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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and LandBridge Co LLC (LB). Click either name above to swap in a different company.
Adaptive Biotechnologies Corp is the larger business by last-quarter revenue ($70.9M vs $51.0M, roughly 1.4× LandBridge Co LLC). LandBridge Co LLC runs the higher net margin — 35.0% vs 4.7%, a 30.3% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (35.1% vs 16.0%). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (40.2% CAGR vs 28.1%).
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
ADPT vs LB — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $70.9M | $51.0M |
| Net Profit | $3.4M | $17.9M |
| Gross Margin | 73.6% | — |
| Operating Margin | -27.1% | 57.2% |
| Net Margin | 4.7% | 35.0% |
| Revenue YoY | 35.1% | 16.0% |
| Net Profit YoY | — | 15.6% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $70.9M | $51.0M | ||
| Q4 25 | $71.7M | $56.8M | ||
| Q3 25 | $94.0M | $50.8M | ||
| Q2 25 | $58.9M | $47.5M | ||
| Q1 25 | $52.4M | $44.0M | ||
| Q4 24 | $47.5M | $36.5M | ||
| Q3 24 | $46.4M | $28.5M | ||
| Q2 24 | $43.2M | $26.0M |
| Q1 26 | $3.4M | $17.9M | ||
| Q4 25 | $-13.6M | $8.1M | ||
| Q3 25 | $9.5M | $8.1M | ||
| Q2 25 | $-25.6M | $7.5M | ||
| Q1 25 | $-29.9M | $6.5M | ||
| Q4 24 | $-33.7M | $49.3M | ||
| Q3 24 | $-32.1M | $2.7M | ||
| Q2 24 | $-46.2M | $-57.7M |
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.6% | — | ||
| Q3 25 | 80.7% | — | ||
| Q2 25 | 69.4% | — | ||
| Q1 25 | 67.6% | — | ||
| Q4 24 | 62.0% | — | ||
| Q3 24 | 64.1% | — | ||
| Q2 24 | 55.3% | — |
| Q1 26 | -27.1% | 57.2% | ||
| Q4 25 | -17.8% | 60.0% | ||
| Q3 25 | 10.9% | 60.8% | ||
| Q2 25 | -42.5% | 60.0% | ||
| Q1 25 | -56.4% | 57.0% | ||
| Q4 24 | -71.3% | 49.4% | ||
| Q3 24 | -70.3% | 11.2% | ||
| Q2 24 | -109.6% | -197.4% |
| Q1 26 | 4.7% | 35.0% | ||
| Q4 25 | -18.9% | 14.2% | ||
| Q3 25 | 10.2% | 15.9% | ||
| Q2 25 | -43.5% | 15.8% | ||
| Q1 25 | -56.9% | 14.7% | ||
| Q4 24 | -71.0% | 135.2% | ||
| Q3 24 | -69.1% | 9.3% | ||
| Q2 24 | -107.0% | -222.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.08 | $0.24 | ||
| Q3 25 | $0.06 | $0.26 | ||
| Q2 25 | $-0.17 | $0.24 | ||
| Q1 25 | $-0.20 | $0.20 | ||
| Q4 24 | $-0.22 | — | ||
| Q3 24 | $-0.22 | $-0.04 | ||
| Q2 24 | $-0.31 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $77.6M | $29.7M |
| Total DebtLower is stronger | — | $433.0K |
| Stockholders' EquityBook value | — | — |
| Total Assets | $505.9M | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $77.6M | $29.7M | ||
| Q4 25 | $70.5M | $30.7M | ||
| Q3 25 | $55.0M | $28.3M | ||
| Q2 25 | $43.2M | $20.3M | ||
| Q1 25 | $50.6M | $14.9M | ||
| Q4 24 | $47.9M | $37.0M | ||
| Q3 24 | $38.1M | $14.4M | ||
