Adc Therapeutics Sa Financials
This page shows Adc Therapeutics Sa (ADCT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Adc Therapeutics Sa has an operating margin of -149.3%, meaning the company retains $-149 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -184.4% the prior year.
Adc Therapeutics Sa's revenue grew 14.9% year-over-year to $81.4M, a solid pace of expansion. This earns a growth score of 58/100.
With a current ratio of 4.37, Adc Therapeutics Sa holds $4.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 87/100.
While Adc Therapeutics Sa generated -$141.2M in operating cash flow, capex of $264K consumed most of it, leaving -$141.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Adc Therapeutics Sa passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Adc Therapeutics Sa generates $0.99 in operating cash flow (-$141.2M OCF vs -$142.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Adc Therapeutics Sa earns $-7.5 in operating income for every $1 of interest expense (-$121.5M vs $16.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Adc Therapeutics Sa generated $81.4M in revenue in fiscal year 2025. This represents an increase of 14.9% from the prior year.
Adc Therapeutics Sa's EBITDA was -$120.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.6% from the prior year.
Adc Therapeutics Sa reported -$142.6M in net income in fiscal year 2025. This represents an increase of 9.6% from the prior year.
Adc Therapeutics Sa earned $-1.12 per diluted share (EPS) in fiscal year 2025. This represents an increase of 30.9% from the prior year.
Cash & Balance Sheet
Adc Therapeutics Sa generated -$141.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 13.4% from the prior year.
Adc Therapeutics Sa held $261.3M in cash against $0 in long-term debt as of fiscal year 2025.
Adc Therapeutics Sa had 126M shares outstanding in fiscal year 2025. This represents an increase of 27.2% from the prior year.
Margins & Returns
Adc Therapeutics Sa's gross margin was 92.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.3 percentage points from the prior year.
Adc Therapeutics Sa's operating margin was -149.3% in fiscal year 2025, reflecting core business profitability. This is up 35.1 percentage points from the prior year.
Adc Therapeutics Sa's net profit margin was -175.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 47.5 percentage points from the prior year.
Capital Allocation
Adc Therapeutics Sa invested $104.0M in research and development in fiscal year 2025. This represents a decrease of 5.1% from the prior year.
Adc Therapeutics Sa invested $264K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 69.6% from the prior year.
ADCT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $23.1M+40.4% | $16.4M-12.8% | $18.8M-18.2% | $23.0M+36.2% | $16.9M-8.4% | $18.5M+6.1% | $17.4M-3.6% | $18.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $18.2M-32.2% | $26.8M-10.9% | $30.1M+4.0% | $28.9M+6.7% | $27.1M-16.6% | $32.5M+33.8% | $24.3M-5.6% | $25.7M |
| SG&A Expenses | $9.5M+13.6% | $8.3M-5.6% | $8.8M-11.4% | $10.0M+3.5% | $9.6M-3.8% | $10.0M-2.3% | $10.2M-14.9% | $12.0M |
| Operating Income | -$17.9M+42.1% | -$31.0M+29.9% | -$44.1M-55.1% | -$28.5M+12.2% | -$32.4M+8.8% | -$35.6M-22.5% | -$29.0M+13.6% | -$33.6M |
| Interest Expense | -$22.3M-266.8% | $13.4M+3.0% | $13.0M+6.3% | $12.2M+2.6% | $11.9M-9.1% | $13.1M+3.5% | $12.7M+1.5% | $12.5M |
| Income Tax | -$404K | $0-100.0% | $1.3M+660.0% | $165K+151.4% | -$321K-456.7% | $90K-61.5% | $234K+43.6% | $163K |
| Net Income | -$6.4M+84.4% | -$41.0M+27.7% | -$56.6M-46.7% | -$38.6M-25.6% | -$30.7M+30.1% | -$44.0M-20.3% | -$36.5M+21.6% | -$46.6M |
| EPS (Diluted) | N/A | $-0.30+40.0% | $-0.50-38.9% | $-0.36 | N/A | $-0.42-10.5% | $-0.38+32.1% | $-0.56 |
ADCT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $323.1M+11.5% | $289.8M-9.9% | $321.6M+18.0% | $272.5M-15.4% | $322.0M-7.8% | $349.1M-6.1% | $371.8M+20.7% | $308.0M |
| Current Assets | $306.3M+6.7% | $287.1M-9.9% | $318.8M+23.6% | $258.0M-11.4% | $291.3M-12.5% | $333.0M-6.3% | $355.4M+22.5% | $290.2M |
| Cash & Equivalents | $261.3M+11.3% | $234.7M-11.3% | $264.6M+35.9% | $194.7M-22.4% | $250.9M-8.5% | $274.3M-8.6% | $300.1M+28.1% | $234.3M |
| Inventory | $4.2M-76.8% | $18.0M+1.6% | $17.8M+1.8% | $17.4M+675.1% | $2.3M-86.0% | $16.1M+5.8% | $15.2M-5.0% | $16.0M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $509.0M-3.6% | $527.9M+1.4% | $520.7M+2.0% | $510.8M-2.6% | $524.6M+0.7% | $521.0M+3.5% | $503.4M+0.2% | $502.4M |
| Current Liabilities | $70.2M+13.1% | $62.0M-4.0% | $64.6M+11.8% | $57.8M-28.2% | $80.5M+18.9% | $67.7M+17.4% | $57.6M-8.5% | $63.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$185.8M+22.0% | -$238.2M-19.6% | -$199.2M+16.4% | -$238.2M-17.6% | -$202.6M-17.9% | -$171.9M-30.6% | -$131.7M+32.3% | -$194.4M |
| Retained Earnings | -$1.6B-0.4% | -$1.6B-2.6% | -$1.6B-3.7% | -$1.5B-2.6% | -$1.5B-2.1% | -$1.5B-3.1% | -$1.4B-2.6% | -$1.4B |
