Adma Biologics Financials
This page shows Adma Biologics (ADMA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
ADMA’s business engine has shifted to high-margin operating profits, but FY2025 became visibly working-capital hungry.
Between FY2024 and FY2025, earnings quality weakened even as reported profitability stayed strong: net income remained high at$146.9M and gross margin reached57.4% , but operating cash flow fell from$118.7M to$50.4M and free cash flow from$110.4M to$27.8M . The missing cash is largely visible in a working-capital build, with receivables jumping to$158.4M from$50.0M while capex also rose to$22.6M .
The big structural change is margin shape, not just higher sales: gross margin climbed from
The balance-sheet posture is much less financing-dependent than it was two years ago: debt to equity fell from 1.4x in FY2023 to 0.1x in FY2025, while interest expense dropped from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Adma Biologics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Adma Biologics has an operating margin of 37.5%, meaning the company retains $38 of operating profit per $100 of revenue. This strong profitability earns a score of 89/100, reflecting efficient cost management and pricing power. This is up from 32.6% the prior year.
Adma Biologics's revenue surged 19.6% year-over-year to $510.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Adma Biologics carries a low D/E ratio of 0.15, meaning only $0.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 6.71, Adma Biologics holds $6.71 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Adma Biologics has a free cash flow margin of 5.5%, earning a moderate score of 52/100. The company generates positive cash flow after capital investments, but with room for improvement.
Adma Biologics earns a strong 30.8% return on equity (ROE), meaning it generates $31 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 74/100. This is down from 56.6% the prior year.
Adma Biologics scores 10.28, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.0B) relative to total liabilities ($146.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Adma Biologics passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Adma Biologics generates $0.34 in operating cash flow ($50.4M OCF vs $146.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Adma Biologics earns $26.9 in operating income for every $1 of interest expense ($191.4M vs $7.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Adma Biologics generated $510.2M in revenue in fiscal year 2025. This represents an increase of 19.6% from the prior year.
Adma Biologics's EBITDA was $199.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 36.0% from the prior year.
Adma Biologics reported $146.9M in net income in fiscal year 2025. This represents a decrease of 25.7% from the prior year.
Adma Biologics earned $0.60 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 25.9% from the prior year.
Cash & Balance Sheet
Adma Biologics generated $27.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 74.8% from the prior year.
Adma Biologics held $87.6M in cash against $69.3M in long-term debt as of fiscal year 2025.
Adma Biologics had 238M shares outstanding in fiscal year 2025. This represents an increase of 0.5% from the prior year.
Margins & Returns
Adma Biologics's gross margin was 57.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.9 percentage points from the prior year.
Adma Biologics's operating margin was 37.5% in fiscal year 2025, reflecting core business profitability. This is up 4.9 percentage points from the prior year.
Adma Biologics's net profit margin was 28.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 17.6 percentage points from the prior year.
Adma Biologics's ROE was 30.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 25.9 percentage points from the prior year.
Capital Allocation
Adma Biologics invested $4.8M in research and development in fiscal year 2025. This represents an increase of 162.7% from the prior year.
Adma Biologics spent $31.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Adma Biologics invested $22.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 174.4% from the prior year.
