8.45	13.17	8.31	3.23	3.85	11.02	25.27
Price to Revenue (P/Rev)	19.12	5.39	43.73	82.20	25.66	5.90	4.17	4.94	8.95
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	5.05	0.00	0.00	100.01	7.89	5.33	9.55	20.49
Enterprise Value to Revenue (EV/Rev)	0.00	12.50	35.71	74.00	21.96	3.88	2.90	4.26	8.58
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	14.79	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	9.15	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.27	0.42	0.66	0.58
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.27	0.42	0.65	0.56
Financial Leverage	0.00	-0.55	-1.16	-1.13	-1.02	-0.88	-0.76	-0.66	-0.54
Leverage Ratio	0.00	1.10	1.42	1.54	1.51	1.67	1.97	2.35	2.46
Compound Leverage Factor	0.00	1.03	1.25	1.48	1.50	1.67	1.95	2.31	2.56
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	21.27%	29.77%	39.69%	36.83%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.26%	1.30%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	21.27%	29.77%	39.44%	35.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	370.51%	0.00%	0.00%	0.02%	-0.01%	-0.03%	-0.07%	1.74%
Common Equity to Total Capital	0.00%	-85.26%	200.00%	100.00%	99.98%	78.74%	70.26%	60.37%	61.42%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.70	-0.61	-0.88	-3.14
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	2.09	1.01	0.81	2.61
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.70	-0.61	-0.87	-3.03
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.89	-0.82	-1.17	-3.28
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	2.66	1.36	1.08	2.73
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.89	-0.82	-1.16	-3.17
Altman Z-Score	0.00	5.01	10.08	12.67	6.15	0.25	-1.51	-2.06	2.11
Noncontrolling Interest Sharing Ratio	0.00%	185.26%	64.19%	0.00%	0.01%	0.00%	-0.02%	-0.07%	1.40%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	15.85	7.82	6.91	3.54	5.12	4.66	2.89	3.34
Quick Ratio	0.00	14.90	7.53	6.64	3.26	4.90	4.37	2.69	3.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-345	332	-155	-244	-197	-160	-101	-76
Operating Cash Flow to CapEx	-1,574.44%	-1,024.26%	1,833.96%	-796.06%	-312.13%	-1,125.11%	-1,461.38%	-2,598.58%	-1,554.11%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	-46.60	-11.61	-8.73	-6.47
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	-43.40	-11.33	-8.22	-3.90
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-47.26	-12.10	-8.54	-4.16
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.17	0.14	0.10	0.15	0.21	0.22	0.30	0.53
Accounts Receivable Turnover	0.00	11.58	9.73	8.66	11.24	6.45	4.36	4.49	6.01
Inventory Turnover	0.00	2.51	2.63	1.95	2.96	3.44	5.23	6.30	7.82
Fixed Asset Turnover	0.00	2.91	2.14	1.97	2.47	2.20	2.25	3.06	6.70
Accounts Payable Turnover	0.00	10.97	7.13	5.86	15.07	10.17	9.56	9.62	10.39
Days Sales Outstanding (DSO)	0.00	31.52	37.51	42.15	32.46	56.60	83.63	81.28	60.68
Days Inventory Outstanding (DIO)	0.00	145.46	138.53	187.38	123.36	106.26	69.81	57.95	46.70
Days Payable Outstanding (DPO)	0.00	33.27	51.18	62.29	24.22	35.90	38.17	37.94	35.12
Cash Conversion Cycle (CCC)	0.00	143.70	124.86	167.24	131.60	126.95	115.27	101.29	72.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	275	-111	-64	34	91	93	80	116
Invested Capital Turnover	0.00	0.81	1.04	-1.13	-10.42	2.96	1.85	2.08	2.83
Increase / (Decrease) in Invested Capital	0.00	275	-387	48	97	57	1.28	-13	36
Enterprise Value (EV)	0.00	696	3,038	7,281	3,390	720	494	762	2,376
Market Capitalization	300	300	3,720	8,087	3,960	1,093	709	885	2,479
Book Value per Share	$0.00	($20.44)	$4.59	$5.43	$4.28	$3.25	$2.13	$1.37	$1.43
Tangible Book Value per Share	$0.00	($61.87)	$3.54	$4.49	$3.38	$2.37	$1.27	$0.54	$0.64
