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Adma Biologics, Inc. (ADMA) stock

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NASDAQ: ADMA Nasdaq Biotechnology Next results ~November 4, 2026

B Fundamentals grade

Adma Biologics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$12

Cash-flow model

Base case. Range ~$9.3–$16 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 11% below our base value.

Price used: $11.06, November 2, 2026

Adma Biologics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 2 selling5 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds137 adding, 228 cuttingOf 57 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Adma Biologics files

Where Adma Biologics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $512m, up 8.0% on a year earlier, slower than the 11.0% growth a quarter earlier. Free-cash-flow margin rose to 22.7% from 13.9% a year earlier. Operating margin widened to 43.8% from 32.8%. The diluted share count is down 3.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $11.76 a share, against a share price of $11.54. At that price, our model says the market is pricing in about 12.7% a year of cash-flow growth for five years, slower than the 44.6% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Adma Biologics, Inc.'s trailing-twelve-month revenue grew 8.0% year on year, with a free-cash-flow margin of 22.7%. Where it stands out: operating margin of 43.8% ranks 7 of 175 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$12 per share in the base case (~$9.3–$16 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 77.1% while net income fell 19.1%: a 96pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 43.8% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 11.0 points on a year ago.
  • Strong cash generation. 22.7% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Shrinking share count. Diluted shares fell 3.2% in a year, so each share owns more of the business.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 0.8 against the S&P 500.
  • Growth easing. The growth rate is 3.0 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 69% of net income over the last 12 months.
  • Below peers: gross margin. Gross margin of 64.7% ranks 60 of 75 biotechnology companies we cover (median 82.4%).
  • Heavily shorted. 10.7% of the shares available to trade are sold short (5.8 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.17 against an average estimate of $0.16: beat by 3.5%
Revenue
$124m, up 2.0% on a year earlier
Share reaction
+12.9% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
FY2026 total revenue $530m to $560m (FY2026); FY2026 Adjusted Net Income $170m to $200m (FY2026)
Next report
November 4, 2026; average EPS estimate $0.20

Adma Biologics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.1%
  • 1 week-0.0%
  • 1 month+13.8%
  • This year-39.4%
  • 1 year-28.6%
  • 5 years+642.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$512M
Operating margin
43.8%
Net margin
33.0%
EPS (TTM, diluted)
$0.71

Growth

Revenue growth
+8.0%
Change in growth rate
−3.0 pts
Share count change
−3.2%

Cash

Free cash flow (TTM)
$116M
FCF margin
22.7%
Stock pay % of revenue
4.5%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Adma Biologics, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 12.0% a year of cash-flow growth for five years.That is slower than the 44.6% a year revenue growth Adma Biologics has delivered.

  • Priced in12.0%
  • Last 12 months8.0%
  • 3 years a year35.0%
  • 5 years a year44.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($11.34, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$12
Price used
$11.34close November 3, 2026
Implied change
▲ +9%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Adma Biologics, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($89.6M, FY2026 Q2 TTM), growing 14% and 14.1% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$9.3–~$16 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Adma Biologics, Inc.'s free cash flow after stock-based pay ( $89.6M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Adma Biologics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.15 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$12 ~$9.3–$16 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$12 ~$11–$22 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.3 ~$0.9–$2.0 Left out: out of range vs price (0.12x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$1.2 ~$1.0–$1.4 Left out: out of range vs price (0.11x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$12 ~$12–$12 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Adma Biologics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +60%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $5$8$10$14$18$25
8.5% $4$6$8$10$13$18
10% $3$4$6$8$10$14

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$8.07$5.12$3.21$2.39$4.00$1.95$1.41$3.88$4.52$17.15$18.24$11.06
Market value$336m$249m$147m$108m$217m$168m$197m$768m$1.0bn$4.2bn$4.5bn$2.6bn
+ Net debt (− = net cash)$4m$9m−$18m$3m$46m$37m−$51m−$87m−$51m−$31m−$15m$62m
Enterprise value$340m$257m$129m$111m$263m$205m$146m$681m$961m$4.1bn$4.5bn$2.7bn
Multiples
Price / sales 46.8x23.3x6.5x6.4x7.4x4.0x2.4x5.0x3.9x9.8x8.8x5.2x
Price / earnings —————————21.1x30.4x15.7x
Price / free cash flow ————————n/m37.8x160.6x22.7x
EV / EBITDA ————————32.9x28.2x22.3x11.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard Adma Biologics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.0% of total assets over 5 years.