ADMA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $114.5M-17.7% | $139.2M+3.7% | $134.2M+10.0% | $122.0M+6.3% | $114.8M-2.3% | $117.5M-1.9% | $119.8M+11.8% | $107.2M |
| Cost of Revenue | $33.7M-33.0% | $50.3M-14.1% | $58.6M+7.0% | $54.8M+2.0% | $53.7M-0.9% | $54.2M-9.9% | $60.2M+21.0% | $49.7M |
| Gross Profit | $80.8M-9.1% | $88.8M+17.4% | $75.6M+12.5% | $67.2M+10.0% | $61.1M-3.5% | $63.3M+6.2% | $59.7M+3.8% | $57.5M |
| R&D Expenses | $2.6M+88.6% | $1.4M-9.9% | $1.5M+48.2% | $1.0M+24.8% | $826K+111.3% | $391K-5.1% | $412K-26.4% | $560K |
| SG&A Expenses | $26.7M+13.7% | $23.5M+8.0% | $21.8M-2.0% | $22.2M-7.7% | $24.1M+3.3% | $23.3M+25.6% | $18.6M+11.8% | $16.6M |
| Operating Income | $58.3M-7.1% | $62.8M+23.0% | $51.0M+19.2% | $42.8M+22.7% | $34.9M-9.0% | $38.3M-3.3% | $39.6M+1.1% | $39.2M |
| Interest Expense | $2.1M+29.2% | $1.6M-2.9% | $1.7M-8.7% | $1.8M-7.1% | $2.0M-31.4% | $2.9M-17.7% | $3.5M-7.5% | $3.8M |
| Income Tax | $11.8M-3.4% | $12.2M+10.2% | $11.1M+88.6% | $5.9M-10.2% | $6.5M+108.5% | -$77.2M-9288.5% | $840K-77.8% | $3.8M |
| Net Income | $45.3M-8.2% | $49.4M+35.6% | $36.4M+6.5% | $34.2M+27.2% | $26.9M-76.0% | $111.9M+211.7% | $35.9M+12.0% | $32.1M |
| EPS (Diluted) | $0.19 | N/A | $0.15+7.1% | $0.14+27.3% | $0.11 | N/A | $0.15+15.4% | $0.13 |
ADMA Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $665.2M+6.6% | $624.2M+9.8% | $568.7M+1.8% | $558.4M+9.4% | $510.6M+4.5% | $488.7M+25.1% | $390.6M+3.8% | $376.4M |
| Current Assets | $511.2M+9.6% | $466.5M+15.9% | $402.7M+0.8% | $399.6M+13.6% | $351.8M+6.2% | $331.4M+4.2% | $318.2M+4.8% | $303.7M |
| Cash & Equivalents | $138.2M+57.7% | $87.6M+42.8% | $61.4M-32.0% | $90.3M+26.1% | $71.6M-30.6% | $103.1M+19.0% | $86.7M-1.7% | $88.2M |
| Inventory | $222.1M+7.6% | $206.5M+5.0% | $196.7M+2.7% | $191.5M+11.2% | $172.2M+1.1% | $170.2M-0.9% | $171.8M-4.5% | $179.8M |
| Accounts Receivable | $135.9M-14.2% | $158.4M+15.1% | $137.7M+25.5% | $109.7M+10.4% | $99.4M+98.8% | $50.0M-0.3% | $50.1M+66.5% | $30.1M |
| Goodwill | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M0.0% | $3.5M |
| Total Liabilities | $274.9M+87.1% | $146.9M+6.9% | $137.5M-14.1% | $160.1M+16.7% | $137.2M-1.8% | $139.7M-12.0% | $158.7M-15.6% | $188.1M |
| Current Liabilities | $73.5M+5.8% | $69.5M+23.1% | $56.5M-24.6% | $74.9M+40.1% | $53.5M-3.7% | $55.5M+23.7% | $44.9M+1.6% | $44.2M |
| Long-Term Debt | $193.6M+179.2% | $69.3M-1.1% | $70.1M | N/A | N/A | $72.3M | N/A | N/A |
| Total Equity | $390.3M-18.2% | $477.3M+10.7% | $431.2M+8.2% | $398.3M+6.7% | $373.4M+7.0% | $349.0M+50.5% | $231.9M+23.2% | $188.3M |
| Retained Earnings | -$116.3M+28.0% | -$161.7M+23.4% | -$211.0M+14.7% | -$247.5M+12.1% | -$281.7M+8.7% | -$308.6M+26.6% | -$420.5M+7.9% | -$456.4M |
ADMA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $58.2M+63.4% | $35.6M+168.1% | $13.3M-37.1% | $21.1M+207.4% | -$19.7M-139.2% | $50.2M+100.6% | $25.0M-45.2% | $45.6M |
| Capital Expenditures | $2.5M+134.6% | $1.1M-92.5% | $14.4M+493.2% | $2.4M-48.5% | $4.7M+70.5% | $2.8M+161.1% | $1.1M-48.9% | $2.1M |
| Free Cash Flow | $55.7M+61.2% | $34.6M+3314.4% | -$1.1M-105.7% | $18.7M+176.8% | -$24.4M-151.4% | $47.5M+98.0% | $24.0M-45.0% | $43.6M |
| Investing Cash Flow | $2.4M+971.0% | -$276K+98.1% | -$14.4M-468.6% | -$2.5M+46.5% | -$4.7M-71.6% | -$2.8M-150.5% | -$1.1M+53.6% | -$2.4M |
| Financing Cash Flow | -$10.1M-11.1% | -$9.1M+67.2% | -$27.8M-58068.8% | $48K+100.7% | -$7.1M+77.0% | -$31.0M-21.8% | -$25.5M-6935.1% | -$362K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $130.2M+1362.5% | $8.9M | N/A | N/A | $0 | $0 | N/A | N/A |
ADMA Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.5%+6.7pp | 63.8%+7.5pp | 56.3%+1.2pp | 55.1%+1.9pp | 53.2%-0.7pp | 53.9%+4.1pp | 49.8%-3.8pp | 53.6% |
| Operating Margin | 50.9%+5.8pp | 45.1%+7.1pp | 38.0%+2.9pp | 35.1%+4.7pp | 30.4%-2.2pp | 32.6%-0.5pp | 33.1%-3.5pp | 36.6% |
