ADMA Biologics (ADMA) Financials

$10.08 -0.17 (-1.66%)

Closing price 04:00 PM Eastern

Extended Trading

$7.62 -2.47 (-24.45%)

As of 06:51 PM Eastern

Annual Income Statements for ADMA Biologics

This table shows ADMA Biologics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-18	-20	-44	-66	-48	-76	-72	-66	-28	198	147
Consolidated Net Income / (Loss)	-18	-20	-44	-66	-48	-76	-72	-66	-28	198	147
Net Income / (Loss) Continuing Operations	-18	-20	-44	-66	-48	-76	-72	-66	-28	198	147
Total Pre-Tax Income	-18	-20	-44	-66	-48	-76	-72	-66	-28	126	183
Total Operating Income	-16	-17	-39	-60	-41	-65	-58	-39	22	139	191
Total Gross Profit	2.87	4.30	-6.40	-25	-10	-19	1.17	35	89	220	293
Total Revenue	7.18	11	23	17	29	42	81	154	258	426	510
Operating Revenue	7.18	11	23	17	29	42	81	154	258	426	510
Total Cost of Revenue	4.31	6.36	29	42	40	61	80	119	169	207	217
Operating Cost of Revenue	4.31	6.36	29	42	40	61	80	119	169	207	217
Total Operating Expenses	18	22	33	35	31	46	60	75	67	81	101
Selling, General & Admin Expense	11	14	25	30	28	39	55	70	63	78	96
Research & Development Expense	7.02	7.69	5.57	3.93	2.34	5.91	3.65	3.61	3.30	1.81	4.76
Amortization Expense	-	0.00	1.23	0.84	0.84	0.72	0.72	0.72	0.72	0.39	0.14
Total Other Income / (Expense), net	-2.46	-2.18	-4.45	-5.45	-6.85	-11	-13	-27	-50	-13	-8.79
Interest Expense	2.56	2.24	4.50	5.52	19	11	13	26	51	15	10
Interest & Investment Income	0.04	0.05	0.06	0.20	0.80	0.29	0.04	0.05	1.62	2.10	1.87
Other Income / (Expense), net	0.07	0.00	-0.01	-0.13	11	-0.13	-0.25	-0.64	-0.29	-0.19	-0.21
Income Tax Expense	-	-	-	-	-	-	-	0.00	0.00	-72	36
Basic Earnings per Share	($1.73)	($1.61)	($1.91)	($1.45)	($0.89)	($0.88)	($0.51)	($0.33)	($0.13)	$0.85	$0.62
Weighted Average Basic Shares Outstanding	10.41M	12.15M	22.90M	45.19M	54.35M	86.15M	139.58M	197.87M	223.98M	233.08M	238.30M
Diluted Earnings per Share	($1.73)	($1.61)	($1.91)	($1.45)	($0.89)	($0.88)	($0.51)	($0.33)	($0.13)	$0.81	$0.60
Weighted Average Diluted Shares Outstanding	10.41M	12.15M	22.90M	45.19M	54.35M	86.15M	139.58M	197.87M	223.98M	243.34M	244.90M

This table shows ADMA Biologics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-6.37	2.57	-18	18	32	36	112	27	34	36	49
Consolidated Net Income / (Loss)	-6.37	2.57	-18	18	32	36	112	27	34	36	49
Net Income / (Loss) Continuing Operations	-6.37	2.57	-18	18	32	36	112	27	34	36	49
Total Pre-Tax Income	-6.37	2.57	-18	18	36	37	35	33	40	48	62
Total Operating Income	-0.47	8.69	14	22	39	40	38	35	43	51	63
Total Gross Profit	17	25	31	39	57	60	63	61	67	76	89
Total Revenue	60	67	74	82	107	120	118	115	122	134	139
Operating Revenue	60	67	74	82	107	120	118	115	122	134	139
Total Cost of Revenue	43	43	43	43	50	60	54	54	55	59	50
Operating Cost of Revenue	43	43	43	43	50	60	54	54	55	59	50
Total Operating Expenses	17	16	17	17	18	20	25	26	24	25	26
Selling, General & Admin Expense	16	15	16	17	18	20	25	25	23	23	25
Research & Development Expense	1.40	0.60	0.45	0.45	0.56	0.41	0.39	0.83	1.03	1.53	1.38
Amortization Expense	0.18	0.18	0.19	0.19	0.14	0.03	0.03	0.03	0.03	0.04	0.05
Total Other Income / (Expense), net	-5.90	-6.12	-32	-3.42	-3.35	-2.89	-3.61	-1.43	-2.70	-3.50	-1.16
Interest Expense	6.30	6.40	32	3.77	3.78	3.50	4.12	1.98	2.99	3.85	1.63
Interest & Investment Income	0.41	0.42	0.61	0.38	0.45	0.67	0.60	0.61	0.40	0.38	0.49
Other Income / (Expense), net	-0.01	-0.15	-0.10	-0.04	-0.02	-0.06	-0.09	-0.06	-0.11	-0.02	-0.02
Income Tax Expense	0.00	0.00	-	0.60	3.79	0.84	-77	6.55	5.88	11	12
Basic Earnings per Share	($0.03)	$0.01	($0.08)	$0.08	$0.14	$0.15	$0.48	$0.11	$0.14	$0.15	$0.22
Weighted Average Basic Shares Outstanding	222.68M	225.28M	223.98M	228.87M	232.42M	234.57M	233.08M	237.78M	241.49M	238.60M	238.30M
Diluted Earnings per Share	($0.03)	$0.01	($0.08)	$0.08	$0.13	$0.15	$0.45	$0.11	$0.14	$0.15	$0.20
Weighted Average Diluted Shares Outstanding	222.68M	233.76M	223.98M	236.41M	242.17M	244.80M	243.34M	244.68M	248.61M	244.66M	244.90M
Weighted Average Basic & Diluted Shares Outstanding	224.91M	225.97M	228.22M	231.81M	233.08M	236.39M	237.62M	-	-	-	0.00