Total Capital	0.00	605	571	743	604	589	439	336	356
Total Debt	0.00	0.00	0.00	0.00	0.00	125	131	133	131
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	125	131	132	127
Net Debt	0.00	-330	-682	-807	-570	-373	-216	-123	-109
Capital Expenditures (CapEx)	2.21	13	11	19	62	16	11	3.66	2.96
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-14	-42	-67	-64	-46	-24	-36	-12
Debt-free Net Working Capital (DFNWC)	0.00	158	534	622	289	452	322	187	215
Net Working Capital (NWC)	0.00	316	534	622	289	452	322	186	210
Net Nonoperating Expense (NNE)	12	23	14	39	61	60	66	46	19
Net Nonoperating Obligations (NNO)	0.00	-330	-682	-807	-570	-373	-216	-123	-109
Total Depreciation and Amortization (D&A)	6.14	9.57	3.33	9.25	21	22	13	11	15
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-25.51%	-49.95%	-67.65%	-41.54%	-24.74%	-14.23%	-19.97%	-4.36%
Debt-free Net Working Capital to Revenue	0.00%	283.70%	628.15%	631.94%	187.21%	244.11%	189.21%	104.25%	77.59%
Net Working Capital to Revenue	0.00%	283.70%	1,914.20%	631.94%	187.21%	244.11%	189.21%	103.77%	75.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.50)	($3.67)	($1.01)	($1.11)	($1.48)	($1.40)	($1.56)	($1.08)	($0.39)
Adjusted Weighted Average Basic Shares Outstanding	12.20M	12.63M	126.32M	139.22M	141.58M	142.52M	144.38M	147.10M	151.72M
Adjusted Diluted Earnings per Share	($3.50)	($3.67)	($1.01)	($1.11)	($1.48)	($1.40)	($1.56)	($1.08)	($0.39)
Adjusted Weighted Average Diluted Shares Outstanding	12.20M	12.63M	126.32M	139.22M	141.58M	142.52M	144.38M	147.10M	151.72M
Adjusted Basic & Diluted Earnings per Share	($3.50)	($3.67)	($1.01)	($1.11)	($1.48)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.20M	12.63M	69.17M	131.22M	140.35M	143.23M	145.09M	148.58M	153.98M
Normalized Net Operating Profit after Tax (NOPAT)	-31	-70	-55	-107	-146	-140	-141	-109	-40
Normalized NOPAT Margin	-194.69%	-62.57%	-64.50%	-108.73%	-94.77%	-75.62%	-82.88%	-60.76%	-14.44%
Pre Tax Income Margin	-273.00%	-83.44%	-80.65%	-148.63%	-134.31%	-108.13%	-132.32%	-89.18%	-21.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-47.24	-16.45	-14.04	-4.85
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-33.07	-11.52	-9.83	-3.40
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-51.09	-17.23	-14.35	-5.10
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-36.92	-12.29	-10.14	-3.65
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-14.54%	-0.22%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Adaptive Biotechnologies' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	153,981,561.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	153,981,561.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-20.72%	-17.06%	11.23%	-11.72%	22.46%	3.66%	25.24%	36.33%	102.38%	51.04%	35.14%
EBITDA Growth	-20.82%	-96.19%	13.47%	-0.75%	37.26%	55.06%	44.08%	52.08%	147.19%	71.26%	39.98%
EBIT Growth	-12.16%	-81.36%	14.74%	1.05%	35.96%	52.39%	39.29%	47.09%	131.53%	62.25%	35.12%
NOPAT Growth	-12.16%	-81.36%	14.74%	1.05%	35.96%	52.39%	39.29%	47.09%	145.05%	62.25%	35.12%
Net Income Growth	-11.05%	-72.94%	17.62%	3.27%	36.22%	51.46%	37.24%	44.66%	129.74%	59.73%	32.90%
EPS Growth	-9.38%	-77.78%	17.50%	6.06%	37.14%	54.17%	39.39%	45.16%	127.27%	63.64%	35.00%
Operating Cash Flow Growth	-10.08%	10.28%	35.16%	26.55%	42.03%	53.62%	25.73%	28.16%	73.67%	116.45%	66.52%
Free Cash Flow Firm Growth	-818.56%	39.83%	-594.78%	-345.34%	104.34%	78.52%	87.80%	80.13%	-334.12%	-311.78%	-126.35%
Invested Capital Growth	401.35%	1.40%	661.72%	483.92%	-26.03%	-13.75%	-3.24%	11.63%	33.91%	45.34%	29.19%