  • Pricing power 5 / 20

    Gross margin has been a median 37.8%, moving by 26.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -76.6%; its worst year was -298.7%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -136.8% of revenue.

  • Discipline 6 / 20

    The diluted share count rose 123.8% over five years; stock-based pay has been a median 4.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (45 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $138m and EPS of $0.20 (range $0.19 to $0.20) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.80 +21% $535m +5%
Next $0.94 +18% $630m +18%

Next year's EPS estimate has moved −4.2% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is 0.0% on 90 days ago. In the last 30 days, 0 analysts raised Adma Biologics, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Adma Biologics, Inc., last 90 days
$0.75 $0.80 $0.85 $0.90 $0.95 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.80 Current fiscal year, 60 days ago: $0.80 Current fiscal year, 30 days ago: $0.80 Current fiscal year, 7 days ago: $0.80 Current fiscal year, Now: $0.80 $0.80 Next fiscal year, 90 days ago: $0.98 Next fiscal year, 60 days ago: $0.98 Next fiscal year, 30 days ago: $0.94 Next fiscal year, 7 days ago: $0.94 Next fiscal year, Now: $0.94 $0.94

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.80$0.98
60 days ago $0.80$0.98
30 days ago $0.80$0.94
7 days ago $0.80$0.94
Now $0.80$0.94

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.16 $0.17 +3.5%
Mar 2026 $0.20 $0.17 −15.2%
Dec 2025 $0.20 $0.22 +7.8%
Sept 2025 $0.15 $0.16 +2.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • FY2026 total revenue FY2026 $530m to $560m Maintained
    “FY2026 total revenue expected to be $530 million to $560 million” source
  • FY2026 Adjusted Net Income FY2026 $170m to $200m Non-GAAP Maintained
    “FY2026 Adjusted Net Income expected to be $170 million to $200 million” source
  • FY2026 Adjusted EBITDA FY2026 $265m to $300m Non-GAAP Maintained
    “FY2026 Adjusted EBITDA expected to be $265 million to $300 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Adma Biologics, Inc.'s revenue by +14.0% next year and +14.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.7%, weight 46%) , management guidance (+15.8%, weight 23%) and the company's own record (+13.0%, weight 31%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy375%
Hold125%
Sell00%

Monthly trend

  1. Oct 20261214
  2. Sep 20261214
  3. Aug 20261315
  4. Jul 20261315

Counts of recommendations published by analysts covering Adma Biologics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.7%
of tradable shares
Days to cover
5.82
at average volume
Short interest, 1 month
−19%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
2.0%
of shares
Employees
640
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −28.6%

$15.48 on October 31, 2025 to $11.06

ThenNowEffect
Revenue (last 12 months) $474m $512m +8.0%
Net margin 44.1% 33.0% −25.1%
P/E multiple 18.3x 15.7x −14.5%
Share count 247m 239m +3.3%

Biggest factor: net margin.

Last 3 years +203.0%

$3.65 on November 3, 2023 to $11.06

ThenNowEffect
Revenue (last 12 months) $208m $512m +146.2%
P/S multiple 3.7x 5.2x +39.5%
Share count 211m 239m −11.8%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ADMA−28%+175%+17%+279%+6%−39%
Industry peers (median)−36%−57%−18%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ADMA50%83%42%75%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ADMA−63%−33%−33%−25%−43%−60%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 88% from November 20, 2015 to October 11, 2021. Getting back needed a 762% gain, reached on May 20, 2024, 952 days after the low.

Price behaviour

52-week range
$7.60 – $20.38
From 52-week high
−45.7%
vs 50-day average
+10.3%
vs 200-day average
+1.2%
Volatility (1 year)
54%
Beta vs S&P 500
0.81

