Adaptive Biotechnologies Corporation

ADPT

Biotechnology · Healthcare

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Adaptive Biotechnologies is a biotech company that reads and decodes the immune system — specifically the billions of unique immune cells in your body. Its main product, clonoSEQ, is a diagnostic test used by doctors and hospitals to detect and monitor blood cancers like leukemia and lymphoma at very precise levels. The company also has a research platform called immunoSEQ that pharmaceutical and biotech companies use to study how the immune system responds to diseases and treatments.

Adaptive makes money by selling clonoSEQ tests directly to clinical labs and hospitals, and by charging research customers for access to its immune sequencing platform and data. The company operates primarily in the United States and has a partnership with Genentech to develop immune-based medicines. Its large proprietary immune data library is a meaningful competitive advantage that is hard for rivals to replicate quickly. The key risk is that the company is still unprofitable, and it needs clonoSEQ adoption to grow significantly to reach sustainable earnings.

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

+21.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-47.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

3.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 years

$218M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$218M cash & investments at current burn rate

Growth context

Adaptive Biotechnologies Corporation is growing revenue at 22% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

Profit per sale

Gross Margin

71.8%

Premium pricing power — 71.8% gross margin

Profit after running costs

Operating Margin

-22.0%

Losing money on operations — -22.0%

Return on the money invested

ROCE

-10.5%

Weak — -10.5% return on capital

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

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Growth

Sales growth

Sales YoY

+50.1%

Fast-growing sales (+50.1% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-9.6%

Burning cash (-9.6%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.64

Moderate — manageable debt (0.64)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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