ADPT
Adaptive Biotechnologies Corporation
ADPT has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
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.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ADPT PE Valuation
ADPT has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
ADPT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
ADPT has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO 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 has the edge over NVO on sales, with stronger typical year-over-year growth.
| 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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO 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.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO 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 | — |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over ADPT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% 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.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
ADPT PE vs Healthcare Sector
ADPT has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
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 has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below 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 NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.