This table details how cash moves in and out of ADMA Biologics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-6.76	-0.53	39	-22	-0.00	29	-4.83	35	-35	52	-16
Net Cash From Operating Activities	-15	-18	-37	-63	-76	-102	-112	-60	8.80	119	50
Net Cash From Continuing Operating Activities	-15	-18	-37	-63	9.71	-102	-112	-60	8.80	119	50
Net Income / (Loss) Continuing Operations	-18	-20	-44	-66	-48	-76	-72	-66	-28	198	147
Consolidated Net Income / (Loss)	-18	-20	-44	-66	-48	-76	-72	-66	-28	198	147
Depreciation Expense	0.47	0.47	2.69	3.45	3.26	3.94	5.50	7.11	8.33	8.05	8.10
Amortization Expense	0.27	0.53	0.64	0.96	1.04	1.64	1.75	2.26	2.45	0.81	0.57
Non-Cash Adjustments To Reconcile Net Income	2.55	1.25	3.44	2.35	12	1.95	3.71	15	36	15	23
Changes in Operating Assets and Liabilities, net	-0.74	-1.01	-0.28	-3.69	41	-34	-52	-18	-10	-103	-129
Net Cash From Investing Activities	-1.74	0.90	15	-2.10	-3.81	-13	-14	-14	-4.98	-8.58	-22
Net Cash From Continuing Investing Activities	-1.74	0.90	15	-2.10	-3.81	-13	-14	-14	-4.98	-8.58	-22
Purchase of Property, Plant & Equipment	-0.03	-0.07	-2.68	-2.10	-3.81	-13	-14	-14	-4.77	-8.23	-23
Acquisitions	-	0.00	-	-	-	-	0.00	0.00	-0.21	-0.35	-0.32
Other Investing Activities, net	-	-	-	-	-	-	-	-	-	-	1.00
Net Cash From Financing Activities	10	17	61	43	80	144	121	109	-39	-58	-44
Net Cash From Continuing Financing Activities	10	17	61	43	80	144	121	109	-39	-58	-44
Repayment of Debt	-16	-0.06	-22	0.00	-32	-15	0.00	-105	-172	-60	-109
Repurchase of Common Equity	0.00	-	-	-	-	-	-	-	0.00	0.00	-32
Issuance of Debt	-	4.00	45	0.04	73	28	0.00	152	135	0.00	105
Other Financing Activities, net	16	0.00	-1.78	0.01	-9.21	-0.02	-0.10	-2.76	-1.91	2.15	-7.88

This table details how cash moves in and out of ADMA Biologics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-6.69	12	-23	-6.03	43	-1.54	16	-32	19	-29	26
Net Cash From Operating Activities	-6.06	12	18	-2.22	46	25	50	-20	21	13	36
Net Cash From Continuing Operating Activities	-6.06	12	18	-2.22	46	25	50	-20	21	13	36
Net Income / (Loss) Continuing Operations	-6.37	2.57	-18	18	32	36	112	27	34	36	49
Consolidated Net Income / (Loss)	-6.37	2.57	-18	18	32	36	112	27	34	36	49
Depreciation Expense	2.10	2.09	2.11	2.11	2.05	1.94	1.94	1.97	2.06	2.02	2.05
Amortization Expense	0.65	0.69	0.66	0.22	0.19	0.22	0.18	0.15	0.13	0.13	0.16
Non-Cash Adjustments To Reconcile Net Income	2.62	2.78	29	2.16	2.86	3.19	6.75	4.62	6.12	7.22	5.40
Changes in Operating Assets and Liabilities, net	-5.06	3.86	3.60	-25	8.48	-16	-71	-53	-21	-33	-21
Net Cash From Investing Activities	-0.87	-0.76	-1.41	-2.36	-2.37	-1.10	-2.75	-4.72	-2.53	-14	-0.28
Net Cash From Continuing Investing Activities	-0.87	-0.76	-1.41	-2.36	-2.37	-1.10	-2.75	-4.72	-2.53	-14	-0.28
Purchase of Property, Plant & Equipment	-0.87	-0.76	-1.20	-2.35	-2.07	-1.06	-2.76	-4.70	-2.42	-14	-1.08
Acquisitions	-	-	-0.21	-0.02	-0.30	-0.04	0.01	-0.02	-0.11	-	-0.19
Net Cash From Financing Activities	0.24	0.42	-39	-1.45	-0.36	-25	-31	-7.13	0.05	-28	-9.12
Net Cash From Continuing Financing Activities	0.24	0.42	-39	-1.45	-0.36	-25	-31	-7.13	0.05	-28	-9.12
Repayment of Debt	-	-	-172	-	-	-	-30	-	-	-78	-0.48
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-	-8.90
Other Financing Activities, net	0.24	0.42	-1.92	-1.45	-0.36	4.53	-0.58	-7.13	0.50	-1.51	0.27

This table presents ADMA Biologics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	24	24	108	89	127	208	276	348	329	489	624
Total Current Assets	21	22	62	45	86	154	209	270	257	331	467
Cash & Equivalents	10	9.91	43	23	27	56	51	87	51	103	88
Accounts Receivable	0.92	1.02	3.88	1.39	3.47	13	29	16	27	50	158
Inventories, net	3.45	5.02	13	19	53	82	125	163	173	170	206
Prepaid Expenses	0.11	0.31	1.23	1.77	2.53	3.05	4.34	5.10	5.33	8.03	7.46
Other Current Assets	-	-	-	-	-	-	-	-	-	0.00	6.53
Plant, Property, & Equipment, net	2.40	2.00	30	30	32	42	51	58	54	55	65
Total Noncurrent Assets	0.03	0.03	15	14	9.53	12	17	20	18	103	93
Goodwill	-	0.00	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53
Intangible Assets	-	0.00	4.85	4.00	3.16	2.44	1.73	1.01	0.50	0.46	0.63
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	0.00	84	73
Other Noncurrent Operating Assets	0.03	0.03	6.83	6.70	2.84	6.37	11	15	14	14	15
Total Liabilities & Shareholders' Equity	24	24	108	89	127	208	276	348	329	489	624
Total Liabilities	23	28	68	69	101	119	135	196	194	140	147
Total Current Liabilities	4.22	11	9.44	9.63	14	20	30	39	50	56	70
Short-Term Debt	0.02	6.11	0.00	0.03	-	-	-	-	-	0.00	2.81
Accounts Payable	2.09	2.56	5.92	5.90	9.17	11	12	13	16	20	23
Accrued Expenses	1.97	2.39	3.38	3.55	4.48	8.37	17	25	33	34	40
Other Current Liabilities	-	0.02	-	-	0.23	0.37	0.59	0.91	1.05	1.22	1.10
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	2.65
Total Noncurrent Liabilities	19	17	58	59	87	99	105	157	144	84	77
Long-Term Debt	14	14	43	44	83	93	95	143	131	72	69
Capital Lease Obligations	0.04	-	0.00	0.12	1.30	4.33	7.46	11	9.78	8.56	6.65
Noncurrent Deferred Revenue	2.96	2.69	2.55	2.40	2.26	2.12	1.98	1.83	1.69	1.55	1.41
Other Noncurrent Operating Liabilities	1.43	0.12	13	13	0.11	0.05	0.40	1.85	2.11	1.67	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.82	-4.46	40	20	26	88	141	152	135	349	477
Total Preferred & Common Equity	0.82	-4.46	40	20	26	88	141	152	135	349	477
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.82	-4.46	40	20	26	88	141	152	135	349	477
Common Stock	88	102	191	236	291	429	553	630	641	658	671
Retained Earnings	-87	-107	-151	-216	-265	-340	-412	-478	-506	-309	-162
Treasury Stock	-	-	-	-	-	-	-	-	-	0.00	-32