| Net Margin | 39.6%+4.1pp | 35.5%+8.3pp | 27.1%-0.9pp | 28.1%+4.6pp | 23.4%-71.8pp | 95.2%+65.3pp | 30.0%+0.1pp | 29.9% |
| Return on Equity | 11.6%+1.3pp | 10.3%+1.9pp | 8.5%-0.1pp | 8.6%+1.4pp | 7.2%-24.9pp | 32.1%+16.6pp | 15.5%-1.5pp | 17.0% |
| Return on Assets | 6.8%-1.1pp | 7.9%+1.5pp | 6.4%+0.3pp | 6.1%+0.9pp | 5.3%-17.6pp | 22.9%+13.7pp | 9.2%+0.7pp | 8.5% |
| Current Ratio | 6.95+0.2 | 6.71-0.4 | 7.13+1.8 | 5.33-1.2 | 6.58+0.6 | 5.97-1.1 | 7.09+0.2 | 6.87 |
| Debt-to-Equity | 0.50+0.4 | 0.15-0.0 | 0.16-0.2 | 0.40+0.0 | 0.37+0.2 | 0.21-0.5 | 0.68-0.3 | 1.00 |
| FCF Margin | 48.6%+23.8pp | 24.8%+25.6pp | -0.8%-16.1pp | 15.3%+36.6pp | -21.2%-61.6pp | 40.4%+20.4pp | 20.0%-20.7pp | 40.7% |
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Frequently Asked Questions
What is Adma Biologics's annual revenue?
Adma Biologics (ADMA) reported $510.2M in total revenue for fiscal year 2025. This represents a 19.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Adma Biologics's revenue growing?
Adma Biologics (ADMA) revenue grew by 19.6% year-over-year, from $426.5M to $510.2M in fiscal year 2025.
Is Adma Biologics profitable?
Yes, Adma Biologics (ADMA) reported a net income of $146.9M in fiscal year 2025, with a net profit margin of 28.8%.
What is Adma Biologics's EBITDA?
Adma Biologics (ADMA) had EBITDA of $199.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Adma Biologics have?
As of fiscal year 2025, Adma Biologics (ADMA) had $87.6M in cash and equivalents against $69.3M in long-term debt.
What is Adma Biologics's gross margin?
Adma Biologics (ADMA) had a gross margin of 57.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Adma Biologics's operating margin?
Adma Biologics (ADMA) had an operating margin of 37.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Adma Biologics's net profit margin?
Adma Biologics (ADMA) had a net profit margin of 28.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Adma Biologics's return on equity (ROE)?
Adma Biologics (ADMA) has a return on equity of 30.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Adma Biologics's free cash flow?
Adma Biologics (ADMA) generated $27.8M in free cash flow during fiscal year 2025. This represents a -74.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Adma Biologics's operating cash flow?
Adma Biologics (ADMA) generated $50.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Adma Biologics's total assets?
Adma Biologics (ADMA) had $624.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Adma Biologics's capital expenditures?
Adma Biologics (ADMA) invested $22.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Adma Biologics spend on research and development?
Adma Biologics (ADMA) invested $4.8M in research and development during fiscal year 2025.
What is Adma Biologics's current ratio?
Adma Biologics (ADMA) had a current ratio of 6.71 as of fiscal year 2025, which is generally considered healthy.
What is Adma Biologics's debt-to-equity ratio?
Adma Biologics (ADMA) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Adma Biologics's return on assets (ROA)?
Adma Biologics (ADMA) had a return on assets of 23.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Adma Biologics's Altman Z-Score?
Adma Biologics (ADMA) has an Altman Z-Score of 10.28, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Adma Biologics's Piotroski F-Score?
Adma Biologics (ADMA) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Adma Biologics's earnings high quality?
Adma Biologics (ADMA) has an earnings quality ratio of 0.34x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Adma Biologics cover its interest payments?
Adma Biologics (ADMA) has an interest coverage ratio of 26.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Adma Biologics?
Adma Biologics (ADMA) scores 86 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.