ADMA Biologics Inc
ADMAHealthcare|Biotechnology|USA
$9.11
-0.19 (-2.05%)
DCF (FCF)
$0.14
Tangible Book
$1.66
Graham Number
$4.99
Earnings Power
$0.22
Financials
Financial Snapshot
Market Cap
$2.11B
Enterprise Value
$-66.3M
Revenue (TTM)
$509.9M
Net Income (TTM)
$165.4M
Cash & Equivalents
—
Net Cash/Share
$-0.59
Free Cash Flow (TTM)
$107.6M
Operating CF (TTM)
$128.3M
Debt/Equity
0.52
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $15.3M | $43.1M | $22.8M | $26.8M | $55.9M | $51.1M | $86.5M | $51.4M | $103.1M | $87.6M | $138.2M | |
| Operating Cash Flow | $-18.3M | $-37.3M | $-62.7M | $-76.2M | $-102.0M | $-112.4M | $-59.5M | $8.8M | $118.7M | $50.4M | $128.3M | |
| Free Cash Flow | $-18.3M | $-39.9M | $-64.8M | $-80.0M | $-114.7M | $-125.9M | $-73.4M | $3.8M | $110.1M | $27.5M | $107.6M | |
| Capital Expenditure | $-73.0K | $-2.7M | $-2.1M | $-3.8M | $-12.7M | $-13.5M | $-13.9M | $-5.0M | $-8.6M | $-22.9M | $-20.8M | |
| Financing Cash Flow | $16.8M | $60.8M | $42.9M | $80.0M | $143.9M | $121.0M | $108.9M | $-39.0M | $-58.3M | $-44.0M | $-47.0M |
R&D Spending
R&D (TTM)
$6.5M
R&D Intensity
1.3%
R&D Growth YoY
+37.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.7M | $22.8M | $17.0M | $29.3M | $42.2M | $80.9M | $154.1M | $258.2M | $426.5M | $510.2M | $509.9M | |
| R&D Expense | $7.7M | $5.6M | $3.9M | $2.3M | $5.9M | $3.6M | $3.6M | $3.3M | $1.8M | $4.8M | $6.5M | |
| R&D % of Revenue | 72.1% | 24.5% | 23.1% | 8.0% | 14.0% | 4.5% | 2.3% | 1.3% | 0.4% | 0.9% | 1.3% | |
| SG&A | $8.5M | $18.8M | $22.5M | $25.9M | $35.1M | $42.9M | $52.5M | $59.0M | $74.1M | $91.6M | $94.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.7M | $22.8M | $17.0M | $29.3M | $42.2M | $80.9M | $154.1M | $258.2M | $426.5M | $510.2M | $509.9M | |
| Cost of Goods Sold | $6.4M | $29.2M | $42.2M | $39.5M | $61.3M | $79.8M | $118.8M | $169.3M | $206.9M | $217.4M | $197.4M | |
| Gross Profit | $4.3M | $-6.4M | $-25.2M | $-10.2M | $-19.1M | $1.2M | $35.3M | $88.9M | $219.6M | $292.8M | $312.4M | |
| R&D | $7.7M | $5.6M | $3.9M | $2.3M | $5.9M | $3.6M | $3.6M | $3.3M | $1.8M | $4.8M | $6.5M | |
| SG&A | $8.5M | $18.8M | $22.5M | $25.9M | $35.1M | $42.9M | $52.5M | $59.0M | $74.1M | $91.6M | $94.2M | |
| Operating Income | $-17.3M | $-38.5M | $-60.3M | $-41.4M | $-64.9M | $-58.4M | $-39.4M | $21.6M | $139.0M | $191.4M | $206.9M | |
| Interest Expense | $-2.2M | $-3.3M | $-5.5M | $-9.0M | $-12.0M | $-13.1M | $-19.3M | $-25.0M | $-13.9M | $-7.1M | $-7.2M | |
| Pretax Income | $-19.5M | $-43.8M | $-65.7M | $-48.3M | $-75.7M | $-71.6M | $-65.9M | $-28.2M | $125.7M | $182.7M | $206.3M | |
| Net Income | $-19.5M | $-43.8M | $-65.7M | $-48.3M | $-75.7M | $-71.6M | $-65.9M | $-28.2M | $197.7M | $146.9M | $165.4M | |
| EPS (Diluted) | -1.61 | -1.91 | -1.45 | -0.89 | -0.88 | -0.51 | -0.33 | -0.13 | 0.81 | 0.60 | 0.68 | |
| EBITDA | $-16.8M | $-37.8M | $-56.8M | $-36.0M | $-59.8M | $-53.1M | $-39.5M | $5.1M | $147.7M | $197.9M | $221.5M | |
