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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $71.7M, roughly 1.4× Adaptive Biotechnologies Corp). Latham Group, Inc. runs the higher net margin — -7.0% vs -18.9%, a 11.9% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $1.4M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
ADPT vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $100.0M |
| Net Profit | $-13.6M | $-7.0M |
| Gross Margin | 74.6% | 28.0% |
| Operating Margin | -17.8% | -10.7% |
| Net Margin | -18.9% | -7.0% |
| Revenue YoY | 51.0% | 14.5% |
| Net Profit YoY | 59.7% | 76.0% |
| EPS (diluted) | $-0.08 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $94.0M | $161.9M | ||
| Q2 25 | $58.9M | $172.6M | ||
| Q1 25 | $52.4M | $111.4M | ||
| Q4 24 | $47.5M | $87.3M | ||
| Q3 24 | $46.4M | $150.5M | ||
| Q2 24 | $43.2M | $160.1M | ||
| Q1 24 | $41.9M | $110.6M |
| Q4 25 | $-13.6M | $-7.0M | ||
| Q3 25 | $9.5M | $8.1M | ||
| Q2 25 | $-25.6M | $16.0M | ||
| Q1 25 | $-29.9M | $-6.0M | ||
| Q4 24 | $-33.7M | $-29.2M | ||
| Q3 24 | $-32.1M | $5.9M | ||
| Q2 24 | $-46.2M | $13.3M | ||
| Q1 24 | $-47.5M | $-7.9M |
| Q4 25 | 74.6% | 28.0% | ||
| Q3 25 | 80.7% | 35.4% | ||
| Q2 25 | 69.4% | 37.1% | ||
| Q1 25 | 67.6% | 29.5% | ||
| Q4 24 | 62.0% | 24.6% | ||
| Q3 24 | 64.1% | 32.4% | ||
| Q2 24 | 55.3% | 33.1% | ||
| Q1 24 | 56.9% | 27.7% |
| Q4 25 | -17.8% | -10.7% | ||
| Q3 25 | 10.9% | 13.3% | ||
| Q2 25 | -42.5% | 14.3% | ||
| Q1 25 | -56.4% | -4.4% | ||
| Q4 24 | -71.3% | -14.9% | ||
| Q3 24 | -70.3% | 8.9% | ||
| Q2 24 | -109.6% | 12.5% | ||
| Q1 24 | -116.5% | -1.9% |
| Q4 25 | -18.9% | -7.0% | ||
| Q3 25 | 10.2% | 5.0% | ||
| Q2 25 | -43.5% | 9.3% | ||
| Q1 25 | -56.9% | -5.4% | ||
| Q4 24 | -71.0% | -33.4% | ||
| Q3 24 | -69.1% | 3.9% | ||
| Q2 24 | -107.0% | 8.3% | ||
| Q1 24 | -113.5% | -7.1% |
| Q4 25 | $-0.08 | $-0.06 | ||
| Q3 25 | $0.06 | $0.07 | ||
| Q2 25 | $-0.17 | $0.13 | ||
| Q1 25 | $-0.20 | $-0.05 | ||
| Q4 24 | $-0.22 | $-0.24 | ||
| Q3 24 | $-0.22 | $0.05 | ||
| Q2 24 | $-0.31 | $0.11 | ||
| Q1 24 | $-0.33 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $218.8M | $405.9M |
| Total Assets | $512.7M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | $43.2M | — | ||
| Q1 25 | $50.6M | — | ||
| Q4 24 | $47.9M | — | ||
| Q3 24 | $38.1M | — | ||
| Q2 24 | $59.8M | — | ||
| Q1 24 | $71.2M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $218.8M | $405.9M | ||
| Q3 25 | $204.4M | $408.4M | ||
| Q2 25 | $179.7M | $398.4M | ||
| Q1 25 | $190.4M | $381.1M | ||
| Q4 24 | $202.7M | $387.2M | ||
| Q3 24 | $223.8M | $416.6M | ||
| Q2 24 | $241.6M | $408.1M | ||
| Q1 24 | $274.9M | $391.8M |
| Q4 25 | $512.7M | $823.2M | ||
| Q3 25 | $490.6M | $844.4M | ||
| Q2 25 | $496.6M | $822.1M | ||
| Q1 25 | $510.9M | $824.6M | ||
| Q4 24 | $539.4M | $794.2M | ||
| Q3 24 | $558.5M | $853.4M | ||
| Q2 24 | $584.9M | $830.0M | ||
| Q1 24 | $620.3M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $1.4M | $14.1M |
| FCF MarginFCF / Revenue | 2.0% | 14.1% |
| Capex IntensityCapex / Revenue | 0.9% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $23.3M | ||
| Q3 25 | $-7.1M | $51.0M | ||
| Q2 25 | $-12.4M | $36.0M | ||
| Q1 25 | $-28.5M | $-46.9M | ||
| Q4 24 | $-12.5M | $6.2M | ||
| Q3 24 | $-27.1M | $37.2M | ||
| Q2 24 | $-17.3M | $52.4M | ||
| Q1 24 | $-38.4M | $-34.5M |
| Q4 25 | $1.4M | $14.1M | ||
| Q3 25 | $-7.5M | $45.2M | ||
| Q2 25 | $-13.1M | $29.1M | ||
| Q1 25 | $-29.7M | $-50.3M | ||
| Q4 24 | $-12.6M | $-98.0K | ||
| Q3 24 | $-27.4M | $33.2M | ||
| Q2 24 | $-19.0M | $47.9M | ||
| Q1 24 | $-39.9M | $-39.9M |
| Q4 25 | 2.0% | 14.1% | ||
| Q3 25 | -8.0% | 27.9% | ||
| Q2 25 | -22.2% | 16.8% | ||
| Q1 25 | -56.7% | -45.2% | ||
| Q4 24 | -26.5% | -0.1% | ||
| Q3 24 | -59.0% | 22.1% | ||
| Q2 24 | -44.1% | 29.9% | ||
| Q1 24 | -95.2% | -36.0% |
| Q4 25 | 0.9% | 9.2% | ||
| Q3 25 | 0.4% | 3.6% | ||
| Q2 25 | 1.1% | 4.0% | ||
| Q1 25 | 2.4% | 3.1% | ||
| Q4 24 | 0.2% | 7.2% | ||
| Q3 24 | 0.7% | 2.7% | ||
| Q2 24 | 4.0% | 2.8% | ||
| Q1 24 | 3.6% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
