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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and Loar Holdings Inc. (LOAR). Click either name above to swap in a different company.
Loar Holdings Inc. is the larger business by last-quarter revenue ($131.8M vs $71.7M, roughly 1.8× Adaptive Biotechnologies Corp). Loar Holdings Inc. runs the higher net margin — 9.5% vs -18.9%, a 28.4% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs 19.3%). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs 19.8%).
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 LOAR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $131.8M |
| Net Profit | $-13.6M | $12.5M |
| Gross Margin | 74.6% | 52.1% |
| Operating Margin | -17.8% | 18.0% |
| Net Margin | -18.9% | 9.5% |
| Revenue YoY | 51.0% | 19.3% |
| Net Profit YoY | 59.7% | 239.5% |
| EPS (diluted) | $-0.08 | $0.13 |
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.
| Q4 25 | $71.7M | $131.8M | ||
| Q3 25 | $94.0M | $126.8M | ||
| Q2 25 | $58.9M | $123.1M | ||
| Q1 25 | $52.4M | $114.7M | ||
| Q4 24 | $47.5M | $110.4M | ||
| Q3 24 | $46.4M | $103.5M | ||
| Q2 24 | $43.2M | $97.0M | ||
| Q1 24 | $41.9M | $91.8M |
| Q4 25 | $-13.6M | $12.5M | ||
| Q3 25 | $9.5M | $27.6M | ||
| Q2 25 | $-25.6M | $16.7M | ||
| Q1 25 | $-29.9M | $15.3M | ||
| Q4 24 | $-33.7M | $3.7M | ||
| Q3 24 | $-32.1M | $8.7M | ||
| Q2 24 | $-46.2M | $7.6M | ||
| Q1 24 | $-47.5M | $2.2M |
| Q4 25 | 74.6% | 52.1% | ||
| Q3 25 | 80.7% | 52.7% | ||
| Q2 25 | 69.4% | 53.8% | ||
| Q1 25 | 67.6% | 52.1% | ||
| Q4 24 | 62.0% | 48.9% | ||
| Q3 24 | 64.1% | 51.1% | ||
| Q2 24 | 55.3% | 49.0% | ||
| Q1 24 | 56.9% | 48.4% |
| Q4 25 | -17.8% | 18.0% | ||
| Q3 25 | 10.9% | 22.9% | ||
| Q2 25 | -42.5% | 22.2% | ||
| Q1 25 | -56.4% | 22.8% | ||
| Q4 24 | -71.3% | 19.2% | ||
| Q3 24 | -70.3% | 22.1% | ||
| Q2 24 | -109.6% | 22.9% | ||
| Q1 24 | -116.5% | 23.3% |
| Q4 25 | -18.9% | 9.5% | ||
| Q3 25 | 10.2% | 21.8% | ||
| Q2 25 | -43.5% | 13.6% | ||
| Q1 25 | -56.9% | 13.4% | ||
| Q4 24 | -71.0% | 3.3% | ||
| Q3 24 | -69.1% | 8.4% | ||
| Q2 24 | -107.0% | 7.9% | ||
| Q1 24 | -113.5% | 2.4% |
| Q4 25 | $-0.08 | $0.13 | ||
| Q3 25 | $0.06 | $0.29 | ||
| Q2 25 | $-0.17 | $0.17 | ||
| Q1 25 | $-0.20 | $0.16 | ||
| Q4 24 | $-0.22 | $-11023.48 | ||
| Q3 24 | $-0.22 | $0.09 | ||
| Q2 24 | $-0.31 | $0.09 | ||
| Q1 24 | $-0.33 | $11023.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $70.5M | $84.8M |
| Total DebtLower is stronger | — | $715.7M |
| Stockholders' EquityBook value | $218.8M | $1.2B |
| Total Assets | $512.7M | $2.0B |
| Debt / EquityLower = less leverage | — | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $84.8M | ||
| Q3 25 | $55.0M | $99.0M | ||
| Q2 25 | $43.2M | $103.3M | ||
| Q1 25 | $50.6M | $80.5M | ||
| Q4 24 | $47.9M | $54.1M | ||
| Q3 24 | $38.1M | $55.2M | ||
| Q2 24 | $59.8M | $73.2M | ||
| Q1 24 | $71.2M | $28.2M |
| Q4 25 | — | $715.7M | ||
| Q3 25 | — | $279.4M | ||
| Q2 25 | — | $277.7M | ||
| Q1 25 | — | $277.5M | ||
| Q4 24 | — | $277.3M | ||
| Q3 24 | — | $602.1M | ||
| Q2 24 | — | $250.7M | ||
| Q1 24 | — | $534.2M |
| Q4 25 | $218.8M | $1.2B | ||
| Q3 25 | $204.4M | $1.2B | ||
| Q2 25 | $179.7M | $1.1B | ||
| Q1 25 | $190.4M | $1.1B | ||
| Q4 24 | $202.7M | $1.1B | ||
| Q3 24 | $223.8M | $769.8M | ||
| Q2 24 | $241.6M | $758.4M | ||
| Q1 24 | $274.9M | $420.6M |
| Q4 25 | $512.7M | $2.0B | ||
| Q3 25 | $490.6M | $1.5B | ||
| Q2 25 | $496.6M | $1.5B | ||
| Q1 25 | $510.9M | $1.5B | ||
| Q4 24 | $539.4M | $1.5B | ||
| Q3 24 | $558.5M | $1.5B | ||
| Q2 24 | $584.9M | $1.1B | ||
| Q1 24 | $620.3M | $1.1B |
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 1.27× |
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 | $2.1M | $30.4M |
| Free Cash FlowOCF − Capex | $1.4M | — |
| FCF MarginFCF / Revenue | 2.0% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $30.4M | ||
| Q3 25 | $-7.1M | $29.7M | ||
| Q2 25 | $-12.4M | $23.8M | ||
| Q1 25 | $-28.5M | $28.4M | ||
| Q4 24 | $-12.5M | $20.7M | ||
| Q3 24 | $-27.1M | $16.3M | ||
| Q2 24 | $-17.3M | $7.1M | ||
| Q1 24 | $-38.4M | $10.8M |
| Q4 25 | $1.4M | — | ||
| Q3 25 | $-7.5M | — | ||
| Q2 25 | $-13.1M | — | ||
| Q1 25 | $-29.7M | — | ||
| Q4 24 | $-12.6M | — | ||
| Q3 24 | $-27.4M | — | ||
| Q2 24 | $-19.0M | — | ||
| Q1 24 | $-39.9M | — |
| Q4 25 | 2.0% | — | ||
| Q3 25 | -8.0% | — | ||
| Q2 25 | -22.2% | — | ||
| Q1 25 | -56.7% | — | ||
| Q4 24 | -26.5% | — | ||
| Q3 24 | -59.0% | — | ||
| Q2 24 | -44.1% | — | ||
| Q1 24 | -95.2% | — |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 3.6% | — |
| Q4 25 | — | 2.43× | ||
| Q3 25 | -0.75× | 1.08× | ||
| Q2 25 | — | 1.42× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 5.62× | ||
| Q3 24 | — | 1.89× | ||
| Q2 24 | — | 0.93× | ||
| Q1 24 | — | 4.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
LOAR
| Other | $76.8M | 58% |
| Commercial Aerospace | $21.2M | 16% |
| Business Jet And General Aviation | $17.6M | 13% |
| Defense | $16.2M | 12% |
