ADMA Biologics vs Ligand Pharmaceuticals
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KIRA’s take AI analyst
I put ADMA Biologics and Ligand Pharmaceuticals side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Ligand Pharmaceuticals turned more of its sales into free cash flow (18.2% FCF margin, against 5.5%).
- 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.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
ADMA Biologics
ADMA
5/10
5-year growthOperating marginReturn on capitalReturn on equityShare count change
Ligand Pharmaceuticals
LGND
4/10
Revenue growthNet marginFCF marginNet debt / EBITDA
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.