Revenue Q/Q Growth	-22.50%	20.74%	-8.54%	3.15%	7.51%	2.21%	10.50%	12.27%	59.60%	-23.72%	-1.13%
EBITDA Q/Q Growth	-8.64%	-43.32%	32.70%	3.85%	32.34%	-2.66%	16.26%	17.60%	166.62%	-162.53%	-74.88%
EBIT Q/Q Growth	-6.56%	-39.47%	31.39%	2.96%	31.04%	-3.69%	12.51%	15.43%	141.10%	-224.13%	-50.36%
NOPAT Q/Q Growth	-6.56%	-39.47%	31.39%	2.96%	31.04%	-3.69%	12.51%	15.43%	158.72%	-186.89%	-50.36%
Net Income Q/Q Growth	-5.26%	-38.03%	31.57%	2.70%	30.60%	-5.05%	11.53%	14.20%	137.30%	-242.26%	-47.40%
EPS Q/Q Growth	-6.06%	-37.14%	31.25%	6.06%	29.03%	0.00%	9.09%	15.00%	135.29%	-233.33%	-62.50%
Operating Cash Flow Q/Q Growth	-98.18%	42.31%	-42.41%	54.88%	-56.42%	53.85%	-128.04%	56.36%	42.66%	128.83%	-564.09%
Free Cash Flow Firm Q/Q Growth	-453.64%	73.98%	-184.04%	6.15%	106.25%	-228.83%	-61.30%	-52.86%	26.29%	-126.58%	11.33%
Invested Capital Q/Q Growth	666.37%	-23.16%	1.63%	-13.20%	9.12%	-10.41%	14.02%	0.14%	30.90%	-2.76%	1.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.98%	57.16%	56.89%	55.27%	64.11%	61.98%	67.62%	69.43%	80.68%	74.58%	73.60%
EBITDA Margin	-126.30%	-149.91%	-110.31%	-102.83%	-64.71%	-65.00%	-49.26%	-36.15%	15.09%	-12.37%	-21.88%
Operating Margin	-134.38%	-155.22%	-116.45%	-109.56%	-70.27%	-71.30%	-56.45%	-42.52%	10.95%	-17.82%	-27.10%
EBIT Margin	-134.38%	-155.22%	-116.45%	-109.56%	-70.27%	-71.30%	-56.45%	-42.52%	10.95%	-17.82%	-27.10%
Profit (Net Income) Margin	-132.72%	-151.73%	-113.52%	-107.08%	-69.12%	-71.04%	-56.88%	-43.47%	10.16%	-18.94%	-28.24%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	98.76%	97.75%	97.48%	97.74%	98.36%	99.65%	100.76%	102.22%	92.76%	106.31%	104.21%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-420.13%	-201.33%	-368.01%	-428.79%	-83.25%	-103.64%	-80.94%	-70.71%	26.57%	-35.29%	-53.73%
ROIC Less NNEP Spread (ROIC-NNEP)	-416.32%	-194.62%	-363.70%	-424.24%	-78.33%	-97.72%	-74.43%	-64.21%	27.24%	-31.29%	-47.35%
Return on Net Nonoperating Assets (RNNOA)	376.88%	148.31%	323.46%	384.06%	50.28%	64.74%	44.81%	37.86%	-13.98%	16.96%	23.52%
Return on Equity (ROE)	-43.25%	-53.01%	-44.55%	-44.73%	-32.97%	-38.90%	-36.13%	-32.85%	12.59%	-18.33%	-30.21%
Cash Return on Invested Capital (CROIC)	-246.62%	-174.32%	-280.51%	-313.07%	-103.57%	-117.27%	-105.19%	-109.14%	-81.53%	-77.80%	-56.84%
Operating Return on Assets (OROA)	-30.15%	-34.83%	-28.79%	-27.40%	-19.52%	-21.26%	-18.92%	-16.14%	5.28%	-9.38%	-15.75%
Return on Assets (ROA)	-29.78%	-34.04%	-28.06%	-26.78%	-19.20%	-21.18%	-19.06%	-16.50%	4.89%	-9.97%	-16.41%
Return on Common Equity (ROCE)	-43.25%	-53.03%	-44.57%	-44.75%	-32.98%	-38.93%	-36.16%	-32.88%	12.60%	-18.08%	-29.65%
Return on Equity Simple (ROE_SIMPLE)	-54.19%	0.00%	-78.26%	-88.40%	-87.30%	0.00%	-74.51%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-36	-50	-34	-33	-23	-24	-21	-18	10	-8.94	-13
NOPAT Margin	-94.07%	-108.66%	-81.52%	-76.69%	-49.19%	-49.91%	-39.51%	-29.76%	10.95%	-12.47%	-18.97%
Net Nonoperating Expense Percent (NNEP)	-3.81%	-6.70%	-4.31%	-4.55%	-4.93%	-5.93%	-6.51%	-6.50%	-0.68%	-4.00%	-6.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-11.33%	-	-	-	-7.05%	-6.40%	-5.60%	3.06%	-2.51%	-3.79%
Cost of Revenue to Revenue	51.02%	42.84%	43.11%	44.73%	35.89%	38.02%	32.38%	30.57%	19.32%	25.42%	26.40%
SG&A Expenses to Revenue	52.94%	45.27%	46.80%	41.43%	37.17%	38.05%	33.18%	30.21%	19.11%	27.28%	29.61%
R&D to Revenue	75.25%	62.79%	72.23%	58.70%	52.04%	48.87%	46.15%	40.99%	25.19%	30.36%	33.33%
Operating Expenses to Revenue	183.36%	212.38%	173.34%	164.83%	134.38%	133.28%	124.07%	111.95%	69.73%	92.40%	100.70%
