ADMA Nasdaq Biotechnology Financials FY2016βFY2025
ADMA Biologics had $510M of revenue in fiscal 2025, up 19.6% on the year before. Over five years, revenue changed +64.6% a year on average.
Hi! I read ADMA Biologicsβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+19.6%
Yes. Sales grew 19.6% last year.
Does it make a profit?
28.8%
Yes. It keeps 28.8% of every sale as profit.
Does profit turn into cash?
5.5%
Partly. 5.5% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
15.3x
One share costs 15.3 times its yearly profit per share. Typical for its sector: 28.4x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days ADMA Biologics did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday Β· in 9 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 5, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 6, 2026 | Q1 '26 | After the market closes | 8-K β |
| Jan 12, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 5, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 5, 2025 | Q2 '25 | Time not announced | 8-K β |
| May 5, 2025 | Q1 '25 | Time not announced | 8-K β |
| Jan 13, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Nov 7, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· ADMA Biologics had $510M of revenue in fiscal 2025, up 19.6% on the year before. Over five years, revenue changed +64.6% a year on average. Its operating margin was 37.5%, up 4.9Β pts: of every 100 in sales, about 38 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· ADMA Biologics made $147M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $27.8M in fiscal 2025, 5.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· ADMA Biologics returned $31.9M to shareholders in fiscal 2025, 115% of free cash flow. The diluted share count rose 0.6%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.5M and sold $1.6M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.5M
2 insiders
Sold, 12 months
$1.6M
2 insiders
Of sales under plans
90%
$1.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· ADMA Biologics has $15.5M more cash than debt.
Cash, debt and the ratios that show how comfortably ADMA Biologics can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 | β | β | 2.7x | β0.2x | β0.1x |
| Debt / equity | 0.7x | 0.9x | 1.0x | 0.2x | 0.2x |
| Interest coverage | β4.5x | β2.0x | 0.9x | 10.0x | 26.9x |
| Current ratio | 6.9x | 6.9x | 5.2x | 6.0x | 6.7x |
| Quick ratio | 2.8x | 2.7x | 1.7x | 2.9x | 3.7x |
| Total assets | $276M | $349M | $329M | $489M | $624M |
| Total liabilities | $135M | $197M | $194M | $140M | $147M |
| Shareholders' equity | $141M | $152M | $135M | $349M | $477M |
| Net debt (β = net cash) | $43.8M | $56.3M | $79.2M | β$30.8M | β$15.5M |
KIRA Β· Its return on capital was 39.5%: every 100 invested in the business earned about 39 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· ADMA Biologics passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 6 / 9 | 7 / 9 | 5 / 9 |
| Accruals ratio | β10.9% | 19.3% | 17.4% |
| Altman Z'' | 0.29 | 6.18 | 8.80 |
What does the share cost, and how does it compare?
KIRA Β· At $10.68 a share, the company is worth $2.5B: 15.3 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
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.
Value per share
β
Reference multiples: today 15.3x Β· peers 25.4x Β· sector 28.4x.
KIRA Β· ADMA Biologics grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 1 of 2.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-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 β |
| Repligen RGEN | β | 16.4% | 7.5% | 12.7% | 2.4% | β | β | Compare β |
| Arrowhead Pharmaceuticals ARWR | $8.3B | 23,258.2% | 11.9% | 18.9% | β | β | 5 | Compare β |
| Harmony Biosciences HRMY | $2.1B | 21.5% | 24.0% | 40.1% | 48.9% | 11.7x | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $10.7M | $22.8M | $17.0M | $29.3M | $42.2M | $80.9M | $154M | $258M | $427M | $510M |
| Gross profit | $4.3M | β$6.4M | β$25.2M | β$10.2M | β$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 | β$17.3M | β$39.3M | β$60.3M | β$41.4M | β$64.9M | β$58.4M | β$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 | β$19.5M | β$43.8M | β$65.7M | β$48.3M | β$75.7M | β$71.6M | β$65.9M | β$28.2M | $126M | $183M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β$72.0M | $35.7M |
| Net income | β$19.5M | β$43.8M | β$65.7M | β$48.3M | β$75.7M | β$71.6M | β$65.9M | β$28.2M | $198M | $147M |
| Diluted EPS | β$1.61 | β$1.91 | β$1.45 | β$0.89 | β$0.88 | β$0.51 | β$0.33 | β$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 | β$18.3M | β$37.3M | β$62.7M | β$76.2M | β$102M | β$112M | β$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 | β$18.3M | β$40.0M | β$64.8M | β$80.0M | β$115M | β$126M | β$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 | β$4.5M | $40.3M | $19.8M | $26.2M | $88.2M | $141M | $152M | $135M | $349M | $477M |
| Margins | ||||||||||
| Gross margin | 40.3% | β28.1% | β148.4% | β34.6% | β45.2% | 1.5% | 22.9% | 34.4% | 51.5% | 57.4% |
| Operating margin | β162.6% | β172.7% | β355.0% | β141.1% | β153.8% | β72.1% | β25.6% | 8.4% | 32.6% | 37.5% |
| EBITDA margin | β158.8% | β166.1% | β339.6% | β133.0% | β146.2% | β66.2% | β21.4% | 11.3% | 34.4% | 39.1% |
| Net margin | β183.1% | β192.3% | β387.1% | β164.5% | β179.4% | β88.5% | β42.8% | β10.9% | 46.4% | 28.8% |
| FCF margin | β172.1% | β175.5% | β381.4% | β272.6% | β271.7% | β155.5% | β47.7% | 1.6% | 25.9% | 5.5% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β82.2% | β29.7% | β15.8% | 8.1% | 52.2% | 39.5% |
| Return on capital employed | β108.5% | β70.8% | β67.8% | β43.1% | β43.2% | β26.9% | β14.2% | 7.4% | 39.0% | 38.8% |
| Return on equity | β | β244.0% | β218.8% | β210.1% | β132.4% | β62.5% | β45.0% | β19.7% | 81.7% | 35.6% |
| Return on assets | β82.3% | β66.5% | β66.8% | β44.7% | β45.3% | β29.6% | β21.1% | β8.3% | 48.3% | 26.4% |
| Growth | ||||||||||
| Revenue growth | 48.5% | 113.5% | β25.4% | 72.8% | 43.9% | 91.7% | 90.4% | 67.6% | 65.2% | 19.6% |
| Net income growth | β | β | β | β | β | β | β | β | β | β25.7% |
| EPS growth | β | β | β | β | β | β | β | β | β | β25.9% |
| FCF growth | β | β | β | β | β | β | β | β | 2,641.3% | β74.8% |
| 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 | β | β | β | β | β | β | β | 2.7x | β0.2x | β0.1x |
| Debt / equity | β | 0.1x | 0.1x | 0.0x | 1.1x | 0.7x | 0.9x | 1.0x | 0.2x | 0.2x |
| Interest coverage | β7.7x | β12.0x | β10.9x | β4.6x | β5.4x | β4.5x | β2.0x | 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 | β | β | β | β | β | β | β | 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'' | β16.9 | β3.2 | β9.6 | β5.0 | β2.4 | β1.0 | β0.1 | 0.3 | 6.2 | 8.8 |
| Accruals ratio | β5.3% | β9.9% | β3.1% | 25.9% | 15.7% | 16.8% | β2.1% | β10.9% | 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 β not investment advice. Check the original filings before relying on any figure.
