ADPT
Adaptive Biotechnologies Corporation
ADPT's outlook is improving, though it still trails on the overall score.
LLY
Eli Lilly and Company
LLY has the edge over ADPT overall, supported by lower modeled downside and stronger fundamentals.
ADPT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Under pressure | |
| Unavailable |
ADPT's revenue is currently stable, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
ADPT PE Valuation
ADPT has no meaningful PE right now: it lost money over the past year.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 30x next year's earnings, in its cheap range.
ADPT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect ADPT's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for LLY, with profitability improving.
ADPT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.44 | +$0.09 |
| Q2 2026 | -$0.40 | +$0.41 |
| Q1 2026 | -$0.32 | +$0.63 |
| Q4 2025 | -$0.39 | +$0.69 |
| Q3 2025 | -$0.53 | +$0.81 |
| Q2 2025 | -$0.81 | +$0.66 |
| Q1 2025 | -$0.95 | +$0.54 |
| Q4 2024 | -$1.08 | +$0.48 |
ADPT is still losing money, but far less than before: $0.44 per share over the past year, against $1.65 at its worst in mid-2022.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.82 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over ADPT on earnings quality, reporting a profit while its opponent remains loss making.
ADPT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $83.9M | -11% |
| Q2 2026 | $71.6M | +22% |
| Q1 2026 | $70.9M | +35% |
| Q4 2025 | $71.7M | +51% |
| Q3 2025 | $94M | +102% |
| Q2 2025 | $58.9M | +36% |
| Q1 2025 | $52.4M | +25% |
| Q4 2024 | $47.5M | +3.7% |
ADPT's revenue is growing: $84M last quarter, down 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.5% | -12 points |
| Q2 2026 | -22% | +21 points |
| Q1 2026 | -27% | +29 points |
| Q4 2025 | -18% | +54 points |
| Q3 2025 | 11% | +81 points |
| Q2 2025 | -43% | +67 points |
| Q1 2025 | -56% | +60 points |
| Q4 2024 | -71% | +84 points |
ADPT's operating margin was −0.5% last quarter, down 11 points from the same quarter a year ago, near the top of its range since 2019.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY has the edge over ADPT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY has the edge over ADPT on profitability, with a higher operating margin.
ADPT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $7.7M | +$15.2M |
| Q2 2026 | -$7.6M | +$5.5M |
| Q1 2026 | -$10.3M | +$19.4M |
| Q4 2025 | $1.4M | +$14M |
| Q3 2025 | -$7.5M | +$19.9M |
| Q2 2025 | -$13.1M | +$5.9M |
| Q1 2025 | -$29.7M | +$10.1M |
| Q4 2024 | -$12.6M | +$15.7M |
ADPT has burned cash in almost every quarter: −$9M over the past year, against −$63M the year before.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY has the edge over ADPT on cash generation, producing positive trailing cash flow while its opponent burns cash.
ADPT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +17% | +27M shares |
| 1 year | +15% | +23.7M shares |
| 3 years | +29% | +42.2M shares |
| 5 years | +33% | +46M shares |
| Available history | +48% | +60.8M shares |
ADPT has 187M diluted shares, up 15% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has the edge over ADPT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
ADPT Net Leverage
ADPT's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY's net debt is about 1.2 years of its operating earnings (EBITDA), about the same as a year ago.
ADPT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.8 | Neutral |
| Stochastic | 64.0 | Neutral |
ADPT's weekly RSI is 67 (neutral) and its Stochastic is 64 (neutral).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (overbought).
ADPT PE vs Healthcare Sector
ADPT has no meaningful PE right now: it lost money over the past year.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY is trading at 46x earnings, a 79% premium to the Healthcare sector's median of 26x.
ADPT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $27.2 | 8.2% above |
| 20 week MA | $25.3 | 17% above |
| 50 week MA | $19.4 | 52% above |
| 100 week MA | $15.1 | 95% above |
| 200 week MA | $10.3 | 187% above |
ADPT is in an uptrend: it's above all five of its weekly moving averages, and 187% above its 200-week average.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY is in an uptrend: it's above all five of its weekly moving averages, and 79% above its 200-week average.
ADPT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.3 | $62.5 | +114% |
| 2021 | $62.5 | $28.4 | -55% |
| 2022 | $28.4 | $7.50 | -74% |
| 2023 | $7.50 | $4.90 | -35% |
| 2024 | $4.90 | $6.29 | +28% |
| 2025 | $6.29 | $16.7 | +166% |
| 2026 YTD | $16.7 | $29.5 | +77% |
ADPT has the edge over LLY on returns for 2026, with the stronger performance.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has finished every year since 2020 higher, and it's up 32% so far in 2026.