Earnings before Interest and Taxes (EBIT)	-51	-71	-49	-47	-33	-34	-30	-25	10	-13	-19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-48	-69	-46	-44	-30	-31	-26	-21	14	-8.87	-16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.18	2.30	1.69	2.21	3.37	4.36	5.80	9.85	11.14	11.33	9.88
Price to Tangible Book Value (P/TBV)	3.32	3.85	3.08	4.51	7.48	11.02	16.13	30.43	27.34	25.27	22.25
Price to Revenue (P/Rev)	4.39	4.17	2.67	3.16	4.26	4.94	5.82	8.62	9.01	8.95	7.24
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.54	5.33	3.07	4.58	6.96	9.55	11.04	18.45	18.38	20.49	17.34
Enterprise Value to Revenue (EV/Rev)	3.04	2.90	1.65	2.21	3.50	4.26	5.30	8.19	8.68	8.58	6.90
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.36	0.42	0.48	0.55	0.59	0.66	0.70	0.74	0.65	0.58	0.58
Long-Term Debt to Equity	0.35	0.42	0.48	0.55	0.59	0.65	0.69	0.73	0.63	0.56	0.56
Financial Leverage	-0.91	-0.76	-0.89	-0.91	-0.64	-0.66	-0.60	-0.59	-0.51	-0.54	-0.50
Leverage Ratio	1.89	1.97	2.02	2.12	2.18	2.35	2.43	2.57	2.45	2.46	2.45
Compound Leverage Factor	1.86	1.92	1.97	2.07	2.15	2.34	2.45	2.63	2.27	2.62	2.56
Debt to Total Capital	26.43%	29.77%	32.38%	35.36%	37.25%	39.69%	41.25%	42.66%	39.23%	36.83%	36.80%
Short-Term Debt to Total Capital	0.65%	0.00%	0.00%	0.00%	0.00%	0.26%	0.62%	0.98%	0.72%	1.30%	1.64%
Long-Term Debt to Total Capital	25.78%	29.77%	32.38%	35.36%	37.25%	39.44%	40.63%	41.68%	38.50%	35.53%	35.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.02%	-0.03%	-0.04%	-0.05%	-0.06%	-0.07%	-0.06%	-0.06%	-0.05%	1.74%	2.23%
Common Equity to Total Capital	73.59%	70.26%	67.66%	64.68%	62.81%	60.37%	58.81%	57.40%	60.83%	61.42%	60.98%
Debt to EBITDA	-0.72	-0.61	-0.64	-0.64	-0.70	-0.88	-1.02	-1.24	-2.07	-3.14	-4.15
Net Debt to EBITDA	1.34	1.01	0.86	0.77	0.71	0.81	0.76	0.82	1.33	2.61	3.39
Long-Term Debt to EBITDA	-0.70	-0.61	-0.64	-0.64	-0.70	-0.87	-1.00	-1.21	-2.03	-3.03	-3.96
Debt to NOPAT	-0.95	-0.82	-0.86	-0.87	-0.95	-1.17	-1.33	-1.58	-2.41	-3.28	-3.99
Net Debt to NOPAT	1.77	1.36	1.16	1.05	0.96	1.08	0.99	1.04	1.55	2.73	3.26
Long-Term Debt to NOPAT	-0.93	-0.82	-0.86	-0.87	-0.95	-1.16	-1.31	-1.54	-2.36	-3.17	-3.81
Altman Z-Score	-0.18	-0.73	-1.30	-1.47	-1.23	-1.27	-1.01	0.17	1.99	2.40	1.67
Noncontrolling Interest Sharing Ratio	-0.01%	-0.02%	-0.03%	-0.04%	-0.05%	-0.07%	-0.08%	-0.08%	-0.09%	1.40%	1.86%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.67	4.66	4.51	3.99	3.52	2.89	2.92	2.84	3.38	3.34	3.35
Quick Ratio	4.31	4.37	4.23	3.72	3.24	2.69	2.70	2.63	3.09	3.08	3.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-196	-51	-145	-136	8.51	-11	-18	-27	-20	-45	-40
Operating Cash Flow to CapEx	-1,680.49%	-2,074.88%	-2,538.25%	-1,000.75%	-7,867.73%	-15,613.75%	-2,262.43%	-1,897.71%	-1,742.54%	323.11%	-1,198.12%
Free Cash Flow to Firm to Interest Expense	-53.69	-16.94	-48.42	-50.45	2.89	-3.71	-6.09	-9.17	-6.70	-15.28	-13.85
Operating Cash Flow to Interest Expense	-12.78	-8.94	-12.81	-6.42	-9.21	-4.23	-9.81	-4.22	-2.40	0.70	-3.30
Operating Cash Flow Less CapEx to Interest Expense	-13.54	-9.37	-13.32	-7.06	-9.33	-4.26	-10.24	-4.44	-2.54	0.48	-3.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.22	0.25	0.25	0.28	0.30	0.34	0.38	0.48	0.53	0.58
Accounts Receivable Turnover	6.22	4.36	4.78	5.03	4.92	4.49	4.43	5.14	5.90	6.01	6.43
Inventory Turnover	3.94	5.23	4.52	4.74	4.68	6.30	6.46	6.45	6.50	7.82	7.35
Fixed Asset Turnover	2.20	2.25	2.38	2.50	2.77	3.06	3.46	4.25	5.69	6.70	7.86
Accounts Payable Turnover	16.78	9.56	8.10	8.02	12.45	9.62	7.66	8.31	8.08	10.39	9.15
Days Sales Outstanding (DSO)	58.66	83.63	76.34	72.62	74.14	81.28	82.43	71.05	61.83	60.68	56.77
Days Inventory Outstanding (DIO)	92.69	69.81	80.78	76.93	77.92	57.95	56.48	56.61	56.12	46.70	49.67
Days Payable Outstanding (DPO)	21.76	38.17	45.07	45.50	29.32	37.94	47.63	43.93	45.17	35.12	39.89