| Q2 24 | $59.8M | $24.6M |
| Q1 26 | — | $433.0K | ||
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $366.1M | ||
| Q2 25 | — | $370.9M | ||
| Q1 25 | — | $375.5M | ||
| Q4 24 | — | $385.5M | ||
| Q3 24 | — | $242.4M | ||
| Q2 24 | — | $360.8M |
| Q1 26 | — | — | ||
| Q4 25 | $218.8M | $340.3M | ||
| Q3 25 | $204.4M | $272.0M | ||
| Q2 25 | $179.7M | $266.4M | ||
| Q1 25 | $190.4M | $217.0M | ||
| Q4 24 | $202.7M | $211.8M | ||
| Q3 24 | $223.8M | $97.2M | ||
| Q2 24 | $241.6M | $296.4M |
| Q1 26 | $505.9M | $1.4B | ||
| Q4 25 | $512.7M | $1.4B | ||
| Q3 25 | $490.6M | $1.1B | ||
| Q2 25 | $496.6M | $1.1B | ||
| Q1 25 | $510.9M | $1.0B | ||
| Q4 24 | $539.4M | $1.0B | ||
| Q3 24 | $558.5M | $689.9M | ||
| Q2 24 | $584.9M | $710.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 1.39× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.82× | ||
| Q3 24 | — | 2.49× | ||
| Q2 24 | — | 1.22× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $41.1M |
| Free Cash FlowOCF − Capex | — | $40.9M |
| FCF MarginFCF / Revenue | — | 80.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 2.30× |
| TTM Free Cash FlowTrailing 4 quarters | — | $232.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $41.1M | ||
| Q4 25 | $2.1M | $126.3M | ||
| Q3 25 | $-7.1M | $34.9M | ||
| Q2 25 | $-12.4M | $37.3M | ||
| Q1 25 | $-28.5M | $15.9M | ||
| Q4 24 | $-12.5M | $67.6M | ||
| Q3 24 | $-27.1M | $7.5M | ||
| Q2 24 | $-17.3M | $16.0M |
| Q1 26 | — | $40.9M | ||
| Q4 25 | $1.4M | $122.0M | ||
| Q3 25 | $-7.5M | $33.7M | ||
| Q2 25 | $-13.1M | $36.1M | ||
| Q1 25 | $-29.7M | $15.8M | ||
| Q4 24 | $-12.6M | $66.7M | ||
| Q3 24 | $-27.4M | $7.1M | ||
| Q2 24 | $-19.0M | $15.7M |
| Q1 26 | — | 80.3% | ||
| Q4 25 | 2.0% | 214.9% | ||
| Q3 25 | -8.0% | 66.3% | ||
| Q2 25 | -22.2% | 75.9% | ||
| Q1 25 | -56.7% | 36.0% | ||
| Q4 24 | -26.5% | 182.6% | ||
| Q3 24 | -59.0% | 25.1% | ||
| Q2 24 | -44.1% | 60.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.9% | 7.5% | ||
| Q3 25 | 0.4% | 2.3% | ||
| Q2 25 | 1.1% | 2.6% | ||
| Q1 25 | 2.4% | 0.2% | ||
| Q4 24 | 0.2% | 2.7% | ||
| Q3 24 | 0.7% | 1.1% | ||
| Q2 24 | 4.0% | 1.4% |
| Q1 26 | — | 2.30× | ||
| Q4 25 | — | 15.68× | ||
| Q3 25 | -0.75× | 4.31× | ||
| Q2 25 | — | 4.98× | ||
| Q1 25 | — | 2.46× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADPT
Segment breakdown not available.
LB
| Other | $14.2M | 28% |
| Easements and other surface-related revenues | $11.6M | 23% |
| Surface use royalties - related party | $11.0M | 22% |
| Resource sales | $5.2M | 10% |
| Resource royalties | $4.3M | 8% |
| Easements and other surface-related revenues - related party | $3.2M | 6% |
| Resource royalties - related party | $1.3M | 2% |
| Resource sales - related party | $205.0K | 0% |
