ADPT Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2017βFY2025
Adaptive Biotechnologies Corp had $277M of revenue in fiscal 2025, up 54.8% on the year before. Over five years, revenue changed +23.0% a year on average.
Last close Β· Oct 23, 2026
$25.51
4.5%Hi! I read Adaptive Biotechnologies Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+54.8%
Yes. Sales grew 54.8% last year.
Does it make a profit?
β21.5%
No. It lost money last year.
Does profit turn into cash?
β17.7%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Adaptive Biotechnologies Corp had $277M of revenue in fiscal 2025, up 54.8% on the year before. Over five years, revenue changed +23.0% a year on average. Its operating margin was β20.6%, up 70.2Β pts: of every 100 in sales, about β21 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Adaptive Biotechnologies Corp lost $59.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$48.9M in fiscal 2025, β17.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $128M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$128M
11 insiders
Of sales under plans
73%
$93.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $25.41 | $0.3M | Form 4 |
| Oct 20, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $24.53 | $0.3M | Form 4 |
| Oct 19, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $24.05 | $0.3M | Form 4 |
| Oct 16, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $24.24 | $0.3M | Form 4 |
| Oct 15, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $25.61 | $0.3M | Form 4 |
| Oct 14, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $25.68 | $0.3M | Form 4 |
| Oct 13, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $25.50 | $0.3M | Form 4 |
| Oct 12, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $25.51 | $0.3M | Form 4 |
| Oct 9, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $26.41 | $0.3M | Form 4 |
| Oct 8, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $25.66 | $0.3M | Form 4 |
| Oct 7, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $26.40 | $0.3M | Form 4 |
| Oct 6, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $27.75 | $0.3M | Form 4 |
| Oct 6, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold plan | 6,444 | $30.00 | $0.2M | Form 4 |
| Oct 5, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $29.19 | $0.3M | Form 4 |
| Oct 2, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $28.13 | $0.3M | Form 4 |
| Oct 1, 2026 | Francis LoChief People Officer | Sold plan | 26,792 | $28.28 | $0.8M | Form 4 |
| Oct 1, 2026 | Julie RubinsteinPresident and COO | Sold plan | 11,881 | $28.05 | $0.3M | Form 4 |
| Sep 16, 2026 | Francis LoChief People Officer | Sold plan | 115,406 | $28.06 | $3.2M | Form 4 |
| Sep 15, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold plan | 1,195 | $27.00 | $0.0M | Form 4 |
| Aug 26, 2026 | Katey Einterz OwenDirector | Sold | 9,615 | $26.00 | $0.2M | Form 4 |
| Aug 18, 2026 | Chad M RobinsCEO and Chairman, Director | Sold | 278,676 | $24.48 | $6.8M | Form 4 |
| Aug 18, 2026 | Robert HershbergDirector | Sold | 30,664 | $24.40 | $0.7M | Form 4 |
| Aug 17, 2026 | Chad M RobinsCEO and Chairman, Director | Sold | 321,324 | $25.08 | $8.1M | Form 4 |
| Aug 17, 2026 | Peter M NeupertDirector | Sold | 124,690 | $25.15 | $3.1M | Form 4 |