Cash Conversion Cycle (CCC)	129.60	115.27	112.05	104.05	122.74	101.29	91.28	83.73	72.78	72.26	66.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	120	93	94	82	89	80	91	91	119	116	118
Invested Capital Turnover	4.47	1.85	4.51	5.59	1.69	2.08	2.05	2.38	2.43	2.83	2.83
Increase / (Decrease) in Invested Capital	160	1.28	111	103	-31	-13	-3.05	9.50	30	36	27
Enterprise Value (EV)	547	494	288	374	620	762	1,005	1,681	2,193	2,376	2,038
Market Capitalization	788	709	466	533	755	885	1,104	1,770	2,278	2,479	2,137
Book Value per Share	$2.50	$2.13	$1.89	$1.64	$1.52	$1.37	$1.28	$1.18	$1.34	$1.43	$1.41
Tangible Book Value per Share	$1.64	$1.27	$1.04	$0.80	$0.68	$0.54	$0.46	$0.38	$0.55	$0.64	$0.62
Total Capital	492	439	406	374	356	336	324	313	336	356	355
Total Debt	130	131	132	132	133	133	134	134	132	131	131
Total Long-Term Debt	127	131	132	132	133	132	132	130	129	127	125
Net Debt	-241	-216	-177	-160	-134	-123	-99	-88	-85	-109	-107
Capital Expenditures (CapEx)	2.78	1.30	1.51	1.73	0.34	0.08	1.26	0.66	0.41	0.64	0.80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-26	-24	-18	-28	-23	-36	-23	-25	-12	-12	-7.73
Debt-free Net Working Capital (DFNWC)	345	322	291	263	221	187	171	173	201	215	211
Net Working Capital (NWC)	342	322	291	263	221	186	169	170	198	210	205
Net Nonoperating Expense (NNE)	15	20	13	13	9.25	10	9.11	8.07	0.75	4.64	6.57
Net Nonoperating Obligations (NNO)	-241	-216	-181	-160	-134	-123	-99	-88	-85	-109	-107
Total Depreciation and Amortization (D&A)	3.07	2.43	2.57	2.90	2.58	2.99	3.77	3.75	3.89	3.91	3.70
Debt-free, Cash-free Net Working Capital to Revenue	-14.47%	-14.23%	-10.19%	-16.86%	-12.75%	-19.97%	-11.99%	-12.23%	-4.85%	-4.36%	-2.62%
Debt-free Net Working Capital to Revenue	192.07%	189.21%	166.81%	156.09%	124.50%	104.25%	90.06%	84.20%	79.33%	77.59%	71.29%
Net Working Capital to Revenue	190.29%	189.21%	166.81%	156.09%	124.50%	103.77%	89.00%	82.70%	78.37%	75.92%	69.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.35)	($0.48)	($0.33)	($0.31)	($0.22)	($0.22)	($0.20)	($0.17)	$0.06	($0.08)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	144.70M	144.38M	145.79M	147.41M	147.52M	147.10M	149.20M	152.08M	152.43M	151.72M	155.52M
Adjusted Diluted Earnings per Share	($0.35)	($0.48)	($0.33)	($0.31)	($0.22)	($0.22)	($0.20)	($0.17)	$0.06	($0.08)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	144.70M	144.38M	145.79M	147.41M	147.52M	147.10M	149.20M	152.08M	163.16M	151.72M	155.52M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	144.77M	145.09M	147.37M	147.47M	147.58M	148.58M	151.92M	152.27M	152.67M	153.98M	160.04M
Normalized Net Operating Profit after Tax (NOPAT)	-36	-32	-34	-28	-23	-24	-21	-18	7.20	-8.94	-13
Normalized NOPAT Margin	-94.07%	-69.78%	-81.52%	-65.01%	-49.19%	-49.91%	-39.51%	-29.76%	7.67%	-12.47%	-18.97%
Pre Tax Income Margin	-132.72%	-151.73%	-113.52%	-107.08%	-69.12%	-71.04%	-56.88%	-43.47%	10.16%	-18.94%	-28.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-13.95	-23.60	-16.29	-17.55	-11.10	-11.46	-10.19	-8.49	3.46	-4.32	-6.65
NOPAT to Interest Expense	-9.77	-16.52	-11.40	-12.29	-7.77	-8.02	-7.13	-5.94	3.46	-3.03	-4.65
EBIT Less CapEx to Interest Expense	-14.71	-24.03	-16.80	-18.19	-11.22	-11.49	-10.62	-8.71	3.33	-4.54	-6.92
NOPAT Less CapEx to Interest Expense	-10.53	-16.95	-11.91	-12.93	-7.89	-8.05	-7.57	-6.17	3.33	-3.24	-4.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Adaptive Biotechnologies (ADPT) using the last four completed quarters (Q1–Q4 2025) plus nearby prior periods. The focus is on how income statement, cash flow, and balance sheet signals line up for retail investors.