| Shares Out. (M) | 12.15 | 22.90 | 45.19 | 54.35 | 86.14 | 139.58 | 197.88 | 223.98 | 243.34 | 244.91 | 239.96 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.9M | $43.1M | $22.8M | $26.8M | $55.9M | $51.1M | $86.5M | $51.4M | $103.1M | $87.6M | $138.2M | |
| Marketable Securities | $5.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $21.7M | $62.3M | $44.5M | $85.8M | $153.7M | $208.7M | $270.4M | $257.0M | $331.4M | $466.5M | $511.2M | |
| Total Assets | $23.7M | $108.0M | $88.9M | $127.1M | $207.7M | $276.3M | $348.5M | $329.2M | $488.7M | $624.2M | $665.2M | |
| Total Current Liabilities | $11.2M | $9.4M | $9.6M | $14.0M | $19.9M | $30.4M | $39.3M | $49.8M | $55.5M | $69.5M | $73.5M | |
| Long-Term Debt | $14.1M | $43.0M | $44.1M | $83.2M | $93.0M | $94.9M | $142.8M | $130.6M | $72.3M | $69.3M | $193.6M | |
| Total Liabilities | $28.1M | $67.7M | $69.1M | $100.9M | $119.4M | $135.1M | $196.5M | $194.0M | $139.7M | $146.9M | $274.9M | |
| Stockholders' Equity | $-4.5M | $40.3M | $19.8M | $26.2M | $88.2M | $141.2M | $152.0M | $135.2M | $349.0M | $477.3M | $390.3M | |
| Retained Earnings | $-106.9M | $-150.7M | $-216.4M | $-264.7M | $-340.5M | $-412.1M | $-478.0M | $-506.3M | $-308.6M | $-161.7M | $-116.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-18.3M | $-37.3M | $-62.7M | $-76.2M | $-102.0M | $-112.4M | $-59.5M | $8.8M | $118.7M | $50.4M | $128.3M | |
| Capital Expenditure | $-73.0K | $-2.7M | $-2.1M | $-3.8M | $-12.7M | $-13.5M | $-13.9M | $-5.0M | $-8.6M | $-22.9M | $-20.8M | |
| Free Cash Flow | $-18.3M | $-39.9M | $-64.8M | $-80.0M | $-114.7M | $-125.9M | $-73.4M | $3.8M | $110.1M | $27.5M | $107.6M | |
| Investing Cash Flow | $905.0K | $15.2M | $-2.1M | $-3.8M | $-12.7M | $-13.5M | $-13.9M | $-5.0M | $-8.6M | $-21.9M | $-14.8M | |
| Financing Cash Flow | $16.8M | $60.8M | $42.9M | $80.0M | $143.9M | $121.0M | $108.9M | $-39.0M | $-58.3M | $-44.0M | $-47.0M | |
| Issuance of Stock | $12.9M | $39.2M | $42.9M | $48.4M | $131.2M | $121.1M | $64.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-31.9M | $-139.1M | |
| Issuance of Debt | $4.0M | $45.0M | $0.00 | $72.5M | $27.5M | $0.00 | $151.8M | $135.0M | $0.00 | $105.0M | $230.0M | |
| Payments of Debt | $-15.0K | $-20.0M | $-36.0K | $-30.0M | $-14.0M | $-34.0K | $-100.0M | $-158.6M | $-60.0M | $-105.9M | $-106.4M | |
| Stock Based Comp. | $1.3M | $1.6M | $2.2M | $2.7M | $2.9M | $3.5M | $5.2M | $6.2M | $13.6M | $20.0M | $21.7M | |
| Net Change in Cash | $-526.0K | $38.7M | $-21.9M | $-3.0K | $29.2M | $-4.8M | $35.4M | $-35.2M | $51.8M | $-15.5M | $66.5M |
Dilution Tracker
Shares outstanding grew 71.9% over 5 years — significant dilution
Shares Outstanding
240M
5-Year Share Growth
+71.9%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 12.15 | 22.90 | 45.19 | 54.35 | 86.14 | 139.58 | 197.88 | 223.98 | 243.34 | 244.91 | 239.96 | |
