Adaptive Biotechnologies Corpor — Earnings Quality Grade F
ADPT · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 66 days, change -19 days YoY
AR growth 20.7% vs revenue growth 54.8%
Revenue 54.8%, CFFO 51.7%. Cash follows revenue
Expense Quality
Inventory growth 16.4% far exceeds COGS -1.0%, margin rising. Fraud signal
CapEx growth -19.2% vs revenue 54.8%. Normal
SG&A/Gross Profit = 81.4%, exceeds 70%
Gross margin rose +14.5pp while AR increased and AP decreased. Fraud pattern
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.0B)
Accruals ratio = -2.6%. Low accruals
Cash $0.2B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 55% of equity. Over 50%
Interest coverage = -4.8x (<2x). Financial stress
Other assets -24.8% vs revenue 54.8%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -2.41 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25