Operating cash flow turned positive in Q4 2025, with net cash from continuing operating activities of about $2.1 million, marking a positive swing after several negative quarters.
Q4 2025 financing activities provided liquidity, with net cash from financing activities around $21.66 million, supported by financing sources rather than operating cash alone.
Gross margins remained solid, with Q3 2025 gross margin about 80.6% (gross profit $75.8M on $93.97M revenue) and Q4 2025 gross margin about 74.7% (gross profit $53.46M on $71.68M revenue).
Q4 2025 basic and diluted earnings per share improved to -$0.08, better than the -$0.17 seen in Q3 2025, reflecting narrowing losses per share as the quarter progressed.
In Q3 2025, net cash from continuing investing activities was positive at about $17.28 million, driven by cash inflows from investing activities and contributing to liquidity.
Revenue shows quarterly volatility across 2025 (approximately $52.4M in Q1, $58.9M in Q2, $93.97M in Q3, and $71.68M in Q4), suggesting seasonality or project-driven timing rather than a steady trend.
Balance sheet scale remains steady, with total assets near $490–500 million in 2025 and total common equity around $190–210 million, indicating a solid liquidity and capitalization base.
Shares outstanding (both basic and diluted) have hovered in a narrow range around 151.7 million to roughly 154 million during 2025, implying modest dilution but generally stable equity base.
Net income remained negative across all four 2025 quarters, with Q4 -$13.6 million and Q3 -$29.8 million, underscoring ongoing profitability challenges.
Operating cash flow was negative in three of the four 2025 quarters (Q1 -$28.48M, Q2 -$12.43M, Q3 -$7.13M), before the Q4 rebound, indicating a period of cash burn prior to improving liquidity.

