ADC Therapeutics SA
ADCT NYSE Pharmaceutical Preparations Financials FY2022–FY2025
Last close · Oct 23, 2026
$1.44
10.0%
Revenue
Total sales reported in the income statement.
$81.4M
14.9%
vs prior year
Operating margin
Operating income as a share of revenue.
−149.3%
35.1 pts
Net income
Profit after all expenses, interest and tax.
−$143M
Free cash flow
Cash from operations minus capital spending.
−$141M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$223M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.58 EPS (TTM)
What ADC Therapeutics SA does
No business description yet.
- Legal name
- ADC Therapeutics SA
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 10, 2026
- Accession · CIK
- 0001628280-26-016491
0001771910
Revenue and margins
ADC Therapeutics SA had $81.4M of revenue in fiscal 2025, up 14.9% on the year before.
FY22
Revenue $210M
FY23
Revenue $69.6M
FY24
Revenue $70.8M
FY25
Revenue $81.4M
Q3 '23
Revenue $14.5M
Q4 '23
Revenue $16.8M
Q1 '24
Revenue $18.1M
Q2 '24
Revenue $17.4M
Q3 '24
Revenue $18.5M
Q4 '24
Revenue $16.9M
Q1 '25
Revenue $23.0M
Q2 '25
Revenue $18.8M
Q3 '25
Revenue $16.4M
Q4 '25
Revenue $23.1M
Q1 '26
Revenue $20.9M
Q2 '26
Revenue $19.2M
FY22
Gross 98.4%
Operating −58.8%
Net −74.9%
FCF −66.2%
FY23
Gross 96.4%
Operating −238.6%
Net −345.1%
FCF −175.3%
FY24
Gross 91.6%
Operating −184.4%
Net −222.8%
FCF −176.0%
FY25
Gross 92.9%
Operating −149.3%
Net −175.3%
FCF −173.8%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −249.4%
Net −322.4%
FCF −257.6%
Q4 '23
Gross —
Operating −238.1%
Net −506.4%
FCF −190.4%
Q1 '24
Gross —
Operating −186.2%
Net −258.2%
FCF −247.2%
Q2 '24
Gross —
Operating −166.8%
Net −209.9%
FCF −188.8%
Q3 '24
Gross —
Operating −192.6%
Net −238.1%
FCF −136.8%
Q4 '24
Gross —
Operating −191.8%
Net −181.7%
FCF −129.8%
Q1 '25
Gross —
Operating −123.6%
Net −167.6%
FCF −245.7%
Q2 '25
Gross —
Operating −234.3%
Net −300.7%
FCF −127.9%
Q3 '25
Gross —
Operating −188.5%
Net −249.4%
FCF −180.4%
Q4 '25
Gross —
Operating −77.7%
Net −27.8%
FCF −135.0%
Q1 '26
Gross —
Operating −121.1%
Net −158.1%
FCF −142.6%
Q2 '26
Gross —
Operating −132.0%
Net −86.1%
FCF −61.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income −$157M
FY23
Net income −$240M
FY24
Net income −$158M
FY25
Net income −$143M
Q3 '23
Net income −$46.7M
Q4 '23
Net income −$85.0M
Q1 '24
Net income −$46.6M
Q2 '24
Net income −$36.5M
Q3 '24
Net income −$44.0M
Q4 '24
Net income −$30.7M
Q1 '25
Net income −$38.6M
Q2 '25
Net income −$56.6M
Q3 '25
Net income −$41.0M
Q4 '25
Net income −$6.4M
Q1 '26
Net income −$33.0M
Q2 '26
Net income −$16.6M
FY22
Diluted EPS −$2.01
FY23
Diluted EPS −$2.94
FY24
Diluted EPS −$1.62
FY25
Diluted EPS −$1.12
Q3 '23
Diluted EPS −$0.57
Q4 '23
Diluted EPS −$1.04
Q1 '24
Diluted EPS −$0.56
Q2 '24
Diluted EPS −$0.38
Q3 '24
Diluted EPS −$0.42
Q4 '24
Diluted EPS −$0.26
Q1 '25
Diluted EPS −$0.36
Q2 '25
Diluted EPS −$0.50
Q3 '25
Diluted EPS −$0.30
Q4 '25
Diluted EPS $0.04
Q1 '26
Diluted EPS −$0.21
Q2 '26
Diluted EPS −$0.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity −197.8%
Return on assets −32.0%
FY23
Return on capital —
Return on equity —
Return on assets −56.8%
FY24
Return on capital —
Return on equity —
Return on assets −46.6%
FY25
Return on capital —
Return on equity —
Return on assets −44.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$141M in fiscal 2025, −173.8% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow −$139M
FY23
Free cash flow −$122M
FY24
Free cash flow −$125M
FY25
Free cash flow −$141M
Q3 '23
Free cash flow −$37.3M
Q4 '23
Free cash flow −$32.0M
Q1 '24
Free cash flow −$44.6M
Q2 '24
Free cash flow −$32.9M
Q3 '24
Free cash flow −$25.3M
Q4 '24
Free cash flow −$21.9M
Q1 '25
Free cash flow −$56.6M
Q2 '25
Free cash flow −$24.1M
Q3 '25
Free cash flow −$29.6M
Q4 '25
Free cash flow −$31.1M
Q1 '26
Free cash flow −$29.7M
Q2 '26
Free cash flow −$11.8M
FY22
Cash from operations −$138M
Capital spending $0.7M
FY23
Cash from operations −$119M
Capital spending $3.2M
FY24
Cash from operations −$124M
Capital spending $0.9M
FY25
Cash from operations −$141M
Capital spending $0.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$36.7M
Capital spending $0.7M
Q4 '23
Cash from operations −$31.6M
Capital spending $0.3M
Q1 '24
Cash from operations −$44.1M
Capital spending $0.5M
Q2 '24
Cash from operations −$32.8M
Capital spending $0.0M
Q3 '24
Cash from operations −$25.0M
Capital spending $0.2M
Q4 '24
Cash from operations −$21.9M
Capital spending $0.1M
Q1 '25
Cash from operations −$56.3M
Capital spending $0.3M
Q2 '25
Cash from operations −$24.1M
Capital spending $0.0M
Q3 '25
Cash from operations −$29.6M
Capital spending $0.0M
Q4 '25
Cash from operations −$31.1M
Capital spending $0.0M
Q1 '26
Cash from operations −$29.7M
Capital spending $0.0M
Q2 '26
Cash from operations −$11.8M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
ADC Therapeutics SA returned — to shareholders in fiscal 2025. The diluted share count rose 30.8%.
