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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Mar. 2026, Adaptive Biotechnologies has a Sloan Ratio of -8.73%, indicating the company is in the safe zone and there is no funny business with accruals.
Adaptive Biotechnologies (NAS:ADPT) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, Adaptive Biotechnologies has a Sloan Ratio of -8.73%, indicating the company is in the safe zone and there is no funny business with accruals.
Adaptive Biotechnologies Sloan Ratio % Related Terms
Adaptive Biotechnologies Sloan Ratio % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ADPT vs GRAL, VCYT, RDNT: Sloan Ratio % Comparison
For the Diagnostics & Research subindustry, Adaptive Biotechnologies's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Adaptive Biotechnologies Sloan Ratio % vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Adaptive Biotechnologies's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Adaptive Biotechnologies's Sloan Ratio % falls into.
Adaptive Biotechnologies Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Adaptive Biotechnologies's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
Adaptive Biotechnologies's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was -25.614 (Jun. 2025 ) + 9.546 (Sep. 2025 ) + -13.579 (Dec. 2025 ) + -20.033 (Mar. 2026 ) = $-49.7 Mil.
Adaptive Biotechnologies's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was -12.43 (Jun. 2025 ) + -7.127 (Sep. 2025 ) + 2.055 (Dec. 2025 ) + -9.537 (Mar. 2026 ) = $-27.0 Mil.
Adaptive Biotechnologies's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was 3.346 (Jun. 2025 ) + 17.283 (Sep. 2025 ) + -8.252 (Dec. 2025 ) + 9.143 (Mar. 2026 ) = $21.5 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Adaptive Biotechnologies (ADPT) has a Sloan Ratio % of -8.73% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Adaptive Biotechnologies and its competitors.
Is Adaptive Biotechnologies' Sloan Ratio % too high?
Adaptive Biotechnologies' current Sloan Ratio % is -8.73%. Overall, Adaptive Biotechnologies has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Adaptive Biotechnologies' Sloan Ratio % compare to GRAL and VCYT?
Adaptive Biotechnologies' Sloan Ratio % of -8.73% can be compared against companies in the Medical Diagnostics & Research industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Medical Diagnostics & Research company?
A good Sloan Ratio % depends on the Medical Diagnostics & Research industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Adaptive Biotechnologies and its competitors. Adaptive Biotechnologies's current Sloan Ratio % is -8.73%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Adaptive Biotechnologies stock overvalued right now?
Based on GuruFocus' analysis, Adaptive Biotechnologies (ADPT) is currently considered Significantly Overvalued. The stock's GF Value™ is $10.11, compared to a current price of $22.57 — trading 123.2% above its estimated fair value. The current Sloan Ratio % is -8.73%. Adaptive Biotechnologies' overall GF Score™ is 66/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Adaptive Biotechnologies (ADPT), the current Sloan Ratio % is -8.73% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Adaptive Biotechnologies (ADPT) Overvalued in 2026?
Based on GuruFocus' analysis, Adaptive Biotechnologies stock appears to be overvalued.
The current stock price of $22.57 is trading 123.2% above its estimated GF Value™ of $10.11.
GuruFocus considers Adaptive Biotechnologies to be Significantly Overvalued.
Key valuation signals for ADPT:
Sloan Ratio %: -8.73%
GF Value™: $10.11 vs. price of $22.57 (123.2% above fair value)
No single metric tells the full story. See the ADPT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Adaptive Biotechnologies Corp is a company advancing the field of immune-driven medicine by harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. Its clinical diagnostic product, clonoSEQ, is a test authorized by the FDA for the detection and monitoring of minimal residual disease (MRD) in patients with multiple myeloma (MM), B cell acute lymphoblastic leukemia (ALL) and chronic lymphocytic leukemia (CLL) and is also available as a CLIA-validated laboratory developed test (LDT) for patients with other lymphoid cancers. The company has two operating segments: Minimal Residual Disease and Immune Medicine. The company generates the majority of its revenue from the Minimal Residual Disease segment.
66GF Score
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