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±13.1%
After a week
7 up, 5 down
typical move ±14.6%
After a month
5 up, 7 down
typical move ±24.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +12.9% −0.4% +9.8% +7.5%
May 6, 2026 −17.4% +1.1% −17.1% −22.2%
February 25, 2026 −2.2% +0.3% +6.6% −46.6%
January 12, 2026 −1.4% 0.0% −2.0% −9.3%
November 5, 2025 −4.1% −0.7% +12.5% +35.7%
August 6, 2025 −11.7% +0.7% −9.3% −11.0%
May 7, 2025 −8.3% +1.1% −15.8% −10.9%
March 3, 2025 +3.8% −2.9% +1.3% +18.5%
January 13, 2025 −12.1% +0.3% −12.9% −14.7%
November 7, 2024 +15.0% +1.2% +2.7% −3.4%
August 8, 2024 +39.4% +2.8% +53.6% +60.5%
May 9, 2024 +28.4% +0.7% +32.1% +52.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Adma Biologics, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Adma Biologics, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Adma Biologics, Inc.
$200M $300M $400M $500M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $234.3M Revenue (TTM), FY23 Q4: $258.2M Revenue (TTM), FY24 Q1: $283.2M Revenue (TTM), FY24 Q2: $330.2M Revenue (TTM), FY24 Q3: $382.8M Revenue (TTM), FY24 Q4: $426.5M Revenue (TTM), FY25 Q1: $459.4M Revenue (TTM), FY25 Q2: $474.2M Revenue (TTM), FY25 Q3: $488.6M Revenue (TTM), FY25 Q4: $510.2M Revenue (TTM), FY26 Q1: $509.9M Revenue (TTM), FY26 Q2: $512.3M $512.3M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $234.3M
FY23 Q4 $258.2M
FY24 Q1 $283.2M
FY24 Q2 $330.2M
FY24 Q3 $382.8M
FY24 Q4 $426.5M
FY25 Q1 $459.4M
FY25 Q2 $474.2M
FY25 Q3 $488.6M
FY25 Q4 $510.2M
FY26 Q1 $509.9M
FY26 Q2 $512.3M
Revenue growth, TTM YoY Adma Biologics, Inc.
0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 79.6% Revenue growth, TTM YoY, FY23 Q4: 67.6% Revenue growth, TTM YoY, FY24 Q1: 55.7% Revenue growth, TTM YoY, FY24 Q2: 58.7% Revenue growth, TTM YoY, FY24 Q3: 63.4% Revenue growth, TTM YoY, FY24 Q4: 65.2% Revenue growth, TTM YoY, FY25 Q1: 62.2% Revenue growth, TTM YoY, FY25 Q2: 43.6% Revenue growth, TTM YoY, FY25 Q3: 27.6% Revenue growth, TTM YoY, FY25 Q4: 19.6% Revenue growth, TTM YoY, FY26 Q1: 11.0% Revenue growth, TTM YoY, FY26 Q2: 8.0% 8.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 79.6%
FY23 Q4 67.6%
FY24 Q1 55.7%
FY24 Q2 58.7%
FY24 Q3 63.4%
FY24 Q4 65.2%
FY25 Q1 62.2%
FY25 Q2 43.6%
FY25 Q3 27.6%
FY25 Q4 19.6%
FY26 Q1 11.0%
FY26 Q2 8.0%
Operating margin (TTM) Adma Biologics, Inc.
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 0.6% Operating margin (TTM), FY23 Q4: 8.4% Operating margin (TTM), FY24 Q1: 15.6% Operating margin (TTM), FY24 Q2: 25.4% Operating margin (TTM), FY24 Q3: 30.0% Operating margin (TTM), FY24 Q4: 32.6% Operating margin (TTM), FY25 Q1: 33.1% Operating margin (TTM), FY25 Q2: 32.8% Operating margin (TTM), FY25 Q3: 34.2% Operating margin (TTM), FY25 Q4: 37.5% Operating margin (TTM), FY26 Q1: 42.1% Operating margin (TTM), FY26 Q2: 43.8% 43.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 0.6%
FY23 Q4 8.4%
FY24 Q1 15.6%
FY24 Q2 25.4%
FY24 Q3 30.0%
FY24 Q4 32.6%
FY25 Q1 33.1%
FY25 Q2 32.8%
FY25 Q3 34.2%
FY25 Q4 37.5%
FY26 Q1 42.1%
FY26 Q2 43.8%
FCF margin (TTM) Adma Biologics, Inc.
-20% -10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -10.0% FCF margin (TTM), FY23 Q4: 1.6% FCF margin (TTM), FY24 Q1: 5.7% FCF margin (TTM), FY24 Q2: 20.2% FCF margin (TTM), FY24 Q3: 20.7% FCF margin (TTM), FY24 Q4: 25.9% FCF margin (TTM), FY25 Q1: 19.7% FCF margin (TTM), FY25 Q2: 13.9% FCF margin (TTM), FY25 Q3: 8.3% FCF margin (TTM), FY25 Q4: 5.5% FCF margin (TTM), FY26 Q1: 21.2% FCF margin (TTM), FY26 Q2: 22.7% 22.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -10.0%
FY23 Q4 1.6%
FY24 Q1 5.7%
FY24 Q2 20.2%
FY24 Q3 20.7%
FY24 Q4 25.9%
FY25 Q1 19.7%
FY25 Q2 13.9%
FY25 Q3 8.3%
FY25 Q4 5.5%
FY26 Q1 21.2%
FY26 Q2 22.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Adma Biologics took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $510M
  2. Cost of revenue $217M · 42.6%
  3. Gross profit $293M · 57.4%
  4. Research and development $4.8M · 0.9%
  5. Selling, general and admin $91.6M · 18.0%
  6. Other operating costs $5M · 1.0%
  7. Operating income $191M · 37.5%
  8. Income tax $35.7M · 7.0%
  9. Interest and other $8.8M · 1.7%
  10. Net income $147M · 28.8%