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.13B
Balance sheet
Cash, debt and the ratios that show how comfortably ADC Therapeutics SA can carry it.
FY22
Cash $326M
Debt —
FY23
Cash $279M
Debt —
FY24
Cash $251M
Debt $0.0M
FY25
Cash $261M
Debt $3.0M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $326M | $279M | $251M | $261M |
| Debt incl. finance leases | — | — | $0.0M | $3.0M |
| Interest coverage | −3.4x | −3.6x | −2.6x | −2.4x |
| Current ratio | 5.3x | 5.0x | 3.6x | 4.4x |
| Quick ratio | 5.2x | 4.7x | 3.6x | 4.3x |
| Total assets | $491M | $355M | $322M | $323M |
| Total liabilities | $411M | $503M | $525M | $509M |
| Shareholders' equity | $79.5M | −$148M | −$203M | −$186M |
| Net debt (− = net cash) | — | — | −$251M | −$258M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ |
| F-score | — / 3 | 1 / 8 | 3 / 8 | 5 / 9 |
| Accruals ratio | −3.8% | −28.7% | −10.1% | −0.4% |
| Altman Z'' | −4.04 | −10.76 | −13.96 | −14.62 |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $210M | $69.6M | $70.8M | $81.4M |
| Gross profit | $207M | $67.0M | $64.9M | $75.6M |
| Research and development | $186M | $127M | $110M | $104M |
| Operating income | −$123M | −$166M | −$131M | −$121M |
| Interest expense | $36.7M | $46.3M | $50.2M | $51.6M |
| Pretax income | −$147M | −$195M | −$156M | −$142M |
| Income tax | $0.2M | $39.1M | $0.2M | $1.0M |
| Net income | −$157M | −$240M | −$158M | −$143M |
| Diluted EPS | −$2.01 | −$2.94 | −$1.62 | −$1.12 |
| Diluted shares | 0.08B | 0.08B | 0.10B | 0.13B |
| Cash flow | ||||
| Cash from operations | −$138M | −$119M | −$124M | −$141M |
| Capital expenditure | $0.7M | $3.2M | $0.9M | $0.3M |
| Free cash flow | −$139M | −$122M | −$125M | −$141M |
| Depreciation and amortization | $1.1M | $1.2M | $1.3M | $0.7M |
| Stock-based compensation | $49.3M | $13.5M | $6.6M | $6.9M |
| Balance sheet | ||||
| Cash and short-term investments | $326M | $279M | $251M | $261M |
| Total debt | — | — | $0.0M | $3.0M |
| Current assets | $435M | $336M | $291M | $306M |
| Current liabilities | $81.9M | $67.7M | $80.5M | $70.2M |
| Inventory | $12.1M | $16.2M | $2.3M | $4.2M |
| Property and equipment, net | $3.4M | $5.6M | $5.1M | $0.0M |
| Total assets | $491M | $355M | $322M | $323M |
| Total liabilities | $411M | $503M | $525M | $509M |
| Shareholders' equity | $79.5M | −$148M | −$203M | −$186M |
| Margins | ||||
| Gross margin | 98.4% | 96.4% | 91.6% | 92.9% |
| Operating margin | −58.8% | −238.6% | −184.4% | −149.3% |
| EBITDA margin | −58.3% | −236.9% | −182.6% | −148.5% |
| Net margin | −74.9% | −345.1% | −222.8% | −175.3% |
| FCF margin | −66.2% | −175.3% | −176.0% | −173.8% |
| Returns | ||||
| Return on capital employed | −30.2% | −57.8% | −54.1% | −48.0% |
| Return on equity | −197.8% | — | — | — |
| Return on assets | −32.0% | −56.8% | −46.6% | −44.2% |
| Return on tangible equity | −197.8% | — | — | — |
| Growth | ||||
| Revenue growth | — | −66.9% | 1.8% | 14.9% |
| Share count change | — | 4.6% | 18.9% | 30.8% |
| Financial health | ||||
| Interest coverage | −3.4x | −3.6x | −2.6x | −2.4x |
| Current ratio | 5.3x | 5.0x | 3.6x | 4.4x |
| Quick ratio | 5.2x | 4.7x | 3.6x | 4.3x |
| Capital allocation | ||||
| Capex / revenue | 0.3% | 4.6% | 1.2% | 0.3% |
| Stock comp / revenue | 23.5% | 19.4% | 9.3% | 8.5% |
| Quality scores | ||||
| Piotroski F-score | — | 1.0 | 3.0 | 5.0 |
| Altman Z'' | −4.0 | −10.8 | −14.0 | −14.6 |
| Accruals ratio | −3.8% | −28.7% | −10.1% | −0.4% |
Source: SEC EDGAR XBRL filings (CIK 0001771910). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.