| Aug 10, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold plan | 3,000 | $25.00 | $0.1M | Form 4 |
| Jul 30, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold plan | 1,299 | $24.00 | $0.0M | Form 4 |
| Jul 21, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 492,400 | $21.89 | $10.8M | Form 4 |
| Jul 16, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold plan | 5,000 | $23.00 | $0.1M | Form 4 |
| Jul 15, 2026 | Francis LoChief People Officer | Sold plan | 105,762 | $22.59 | $2.4M | Form 4 |
| Jul 2, 2026 | Francis LoChief People Officer | Sold plan | 44,838 | $22.59 | $1.0M | Form 4 |
| Jul 2, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 386,240 | $22.01 | $8.5M | Form 4 |
| Jul 1, 2026 | Francis LoChief People Officer | Sold plan | 51,004 | $22.45 | $1.1M | Form 4 |
| Jul 1, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold plan | 487 | $22.00 | $0.0M | Form 4 |
| Jun 29, 2026 | Sharon BenzenoChief Commercial Ofc Imm Med | Sold plan | 154,768 | $21.14 | $3.3M | Form 4 |
| Jun 26, 2026 | Sharon BenzenoChief Commercial Ofc Imm Med | Sold plan | 11,034 | $21.00 | $0.2M | Form 4 |
| Jun 25, 2026 | Michelle Renee GriffinDirector | Sold plan | 52,084 | $20.18 | $1.1M | Form 4 |
| Jun 25, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold plan | 5,000 | $20.50 | $0.1M | Form 4 |
| Jun 16, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 6,160 | $18.01 | $0.1M | Form 4 |
| Jun 15, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 100,000 | $17.37 | $1.7M | Form 4 |
| Jun 11, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold plan | 5,000 | $19.00 | $0.1M | Form 4 |
| Jun 4, 2026 | Francis LoChief People Officer | Sold plan | 39,741 | $17.49 | $0.7M | Form 4 |
| Jun 4, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold plan | 11,000 | $18.00 | $0.2M | Form 4 |
| May 18, 2026 | Kyle PiskelChief Financial Officer | Sold | 3,115 | $13.04 | $0.0M | Form 4 |
| Apr 27, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,037 | $14.23 | $0.3M | Form 4 |
| Apr 24, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.02 | $0.3M | Form 4 |
| Apr 23, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.74 | $0.3M | Form 4 |
| Apr 22, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.13 | $0.3M | Form 4 |
| Apr 21, 2026 | Julie RubinsteinPresident and COO | Sold plan | 30,941 | $14.66 | $0.5M | Form 4 |
| Apr 20, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.55 | $0.3M | Form 4 |
| Apr 17, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.57 | $0.3M | Form 4 |
| Apr 16, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.18 | $0.3M | Form 4 |
| Apr 15, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.61 | $0.3M | Form 4 |
| Apr 14, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.56 | $0.3M | Form 4 |
| Apr 13, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.15 | $0.3M | Form 4 |
| Apr 10, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $12.77 | $0.2M | Form 4 |
| Apr 9, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.86 | $0.3M | Form 4 |
| Apr 8, 2026 | Chad M RobinsCEO and Chairman, Director | Sold plan | 37,263 | $15.19 | $0.6M | Form 4 |
| Apr 8, 2026 | Francis LoChief People Officer | Sold plan | 22,564 | $15.07 | $0.3M | Form 4 |