05/25/26 10:50 AM ETAI Generated. May Contain Errors.

Adaptive Biotechnologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Adaptive Biotechnologies' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Adaptive Biotechnologies' net income appears to be on an upward trend, with a most recent value of -$59.46 million in 2025, rising from -$42.83 million in 2017. The previous period was -$159.60 million in 2024. Find out what analysts predict for Adaptive Biotechnologies in the coming months.

Adaptive Biotechnologies' total operating income in 2025 was -$57.12 million, based on the following breakdown:

Total Gross Profit: $205.62 million
Total Operating Expenses: $262.74 million

Over the last 8 years, Adaptive Biotechnologies' total revenue changed from $15.69 million in 2017 to $276.98 million in 2025, a change of 1,665.4%.

Adaptive Biotechnologies' total liabilities were at $287.74 million at the end of 2025, a 14.6% decrease from 2024, and a 861.0% increase since 2018.

In the past 7 years, Adaptive Biotechnologies' cash and equivalents has ranged from $47.92 million in 2024 to $139.07 million in 2021, and is currently $70.50 million as of their latest financial filing in 2025.

Over the last 8 years, Adaptive Biotechnologies' book value per share changed from 0.00 in 2017 to 1.43 in 2025, a change of 143.3%.

Related Companies

Financial statements for NASDAQ:ADPT last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Adaptive Biotechnologies (ADPT) Financials

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Adaptive Biotechnologies (ADPT) Financials

Annual Income Statements for Adaptive Biotechnologies

Quarterly Income Statements for Adaptive Biotechnologies

Annual Cash Flow Statements for Adaptive Biotechnologies

Quarterly Cash Flow Statements for Adaptive Biotechnologies

Annual Balance Sheets for Adaptive Biotechnologies

Quarterly Balance Sheets for Adaptive Biotechnologies

Annual Metrics And Ratios for Adaptive Biotechnologies

Quarterly Metrics And Ratios for Adaptive Biotechnologies

Financials Breakdown Chart

Key Financial Trends

Adaptive Biotechnologies Financials - Frequently Asked Questions

When does Adaptive Biotechnologies' financial year end?

How has Adaptive Biotechnologies' net income changed over the last 8 years?

What is Adaptive Biotechnologies' operating income?

How has Adaptive Biotechnologies' revenue changed over the last 8 years?

How much debt does Adaptive Biotechnologies have?

How much cash does Adaptive Biotechnologies have?

How has Adaptive Biotechnologies' book value per share changed over the last 8 years?

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