This table presents ADMA Biologics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	301	341	343	349	351	376	391	511	558	569
Total Current Assets	224	264	266	274	276	304	318	352	400	403
Cash & Equivalents	35	69	63	74	45	88	87	72	90	61
Accounts Receivable	21	27	37	31	50	30	50	99	110	138
Inventories, net	163	164	162	163	178	180	172	172	191	197
Prepaid Expenses	5.37	4.38	5.22	5.11	3.74	5.52	9.55	8.59	8.09	6.93
Plant, Property, & Equipment, net	57	57	56	55	55	54	54	58	58	70
Total Noncurrent Assets	20	19	20	20	19	18	19	101	101	97
Goodwill	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53
Intangible Assets	1.19	0.83	0.66	0.48	0.32	0.48	0.49	0.45	0.53	0.49
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	81	79	74
Other Noncurrent Operating Assets	15	15	16	16	15	14	15	16	18	18
Total Liabilities & Shareholders' Equity	301	341	343	349	351	376	391	511	558	569
Total Liabilities	200	195	196	198	197	188	159	137	160	138
Total Current Liabilities	44	37	42	42	53	44	45	53	75	56
Short-Term Debt	-	-	-	-	-	-	-	-	-	2.34
Accounts Payable	25	13	12	11	17	14	16	21	30	24
Accrued Expenses	18	23	29	30	34	28	28	32	44	29
Other Current Liabilities	0.72	0.96	0.98	0.98	1.09	1.14	1.19	1.19	1.13	1.30
Total Noncurrent Liabilities	156	158	154	156	144	144	114	84	85	81
Long-Term Debt	141	144	140	142	131	131	101	73	73	70
Capital Lease Obligations	11	10	10	9.97	9.49	9.18	8.87	8.30	9.30	9.40
Noncurrent Deferred Revenue	1.87	1.80	1.76	1.73	1.65	1.62	1.58	1.51	1.48	1.44
Other Noncurrent Operating Liabilities	1.86	1.84	2.02	2.00	2.09	2.08	2.06	1.32	0.94	0.09
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	100	146	147	151	154	188	232	373	398	431
Total Preferred & Common Equity	100	146	147	151	154	188	232	373	398	431
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	100	146	147	151	154	188	232	373	398	431
Common Stock	566	630	638	640	642	645	652	655	661	665
Retained Earnings	-466	-485	-491	-489	-488	-456	-420	-282	-247	-211
Treasury Stock	-	-	-	-	-	-	-	-	-15	-23