Shares of revenue. Source: Adma Biologics's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 1 3 6 7 11 23 17 29 42 81 154 258 426 510 512
Gross profit 1 0 1 2 3 4 −6 −25 −10 −19 1 35 89 220 293 331
EBITDA −4 −8 −15 −16 −15 −17 −38 −58 −39 −62 −54 −33 29 147 199 232
Operating income −5 −8 −15 −16 −16 −17 −39 −60 −41 −65 −58 −39 22 139 191 224
Net income −6 −7 −16 −17 −18 −20 −44 −66 −48 −76 −72 −66 −28 198 147 169
Diluted EPS −$0.28 −$0.35 −$0.59 −$0.45 −$0.43 −$0.40 −$0.95 −$1.45 −$0.89 −$0.88 −$0.51 −$0.33 −$0.13 $0.81 $0.60 $0.71
Growth (year on year)
Revenue — +46.9% +174.4% +92.8% +21.3% +48.5% +113.5% −25.4% +72.8% +43.9% +91.7% +90.4% +67.6% +65.2% +19.6% +8.0%
EBITDA — — — — — — — — — — — — — +401.8% +36.0% +41.9%
Operating income — — — — — — — — — — — — — +542.5% +37.7% +44.2%
Net income — — — — — — — — — — — — — — −25.7% −19.1%
Diluted EPS — — — — — — — — — — — — — — −25.9% −16.5%
Margins
Gross margin 72.7% 40.2% 34.0% 36.7% 39.9% 40.3% −28.1% −148.4% −34.6% −45.2% 1.4% 22.9% 34.4% 51.5% 57.4% 64.7%
EBITDA margin −578.6% −691.1% −483.5% −266.6% −209.6% −158.8% −166.1% −339.6% −133.0% −146.2% −66.2% −21.4% 11.3% 34.4% 39.1% 45.3%
Operating margin −607.5% −707.4% −490.4% −270.8% −216.1% −162.6% −172.7% −354.9% −141.1% −153.8% −72.1% −25.5% 8.4% 32.6% 37.5% 43.8%
Net margin −775.7% −653.0% −506.2% −284.2% −250.4% −183.1% −192.3% −387.1% −164.5% −179.4% −88.5% −42.8% −10.9% 46.4% 28.8% 33.0%
Free-cash-flow margin −188.1% −628.1% −361.3% −287.9% −215.2% −172.1% −175.5% −381.4% −272.6% −271.7% −155.5% −47.6% 1.6% 25.9% 5.5% 22.7%
Cash flow
Cash from operations −1 −7 −11 −15 −15 −18 −37 −63 −76 −102 −112 −60 9 119 50 137
Capital spending 0 0 0 2 0 0 3 2 4 13 14 14 5 8 23 20
Free cash flow −1 −7 −11 −17 −15 −18 −40 −65 −80 −115 −126 −73 4 110 28 116
Stock-based pay 0 1 1 1 2 1 2 2 3 3 3 5 6 14 20 23
Free cash flow after stock pay −1 −8 −12 −18 −17 −20 −42 −67 −83 −118 −129 −79 −2 97 8 94
Balance sheet
Cash 0 13 26 17 10 10 43 27 27 56 51 87 51 103 88 136
Total debt 0 4 5 15 14 18 25 30 73 93 — 0 0 72 72 198
Net debt (negative = net cash) −0 −9 −21 −3 4 9 −18 3 46 37 −51 −87 −51 −31 −15 62
Diluted shares 21m 21m 26m 37m 42m 49m 46m 45m 54m 86m 140m 198m 224m 243m 245m 239m
Returned to shareholders
Buybacks 0 0 — — — — — — — — — — 0 0 32 187
Total returned 0 0 — — — — — — — — — — 0 0 32 187