| Apr 8, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 10,000 | $14.85 | $0.1M | Form 4 |
| Apr 8, 2026 | Julie RubinsteinPresident and COO | Sold plan | 30,941 | $14.83 | $0.5M | Form 4 |
| Apr 7, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.56 | $0.3M | Form 4 |
| Apr 6, 2026 | Chad M RobinsCEO and Chairman, Director | Sold plan | 83,332 | $14.41 | $1.2M | Form 4 |
| Apr 6, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.33 | $0.3M | Form 4 |
| Apr 2, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.60 | $0.3M | Form 4 |
| Apr 1, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.45 | $0.3M | Form 4 |
| Mar 31, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.45 | $0.3M | Form 4 |
| Mar 30, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $12.63 | $0.2M | Form 4 |
| Mar 27, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.34 | $0.3M | Form 4 |
| Mar 26, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.12 | $0.3M | Form 4 |
| Mar 25, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $14.27 | $0.3M | Form 4 |
| Mar 24, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.70 | $0.3M | Form 4 |
| Mar 23, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.83 | $0.3M | Form 4 |
| Mar 20, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.37 | $0.3M | Form 4 |
| Mar 19, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.18 | $0.3M | Form 4 |
| Mar 18, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.18 | $0.3M | Form 4 |
| Mar 17, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.40 | $0.3M | Form 4 |
| Mar 16, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $13.41 | $0.3M | Form 4 |
| Mar 13, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $12.96 | $0.2M | Form 4 |
| Mar 12, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,060 | $12.86 | $0.2M | Form 4 |
| Mar 11, 2026 | Chad M RobinsCEO and Chairman, Director | Sold | 470,167 | $13.17 | $6.2M | Form 4 |
| Mar 11, 2026 | Francis LoChief People Officer | Sold plan | 30,593 | $14.08 | $0.4M | Form 4 |
| Mar 11, 2026 | Harlan S RobinsChief Scientific Officer | Sold | 470,266 | $13.17 | $6.2M | Form 4 |
| Mar 11, 2026 | Julie RubinsteinPresident and COO | Sold plan | 141,583 | $13.29 | $1.9M | Form 4 |
| Mar 11, 2026 | Kyle PiskelChief Financial Officer | Sold | 18,672 | $13.17 | $0.2M | Form 4 |
| Mar 11, 2026 | Michelle Renee GriffinDirector | Sold | 15,394 | $13.91 | $0.2M | Form 4 |
| Mar 11, 2026 | Sharon BenzenoChief Commercial Ofc Imm Med | Sold | 63,103 | $13.17 | $0.8M | Form 4 |
| Mar 11, 2026 | Susan BobulskyChief Commercial Officer, MRD | Sold | 41,338 | $13.17 | $0.5M | Form 4 |
| Mar 10, 2026 | Julie RubinsteinPresident and COO | Sold plan | 19,460 | $14.68 | $0.3M | Form 4 |
| Mar 9, 2026 | Julie RubinsteinPresident and COO | Sold plan | 30,941 | $14.79 | $0.5M | Form 4 |
| Mar 6, 2026 | Julie RubinsteinPresident and COO | Sold plan | 30,941 | $15.14 | $0.5M | Form 4 |
| Mar 5, 2026 | Francis LoChief People Officer | Sold | 38,074 | $15.09 | $0.6M | Form 4 |
| Mar 5, 2026 | Julie RubinsteinPresident and COO | Sold plan | 30,941 | $16.00 | $0.5M | Form 4 |
| Mar 4, 2026 | Julie RubinsteinPresident and COO | Sold plan | 30,941 | $16.60 | $0.5M | Form 4 |
| Mar 3, 2026 | Chad M RobinsCEO and Chairman, Director | Sold plan | 53,083 | $15.52 | $0.8M | Form 4 |