This table displays calculated financial ratios and metrics derived from ADMA Biologics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.34%	48.53%	113.49%	-25.37%	72.79%	43.85%	91.72%	90.36%	67.59%	65.15%	19.63%
EBITDA Growth	6.08%	-10.96%	-120.49%	-55.63%	53.88%	-130.22%	13.60%	40.38%	204.90%	359.55%	35.39%
EBIT Growth	4.02%	-12.17%	-126.94%	-53.65%	50.14%	-115.92%	9.87%	31.77%	153.36%	550.22%	37.78%
NOPAT Growth	3.15%	-11.71%	-126.83%	-53.37%	31.29%	-56.71%	10.08%	32.56%	154.95%	1,343.21%	-29.53%
Net Income Growth	-6.88%	-8.60%	-124.23%	-50.24%	26.56%	-56.90%	5.41%	8.02%	57.15%	800.00%	-25.67%
EPS Growth	4.42%	6.94%	-18.63%	24.08%	38.62%	1.12%	42.05%	35.29%	60.61%	723.08%	-25.93%
Operating Cash Flow Growth	-4.85%	-18.49%	-104.02%	-68.17%	-21.56%	-33.87%	-10.16%	47.04%	114.79%	1,248.55%	-57.53%
Free Cash Flow Firm Growth	18.72%	-39.00%	-360.41%	31.95%	-60.24%	-27.10%	-13.73%	47.77%	118.30%	1,071.15%	-91.69%
Invested Capital Growth	-53.06%	127.25%	8,304.18%	6.57%	103.55%	54.43%	48.43%	13.81%	2.39%	45.73%	44.18%
Revenue Q/Q Growth	171.82%	2.61%	0.12%	-31.87%	37.35%	4.76%	18.14%	18.09%	10.21%	11.40%	4.42%
EBITDA Q/Q Growth	28.54%	14.20%	-62.80%	-13.30%	25.24%	-17.64%	7.76%	19.14%	188.84%	18.89%	14.02%
EBIT Q/Q Growth	27.41%	13.11%	-63.41%	-11.24%	22.31%	-16.68%	6.35%	14.60%	2,879.15%	21.02%	14.69%
NOPAT Q/Q Growth	27.22%	13.09%	-63.37%	-11.06%	17.39%	-16.92%	6.46%	15.34%	1,513.68%	90.21%	-31.42%
Net Income Q/Q Growth	22.46%	11.14%	-63.97%	-8.33%	13.41%	-13.22%	3.71%	6.28%	-23.71%	190.13%	-29.85%
EPS Q/Q Growth	-3.59%	5.85%	4.02%	-9.02%	19.09%	-3.53%	20.31%	5.71%	-30.00%	189.29%	-29.41%
Operating Cash Flow Q/Q Growth	-8.26%	2.48%	-35.40%	-9.49%	-1.14%	-14.05%	-1.12%	30.48%	154.40%	37.91%	-22.44%
Free Cash Flow Firm Q/Q Growth	27.08%	4.85%	-36.42%	-5.97%	1.46%	-16.37%	-9.64%	37.99%	191.26%	30.64%	-65.94%
Invested Capital Q/Q Growth	9.01%	157.13%	26.66%	18.59%	15.88%	15.87%	18.24%	0.69%	-2.20%	27.96%	4.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.93%	40.34%	-28.14%	-148.42%	-34.60%	-45.17%	1.45%	22.89%	34.44%	51.48%	57.39%
EBITDA Margin	-204.94%	-153.10%	-158.12%	-329.75%	-88.00%	-140.84%	-63.47%	-19.88%	12.44%	34.62%	39.18%
Operating Margin	-216.14%	-162.56%	-172.71%	-354.95%	-141.14%	-153.75%	-72.12%	-25.55%	8.38%	32.59%	37.53%
EBIT Margin	-215.20%	-162.52%	-172.76%	-355.70%	-102.64%	-154.06%	-72.43%	-25.96%	8.27%	32.55%	37.48%
Profit (Net Income) Margin	-250.36%	-183.05%	-192.26%	-387.06%	-164.50%	-179.41%	-88.52%	-42.77%	-10.94%	46.35%	28.80%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	157.24%	80.44%
Interest Burden Percent	116.34%	112.64%	111.29%	108.82%	160.27%	116.46%	122.21%	164.76%	-132.30%	90.58%	95.52%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-57.24%	19.56%
Return on Invested Capital (ROIC)	0.00%	0.00%	-140.55%	-105.59%	-46.33%	-42.55%	-25.38%	-13.40%	6.83%	79.32%	38.60%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-1,130.62%	-342.99%	-95.01%	-103.70%	-91.85%	-78.25%	-48.77%	16.83%	88.30%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-103.40%	-113.18%	-163.75%	-89.83%	-37.08%	-31.57%	-26.50%	2.32%	-3.04%
Return on Equity (ROE)	-526.23%	1,073.36%	-243.95%	-218.77%	-210.08%	-132.38%	-62.46%	-44.96%	-19.67%	81.65%	35.56%
Cash Return on Invested Capital (CROIC)	0.00%	-3,101.67%	-335.85%	-111.95%	-114.55%	-85.34%	-64.37%	-26.32%	4.47%	42.10%	2.42%
Operating Return on Assets (OROA)	-60.89%	-73.11%	-59.71%	-61.37%	-27.90%	-38.86%	-24.23%	-12.81%	6.30%	33.94%	34.37%
Return on Assets (ROA)	-70.83%	-82.34%	-66.45%	-66.78%	-44.71%	-45.25%	-29.61%	-21.10%	-8.33%	48.34%	26.40%
Return on Common Equity (ROCE)	-526.23%	1,073.36%	-243.94%	-218.77%	-210.08%	-132.38%	-62.46%	-44.96%	-19.67%	81.65%	35.56%
Return on Equity Simple (ROE_SIMPLE)	-2,188.85%	437.83%	-108.49%	-332.53%	-184.32%	-85.83%	-50.75%	-43.37%	-20.89%	56.64%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-12	-28	-42	-29	-45	-41	-28	15	219	154
NOPAT Margin	-151.30%	-113.79%	-120.90%	-248.46%	-98.80%	-107.63%	-50.48%	-17.88%	5.86%	51.25%	30.19%
Net Nonoperating Expense Percent (NNEP)	-147.78%	613.49%	990.07%	237.40%	48.68%	61.15%	66.48%	64.86%	55.60%	62.49%	-49.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-9.02%	5.49%	50.83%	27.69%
Cost of Revenue to Revenue	60.07%	59.66%	128.14%	248.42%	134.60%	145.17%	98.55%	77.11%	65.56%	48.52%	42.61%
SG&A Expenses to Revenue	158.33%	130.78%	110.96%	178.44%	95.68%	92.90%	68.18%	45.63%	24.51%	18.38%	18.90%
R&D to Revenue	97.75%	72.12%	24.47%	23.11%	7.99%	13.99%	4.50%	2.35%	1.28%	0.43%	0.93%
Operating Expenses to Revenue	256.07%	202.89%	144.58%	206.53%	106.54%	108.58%	73.57%	48.44%	26.07%	18.89%	19.86%
Earnings before Interest and Taxes (EBIT)	-15	-17	-39	-60	-30	-65	-59	-40	21	139	191
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-15	-16	-36	-56	-26	-59	-51	-31	32	148	200
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	105.31	0.00	2.05	5.60	9.06	2.09	1.96	5.02	7.55	11.62	0.00
Price to Tangible Book Value (P/TBV)	105.31	0.00	2.59	9.05	12.17	2.24	2.03	5.18	7.79	11.75	0.00
Price to Revenue (P/Rev)	12.05	6.19	3.64	6.52	8.08	4.37	3.41	4.96	3.96	9.51	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.51	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.88%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	153.98	2.10	3.21	3.51	1.74	1.70	3.79	4.95	12.34	0.00
Enterprise Value to Revenue (EV/Rev)	11.70	6.65	3.57	7.79	10.05	5.35	4.04	5.39	4.30	9.45	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	34.56	27.31	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	52.02	29.05	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	73.33	18.45	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	126.18	33.97	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	112.11	34.76	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	17.42	-4.54	1.07	2.24	3.23	1.10	0.72	1.01	1.04	0.23	0.17
Long-Term Debt to Equity	17.40	-3.17	1.07	2.24	3.23	1.10	0.72	1.01	1.04	0.23	0.16
Financial Leverage	-1.41	-0.66	0.09	0.33	1.72	0.87	0.40	0.40	0.54	0.14	-0.03
Leverage Ratio	7.43	-13.04	3.67	3.28	4.70	2.93	2.11	2.13	2.36	1.69	1.35
Compound Leverage Factor	8.64	-14.68	4.09	3.56	7.53	3.41	2.58	3.51	-3.12	1.53	1.29
Debt to Total Capital	94.57%	128.27%	51.58%	69.11%	76.34%	52.44%	42.02%	50.26%	50.94%	18.82%	14.17%
Short-Term Debt to Total Capital	0.10%	38.76%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%
Long-Term Debt to Total Capital	94.47%	89.51%	51.58%	69.06%	76.34%	52.44%	42.02%	50.26%	50.94%	18.82%	13.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	5.43%	-28.27%	48.42%	30.89%	23.66%	47.56%	57.98%	49.74%	49.06%	81.18%	85.83%
Debt to EBITDA	-0.97	-1.24	-1.19	-0.79	-3.27	-1.64	-1.99	-5.01	4.37	0.55	0.39
Net Debt to EBITDA	0.17	-0.30	0.05	-0.38	-2.24	-0.70	-1.00	-2.19	2.77	-0.15	-0.04
Long-Term Debt to EBITDA	-0.97	-0.86	-1.19	-0.79	-3.27	-1.64	-1.99	-5.01	4.37	0.55	0.38
Debt to NOPAT	-1.32	-1.67	-1.56	-1.05	-2.91	-2.14	-2.50	-5.57	9.27	0.37	0.51
Net Debt to NOPAT	0.23	-0.41	0.06	-0.51	-1.99	-0.91	-1.25	-2.43	5.88	-0.10	-0.06
Long-Term Debt to NOPAT	-1.32	-1.16	-1.56	-1.05	-2.91	-2.14	-2.50	-5.57	9.27	0.37	0.49
Altman Z-Score	-3.88	-6.35	-1.62	-4.03	-1.38	-1.43	-0.49	1.27	2.76	19.02	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.05	1.93	6.60	4.63	6.12	7.71	6.87	6.89	5.16	5.97	6.71
Quick Ratio	4.21	1.45	4.98	2.51	2.15	3.47	2.62	2.60	1.58	2.76	3.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-10	-14	-66	-45	-72	-91	-104	-54	9.90	116	9.64
Operating Cash Flow to CapEx	-59,135.52%	-24,886.22%	-1,392.65%	-2,990.97%	-1,998.87%	-801.62%	-831.69%	-427.78%	184.45%	1,442.65%	223.24%
Free Cash Flow to Firm to Interest Expense	-4.01	-6.38	-14.62	-8.10	-3.78	-8.29	-7.94	-2.09	0.19	7.64	0.92
Operating Cash Flow to Interest Expense	-6.02	-8.16	-8.29	-11.35	-4.02	-9.28	-8.61	-2.29	0.17	7.82	4.82
Operating Cash Flow Less CapEx to Interest Expense	-6.03	-8.19	-8.89	-11.73	-4.22	-10.44	-9.64	-2.83	0.08	7.28	2.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.45	0.35	0.17	0.27	0.25	0.33	0.49	0.76	1.04	0.92
Accounts Receivable Turnover	10.97	10.98	9.29	6.44	12.07	5.05	3.87	6.99	12.03	11.02	4.90
Inventory Turnover	1.67	1.50	3.31	2.70	1.10	0.91	0.77	0.83	1.01	1.21	1.15
Fixed Asset Turnover	2.74	4.85	1.40	0.56	0.95	1.15	1.75	2.82	4.61	7.86	8.52
Accounts Payable Turnover	2.23	2.73	6.87	7.14	5.24	6.05	6.79	9.26	11.72	11.53	10.17
Days Sales Outstanding (DSO)	33.27	33.25	39.27	56.65	30.24	72.22	94.28	52.21	30.34	33.13	74.56
Days Inventory Outstanding (DIO)	218.19	242.90	110.44	135.14	331.15	400.78	471.89	442.37	362.46	302.67	316.22
Days Payable Outstanding (DPO)	163.69	133.49	53.10	51.13	69.64	60.29	53.77	39.41	31.15	31.65	35.88
Cash Conversion Cycle (CCC)	87.77	142.66	96.61	140.66	291.74	412.71	512.39	455.18	361.65	304.16	354.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1.69	0.46	39	41	84	130	192	219	224	327	471
Invested Capital Turnover	-5.14	-17.35	1.16	0.43	0.47	0.40	0.50	0.75	1.17	1.55	1.28
Increase / (Decrease) in Invested Capital	-0.59	2.15	38	2.54	43	46	63	27	5.24	103	144
Enterprise Value (EV)	84	71	81	132	295	226	327	831	1,110	4,032	0.00
Market Capitalization	86	66	83	111	237	184	276	763	1,021	4,054	0.00
Book Value per Share	$0.08	($0.35)	$1.56	$0.43	$0.44	$0.93	$0.72	$0.77	$0.60	$1.48	$2.00
Tangible Book Value per Share	$0.08	($0.35)	$1.24	$0.26	$0.33	$0.87	$0.69	$0.75	$0.58	$1.46	$1.99
Total Capital	15	16	83	64	111	186	244	306	276	430	556
Total Debt	14	20	43	44	85	97	102	154	140	81	79
Total Long-Term Debt	14	14	43	44	85	97	102	154	140	81	76
Net Debt	-2.51	4.92	-1.64	21	58	41	51	67	89	-22	-8.84
Capital Expenditures (CapEx)	0.03	0.07	2.68	2.10	3.81	13	14	14	4.77	8.23	23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.28	1.24	8.29	12	45	78	127	145	156	173	312
Debt-free Net Working Capital (DFNWC)	17	17	53	35	72	134	178	231	207	276	400
Net Working Capital (NWC)	17	10	53	35	72	134	178	231	207	276	397
Net Nonoperating Expense (NNE)	7.11	7.38	16	24	19	30	31	38	43	21	7.07
Net Nonoperating Obligations (NNO)	-2.51	4.92	-1.64	21	58	41	51	67	89	-22	-6.19
Total Depreciation and Amortization (D&A)	0.74	1.00	3.33	4.41	4.30	5.58	7.25	9.37	11	8.85	8.67
Debt-free, Cash-free Net Working Capital to Revenue	3.90%	11.63%	36.44%	71.71%	153.46%	184.44%	157.22%	93.86%	60.36%	40.50%	61.19%
Debt-free Net Working Capital to Revenue	238.09%	155.19%	232.43%	205.68%	244.62%	316.90%	220.34%	150.01%	80.25%	64.69%	78.36%
Net Working Capital to Revenue	237.88%	97.87%	232.43%	205.50%	244.62%	316.90%	220.34%	150.01%	80.25%	64.69%	77.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.73)	($1.61)	($1.91)	($1.45)	($0.89)	($0.88)	($0.51)	($0.33)	($0.13)	$0.85	$0.62
Adjusted Weighted Average Basic Shares Outstanding	10.71M	12.89M	45.32M	46.35M	86.35M	121.28M	139.58M	197.87M	223.98M	233.08M	238.30M
Adjusted Diluted Earnings per Share	($1.73)	($1.61)	($1.91)	($1.45)	($0.89)	($0.88)	($0.51)	($0.33)	($0.13)	$0.81	$0.60
Adjusted Weighted Average Diluted Shares Outstanding	10.71M	12.89M	45.32M	46.35M	86.35M	121.28M	139.58M	197.87M	223.98M	243.34M	244.90M
Adjusted Basic & Diluted Earnings per Share	($1.73)	($1.61)	($1.91)	($1.45)	($0.89)	($0.88)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	10.41M	12.15M	22.90M	45.19M	54.35M	86.15M	195.92M	222.16M	228.22M	237.62M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-11	-12	-27	-42	-29	-45	-41	-28	15	97	154
Normalized NOPAT Margin	-151.30%	-113.79%	-118.30%	-248.46%	-98.80%	-107.63%	-50.48%	-17.88%	5.86%	22.81%	30.19%
Pre Tax Income Margin	-250.36%	-183.05%	-192.26%	-387.06%	-164.50%	-179.41%	-88.52%	-42.77%	-10.94%	29.48%	35.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.03	-7.74	-8.75	-10.94	-1.59	-5.92	-4.49	-1.54	0.42	9.15	18.31
NOPAT to Interest Expense	-4.24	-5.42	-6.12	-7.64	-1.53	-4.13	-3.13	-1.06	0.30	14.40	14.74
EBIT Less CapEx to Interest Expense	-6.04	-7.77	-9.34	-11.32	-1.79	-7.07	-5.52	-2.08	0.32	8.61	16.15
NOPAT Less CapEx to Interest Expense	-4.25	-5.45	-6.72	-8.02	-1.73	-5.29	-4.16	-1.60	0.20	13.86	12.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.74%

This table displays calculated financial ratios and metrics derived from ADMA Biologics' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	77.33%	63.73%	47.86%	43.86%	78.29%	78.13%	59.06%	40.22%	13.80%	12.00%	18.39%
EBITDA Growth	131.61%	273.60%	511.94%	1,366.08%	1,729.68%	268.81%	138.81%	53.17%	8.33%	27.34%	60.89%
EBIT Growth	94.71%	191.57%	317.48%	2,693.57%	8,162.76%	363.49%	170.59%	59.81%	8.94%	28.82%	64.06%
NOPAT Growth	94.84%	233.17%	334.93%	3,810.32%	10,688.33%	345.96%	1,139.90%	32.86%	4.18%	0.97%	-59.28%
Net Income Growth	53.72%	117.22%	-44.25%	362.28%	603.25%	1,299.96%	734.19%	51.10%	6.73%	1.45%	-55.87%
EPS Growth	57.14%	112.50%	-60.00%	366.67%	533.33%	1,400.00%	662.50%	37.50%	7.69%	0.00%	-55.56%
Operating Cash Flow Growth	52.78%	190.22%	338.47%	84.94%	853.36%	108.83%	185.37%	-787.06%	-53.69%	-46.89%	-29.03%
Free Cash Flow Firm Growth	59.94%	94.93%	115.33%	112.63%	231.69%	506.62%	344.24%	-3,024.08%	-485.43%	-1,344.29%	-548.05%
Invested Capital Growth	10.40%	5.42%	2.39%	7.57%	2.34%	11.39%	45.73%	53.84%	62.62%	76.85%	44.18%
Revenue Q/Q Growth	5.64%	11.90%	9.85%	10.79%	30.92%	11.80%	-1.91%	-2.34%	6.26%	10.03%	3.68%
EBITDA Q/Q Growth	37.63%	399.87%	49.35%	42.68%	71.76%	0.76%	-3.29%	-8.48%	21.48%	18.44%	22.19%
EBIT Q/Q Growth	42.14%	1,857.20%	65.47%	54.16%	79.86%	1.01%	-3.40%	-8.94%	22.61%	19.44%	23.03%
NOPAT Q/Q Growth	41.82%	2,723.07%	14.72%	111.94%	66.03%	10.48%	218.94%	-77.29%	30.19%	7.08%	28.63%
Net Income Q/Q Growth	6.16%	140.26%	-787.88%	200.92%	80.06%	12.00%	211.61%	-75.96%	27.19%	6.46%	35.55%
EPS Q/Q Growth	0.00%	133.33%	-900.00%	200.00%	62.50%	15.38%	200.00%	-75.56%	27.27%	7.14%	33.33%
Operating Cash Flow Q/Q Growth	58.85%	297.80%	46.83%	-112.61%	2,157.98%	-45.17%	100.64%	-139.18%	207.44%	-37.12%	168.10%
Free Cash Flow Firm Q/Q Growth	21.66%	86.16%	252.13%	-23.39%	716.60%	-57.28%	66.21%	-604.27%	-7.64%	-37.93%	40.15%
Invested Capital Q/Q Growth	1.54%	-2.35%	-2.20%	10.92%	-3.39%	6.28%	27.96%	17.09%	2.12%	15.58%	4.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.76%	36.65%	42.06%	47.77%	53.60%	49.78%	53.88%	53.22%	55.11%	56.34%	63.82%
EBITDA Margin	3.77%	16.82%	22.87%	29.46%	38.65%	34.83%	34.34%	32.18%	36.79%	39.60%	46.66%
Operating Margin	-0.79%	12.91%	19.26%	26.65%	36.57%	33.08%	32.60%	30.38%	35.08%	38.01%	45.09%
EBIT Margin	-0.81%	12.69%	19.12%	26.61%	36.56%	33.03%	32.53%	30.33%	35.00%	37.99%	45.08%
Profit (Net Income) Margin	-10.60%	3.81%	-23.87%	21.75%	29.91%	29.96%	95.19%	23.44%	28.05%	27.14%	35.48%
Tax Burden Percent	100.00%	100.00%	100.00%	96.77%	89.43%	97.71%	322.35%	80.43%	85.34%	76.67%	80.17%
Interest Burden Percent	1,310.91%	30.04%	-124.86%	84.46%	91.49%	92.84%	90.78%	96.07%	93.93%	93.18%	98.18%
Effective Tax Rate	0.00%	0.00%	0.00%	3.23%	10.57%	2.29%	-222.35%	19.57%	14.66%	23.33%	19.83%
Return on Invested Capital (ROIC)	-0.51%	13.54%	15.71%	30.43%	45.47%	51.06%	162.67%	35.56%	45.00%	40.27%	46.23%
ROIC Less NNEP Spread (ROIC-NNEP)	-7.00%	7.26%	-19.68%	26.77%	41.19%	45.48%	127.82%	33.35%	34.62%	28.06%	52.76%
Return on Net Nonoperating Assets (RNNOA)	-4.99%	5.62%	-10.69%	16.15%	17.22%	12.02%	17.63%	6.59%	2.62%	1.86%	-1.82%
Return on Equity (ROE)	-5.50%	19.16%	5.02%	46.58%	62.69%	63.08%	180.30%	42.16%	47.62%	42.13%	44.41%
Cash Return on Invested Capital (CROIC)	-15.10%	-4.86%	4.47%	5.62%	33.02%	36.64%	42.10%	28.33%	23.39%	8.01%	2.42%
Operating Return on Assets (OROA)	-0.53%	9.16%	14.57%	21.79%	33.56%	34.19%	33.92%	32.35%	35.50%	38.69%	41.33%
Return on Assets (ROA)	-6.89%	2.75%	-18.19%	17.81%	27.46%	31.02%	99.27%	24.99%	28.46%	27.64%	32.53%
Return on Common Equity (ROCE)	-5.50%	19.16%	5.02%	46.58%	62.69%	63.08%	180.30%	42.16%	47.62%	42.13%	44.41%
Return on Equity Simple (ROE_SIMPLE)	-27.45%	-15.07%	0.00%	-2.37%	18.48%	29.38%	0.00%	55.37%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.33	8.69	9.96	21	35	39	124	28	37	39	50
NOPAT Margin	-0.55%	12.91%	13.48%	25.79%	32.71%	32.32%	105.09%	24.44%	29.94%	29.14%	36.15%
Net Nonoperating Expense Percent (NNEP)	6.48%	6.28%	35.39%	3.67%	4.28%	5.57%	34.86%	2.21%	10.38%	12.21%	-6.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.62%	-	-	-	28.73%	6.18%	7.59%	7.62%	9.05%
Cost of Revenue to Revenue	72.24%	63.35%	57.94%	52.23%	46.40%	50.22%	46.12%	46.78%	44.89%	43.66%	36.18%
SG&A Expenses to Revenue	25.92%	22.58%	21.95%	20.33%	16.37%	16.34%	20.92%	22.09%	19.16%	17.17%	17.70%
R&D to Revenue	2.33%	0.89%	0.60%	0.55%	0.52%	0.34%	0.33%	0.72%	0.85%	1.14%	0.99%
Operating Expenses to Revenue	28.55%	23.74%	22.80%	21.11%	17.03%	16.71%	21.28%	22.84%	20.03%	18.34%	18.73%
Earnings before Interest and Taxes (EBIT)	-0.49	8.54	14	22	39	40	38	35	43	51	63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2.26	11	17	24	41	42	40	37	45	53	65
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.59	5.32	7.55	9.70	13.77	20.09	11.62	12.62	10.86	0.00	0.00
Price to Tangible Book Value (P/TBV)	5.75	5.46	7.79	9.95	14.07	20.45	11.75	12.76	10.97	0.00	0.00
Price to Revenue (P/Rev)	3.94	3.44	3.96	5.27	7.85	12.17	9.51	10.26	9.13	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	74.50	68.39	20.51	22.80	20.71	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	1.34%	1.46%	4.88%	4.39%	4.83%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.87	3.85	4.95	6.38	11.00	18.34	12.34	12.35	11.05	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	4.36	3.77	4.30	5.60	8.01	12.23	9.45	10.28	9.11	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	79.39	34.56	29.05	28.20	37.71	27.31	29.44	26.35	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	1,232.41	52.02	36.08	31.61	40.83	29.05	31.11	27.81	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	940.99	73.33	51.20	31.49	40.76	18.45	21.15	19.26	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	126.18	74.46	36.21	54.42	33.97	46.67	56.31	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	112.11	117.59	33.70	52.74	34.76	52.81	58.54	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.03	1.00	1.04	0.91	0.75	0.48	0.23	0.22	0.21	0.19	0.17
Long-Term Debt to Equity	1.03	1.00	1.04	0.91	0.75	0.48	0.23	0.22	0.21	0.18	0.16
Financial Leverage	0.71	0.77	0.54	0.60	0.42	0.26	0.14	0.20	0.08	0.07	-0.03
Leverage Ratio	2.45	2.58	2.36	2.31	2.15	1.93	1.69	1.63	1.59	1.45	1.35
Compound Leverage Factor	32.12	0.77	-2.95	1.95	1.96	1.79	1.53	1.57	1.50	1.35	1.32
Debt to Total Capital	50.63%	50.09%	50.94%	47.73%	42.69%	32.21%	18.82%	17.79%	17.19%	15.95%	14.17%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.46%	0.51%
Long-Term Debt to Total Capital	50.63%	50.09%	50.94%	47.73%	42.69%	32.21%	18.82%	17.79%	17.19%	15.49%	13.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.37%	49.91%	49.06%	52.27%	57.31%	67.79%	81.18%	82.21%	82.81%	84.05%	85.83%
Debt to EBITDA	-22.42	13.66	4.37	2.57	1.50	0.89	0.55	0.50	0.50	0.47	0.39
Net Debt to EBITDA	-13.11	7.00	2.77	1.74	0.55	0.19	-0.15	0.06	-0.05	0.12	-0.04
Long-Term Debt to EBITDA	-22.42	13.66	4.37	2.57	1.50	0.89	0.55	0.50	0.50	0.45	0.38
Debt to NOPAT	-12.91	161.97	9.27	4.53	1.67	0.96	0.37	0.36	0.37	0.36	0.51
Net Debt to NOPAT	-7.55	82.95	5.88	3.07	0.62	0.20	-0.10	0.04	-0.03	0.09	-0.06
Long-Term Debt to NOPAT	-12.91	161.97	9.27	4.53	1.67	0.96	0.37	0.36	0.37	0.35	0.49
Altman Z-Score	1.89	2.03	2.69	4.37	8.62	18.26	18.34	21.68	17.40	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.35	6.54	5.16	5.21	6.87	7.09	5.97	6.58	5.33	7.13	6.71
Quick Ratio	2.37	2.52	1.58	1.79	2.68	3.05	2.76	3.20	2.67	3.52	3.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-22	-3.11	4.73	3.62	30	13	21	-106	-114	-157	-94
Operating Cash Flow to CapEx	-694.84%	1,583.22%	1,470.09%	-94.50%	2,209.39%	2,370.08%	1,821.40%	-418.53%	872.79%	92.52%	3,287.73%
Free Cash Flow to Firm to Interest Expense	-3.56	-0.49	0.15	0.96	7.81	3.61	5.09	-53.59	-38.07	-40.80	-57.84
Operating Cash Flow to Interest Expense	-0.96	1.87	0.54	-0.59	12.07	7.15	12.18	-9.96	7.06	3.45	21.92
Operating Cash Flow Less CapEx to Interest Expense	-1.10	1.75	0.51	-1.21	11.52	6.85	11.51	-12.34	6.25	-0.28	21.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.72	0.76	0.82	0.92	1.04	1.04	1.07	1.01	1.02	0.92
Accounts Receivable Turnover	7.48	8.97	12.03	7.44	9.88	9.40	11.02	6.16	6.78	5.20	4.90
Inventory Turnover	0.98	1.00	1.01	1.00	1.04	1.17	1.21	1.25	1.20	1.20	1.15
Fixed Asset Turnover	3.74	4.19	4.61	5.03	5.97	7.06	7.86	8.13	8.48	7.93	8.52
Accounts Payable Turnover	12.87	9.00	11.72	11.39	13.55	14.55	11.53	11.53	10.14	11.05	10.17
Days Sales Outstanding (DSO)	48.77	40.68	30.34	49.07	36.94	38.83	33.13	59.21	53.82	70.16	74.56
Days Inventory Outstanding (DIO)	371.90	366.70	362.46	363.34	350.34	312.64	302.67	293.15	304.04	303.90	316.22
Days Payable Outstanding (DPO)	28.36	40.55	31.15	32.05	26.94	25.08	31.65	31.66	35.99	33.02	35.88
Cash Conversion Cycle (CCC)	392.32	366.83	361.65	380.36	360.34	326.39	304.16	320.70	321.87	341.03	354.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	235	229	224	249	240	255	327	383	391	452	471
Invested Capital Turnover	0.93	1.05	1.17	1.18	1.39	1.58	1.55	1.46	1.50	1.38	1.28
Increase / (Decrease) in Invested Capital	22	12	5.24	17	5.50	26	103	134	150	196	144
Enterprise Value (EV)	908	883	1,110	1,586	2,644	4,683	4,032	4,723	4,319	0.00	0.00
Market Capitalization	820	805	1,021	1,491	2,592	4,659	4,054	4,714	4,327	0.00	0.00
Book Value per Share	$0.66	$0.67	$0.60	$0.67	$0.81	$0.99	$1.48	$1.57	$1.65	$1.81	$2.00
Tangible Book Value per Share	$0.64	$0.66	$0.58	$0.65	$0.79	$0.98	$1.46	$1.55	$1.63	$1.79	$1.99
Total Capital	297	303	276	294	329	342	430	454	481	513	556
Total Debt	151	152	140	140	140	110	81	81	83	82	79
Total Long-Term Debt	151	152	140	140	140	110	81	81	83	79	76
Net Debt	88	78	89	95	52	23	-22	9.20	-7.59	20	-8.84
Capital Expenditures (CapEx)	0.87	0.76	1.20	2.35	2.07	1.06	2.76	4.70	2.42	14	1.08
Debt-free, Cash-free Net Working Capital (DFCFNWC)	162	158	156	178	171	187	173	227	234	287	312
Debt-free Net Working Capital (DFNWC)	224	232	207	223	260	273	276	298	325	349	400
Net Working Capital (NWC)	224	232	207	223	260	273	276	298	325	346	397
Net Nonoperating Expense (NNE)	6.04	6.12	28	3.31	3.00	2.82	12	1.15	2.31	2.68	0.93
Net Nonoperating Obligations (NNO)	88	78	89	95	52	23	-22	9.20	-7.59	20	-6.19
Total Depreciation and Amortization (D&A)	2.75	2.78	2.77	2.33	2.24	2.16	2.13	2.12	2.18	2.16	2.21
Debt-free, Cash-free Net Working Capital to Revenue	77.74%	67.31%	60.36%	62.86%	51.86%	48.74%	40.50%	49.35%	49.42%	58.77%	61.19%
Debt-free Net Working Capital to Revenue	107.78%	98.96%	80.25%	78.87%	78.58%	71.39%	64.69%	64.94%	68.46%	71.33%	78.36%
Net Working Capital to Revenue	107.78%	98.96%	80.25%	78.87%	78.58%	71.39%	64.69%	64.94%	68.46%	70.85%	77.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.03)	$0.01	($0.08)	$0.08	$0.14	$0.15	$0.48	$0.11	$0.14	$0.15	$0.22
Adjusted Weighted Average Basic Shares Outstanding	222.68M	225.28M	223.98M	228.87M	232.42M	234.57M	233.08M	237.78M	241.49M	238.60M	238.30M
Adjusted Diluted Earnings per Share	($0.03)	$0.01	($0.08)	$0.08	$0.13	$0.15	$0.45	$0.11	$0.14	$0.15	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	222.68M	233.76M	223.98M	236.41M	242.17M	244.80M	243.34M	244.68M	248.61M	244.66M	244.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	224.91M	225.97M	228.22M	231.81M	233.08M	236.39M	237.62M	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-0.33	6.08	9.96	21	35	39	27	28	37	39	50
Normalized NOPAT Margin	-0.55%	9.04%	13.48%	25.79%	32.71%	32.32%	22.82%	24.44%	29.94%	29.14%	36.15%
Pre Tax Income Margin	-10.60%	3.81%	-23.87%	22.47%	33.45%	30.67%	29.53%	29.14%	32.87%	35.40%	44.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.08	1.33	0.44	5.78	10.36	11.31	9.28	17.63	14.26	13.24	38.58
NOPAT to Interest Expense	-0.05	1.36	0.31	5.60	9.27	11.07	29.97	14.21	12.20	10.15	30.94
EBIT Less CapEx to Interest Expense	-0.22	1.22	0.40	5.16	9.81	11.01	8.61	15.25	13.45	9.51	37.91
NOPAT Less CapEx to Interest Expense	-0.19	1.24	0.27	4.98	8.72	10.77	29.30	11.82	11.39	6.42	30.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.74%