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $684m
Short-term assets $528mLonger-term assets $156m
What it owes, and who funded it · $684m
Short-term liabilities $76mLonger-term liabilities $200mShareholders' equity $408m
  • Short-term assets cover short-term liabilities $528m of assets due within a year against $76m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $528m short-term assets against $200m of longer-dated liabilities.
  • More cash than debt $136m of cash against $197m of debt.
  • Debt below 40% of shareholders' equity Debt is 48% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 67% to 48% over five years.
  • A year's operating cash flow covers at least 20% of debt $137m of operating cash flow against $197m of debt.
  • Operating profit covers interest at least five times over Operating income of $224m against $9m of interest.

From Adma Biologics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$187M
Returned to shareholders
161%
of free cash flow
Buybacks, last 3 fiscal years
$31.9M
Diluted share count
−3.2%
year over year
Total shareholder yield
7.5%
dividends 0.0% + buybacks 7.5% of market value
R&D spending
2.2%
of revenue
Sales & admin spending
19.3%
of revenue
Days sales outstanding
98 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated ADMA HCM KRYS ARQT CRMD ARDX Median
Revenue, last 12 months $512m $549m $470m $464m $462m $451m $56m
Revenue growth, last 12 months 8.0% −13.0% 26.0% 76.1% 280.5% 16.8% 12.6%
Revenue growth, 3-year average 35.0% — 280.1% 241.4% >999% 75.9% 13.7%
Revenue growth, latest quarter 2.0% — 30.2% 59.3% 156.5% 23.8% 10.2%
Gross margin 64.7% 38.7% — 91.1% 82.8% 94.4% 82.9%
Operating margin 43.8% −7.1% 48.4% 7.4% 47.0% −7.9% −189.4%
Operating margin, 3-year average 34.0% −40.5% 34.1% −53.8% <−999% −15.5% −363.5%
Net margin 33.0% 83.3% 47.9% 6.1% 40.5% −12.4% −169.8%
Cash from operations / revenue 26.7% −11.8% 68.9% 8.5% 54.9% −3.8% −168.0%
Free-cash-flow margin 22.7% −14.4% 66.0% 8.4% 54.2% −4.0% −162.4%
Free-cash-flow margin, 3-year average 18.9% −27.4% 44.8% −50.3% <−999% −19.7% −310.0%
Stock pay / revenue 4.5% 2.6% 11.8% 9.4% 3.5% 12.1% 20.0%
Change in share count −3.2% 0.0% 2.3% 17.3% 23.2% 2.9% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 8.0% 12.6% 97 of 172
Change in growth rate Growth -3.0pp -0.1pp 100 of 172
Gross margin Profitability 64.7% 82.4% 60 of 75
Operating margin Profitability 43.8% -189.4% 7 of 175
Net margin Profitability 33.0% -157.3% 15 of 180
Free-cash-flow margin Cash generation 22.7% -145.4% 19 of 176
Stock pay as % of revenue Cash generation 4.5% 19.2% 31 of 179
Long-term debt as % of assets Balance sheet 28.2% 20.6% 50 of 78
Change in share count Balance sheet -3.2% 7.9% 9 of 156
Days sales outstanding Balance sheet 98 days 75 days 66 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
ADMA Bio Manufacturing $493M 96.7% ▲ 18.6%
Plasma Collection Centers $17M 3.3% ▲ 62.1%
Geography
Region Revenue Share YoY
United States $504M 98.8% ▲ 22.9%
Outside the US $6.1M 1.2% ▼ 62.6%

From Adma Biologics, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.7B
Institutions reporting
321
Shares held vs prior quarter
▼ 3.0%
Positions opened / closed
47 / 81