| Mar 3, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 14,233 | $16.52 | $0.2M | Form 4 |
| Mar 3, 2026 | Julie RubinsteinPresident and COO | Sold plan | 30,941 | $15.67 | $0.5M | Form 4 |
| Mar 3, 2026 | Michelle Renee GriffinDirector | Sold plan | 48,044 | $15.30 | $0.7M | Form 4 |
| Mar 2, 2026 | Chad M RobinsCEO and Chairman, Director | Sold plan | 289,024 | $15.82 | $4.6M | Form 4 |
| Mar 2, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 10,000 | $15.72 | $0.2M | Form 4 |
| Feb 27, 2026 | Chad M RobinsCEO and Chairman, Director | Sold plan | 182,891 | $15.99 | $2.9M | Form 4 |
| Feb 4, 2026 | Kyle PiskelChief Financial Officer | Sold plan | 2,145 | $18.46 | $0.0M | Form 4 |
| Feb 3, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 8,120 | $19.00 | $0.2M | Form 4 |
| Feb 2, 2026 | Chad M RobinsCEO and Chairman, Director | Sold plan | 124,998 | $18.44 | $2.3M | Form 4 |
| Feb 2, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 34,668 | $18.60 | $0.6M | Form 4 |
| Jan 12, 2026 | Francis LoChief People Officer | Sold plan | 79,590 | $17.73 | $1.4M | Form 4 |
| Jan 12, 2026 | Kyle PiskelChief Financial Officer | Sold plan | 4,290 | $18.00 | $0.1M | Form 4 |
| Jan 6, 2026 | Harlan S RobinsChief Scientific Officer | Sold plan | 10,000 | $16.44 | $0.2M | Form 4 |
| Jan 5, 2026 | Chad M RobinsCEO and Chairman, Director | Sold plan | 124,998 | $15.59 | $1.9M | Form 4 |
| Jan 2, 2026 | Francis LoChief People Officer | Sold plan | 3,125 | $16.08 | $0.1M | Form 4 |
| Dec 22, 2025 | Francis LoChief People Officer | Sold plan | 4,394 | $17.50 | $0.1M | Form 4 |
| Dec 15, 2025 | Francis LoChief People Officer | Sold plan | 113,890 | $15.57 | $1.8M | Form 4 |
| Dec 10, 2025 | Robert HershbergDirector | Sold | 22,968 | $16.00 | $0.4M | Form 4 |
| Dec 4, 2025 | Harlan S RobinsChief Scientific Officer | Sold plan | 10,000 | $16.61 | $0.2M | Form 4 |
| Dec 4, 2025 | Sharon BenzenoChief Commercial Ofc Imm Med | Sold plan | 12,604 | $16.85 | $0.2M | Form 4 |
| Dec 3, 2025 | Harlan S RobinsChief Scientific Officer | Sold plan | 27,212 | $18.61 | $0.5M | Form 4 |
| Dec 1, 2025 | Chad M RobinsCEO and Chairman, Director | Sold plan | 124,998 | $18.94 | $2.4M | Form 4 |
| Nov 28, 2025 | Kyle PiskelChief Financial Officer | Sold plan | 162,820 | $19.50 | $3.2M | Form 4 |
| Nov 26, 2025 | Chad M RobinsCEO and Chairman, Director | Sold plan | 35,736 | $19.68 | $0.7M | Form 4 |
| Nov 21, 2025 | Sharon BenzenoChief Commercial Ofc Imm Med | Sold plan | 308,477 | $16.91 | $5.2M | Form 4 |
| Nov 20, 2025 | Sharon BenzenoChief Commercial Ofc Imm Med | Sold plan | 297,925 | $16.54 | $4.9M | Form 4 |
| Nov 17, 2025 | Kyle PiskelChief Financial Officer | Sold | 238 | $14.05 | $0.0M | Form 4 |
| Nov 12, 2025 | Chad M RobinsCEO and Chairman, Director | Sold plan | 1,867 | $15.00 | $0.0M | Form 4 |
| Nov 11, 2025 | Chad M RobinsCEO and Chairman, Director | Sold plan | 1,237 | $14.57 | $0.0M | Form 4 |
| Nov 10, 2025 | Chad M RobinsCEO and Chairman, Director | Sold plan | 86,161 | $14.73 | $1.3M | Form 4 |
| Nov 10, 2025 | Harlan S RobinsChief Scientific Officer | Sold plan | 10,000 | $14.82 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Adaptive Biotechnologies Corp has $95.8M more cash than debt.
