Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Adaptive Biotechnologies Corp (ADPT)
A forensic read on Adaptive Biotechnologies Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-5.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-24.3%
ROE
$3.4B
Market cap
Adaptive Biotechnologies Corp earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -5.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-13%Return on invested capital.Return on invested capital is -13% and rising from -24% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.2%/yrShare-count dilution.Diluted share count changed +6% over the last 3 years to FY2025 (+2.2%/yr). The count is GROWING — existing holders are being diluted. That's ~2.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~6%.
50dInventory days.Days inventory outstanding moved from 43 to 50 FY2024→FY2025 (against cost of goods sold; inventory +16% vs -1% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
19% of revStock-based comp load.Stock-based compensation ran 19% of revenue in FY2025 — about $0.34 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-21.5%
Debt / Equity0.60x
Free Cash Flow$-48.9M
Latest Revenue$277.0M
Return on Equity-27.2%
Revenue Growth YoY+54.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Adaptive Biotechnologies Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ADPT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown