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Biotechnology · Healthcare · Fiscal year ends Dec 31
ADMA Biologics reported revenue of $510M in the fiscal year ended Dec 2025, up 19.6% from the year before. Operating income was $191M, an operating margin of 37.5%, and net income was $147M. Operating cash flow of $50M less capital expenditure of $23M left free cash flow of $28M. It held more cash than debt (net cash $15M).
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 80.9 | 154 | 258 | 426 | 510 |
| Cost of revenue | 79.8 | 119 | 169 | 207 | 217 |
| Gross profit | 1.2 | 35.3 | 88.9 | 220 | 293 |
| Research & development | 3.6 | 3.6 | 3.3 | 1.8 | 4.8 |
| Selling, general & admin | 42.9 | 52.5 | 59.0 | 74.1 | 91.6 |
| Operating income | −58.4 | −39.4 | 21.6 | 139 | 191 |
| Interest expense | 13.1 | 19.3 | 25.0 | 13.9 | 7.1 |
| Pre-tax income | – | −65.9 | −28.2 | 126 | 183 |
| Income tax | 0.0 | 0.0 | 0.0 | −72.0 | 35.7 |
| Net income | −71.6 | −65.9 | −28.2 | 198 | 147 |
| Diluted EPS | −0.51 | −0.33 | −0.13 | 0.81 | 0.60 |
| Diluted shares | 140 | 198 | 224 | 243 | 245 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 51.1 | 86.5 | 51.4 | 103 | 87.6 |
| Receivables | 28.6 | 15.5 | 27.4 | 50.0 | 158 |
| Inventory | 125 | 163 | 173 | 170 | 206 |
| Current assets | 209 | 270 | 257 | 331 | 467 |
| Net PP&E | 50.9 | 58.3 | 53.8 | 54.7 | 65.1 |
| Goodwill | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 |
| Total assets | 276 | 348 | 329 | 489 | 624 |
| Payables | 12.4 | 13.2 | 15.7 | 20.2 | 22.5 |
| Deferred revenue | 0.1 | 0.1 | 0.2 | 0.1 | – |
| Current liabilities | 30.4 | 39.3 | 49.8 | 55.5 | 69.5 |
| Short-term debt | – | – | – | 0.0 | 2.8 |
| Long-term debt | 94.9 | 143 | 131 | 72.3 | 69.3 |
| Total liabilities | 135 | 196 | 194 | 140 | 147 |
| Shareholders' equity | 141 | 152 | 135 | 349 | 477 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −112 | −59.5 | 8.8 | 119 | 50.4 |
| Capital expenditure | 13.5 | 13.9 | 4.8 | 8.2 | 22.6 |
| Free cash flow | −126 | −73.4 | 4.0 | 110 | 27.8 |
| Depreciation & amortisation | 4.8 | 6.4 | 7.6 | 7.7 | 8.0 |
| Stock-based compensation | 3.5 | 5.2 | 6.2 | 13.6 | 20.0 |
| Share buybacks | – | – | 0.0 | 0.0 | 31.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 90.4% | 67.6% | 65.2% | 19.6% |
| Operating income growth (YoY) | – | – | – | 542.5% | 37.7% |
| EPS growth (YoY) | – | – | – | – | −25.9% |
| Gross margin | 1.4% | 22.9% | 34.4% | 51.5% | 57.4% |
| Operating margin | −72.1% | −25.5% | 8.4% | 32.6% | 37.5% |
| Net margin | −88.5% | −42.8% | −10.9% | 46.4% | 28.8% |
| Return on equityBlank when equity is negative | −50.8% | −43.4% | −20.9% | 56.6% | 30.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −23.7% | −12.7% | 7.7% | 32.1% | 34.5% |
| Free cash flow margin | −155.5% | −47.6% | 1.6% | 25.9% | 5.5% |
| Cash conversion (CFO ÷ net income) | 1.57x | 0.90x | −0.31x | 0.60x | 0.34x |
| Receivable days | 129 | 37 | 39 | 43 | 113 |
| Inventory days | 571 | 502 | 373 | 300 | 347 |
| Payable days | 57 | 41 | 34 | 36 | 38 |
| Interest cover | −4.47x | −2.04x | 0.86x | 9.98x | 26.9x |
| Debt ÷ equity | 0.67x | 0.94x | 0.97x | 0.21x | 0.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 43.8 | 56.3 | 79.2 | −30.8 | −15.5 |
| Current ratio | 6.87x | 6.89x | 5.16x | 5.97x | 6.71x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.