Cash, debt and the ratios that show how comfortably Adaptive Biotechnologies Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $353M | $498M | $346M | $222M | $227M |
| Debt incl. finance leases | β | $125M | $131M | $133M | $131M |
| Debt / equity | β | 0.3x | 0.4x | 0.7x | 0.6x |
| Interest coverage | β | β47.2x | β16.5x | β14.0x | β4.9x |
| Current ratio | 3.5x | 5.1x | 4.7x | 2.9x | 3.3x |
| Quick ratio | 3.4x | 5.0x | 4.5x | 2.8x | 3.2x |
| Total assets | $923M | $857M | $661M | $539M | $513M |
| Total liabilities | $319M | $393M | $353M | $337M | $288M |
| Shareholders' equity | $604M | $464M | $308M | $203M | $219M |
| Net debt (β = net cash) | β | β$373M | β$216M | β$89.0M | β$95.8M |
KIRA Β· Its return on capital was β36.7%: every 100 invested in the business earned about β37 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Adaptive Biotechnologies Corp passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 4 / 8 | 1 / 8 | 2 / 8 | 4 / 8 | 2 / 9 | 4 / 9 | 5 / 9 |
| Accruals ratio | β | β4.3% | β44.0% | 0.3% | β1.4% | β1.8% | β9.1% | β10.7% | β2.6% |
| Altman Z'' | β | β9.84 | 3.72 | 3.33 | β0.02 | β0.36 | β3.84 | β7.02 | β5.93 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $38.4M | $55.7M | $85.1M | $98.4M | $154M | $185M | $170M | $179M | $277M |
| Gross profit | $22.8M | $36.0M | $62.8M | $75.9M | $105M | $127M | $94.7M | $107M | $206M |
| Research and development | $32.0M | $39.2M | $70.7M | $116M | $142M | $142M | $122M | $103M | $93.8M |
| Operating income | β$44.5M | β$49.8M | β$78.4M | β$153M | β$209M | β$200M | β$227M | β$163M | β$57.1M |
| Interest expense | β | β | β | β | β | $4.2M | $13.8M | $11.6M | $11.8M |
| Pretax income | β | β | β$68.6M | β$146M | β$207M | β$200M | β$225M | β$160M | β$59.5M |
| Income tax | β | β | $0.0M | β | β | β | $0.0M | $0.0M | $0.0M |
| Net income | β$42.8M | β$46.4M | β$68.6M | β$146M | β$207M | β$200M | β$225M | β$159M | β$59.5M |
| Net income to common | β$42.7M | β$46.3M | β$69.6M | β$146M | β$207M | β | β | β | β |
| Diluted EPS | β$3.50 | β$3.67 | β$1.01 | β$1.11 | β$1.48 | β$1.40 | β$1.56 | β$1.08 | β$0.39 |
| Diluted shares | 0.01B | 0.01B | 0.07B | 0.13B | 0.14B | 0.14B | 0.14B | 0.15B | 0.15B |
| Cash flow | |||||||||
| Cash from operations | β$34.9M | β$32.3M | $205M | β$150M | β$193M | β$184M | β$156M | β$95.2M | β$46.0M |
| Capital expenditure | $2.4M | $6.3M | $11.2M | $18.8M | $61.7M | $16.3M | $10.7M | $3.7M | $3.0M |
| Free cash flow | β$37.3M | β$38.6M | $194M | β$168M | β$254M | β$200M | β$167M | β$98.9M | β$48.9M |
| Depreciation and amortization | $4.1M | $4.3M | $6.1M | $6.8M | $12.3M | $20.9M | $19.6M | $17.4M | $16.0M |
| Stock-based compensation | $7.0M | $11.1M | $13.1M | $24.8M | $43.3M | $55.5M | $62.9M | $53.6M | $51.5M |
| Balance sheet | |||||||||
| Cash and short-term investments | β | $165M | $577M | $688M | $353M | $498M | $346M | $222M | $227M |
| Total debt | β | β | β | β | β | $125M | $131M | $133M | $131M |
