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ADMA Biologics

ADMA Nasdaq Biotechnology Financials FY2016–FY2025

ADMA Biologics' revenue rose 19.6% to $510 million in fiscal 2025. Its operating margin was 37.5%, up from 32.6% a year earlier. Free cash flow was $28 million, down 74.8%. It paid out $32 million in dividends and buybacks, 115% of free cash flow. The diluted share count rose 0.6%.

Last close · Oct 23, 2026

$10.68

2.5%
Value it Compare
Revenue Total sales reported in the income statement.
$510M
19.6% vs prior year
Operating margin Operating income as a share of revenue.
37.5%
4.9 pts
Net income Profit after all expenses, interest and tax.
$147M
25.7%
Free cash flow Cash from operations minus capital spending.
$27.8M
74.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
39.5%
12.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.3x
On $0.70 EPS (TTM)

What ADMA Biologics does

No business description yet.

Legal name
ADMA BIOLOGICS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001140361-26-006815
0001368514

Revenue and margins

ADMA Biologics had $510M of revenue in fiscal 2025, up 19.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $27.8M in fiscal 2025, 5.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

ADMA Biologics returned $31.9M to shareholders in fiscal 2025, 115% of free cash flow. The diluted share count rose 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value ADMA Biologics yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $15.5M and divides by 244.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.3x · peers 25.4x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably ADMA Biologics can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $51.1M$86.5M$51.4M$103M$87.6M
Debt incl. finance leases $94.9M$143M$131M$72.3M$72.1M
Net debt / EBITDA ——2.7x−0.2x−0.1x
Debt / equity 0.7x0.9x1.0x0.2x0.2x
Interest coverage −4.5x−2.0x0.9x10.0x26.9x
Current ratio 6.9x6.9x5.2x6.0x6.7x
Quick ratio 2.8x2.7x1.7x2.9x3.7x
Total assets $276M$349M$329M$489M$624M
Total liabilities $135M$197M$194M$140M$147M
Shareholders' equity $141M$152M$135M$349M$477M
Net debt (− = net cash) $43.8M$56.3M$79.2M−$30.8M−$15.5M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.5M

2 insiders

Sold, 12 months

$1.6M

2 insiders

Of sales under plans

90%

$1.4M

DateInsiderTradeSharesPriceValueFiling
May 27, 2026 Jerrold B GrossmanDirector Bought 6,400 $7.91 $0.1M Form 4
May 12, 2026 Jerrold B GrossmanDirector Bought 12,500 $8.01 $0.1M Form 4
May 11, 2026 Jerrold B GrossmanDirector Bought 12,500 $8.01 $0.1M Form 4
Mar 16, 2026 Adam S GrossmanPresident and CEO, Director Sold plan 21,000 $15.16 $0.3M Form 4
Mar 9, 2026 Kaitlin M. Kestenberg-MessinaCOO and SVP, Compliance Sold 10,096 $15.63 $0.2M Form 4
Mar 6, 2026 Steve ElmsDirector Bought 7,000 $15.39 $0.1M Form 4
Mar 5, 2026 Steve ElmsDirector Bought 7,000 $15.67 $0.1M Form 4
Feb 17, 2026 Adam S GrossmanPresident and CEO, Director Sold plan 21,000 $16.08 $0.3M Form 4
Dec 15, 2025 Adam S GrossmanPresident and CEO, Director Sold plan 21,000 $19.79 $0.4M Form 4
Nov 19, 2025 Adam S GrossmanPresident and CEO, Director Sold plan 21,000 $16.00 $0.3M Form 4
Oct 24, 2025 Adam S GrossmanPresident and CEO, Director Sold plan 21,000 $16.00 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✕
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 6 / 97 / 95 / 9
Accruals ratio −10.9%19.3%17.4%
Altman Z'' 0.296.188.80

