ADMA Biologics
ADMA · Biotechnology
$10.68
2.5%Ligand Pharmaceuticals
LGND · Biotechnology
$303.53
1.4%The short version
- ADMA Biologics is the larger business, with $510M of revenue in fiscal 2025 against $268M for Ligand Pharmaceuticals, about 1.9 times as much.
- Ligand Pharmaceuticals grew revenue faster (60.4%, against 19.6%).
- ADMA Biologics kept more of each dollar of sales as operating profit (37.5% operating margin, against 15.3% operating margin).
- Ligand Pharmaceuticals turned more of its sales into free cash flow (18.2% FCF margin, against 5.5% FCF margin).
- ADMA Biologics earned a higher return on the capital invested in it (39.5%, against 4.9%).
- Investors pay more for each dollar of Ligand Pharmaceuticals’s earnings: a P/E of 32.3x against 15.3x for ADMA Biologics.
| Latest fiscal year | ADMA · FY25 | LGND · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.5B | $6.6B |
| Revenue | $510M | $268M |
| Free cash flow | $27.8M | $48.9M |
| Net income | $147M | $125M |
| Growth | ||
| Revenue growth | 19.6% | 60.4% |
| 5-year growth | 64.6% | 10.4% |
| Share count change | 0.6% | 11.0% |
| Profitability | ||
| Gross margin | 57.4% | — |
| Operating margin | 37.5% | 15.3% |
| Net margin | 28.8% | 46.4% |
| FCF margin | 5.5% | 18.2% |
| Return on capital | 39.5% | 4.9% |
| Return on equity | 35.6% | 13.5% |
| Balance sheet | ||
| Net debt | −$15.5M | −$287M |
| Net debt / EBITDA | −0.1x | −3.8x |
| Dividends and buybacks | $31.9M | $15.0M |
| Valuation & quality | ||
| P/E | 15.3x | 32.3x |
| Piotroski F-score | 5 | 5 |
FY16
ADMA $10.7M
LGND $109M
FY17
ADMA $22.8M
LGND $141M
FY18
ADMA $17.0M
LGND $252M
FY19
ADMA $29.3M
LGND $120M
FY20
ADMA $42.2M
LGND $164M
FY21
ADMA $80.9M
LGND $242M
FY22
ADMA $154M
LGND $196M
FY23
ADMA $258M
LGND $131M
FY24
ADMA $427M
LGND $167M
FY25
ADMA $510M
LGND $268M
ADMA
LGND
FY16
ADMA −162.6%
LGND 40.3%
FY17
ADMA −172.7%
LGND 48.3%
FY18
ADMA −355.0%
LGND 65.1%
FY19
ADMA −141.1%
LGND 671.0%
FY20
ADMA −153.8%
LGND 22.9%
FY21
ADMA −72.1%
LGND 43.0%
FY22
ADMA −25.6%
LGND 1.6%
FY23
ADMA 8.4%
LGND 9.1%
FY24
ADMA 32.6%
LGND −13.5%
FY25
ADMA 37.5%
LGND 15.3%
ADMA
LGND
FY16
ADMA −$18.3M
LGND $58.9M
FY17
ADMA −$40.0M
LGND $86.4M
FY18
ADMA −$64.8M
LGND $193M
FY19
ADMA −$80.0M
LGND −$31.9M
FY20
ADMA −$115M
LGND $50.1M
FY21
ADMA −$126M
LGND $70.0M
FY22
ADMA −$73.4M
LGND $120M
FY23
ADMA $4.0M
LGND $46.1M
FY24
ADMA $110M
LGND $95.2M
FY25
ADMA $27.8M
LGND $48.9M
ADMA
LGND
FY16
ADMA —
LGND —
FY17
ADMA —
LGND —
FY18
ADMA —
LGND 30.0%
FY19
ADMA —
LGND 156.4%
FY20
ADMA −82.2%
LGND 6.9%
FY21
ADMA −29.7%
LGND 13.4%
FY22
ADMA −15.8%
LGND 0.2%
FY23
ADMA 8.1%
LGND 2.0%
FY24
ADMA 52.2%
LGND −2.1%
FY25
ADMA 39.5%
LGND 4.9%
ADMA
LGND
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.