| Current assets | β | $181M | $613M | $727M | $403M | $562M | $410M | $284M | $300M |
| Current liabilities | β | $22.8M | $78.3M | $105M | $114M | $110M | $88.0M | $98.1M | $89.9M |
| Inventory | β | $7.8M | $9.1M | $14.1M | $19.3M | $14.5M | $14.4M | $8.4M | $9.8M |
| Property and equipment, net | β | $19.1M | $60.4M | $39.7M | $85.3M | $83.4M | $68.2M | $48.6M | $34.1M |
| Goodwill | β | $119M | $119M | $119M | $119M | $119M | $119M | $119M | $119M |
| Intangible assets | β | $13.6M | $11.9M | $10.2M | $8.5M | $6.8M | $5.1M | $3.4M | $1.7M |
| Total assets | β | $333M | $912M | $1.1B | $923M | $857M | $661M | $539M | $513M |
| Total liabilities | β | $29.9M | $341M | $373M | $319M | $393M | $353M | $337M | $288M |
| Shareholders' equity | β$225M | β$258M | $571M | $743M | $604M | $464M | $308M | $203M | $219M |
| Margins | |||||||||
| Gross margin | 59.2% | 64.7% | 73.8% | 77.1% | 68.1% | 68.7% | 55.6% | 59.7% | 74.2% |
| Operating margin | β115.7% | β89.4% | β92.1% | β155.3% | β135.4% | β108.0% | β133.3% | β90.8% | β20.6% |
| EBITDA margin | β105.0% | β81.7% | β85.0% | β148.4% | β127.5% | β96.7% | β121.8% | β81.1% | β14.8% |
| Net margin | β111.4% | β83.4% | β80.6% | β148.6% | β134.3% | β108.0% | β132.3% | β89.1% | β21.5% |
| FCF margin | β97.0% | β69.3% | 228.3% | β171.3% | β164.9% | β108.1% | β98.1% | β55.3% | β17.7% |
| Returns | |||||||||
| Return on capital | β | β | β | β | β | β173.2% | β193.6% | β112.9% | β36.7% |
| Return on capital employed | β | β16.1% | β9.4% | β15.1% | β25.8% | β26.8% | β39.6% | β36.8% | β13.5% |
| Return on equity | β | β | β43.8% | β22.3% | β30.8% | β37.5% | β58.3% | β62.4% | β28.2% |
| Return on assets | β | β14.0% | β11.0% | β14.4% | β20.3% | β22.5% | β29.7% | β26.6% | β11.3% |
| Return on tangible equity | β | β | β15.8% | β23.8% | β43.5% | β59.2% | β122.2% | β198.6% | β60.7% |
| Growth | |||||||||
| Revenue growth | β | 44.8% | 52.8% | 15.6% | 56.9% | 20.1% | β8.1% | 5.1% | 54.8% |
| FCF growth | β | β | β | β186.8% | β | β | β | β | β |
| Share count change | β | 3.5% | 447.6% | 89.7% | 7.0% | 1.5% | 1.3% | 1.9% | 3.1% |
| Financial health | |||||||||
| Debt / equity | β | β | β | β | β | 0.3x | 0.4x | 0.7x | 0.6x |
| Interest coverage | β | β | β | β | β | β47.2x | β16.5x | β14.0x | β4.9x |
| Current ratio | β | 7.9x | 7.8x | 6.9x | 3.5x | 5.1x | 4.7x | 2.9x | 3.3x |
| Quick ratio | β | 7.6x | 7.7x | 6.8x | 3.4x | 5.0x | 4.5x | 2.8x | 3.2x |
| Capital allocation | |||||||||
| Capex / revenue | 6.3% | 11.3% | 13.2% | 19.1% | 40.0% | 8.8% | 6.3% | 2.0% | 1.1% |
| Stock comp / revenue | 18.2% | 20.0% | 15.4% | 25.2% | 28.0% | 29.9% | 36.9% | 30.0% | 18.6% |
| Quality scores | |||||||||
| Piotroski F-score | β | β | 4.0 | 1.0 | 2.0 | 4.0 | 2.0 | 4.0 | 5.0 |
| Altman Z'' | β | β9.8 | 3.7 | 3.3 | β0.0 | β0.4 | β3.8 | β7.0 | β5.9 |
| Accruals ratio | β | β4.3% | β44.0% | 0.3% | β1.4% | β1.8% | β9.1% | β10.7% | β2.6% |
Source: SEC EDGAR XBRL filings (CIK 0001478320). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