| YoY Change % | — | 88.4% | 97.4% | 20.3% | 58.5% | 62.0% | 41.8% | 13.2% | 8.6% | 0.6% | -2.0% | |
| Stock Issuance | $12.9M | $39.2M | $42.9M | $48.4M | $131.2M | $121.1M | $64.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-31.9M | $-139.1M | |
| Stock Based Comp. | $1.3M | $1.6M | $2.2M | $2.7M | $2.9M | $3.5M | $5.2M | $6.2M | $13.6M | $20.0M | $21.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 40.3% | -28.1% | -148.4% | -34.6% | -45.2% | 1.4% | 22.9% | 34.4% | 51.5% | 57.4% | 61.3% | |
| Operating Margin % | -162.6% | -169.0% | -355.0% | -141.1% | -153.8% | -72.1% | -25.5% | 8.4% | 32.6% | 37.5% | 40.6% | |
| Net Margin % | -183.1% | -192.3% | -387.1% | -164.5% | -179.4% | -88.5% | -42.8% | -10.9% | 46.4% | 28.8% | 32.4% | |
| EBITDA Margin % | -157.6% | -166.0% | -334.3% | -122.8% | -141.7% | -65.6% | -25.6% | 2.0% | 34.6% | 38.8% | 43.5% | |
| FCF Margin % | -172.0% | -175.5% | -381.4% | -272.6% | -271.7% | -155.5% | -47.6% | 1.5% | 25.8% | 5.4% | 21.1% | |
| ROE % | 0.0% | -243.9% | -218.8% | -210.1% | -132.4% | -62.5% | -45.0% | -19.7% | 81.6% | 35.6% | 39.9% | |
| ROA % | -82.3% | -66.5% | -66.8% | -44.7% | -45.3% | -29.6% | -21.1% | -8.3% | 48.3% | 26.4% | 28.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)13.39
Historical11.72 / 22.70 / 142.71
Industry Med.27.41
P/S4.36
Historical1.90 / 5.24 / 14.23
Industry Med.9.51
P/B5.42
Historical1.41 / 5.79 / 25.82
Industry Med.2.93
EV/EBITDA9.82
Historical-125.90 / -4.17 / 308.97
Industry Med.13.14
EV/Revenue4.27
Historical3.13 / 6.48 / 16.78
Industry Med.8.71
P/FCF20.51
Historical17.95 / 63.91 / 471.43
Industry Med.27.54
Intrinsic Value Models
DCF (FCF Based)
$0.14
Tangible Book
$1.66
Net Current Assets
$1.020
Graham Number
$4.99
Median P/S Value
$11.22
Net-Net Working Capital
$0.33
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 21.17 | 30.40 | 13.39 | |
| PS Ratio | 5.84 | 3.23 | 6.36 | 7.41 | 3.98 | 2.43 | 4.98 | 3.92 | 9.79 | 8.76 | 4.36 | |
| PB Ratio | 0.00 | 3.61 | 5.60 | 9.05 | 2.32 | 1.96 | 5.66 | 7.56 | 11.63 | 9.09 | 5.42 | |
| EV/EBITDA | -4.22 | -3.85 | -2.33 | -8.20 | -4.12 | -6.18 | -23.50 | 217.16 | 27.33 | 21.89 | 9.82 | |
| EV/Revenue | 6.65 | 6.39 | 7.79 | 10.06 | 5.83 | 4.05 | 6.03 | 4.31 | 9.47 | 8.49 | 4.27 |
Analyst Estimates & Quality
Altman Z-Score
6.98
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
-2.32
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $559.9M | $667.0M | $783.3M |
| Net Income | $197.4M | $252.6M | $312.7M |
| EPS | 0.82 | 1.03 | 1.29 |
| Book Value per Share | 0.60 | 1.48 | 0.00 |
| Operating Cash Flow per Share | 8.00 | 0.00 | 0.00 |
| Operating CF | $1,919.65M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| ADMA BioManufacturing | $493.0M |
| License revenue | $143.0K |
| Plasma Collection Centers | $17.0M |
By Geography
| Segment | 2025 |
|---|---|
| United Sates | $504.1M |
| International | $6.1M |