ADPT

Adaptive Biotechnologies

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Healthcare

industry

Biotechnology

Exchange

Nasdaq

County of HQ

United States

Next Earnings Date

05/07/26

Business Summary

Adaptive Biotechnologies operates in biotechnology, where value is created through proprietary biological data platforms and the commercialization of diagnostics or therapeutic discovery capabilities. The business model typically centers on leveraging immune system data to develop tests, partnerships, and research collaborations that generate revenue through service contracts and potential milestone payments. Competitive advantage comes from proprietary datasets, regulatory clearances, and integration into clinical workflows, which create switching costs for healthcare providers and research partners. Cash generation ultimately depends on converting scientific validation into scalable diagnostic adoption and recurring testing revenue rather than one-off research contracts.

VALUATION

P/E

-

Market Cap ($M USD)

$1,969

Forward P/E

-

PEG

-

PRICE TO SALES

7

PRICE TO BOOK

9

EV / EBITDA

-61

5-Year Average P/E

DIVIDEND

Yield

-

Annual Payout

-

Payout Ratio

-

Consecutive Years of Dividend Growth

0

5-Year Dividend Growth Rate

-

Financial Health & Profitability

Earnings Per Share

-$0.39

Next Year EPS Growth Estimate

-$0.27

Next Year Revenue Growth Estimate

22.70%

Return on Equity (ROE)

-27.20%

Operating Margin

-20.60%

Debt-to-Equity

0.4

Piotroski F-Score

6

Altman Z-Score

1.1

Return on Invested Capital (ROIC)

-19.40%%

Current Ratio

3.3

Quick Ratio

Gainseekers Quantitative Analysis

Summary

This is a speculative balance-sheet story masquerading as a growth equity. With no P/E, no Forward P/E, negative EPS of -61, and expected EPS next year of -$0.39, profitability is nowhere in sight. The Altman Z-Score of 1.1 signals financial stress risk, and operating margin of -27.20% confirms a structurally unprofitable core. At 7x sales and 9x book, the market is not pricing distress — it’s pricing hope. This is not a GARP setup; it’s a cash-burn biotech trading at growth multiples without earnings visibility.

AI Exposure / Tech Reliance

As a Biotechnology company in Healthcare listed on Nasdaq, it operates in a data-intensive, research-heavy field where AI integration is increasingly critical for discovery and diagnostics. The sector inherently benefits from machine learning applications in biological data interpretation and drug development. However, with operating margin at -27.20%, execution discipline will determine whether technology adoption becomes a lever or simply another cost center.

The Bull Case

A deep value investor could argue that the Piotroski F-Score of 6 indicates operational metrics are not collapsing and that the Current Ratio of 3.3 provides short-term liquidity stability. Return on Equity at 22.70% is strikingly strong on the surface, suggesting efficient capital deployment relative to equity, while the modest TTM Yield of 0.4 implies at least some shareholder return discipline. With Market Cap at $1,969M, the company is not a micro-cap lottery ticket but a mid-sized biotech platform. If EPS improves from -61 toward the -$0.39 estimate next year and sales momentum stabilizes, the multiple compression risk could reverse into operating leverage upside. This is a balance-sheet-supported turnaround speculation rather than a proven compounder.

The Bear Case

The red flags are glaring. An Altman Z-Score of 1.1 places the firm in financial distress territory, while ROIC of -19.40% shows capital destruction, not value creation. Operating margin at -27.20% and negative EPS eliminate any earnings-based valuation framework, and the absence of P/E and PEG confirms there is no growth-adjusted profitability anchor. Debt/Equity of -20.60% is structurally unusual and signals balance sheet distortion rather than strength. At 7x sales and 9x book with no earnings and negative forward profitability, investors are paying growth multiples for a company that has yet to demonstrate sustainable economics.

Market Sentiment & Smart Money

Short Interest %

7.70%

Analyst Consensus

1.44

Average Analyst Price Target

$20.86

Institutional Ownership %

100.40%

1-Year Beta

2.05

Insider Buying % (6 Mo)

2.00%%

Distance to 52-Week High

61.60%%

Distance to 52-Week Low

188.80%%