ADCT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$31.1M-5.0% | -$29.6M-23.0% | -$24.1M+57.2% | -$56.3M-157.8% | -$21.9M+12.7% | -$25.0M+23.8% | -$32.8M+25.5% | -$44.1M |
| Capital Expenditures | $0 | $0 | $0-100.0% | $264K+193.3% | $90K-58.3% | $216K+620.0% | $30K-94.4% | $531K |
| Free Cash Flow | -$31.1M-5.0% | -$29.6M-23.0% | -$24.1M+57.4% | -$56.6M-157.9% | -$21.9M+13.1% | -$25.3M+23.2% | -$32.9M+26.3% | -$44.6M |
| Investing Cash Flow | $659K | $0 | $0+100.0% | -$264K-193.3% | -$90K+58.3% | -$216K-620.0% | -$30K+94.4% | -$531K |
| Financing Cash Flow | $57.1M+28932.8% | -$198K-100.2% | $93.8M+34506.3% | $271K+124.2% | -$1.1M-27.4% | -$879K-100.9% | $98.7M+27623.9% | $356K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ADCT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -77.7%+110.8pp | -188.5%+45.8pp | -234.3%-110.8pp | -123.6%+68.2pp | -191.8%+0.8pp | -192.6%-25.8pp | -166.8%+19.4pp | -186.2% |
| Net Margin | -27.8%+221.6pp | -249.4%+51.3pp | -300.7%-133.1pp | -167.6%+14.1pp | -181.7%+56.4pp | -238.1%-28.2pp | -209.9%+48.3pp | -258.2% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -2.0%+12.2pp | -14.1%+3.5pp | -17.6%-3.5pp | -14.2%-4.6pp | -9.5%+3.1pp | -12.6%-2.8pp | -9.8%+5.3pp | -15.1% |
| Current Ratio | 4.37-0.3 | 4.63-0.3 | 4.93+0.5 | 4.46+0.8 | 3.62-1.3 | 4.92-1.2 | 6.17+1.6 | 4.61 |
| Debt-to-Equity | -2.74-0.5 | -2.22+0.4 | -2.61-0.5 | -2.14+0.4 | -2.59+0.4 | -3.03+0.8 | -3.82-1.2 | -2.58 |
| FCF Margin | -135.0%+45.4pp | -180.4%-52.5pp | -127.9%+117.9pp | -245.7%-116.0pp | -129.8%+7.0pp | -136.8%+52.0pp | -188.8%+58.4pp | -247.2% |
Note: Shareholder equity is negative (-$185.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Adc Therapeutics Sa's annual revenue?
Adc Therapeutics Sa (ADCT) reported $81.4M in total revenue for fiscal year 2025. This represents a 14.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Adc Therapeutics Sa's revenue growing?
Adc Therapeutics Sa (ADCT) revenue grew by 14.9% year-over-year, from $70.8M to $81.4M in fiscal year 2025.
Is Adc Therapeutics Sa profitable?
No, Adc Therapeutics Sa (ADCT) reported a net income of -$142.6M in fiscal year 2025, with a net profit margin of -175.3%.
What is Adc Therapeutics Sa's EBITDA?
Adc Therapeutics Sa (ADCT) had EBITDA of -$120.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Adc Therapeutics Sa's gross margin?
Adc Therapeutics Sa (ADCT) had a gross margin of 92.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Adc Therapeutics Sa's operating margin?
Adc Therapeutics Sa (ADCT) had an operating margin of -149.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Adc Therapeutics Sa's net profit margin?
Adc Therapeutics Sa (ADCT) had a net profit margin of -175.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Adc Therapeutics Sa's free cash flow?
Adc Therapeutics Sa (ADCT) generated -$141.4M in free cash flow during fiscal year 2025. This represents a -13.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Adc Therapeutics Sa's operating cash flow?
Adc Therapeutics Sa (ADCT) generated -$141.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Adc Therapeutics Sa's total assets?
Adc Therapeutics Sa (ADCT) had $323.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Adc Therapeutics Sa's capital expenditures?
Adc Therapeutics Sa (ADCT) invested $264K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Adc Therapeutics Sa spend on research and development?
Adc Therapeutics Sa (ADCT) invested $104.0M in research and development during fiscal year 2025.
What is Adc Therapeutics Sa's current ratio?
Adc Therapeutics Sa (ADCT) had a current ratio of 4.37 as of fiscal year 2025, which is generally considered healthy.
What is Adc Therapeutics Sa's debt-to-equity ratio?
Adc Therapeutics Sa (ADCT) had a debt-to-equity ratio of -2.74 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Adc Therapeutics Sa's return on assets (ROA)?
Adc Therapeutics Sa (ADCT) had a return on assets of -44.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Adc Therapeutics Sa's cash runway?
Based on fiscal year 2025 data, Adc Therapeutics Sa (ADCT) had $261.3M in cash against an annual operating cash burn of $141.2M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Adc Therapeutics Sa's debt-to-equity ratio negative or unusual?
Adc Therapeutics Sa (ADCT) has negative shareholder equity of -$185.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Adc Therapeutics Sa's Piotroski F-Score?
Adc Therapeutics Sa (ADCT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Adc Therapeutics Sa's earnings high quality?
Adc Therapeutics Sa (ADCT) has an earnings quality ratio of 0.99x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Adc Therapeutics Sa cover its interest payments?
Adc Therapeutics Sa (ADCT) has an interest coverage ratio of -7.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Adc Therapeutics Sa?
Adc Therapeutics Sa (ADCT) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.