ADCT NYSE Pharmaceutical Preparations Financials FY2022βFY2025
ADC Therapeutics SA had $81.4M of revenue in fiscal 2025, up 14.9% on the year before.
Last close Β· Oct 23, 2026
$1.44
10.0%Hi! I read ADC Therapeutics SAβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+14.9%
Yes. Sales grew 14.9% last year.
Does it make a profit?
β175.3%
No. It lost money last year.
Does profit turn into cash?
β173.8%
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· ADC Therapeutics SA had $81.4M of revenue in fiscal 2025, up 14.9% on the year before. Its operating margin was β149.3%, up 35.1Β pts: of every 100 in sales, about β149 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· ADC Therapeutics SA lost $143M 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$141M in fiscal 2025, β173.8% 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 $19.6M 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
$19.6M
1 insider
Of sales under plans
0%
$0.0M
Can it carry its debts, and how well does it use its money?
KIRA Β· ADC Therapeutics SA has $258M more cash than debt.
Cash, debt and the ratios that show how comfortably ADC Therapeutics SA 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 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $326M | $279M | $251M | $261M |
| Debt incl. finance leases | β | β | $0.0M | $3.0M |
| Interest coverage | β3.4x | β3.6x | β2.6x | β2.4x |
| 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 | β$148M | β$203M | β$186M |
| Net debt (β = net cash) | β | β | β$251M | β$258M |
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· ADC Therapeutics SA 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 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | β | β | β | β |
| Cash from operations is positive | β | β | β | β |
| Return on assets rose | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β |
| Debt fell relative to assets | β | β | β | β |
| Current ratio rose | β | β | β | β |
| Share count didn't rise | β | β | β | β |
| Gross margin rose | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β |
| F-score | β / 3 | 1 / 8 | 3 / 8 | 5 / 9 |
| Accruals ratio | β3.8% | β28.7% | β10.1% | β0.4% |
| Altman Z'' | β4.04 | β10.76 | β13.96 | β14.62 |
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 | 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 | β$123M | β$166M | β$131M | β$121M |
| Interest expense | $36.7M | $46.3M | $50.2M | $51.6M |
| Pretax income | β$147M | β$195M | β$156M | β$142M |
| Income tax | $0.2M | $39.1M | $0.2M | $1.0M |
| Net income | β$157M | β$240M | β$158M | β$143M |
| Diluted EPS | β$2.01 | β$2.94 | β$1.62 | β$1.12 |
| Diluted shares | 0.08B | 0.08B | 0.10B | 0.13B |
| Cash flow | ||||
| Cash from operations | β$138M | β$119M | β$124M | β$141M |
| Capital expenditure | $0.7M | $3.2M | $0.9M | $0.3M |
| Free cash flow | β$139M | β$122M | β$125M | β$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 | β | β | $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 | β$148M | β$203M | β$186M |
| Margins | ||||
| Gross margin | 98.4% | 96.4% | 91.6% | 92.9% |
| Operating margin | β58.8% | β238.6% | β184.4% | β149.3% |
| EBITDA margin | β58.3% | β236.9% | β182.6% | β148.5% |
| Net margin | β74.9% | β345.1% | β222.8% | β175.3% |
| FCF margin | β66.2% | β175.3% | β176.0% | β173.8% |
| Returns | ||||
| Return on capital employed | β30.2% | β57.8% | β54.1% | β48.0% |
| Return on equity | β197.8% | β | β | β |
| Return on assets | β32.0% | β56.8% | β46.6% | β44.2% |
| Return on tangible equity | β197.8% | β | β | β |
| Growth | ||||
| Revenue growth | β | β66.9% | 1.8% | 14.9% |
| Share count change | β | 4.6% | 18.9% | 30.8% |
| Financial health | ||||
| Interest coverage | β3.4x | β3.6x | β2.6x | β2.4x |
| 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 | β | 1.0 | 3.0 | 5.0 |
| Altman Z'' | β4.0 | β10.8 | β14.0 | β14.6 |
| Accruals ratio | β3.8% | β28.7% | β10.1% | β0.4% |
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 β not investment advice. Check the original filings before relying on any figure.
