Investment Thesis
ADMA Biologics demonstrates solid fundamental strength with robust revenue growth of 19.6% YoY, exceptional profitability metrics (57.4% gross margin, 28.8% net margin), and a fortress balance sheet with minimal leverage. However, net income declined 25.7% YoY despite revenue growth, signaling profitability headwinds that warrant monitoring despite strong operational efficiency.
ADMA Strengths
- Revenue growth of 19.6% YoY with $510.2M in sales demonstrates healthy market demand
- Exceptional profitability with 57.4% gross margin and 28.8% net margin, indicating pricing power and operational efficiency
- Strong balance sheet with $477.3M equity, 6.71x current ratio, and minimal 0.15x debt/equity leverage
- Robust free cash flow generation of $27.8M with 50.8x interest coverage providing financial flexibility
- High return metrics (30.8% ROE, 23.5% ROA) demonstrate efficient capital deployment
ADMA Risks
- Net income declined 25.7% YoY despite 19.6% revenue growth, indicating margin compression or operational cost increases
- Low free cash flow margin of 5.5% relative to net income suggests working capital or capex pressures
- Capital expenditures of $22.6M represent 44% of operating cash flow, reducing distributable cash
- Operating leverage concerns given revenue growth not translating to earnings growth
- High insider activity with 18 Form 4 filings in last 90 days may signal management uncertainty
Key Metrics to Watch
- Operating expense trends to explain net income decline despite revenue growth
- Gross margin sustainability and pricing power maintenance
- Free cash flow conversion and working capital management efficiency
- Capital expenditure requirements and return on invested capital
- Revenue composition and customer concentration risk
ADMA Financial Metrics
ADMA Profitability Ratios
ADMA Balance Sheet & Liquidity
ADMA 5-Year Financial Trend
5-Year Trend Summary: ADMA BIOLOGICS, INC.'s revenue has grown significantly by 530% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.13 indicates the company is currently unprofitable.
ADMA Growth Metrics (YoY)
ADMA Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $119.8M | $17.8M | $0.15 |
| Q2 2025 | $107.2M | $17.8M | $0.13 |
| Q1 2025 | $81.9M | $17.8M | $0.08 |
| Q3 2024 | $67.3M | $2.6M | $0.01 |
| Q2 2024 | $60.1M | -$6.4M | $-0.03 |
| Q1 2024 | $56.9M | -$6.8M | $-0.03 |
| Q3 2023 | $41.1M | $2.6M | $0.01 |
| Q2 2023 | $33.9M | -$6.4M | $-0.03 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ADMA Capital Allocation
ADMA SEC Filings
Access official SEC EDGAR filings for ADMA BIOLOGICS, INC. (CIK: 0001368514)