Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data ADC Therapeutics SA files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.14
2.34
0
33.9
210
69.6
70.8
81.4
Cost of revenue
0
0
1.39
3.3
2.53
5.95
5.8
Gross profit
2.34
0
32.5
207
67
64.9
75.6
Research and development
118
108
142
158
186
127
110
104
Selling and marketing
69.1
57.5
44
43.4
General and administrative
74.4
48.4
41.9
36.6
Operating income
-126
-119
-219
-262
-123
-166
-131
-121
Interest expense
0
0.16
4.93
18.3
36.7
46.3
50.2
51.6
Interest income
2.86
2.25
0.83
0.07
2.57
10.5
12.3
8.81
Other non-operating income
-23.5
-29.4
-25.5
-20.1
Pre-tax income
-123
-116
-246
-252
-147
-195
-156
-142
Income tax
0.22
0.58
0.33
-21.5
0.23
39.1
0.17
1.02
Net income
-123
-116
-246
-230
-157
-240
-158
-143
EBITDA
-122
-165
-129
-121
EPS, basic
-2.64
-2.36
-3.77
-2.01
-2.94
-1.62
-1.12
EPS, diluted
-2.64
-2.36
-3.77
-2.01
-2.94
-1.62
-1.12
Shares, basic (weighted)
78.2
81.7
97.2
127
Shares, diluted (weighted)
78.2
81.7
97.2
127
Balance sheet
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
139
116
439
467
326
279
251
261
Receivables
0
30.2
73
Inventory
0
11.1
12.1
16.2
2.25
4.18
Other current assets
23.5
5.99
9.45
6.08
Total current assets
123
450
525
435
336
291
306
Property, plant and equipment
1.38
1.63
4.07
3.36
5.62
5.08
0
Lease right-of-use assets
4.9
3.13
7.16
6.91
10.5
8.35
1.3
Intangible assets
8.43
10.2
13.6
14.4
Other non-current assets
0.9
0.71
1.16
1.22
Total assets
138
514
618
491
355
322
323
Accounts payable
3.33
5.28
12.1
12.4
15.6
18
9.18
Accrued liabilities
68.5
52.1
62.4
58
Short-term debt
0
3
Total current liabilities
19.9
40.4
73.9
81.9
67.7
80.5
70.2
Lease liabilities
4.5
2.47
6.99
6.56
10.2
8
1.03
Other non-current liabilities
0.84
8.88
2.43
2.81
Total liabilities
26.5
178
452
411
503
525
509
Total debt
0
3
Paid-in capital
550
981
982
1,166
1,181
1,284
1,440
Retained earnings
-449
-695
-925
-1,095
-1,335
-1,493
-1,636
Treasury stock
-0.68
-0.54
-0.22
-0.21
Other comprehensive income
1.82
-0.09
-1.42
-0.52
Shareholders' equity
154
79.5
-148
-203
-186
Total equity
126
111
336
166
88.7
-148
-203
-186
Total liabilities and equity
138
514
618
491
355
322
323
Shares outstanding
80.6
82.3
98.9
126
Cash flow statement
FY2018
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-123
-116
-246
-230
-157
-240
-158
-143
Depreciation and amortization
1.06
1.19
1.33
0.71
Stock-based compensation
49.3
13.5
6.57
6.91
Deferred income tax
-1.62
37.1
0
0
Change in receivables
-42.8
47.8
4.77
-8.79
Change in inventory
-9.65
-5.71
-3.73
-2.38
Cash from operations
-121
-122
-169
-233
-138
-119
-124
-141
Capital expenditures
-0.94
-0.36
-0.8
-3.43
-0.69
-3.22
-0.87
-0.26
Cash from investing
-2.51
-2.25
-2.83
-6.67
-0.69
-3.22
-0.87
0.4
Debt issued
0
0
62.9
49.6
0
Stock issued
0
0
433
0
0
60.5
86.3
Share buybacks
0
-0.14
0
0
Cash from financing
-0.02
101
495
267
-0.9
73.9
97.1
151
Exchange rate effect
-0.05
0.06
0.24
0.01
-0.21
0.18
-0.08
0.31
Net change in cash
-140
-48
-27.6
10.2
Free cash flow
-122
-122
-170
-237
-139
-122
-125
-141
Interest paid
0
0.16
1.56
5.28
10.2
15.4
15.7
14.5
Income taxes paid
0.19
0.29
0.03
0.67
13.5
-0.95
-0.11
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.27 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-125.1%
Operating income / revenue.
Pre-tax margin
-122.3%
Pre-tax income / revenue.
Net margin
-121.8%
Net income / revenue.
FCF margin
-128.5%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-128.5%
Cash from operations / revenue.
Return on assets (ROA)
-34.7%
Net income / average total assets.
R&D / revenue
103.3%
Research and development expense / revenue.
Stock-based pay / revenue
12.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
14.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-27.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
16.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-28.5%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
0.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-13.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-8.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
30.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
17.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.03x
Current assets / current liabilities.
Quick ratio
2.54x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.54x
(Cash + short-term investments) / current liabilities.
Debt / assets
2.2%
Total debt / total assets.
Liabilities / assets
181.7%
Total liabilities / total assets.
Net debt
-$212.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.51
Revenue / diluted weighted shares.
FCF per share
-$0.66
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.66
Cash from operations / diluted weighted shares.
Book value per share
-$1.79
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
2.04x
Market cap / revenue.
FCF yield
-63.1%
Free cash flow / market cap.
Earnings yield
-59.8%
Net income / market cap (the inverse of P/E).
What was ADC Therapeutics SA's revenue in fiscal 2025?
ADC Therapeutics SA reported revenue of $81.4M for fiscal 2025, 14.9% higher than the year before.
Was ADC Therapeutics SA profitable in fiscal 2025?
No. It reported a net loss of $142.6M.
How much free cash flow did ADC Therapeutics SA generate in fiscal 2025?
Cash from operations of $141.2M minus capital expenditures of $264.0K left free cash flow of -$141.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.