Adaptive Biotechnologies Corporation

AI-generated fair value estimate for this company.

Method: 10-year DCF with a revenue ramp: revenue growth decelerating from 35% in year 1 to 6% in year 10 off a $308.08M TTM base; FCF margin improving linearly from -8% currently to +20% terminal as the MRD diagnostics and pharma-partnership business scales; 11% discount rate; 3% terminal growth; approximately $38.76M net debt; 159.60M shares outstanding.

Reasoning: Adaptive Biotechnologies is growing revenue rapidly (50% TTM) but remains unprofitable; a margin-ramp DCF was used instead of a static FCF multiple to capture the path to profitability implied by the MRD diagnostics and Genentech partnership economics, using a conservative terminal margin given execution risk.