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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
SMITH & WESSON BRANDS, INC. is the larger business by last-quarter revenue ($124.7M vs $71.7M, roughly 1.7× Adaptive Biotechnologies Corp). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -18.9%, a 20.5% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs -3.9%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $1.4M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
ADPT vs SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $124.7M |
| Net Profit | $-13.6M | $1.9M |
| Gross Margin | 74.6% | 24.3% |
| Operating Margin | -17.8% | 3.3% |
| Net Margin | -18.9% | 1.5% |
| Revenue YoY | 51.0% | -3.9% |
| Net Profit YoY | 59.7% | -53.6% |
| EPS (diluted) | $-0.08 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $94.0M | $85.1M | ||
| Q2 25 | $58.9M | $140.8M | ||
| Q1 25 | $52.4M | $115.9M | ||
| Q4 24 | $47.5M | $129.7M | ||
| Q3 24 | $46.4M | $88.3M | ||
| Q2 24 | $43.2M | $159.1M | ||
| Q1 24 | $41.9M | $137.5M |
| Q4 25 | $-13.6M | $1.9M | ||
| Q3 25 | $9.5M | $-3.4M | ||
| Q2 25 | $-25.6M | $8.6M | ||
| Q1 25 | $-29.9M | $2.1M | ||
| Q4 24 | $-33.7M | $4.5M | ||
| Q3 24 | $-32.1M | $-1.9M | ||
| Q2 24 | $-46.2M | $27.9M | ||
| Q1 24 | $-47.5M | $7.9M |
| Q4 25 | 74.6% | 24.3% | ||
| Q3 25 | 80.7% | 25.9% | ||
| Q2 25 | 69.4% | 28.8% | ||
| Q1 25 | 67.6% | 24.1% | ||
| Q4 24 | 62.0% | 26.6% | ||
| Q3 24 | 64.1% | 27.4% | ||
| Q2 24 | 55.3% | 35.5% | ||
| Q1 24 | 56.9% | 28.7% |
| Q4 25 | -17.8% | 3.3% | ||
| Q3 25 | 10.9% | -3.5% | ||
| Q2 25 | -42.5% | 9.3% | ||
| Q1 25 | -56.4% | 4.1% | ||
| Q4 24 | -71.3% | 5.8% | ||
| Q3 24 | -70.3% | -1.7% | ||
| Q2 24 | -109.6% | 17.4% | ||
| Q1 24 | -116.5% | 8.2% |
| Q4 25 | -18.9% | 1.5% | ||
| Q3 25 | 10.2% | -4.0% | ||
| Q2 25 | -43.5% | 6.1% | ||
| Q1 25 | -56.9% | 1.8% | ||
| Q4 24 | -71.0% | 3.5% | ||
| Q3 24 | -69.1% | -2.1% | ||
| Q2 24 | -107.0% | 17.5% | ||
| Q1 24 | -113.5% | 5.7% |
| Q4 25 | $-0.08 | $0.04 | ||
| Q3 25 | $0.06 | $-0.08 | ||
| Q2 25 | $-0.17 | $0.19 | ||
| Q1 25 | $-0.20 | $0.05 | ||
| Q4 24 | $-0.22 | $0.10 | ||
| Q3 24 | $-0.22 | $-0.04 | ||
| Q2 24 | $-0.31 | $0.60 | ||
| Q1 24 | $-0.33 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $218.8M | $363.2M |
| Total Assets | $512.7M | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $22.4M | ||
| Q3 25 | $55.0M | $18.0M | ||
| Q2 25 | $43.2M | $25.2M | ||
| Q1 25 | $50.6M | $26.7M | ||
| Q4 24 | $47.9M | $39.1M | ||
| Q3 24 | $38.1M | $35.5M | ||
| Q2 24 | $59.8M | $60.8M | ||
| Q1 24 | $71.2M | $47.4M |
| Q4 25 | $218.8M | $363.2M | ||
| Q3 25 | $204.4M | $364.4M | ||
| Q2 25 | $179.7M | $372.5M | ||
| Q1 25 | $190.4M | $366.9M | ||
| Q4 24 | $202.7M | $371.5M | ||
| Q3 24 | $223.8M | $380.0M | ||
| Q2 24 | $241.6M | $399.9M | ||
| Q1 24 | $274.9M | $376.4M |
| Q4 25 | $512.7M | $548.6M | ||
| Q3 25 | $490.6M | $554.6M | ||
| Q2 25 | $496.6M | $559.6M | ||
| Q1 25 | $510.9M | $578.9M | ||
| Q4 24 | $539.4M | $587.4M | ||
| Q3 24 | $558.5M | $571.3M | ||
| Q2 24 | $584.9M | $577.4M | ||
| Q1 24 | $620.3M | $570.6M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $1.4M | $16.3M |
| FCF MarginFCF / Revenue | 2.0% | 13.1% |
| Capex IntensityCapex / Revenue | 0.9% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $27.3M | ||
| Q3 25 | $-7.1M | $-8.1M | ||
| Q2 25 | $-12.4M | $40.8M | ||
| Q1 25 | $-28.5M | $-9.8M | ||
| Q4 24 | $-12.5M | $-7.4M | ||
| Q3 24 | $-27.1M | $-30.8M | ||
| Q2 24 | $-17.3M | $43.7M | ||
| Q1 24 | $-38.4M | $25.2M |
| Q4 25 | $1.4M | $16.3M | ||
| Q3 25 | $-7.5M | $-12.4M | ||
| Q2 25 | $-13.1M | $33.5M | ||
| Q1 25 | $-29.7M | $-16.1M | ||
| Q4 24 | $-12.6M | $-10.7M | ||
| Q3 24 | $-27.4M | $-35.5M | ||
| Q2 24 | $-19.0M | $38.2M | ||
| Q1 24 | $-39.9M | $7.0M |
| Q4 25 | 2.0% | 13.1% | ||
| Q3 25 | -8.0% | -14.6% | ||
| Q2 25 | -22.2% | 23.8% | ||
| Q1 25 | -56.7% | -13.9% | ||
| Q4 24 | -26.5% | -8.3% | ||
| Q3 24 | -59.0% | -40.2% | ||
| Q2 24 | -44.1% | 24.0% | ||
| Q1 24 | -95.2% | 5.1% |
| Q4 25 | 0.9% | 8.8% | ||
| Q3 25 | 0.4% | 5.0% | ||
| Q2 25 | 1.1% | 5.2% | ||
| Q1 25 | 2.4% | 5.4% | ||
| Q4 24 | 0.2% | 2.5% | ||
| Q3 24 | 0.7% | 5.3% | ||
| Q2 24 | 4.0% | 3.5% | ||
| Q1 24 | 3.6% | 13.2% |
| Q4 25 | — | 14.22× | ||
| Q3 25 | -0.75× | — | ||
| Q2 25 | — | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | — | 3.20× |
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% |
SWBI
Segment breakdown not available.
