Is the business good?
How good a business is ADPT?
Adaptive Biotechnologies Corporation keeps −12% of every revenue dollar as operating profit, against 7.1% for the median Diagnostics & Research name.
−12%
Operating margin · Diagnostics & Research median 7.1% · 12 months to Q2 2026
- Share count, year on year
- +5.1%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 29%
R&D as % of revenue
- Gross margin
- 76%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −155% |
| FY2021 | −135% |
| FY2022 | −108% |
| FY2023 | −133% |
| FY2024 | −91% |
| FY2025 | −21% |
Details›
- Gross margin12 months to Q2 2026
- 76%
- Operating margin12 months to Q2 2026
- −12%
- Net margin12 months to Q2 2026
- −21%
- Free cash flow margin
- −7.8%
- R&D as % of revenue
- 29%
- Revenue, trailing twelve months
- $308M
- Free cash flow, trailing twelve months
- −$24M
- Net income, trailing twelve months
- −$64M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Diagnostics & Research
Ranks #6 of 29 by Smart Score