Adaptive Biotechnologies Corp. (ADPT) intrinsic value & 10-year financials
Adaptive Biotechnologies Corp. (ADPT) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 28.0% a year to $277.0M, with an average return on invested capital of -17.9%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $24.02
- Market cap
- $3.6B
- Revenue (FY2025)
- $277.0M
- Revenue growth (10-yr CAGR)
- 28.0%
- ROIC (10-yr avg)
- -17.9%
- Free cash flow (FY2025)
- -$48.9M
ADPT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $277.0M | -$59.5M | -$0.39 | -$48.9M | -20.6% | -15.9% |
| FY2024 | $179.0M | -$159.5M | -$1.08 | -$98.9M | -90.8% | -39.1% |
| FY2023 | $170.3M | -$225.2M | -$1.56 | -$167.0M | -133.3% | -42.8% |
| FY2022 | $185.3M | -$200.2M | -$1.40 | -$200.3M | -108.0% | -34.2% |
| FY2021 | $154.3M | -$207.3M | -$1.48 | -$254.5M | -135.4% | -32.0% |
| FY2020 | $98.4M | -$146.2M | -$1.11 | -$168.5M | -155.3% | -23.7% |
| FY2019 | $85.1M | -$68.6M | — | $194.2M | -92.1% | -13.4% |
| FY2018 | $55.7M | -$46.4M | — | -$38.6M | -89.4% | 19.2% |
| FY2017 | $38.4M | -$42.8M | — | -$37.3M | -115.7% | 20.7% |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Adaptive Biotechnologies Corp revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Adaptive Biotechnologies Corp has historically struggled to out-earn its cost of capital, averaging just -28.7% ROIC.
Adaptive Biotechnologies Corp capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Adaptive Biotechnologies Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-12.95 per share.