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
ADMA Biologics ADMA $2.5B 19.6% 37.5% 5.5% 39.5% 15.3x 5
Krystal Biotech KRYS $9.6B 33.9% 41.5% 48.6% 43.6% 39.0x 5 Compare →
Repligen RGEN — 16.4% 7.5% 12.7% 2.4% — — Compare →
Arrowhead Pharmaceuticals ARWR $8.3B 23,258.2% 11.9% 18.9% — — 5 Compare →
Harmony Biosciences HRMY $2.1B 21.5% 24.0% 40.1% 48.9% 11.7x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.7M $22.8M $17.0M $29.3M $42.2M $80.9M $154M $258M $427M $510M
Gross profit $4.3M −$6.4M −$25.2M −$10.2M −$19.1M $1.2M $35.3M $88.9M $220M $293M
Research and development $7.7M $5.6M $3.9M $2.3M $5.9M $3.6M $3.6M $3.3M $1.8M $4.8M
Operating income −$17.3M −$39.3M −$60.3M −$41.4M −$64.9M −$58.4M −$39.4M $21.6M $139M $191M
Interest expense $2.2M $3.3M $5.5M $9.0M $12.0M $13.1M $19.3M $25.0M $13.9M $7.1M
Pretax income −$19.5M −$43.8M −$65.7M −$48.3M −$75.7M −$71.6M −$65.9M −$28.2M $126M $183M
Income tax $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M −$72.0M $35.7M
Net income −$19.5M −$43.8M −$65.7M −$48.3M −$75.7M −$71.6M −$65.9M −$28.2M $198M $147M
Diluted EPS −$1.61 −$1.91 −$1.45 −$0.89 −$0.88 −$0.51 −$0.33 −$0.13 $0.81 $0.60
Diluted shares 0.01B 0.02B 0.05B 0.05B 0.09B 0.14B 0.20B 0.22B 0.24B 0.24B
Cash flow
Cash from operations −$18.3M −$37.3M −$62.7M −$76.2M −$102M −$112M −$59.5M $8.8M $119M $50.4M
Capital expenditure $0.1M $2.7M $2.1M $3.8M $12.7M $13.5M $13.9M $4.8M $8.2M $22.6M
Free cash flow −$18.3M −$40.0M −$64.8M −$80.0M −$115M −$126M −$73.4M $4.0M $110M $27.8M
Depreciation and amortization $0.4M $1.5M $2.6M $2.4M $3.2M $4.8M $6.4M $7.6M $7.7M $8.0M
Stock-based compensation $1.3M $1.6M $2.2M $2.7M $2.9M $3.5M $5.2M $6.2M $13.6M $20.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $31.9M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $31.9M
Balance sheet
Cash and short-term investments $15.3M $43.1M $26.8M $26.8M $55.9M $51.1M $86.5M $51.4M $103M $87.6M
Total debt $1.8M $2.8M $2.8M $0.0M $93.0M $94.9M $143M $131M $72.3M $72.1M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $21.7M $62.3M $44.5M $85.8M $154M $209M $270M $257M $331M $467M
Current liabilities $11.2M $9.4M $9.6M $14.0M $19.9M $30.4M $39.3M $49.8M $55.5M $69.5M
Inventory $5.0M $12.6M $18.6M $53.1M $81.5M $125M $163M $173M $170M $207M
Property and equipment, net $2.0M $30.5M $30.1M $31.7M $41.6M $50.9M $58.3M $53.8M $54.7M $65.1M
Total assets $23.7M $108M $88.9M $127M $208M $276M $349M $329M $489M $624M
Total liabilities $28.1M $67.7M $69.1M $101M $119M $135M $197M $194M $140M $147M
Shareholders' equity −$4.5M $40.3M $19.8M $26.2M $88.2M $141M $152M $135M $349M $477M
Margins
Gross margin 40.3% −28.1% −148.4% −34.6% −45.2% 1.5% 22.9% 34.4% 51.5% 57.4%
Operating margin −162.6% −172.7% −355.0% −141.1% −153.8% −72.1% −25.6% 8.4% 32.6% 37.5%
EBITDA margin −158.8% −166.1% −339.6% −133.0% −146.2% −66.2% −21.4% 11.3% 34.4% 39.1%
Net margin −183.1% −192.3% −387.1% −164.5% −179.4% −88.5% −42.8% −10.9% 46.4% 28.8%
FCF margin −172.1% −175.5% −381.4% −272.6% −271.7% −155.5% −47.7% 1.6% 25.9% 5.5%
Returns
Return on capital — — — — −82.2% −29.7% −15.8% 8.1% 52.2% 39.5%
Return on capital employed −108.5% −70.8% −67.8% −43.1% −43.2% −26.9% −14.2% 7.4% 39.0% 38.8%
Return on equity — −244.0% −218.8% −210.1% −132.4% −62.5% −45.0% −19.7% 81.7% 35.6%
Return on assets −82.3% −66.5% −66.8% −44.7% −45.3% −29.6% −21.1% −8.3% 48.3% 26.4%
Growth
Revenue growth 48.5% 113.5% −25.4% 72.8% 43.9% 91.7% 90.4% 67.6% 65.2% 19.6%
Net income growth — — — — — — — — — −25.7%
EPS growth — — — — — — — — — −25.9%
FCF growth — — — — — — — — 2,641.3% −74.8%
Share count change 16.7% 88.4% 97.4% 20.3% 58.5% 62.0% 41.8% 13.2% 8.7% 0.6%
Financial health
Net debt / EBITDA — — — — — — — 2.7x −0.2x −0.1x
Debt / equity — 0.1x 0.1x 0.0x 1.1x 0.7x 0.9x 1.0x 0.2x 0.2x
Interest coverage −7.7x −12.0x −10.9x −4.6x −5.4x −4.5x −2.0x 0.9x 10.0x 26.9x
Current ratio 1.9x 6.6x 4.6x 6.1x 7.7x 6.9x 6.9x 5.2x 6.0x 6.7x
Quick ratio 1.5x 5.3x 2.7x 2.3x 3.6x 2.8x 2.7x 1.7x 2.9x 3.7x
Capital allocation
Capex / revenue 0.7% 11.8% 12.3% 13.0% 30.1% 16.7% 9.0% 1.9% 1.9% 4.4%
Stock comp / revenue 11.7% 6.9% 13.1% 9.0% 6.8% 4.3% 3.4% 2.4% 3.2% 3.9%
Payouts / FCF — — — — — — — 0.0% 0.0% 114.8%
Quality scores
Piotroski F-score 4.0 4.0 3.0 5.0 2.0 4.0 5.0 6.0 7.0 5.0
Altman Z'' −16.9 −3.2 −9.6 −5.0 −2.4 −1.0 −0.1 0.3 6.2 8.8
Accruals ratio −5.3% −9.9% −3.1% 25.9% 15.7% 16.8% −2.1% −10.9% 19.3% 17.4%

Source: SEC EDGAR XBRL filings (CIK 0001368514). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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