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Biotechnology · Healthcare · Fiscal year ends Dec 31
Adaptive Biotechnologies reported revenue of $277M in the fiscal year ended Dec 2025, up 54.8% from the year before. Operating income was −$57M, an operating margin of −20.6%, and net income was −$59M. Operating cash flow of −$46M less capital expenditure of $3M left free cash flow of −$49M. Net debt was $61M.
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 154 | 185 | 170 | 179 | 277 |
| Cost of revenue | 49.3 | 57.9 | 75.6 | 72.1 | 71.4 |
| Gross profit | 105 | 127 | 94.7 | 107 | 206 |
| Research & development | 142 | 142 | 122 | 103 | 93.8 |
| Selling, general & admin | 170 | 184 | 173 | 158 | 167 |
| Operating income | −209 | −200 | −227 | −163 | −57.1 |
| Interest expense | – | 4.2 | 13.8 | 11.6 | 11.8 |
| Pre-tax income | −207 | −200 | −225 | −160 | −59.5 |
| Income tax | – | – | 0.0 | 0.0 | 0.0 |
| Net income | −207 | −200 | −225 | −159 | −59.5 |
| Diluted EPS | −1.48 | −1.40 | −1.56 | −1.08 | −0.39 |
| Diluted shares | 140 | 143 | 144 | 147 | 152 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 139 | 90.0 | 65.1 | 47.9 | 70.5 |
| Receivables | 17.4 | 40.1 | 38.0 | 41.7 | 50.4 |
| Inventory | 19.3 | 14.5 | 14.4 | 8.4 | 9.8 |
| Current assets | 403 | 562 | 410 | 284 | 300 |
| Net PP&E | 85.3 | 83.4 | 68.2 | 48.6 | 34.1 |
| Goodwill | 119 | 119 | 119 | 119 | 119 |
| Total assets | 923 | 857 | 661 | 539 | 513 |
| Payables | 3.3 | 8.1 | 7.7 | 7.3 | 6.5 |
| Deferred revenue | 80.5 | 64.1 | 48.6 | 55.7 | 45.2 |
| Current liabilities | 114 | 110 | 88.0 | 98.1 | 89.9 |
| Short-term debt | – | – | – | 0.9 | 4.6 |
| Long-term debt | – | 125 | 131 | 132 | 127 |
| Total liabilities | 319 | 393 | 353 | 337 | 288 |
| Shareholders' equity | 604 | 464 | 308 | 203 | 219 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −193 | −184 | −156 | −95.2 | −46.0 |
| Capital expenditure | 61.7 | 16.3 | 10.7 | 3.7 | 3.0 |
| Free cash flow | −254 | −200 | −167 | −98.9 | −48.9 |
| Depreciation & amortisation | 12.3 | 20.9 | 19.6 | 17.4 | 16.0 |
| Stock-based compensation | 43.3 | 55.5 | 62.9 | 53.6 | 51.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.1% | −8.1% | 5.1% | 54.8% |
| Gross margin | 68.1% | 68.7% | 55.6% | 59.7% | 74.2% |
| Operating margin | −135.4% | −108.0% | −133.3% | −90.8% | −20.6% |
| Net margin | −134.3% | −108.0% | −132.3% | −89.1% | −21.5% |
| Return on equityBlank when equity is negative | −34.3% | −43.1% | −73.0% | −78.7% | −27.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −25.8% | −26.8% | −39.6% | −36.8% | −13.5% |
| Free cash flow margin | −164.9% | −108.1% | −98.1% | −55.3% | −17.7% |
| Cash conversion (CFO ÷ net income) | 0.93x | 0.92x | 0.69x | 0.60x | 0.77x |
| Receivable days | 41 | 79 | 81 | 85 | 66 |
| Inventory days | 143 | 91 | 70 | 43 | 50 |
| Payable days | 24 | 51 | 37 | 37 | 33 |
| Interest cover | – | −47.2x | −16.5x | −14.0x | −4.85x |
| Debt ÷ equity | – | 0.27x | 0.42x | 0.66x | 0.60x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 35.3 | 65.6 | 85.4 | 60.7 |
| Current ratio | 3.54x | 5.12x | 4.66x | 2.89x | 3.34x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.