ADMA Biologics vs Harmony Biosciences
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The short version
- Harmony Biosciences is the larger business, with $869M of revenue in fiscal 2025 against $510M for ADMA Biologics, about 1.7 times as much.
- Harmony Biosciences grew revenue faster (21.5%, against 19.6%).
- ADMA Biologics kept more of each dollar of sales as operating profit (37.5% operating margin, against 24.0%).
- Harmony Biosciences turned more of its sales into free cash flow (40.1% FCF margin, against 5.5%).
- Harmony Biosciences earned a higher return on the capital invested in it (48.9%, against 39.5%).
- Investors pay more for each dollar of ADMA Biologics’s earnings: a P/E of 15.3x against 11.7x for Harmony Biosciences.
| Latest fiscal year | ADMA · FY25 | HRMY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.5B | $2.1B |
| Revenue | $510M | $869M |
| Free cash flow | $27.8M | $348M |
| Net income | $147M | $159M |
| Growth | ||
| Revenue growth | 19.6% | 21.5% |
| 5-year growth | 64.6% | 40.3% |
| Share count change | 0.6% | 1.2% |
| Profitability | ||
| Gross margin | 57.4% | 77.2% |
| Operating margin | 37.5% | 24.0% |
| Net margin | 28.8% | 18.3% |
| FCF margin | 5.5% | 40.1% |
| Return on capital | 39.5% | 48.9% |
| Return on equity | 35.6% | 20.8% |
| Balance sheet | ||
| Net debt | −$15.5M | −$612M |
| Net debt / EBITDA | −0.1x | — |
| Dividends and buybacks | $31.9M | $0.0M |
| Valuation & quality | ||
| P/E | 15.3x | 11.7x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
ADMA $10.7M
HRMY —
FY17
ADMA $22.8M
HRMY —
FY18
ADMA $17.0M
HRMY —
FY19
ADMA $29.3M
HRMY $6.0M
FY20
ADMA $42.2M
HRMY $160M
FY21
ADMA $80.9M
HRMY $305M
FY22
ADMA $154M
HRMY $438M
FY23
ADMA $258M
HRMY $582M
FY24
ADMA $427M
HRMY $715M
FY25
ADMA $510M
HRMY $869M
ADMA
HRMY
Operating margin
FY16
ADMA −162.6%
HRMY —
FY17
ADMA −172.7%
HRMY —
FY18
ADMA −355.0%
HRMY —
FY19
ADMA −141.1%
HRMY −2,433.8%
FY20
ADMA −153.8%
HRMY 10.6%
FY21
ADMA −72.1%
HRMY 28.7%
FY22
ADMA −25.6%
HRMY 27.5%
FY23
ADMA 8.4%
HRMY 33.0%
FY24
ADMA 32.6%
HRMY 26.7%
FY25
ADMA 37.5%
HRMY 24.0%
ADMA
HRMY
Free cash flow
FY16
ADMA −$18.3M
HRMY —
FY17
ADMA −$40.0M
HRMY —
FY18
ADMA −$64.8M
HRMY —
FY19
ADMA −$80.0M
HRMY −$75.6M
FY20
ADMA −$115M
HRMY −$3.0M
FY21
ADMA −$126M
HRMY $98.3M
FY22
ADMA −$73.4M
HRMY $144M
FY23
ADMA $4.0M
HRMY $219M
FY24
ADMA $110M
HRMY $219M
FY25
ADMA $27.8M
HRMY $348M
ADMA
HRMY
Return on capital
FY16
ADMA —
HRMY —
FY17
ADMA —
HRMY —
FY18
ADMA —
HRMY —
FY19
ADMA —
HRMY —
FY20
ADMA −82.2%
HRMY —
FY21
ADMA −29.7%
HRMY 78.2%
FY22
ADMA −15.8%
HRMY 57.8%
FY23
ADMA 8.1%
HRMY 49.3%
FY24
ADMA 52.2%
HRMY 42.7%
FY25
ADMA 39.5%
HRMY 48.9%
ADMA
HRMY
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.