Adaptive Biotechnologies Corporation

ADPT

Biotechnology · Healthcare

Price

$22.92

+0.82 (+3.71%)

Market Cap

$3.67B

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+8.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 140.4M (2021) → 151.7M (2025)

Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ, a platform and core immunosequencing product that is used to answer translational research questions, as well as to discover new prognostic and diagnostic signals; and T-Detect COVID for the confirmation of past COVID-19 infection. It also provides clonoSEQ, a clinical diagnostic product for the detection and mon

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+35.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+35.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$94M/ year

↓ Declining (-9% vs prior year)

33.9% of revenue

1.9x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

3.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~23 months

$78M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Adaptive Biotechnologies Corporation grew revenue 35% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

73.6%

Premium pricing power — 73.6% gross margin

Operating Margin

-27.1%

Losing money on operations — -27.1%

ROCE

-5.4%

Weak — -5.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+55.9%

Fast-growing sales (55.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-10.0%

Burning cash (-10.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.64

Moderate — manageable debt (0.64)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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