Top buyers and sellers, Q2 2026: 137 institutions bought and 228 sold ; the biggest buyer was Rubric Capital Management LP (+7.5M shares) and the biggest seller American Century Companies Inc (−4.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $321M 38.4M 18.6% ▲ 4.1%
State Street Corp $143M 17.1M 8.3% ▲ 21.5%
Vanguard Capital Management LLC $84.6M 10.1M 4.9% ▼ 2.0%
Vanguard Portfolio Management LLC $84.4M 10.1M 4.9% ▲ 13.8%
Rubric Capital Management LP $78.2M 9.3M 4.5% ▲ 416.2%
Capital Research Global Investors $73.3M 8.8M 4.3% ▼ 21.8%
First Trust Advisors LP $65.3M 7.8M 3.8% ▲ 2064.9%
Geode Capital Management, LLC $50.7M 6.1M 2.9% ▲ 4.0%
Caligan Partners LP $47.9M 5.7M 2.8% ▲ 20.4%
D. E. Shaw & Co., Inc. $44.1M 5.3M 2.6% ▲ 840.5%
Nantahala Capital Management, LLC $39.5M 4.7M 2.3% New
Dimensional Fund Advisors LP $30.2M 3.6M 1.8% ▼ 28.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Adma Biologics, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $468,294 5 trades by 2 insiders, last 12 months Insider sales History → $1.6M 9 trades by 2 insiders · 90% under pre-set plans
Net ▼ $1.1M net selling
Insider Date Trade Shares Price Value
Grossman Jerrold B Director May 27, 2026 Buy 6,400 $7.91 $50,624
Grossman Jerrold B Director May 12, 2026 Buy 12,500 $8.01 $100,125
Grossman Jerrold B Director May 11, 2026 Buy 12,500 $8.01 $100,125
Grossman Adam S President and CEO March 16, 2026 Sell pre-set plan 15,000 $15.16 $227,400
Grossman Adam S President and CEO March 16, 2026 Sell pre-set plan 6,000 $15.16 $90,960
Kestenberg-Messina Kaitlin M. COO and SVP, Compliance March 9, 2026 Sell 10,096 $15.63 $157,800
Elms Steve Director March 6, 2026 Buy 7,000 $15.39 $107,730
Elms Steve Director March 5, 2026 Buy 7,000 $15.67 $109,690
Grossman Adam S President and CEO February 17, 2026 Sell pre-set plan 15,000 $16.08 $241,200
Grossman Adam S President and CEO February 17, 2026 Sell pre-set plan 6,000 $16.08 $96,480
Grossman Adam S President and CEO December 15, 2025 Sell pre-set plan 15,000 $19.79 $296,850
Grossman Adam S President and CEO December 15, 2025 Sell pre-set plan 6,000 $19.79 $118,740

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 5, 2026
  • May 6, 2026
  • February 25, 2026
  • January 12, 2026
  • November 5, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Adma Biologics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Adma Biologics, Inc. in brief

What does Adma Biologics, Inc. do?
Adma Biologics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Adma Biologics, Inc.'s stock ticker?
Adma Biologics, Inc. trades under the ticker ADMA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Adma Biologics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Adma Biologics, Inc. reported revenue of $512M, 8.0% higher than a year earlier, according to its SEC filings.
What is Adma Biologics, Inc.'s free cash flow?
Adma Biologics, Inc.'s free-cash-flow margin is 22.7% of revenue over the trailing twelve months, ranking 19 of the 176 biotechnology companies we cover.
What is Adma Biologics, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Adma Biologics, Inc.'s free cash flow after stock-based pay gives ~$12 per share in the base case, and ~$9.3–$16 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Adma Biologics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Adma Biologics, Inc. buying back stock, and does it pay a dividend?
Adma Biologics, Inc. spent $187M on share repurchases over the trailing twelve months, and its diluted share count fell 3.2% over the year.
What is Adma Biologics, Inc.'s market cap?
On November 2, 2026, Adma Biologics, Inc.'s market capitalisation was about $2.6B, with a price-to-earnings ratio of 15.7 and net debt of $62.1M. Market figures come from third-party market data and may be delayed.
How much debt does Adma Biologics, Inc. have?
Adma Biologics, Inc.'s debt-to-equity ratio is 48.2%, from its latest balance sheet (67.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Adma Biologics, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Adma Biologics, Inc. are Hutchmed (china) Ltd, Krystal Biotech, Inc., Arcutis Biotherapeutics, Inc., Cormedix Inc. and Ardelyx, Inc. The side-by-side comparison below sets their revenue, margins and growth against Adma Biologics, Inc.'s.
Are insiders buying or selling Adma Biologics, Inc. stock?
Over the last 12 months, Adma Biologics, Inc.'s directors and officers reported 5 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Adma Biologics, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Adma Biologics, Inc. announces its own schedule.