Financials Breakdown Chart

Key Financial Trends

ADMA Biologics has shown a notable bounce in 2025, with improving profitability, stronger cash generation in the back half of the year, and a clearer deleveraging path through debt repayments. Here are the most relevant quarterly trends from the last four years, focused on the four most recent quarters and observed patterns.

Q4 2025 quarterly revenue rose to about $139.2 million, up from $114.8 million in Q1 2025, reflecting solid top-line momentum into year-end.
Net income from continuing operations in Q4 2025 reached about $49.38 million, higher than the roughly $26.91 million in Q1 2025, indicating improving profitability across 2025.
Gross margin expanded meaningfully in Q4 2025 to roughly 64% (gross profit around $88.8 million on $139.2 million revenue), up from the mid-50% range earlier in 2025.
Operating cash flow turned positive and grew through 2025, with roughly $35.64 million of net cash from continuing operating activities in Q4 2025, after a negative start to the year in Q1 2025.
Substantial debt repayments in Q3 2025 (about $78.27 million) and ongoing deleveraging helped reduce long-term debt, supporting a healthier balance sheet by mid-2025.
Free cash flow in Q4 2025 remained positive, as CFO more than covered capital expenditures (CFO of about $35.6 million vs. minimal capex), highlighting cash-generation ability alongside reinvestment needs.
The balance sheet shows a solid equity base, with total common equity near $431 million in 2025, supporting financial resilience despite high retained earnings adjustments in prior periods.
Financing activities show outflows driven by debt repayments and stock repurchases, reflecting active capital management and deleveraging efforts rather than ongoing financing deficits.
Q1 2025 cash flow from operating activities was negative (approximately -$19.7 million), indicating near-term working capital headwinds before the 2025 recovery.
Net cash from financing activities tended to be negative in several quarters due to debt repayments and stock repurchases, which can pressure near-term cash balances despite improving operating performance.

05/06/26 04:16 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About ADMA Biologics' Financials

When does ADMA Biologics' fiscal year end?

According to the most recent income statement we have on file, ADMA Biologics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has ADMA Biologics' net income changed over the last 10 years?

ADMA Biologics' net income appears to be on a downward trend, with a most recent value of $146.93 million in 2025, falling from -$17.97 million in 2015. The previous period was $197.67 million in 2024. See ADMA Biologics' forecast for analyst expectations on whatâ€™s next for the company.

What is ADMA Biologics' operating income?

ADMA Biologics' total operating income in 2025 was $191.44 million, based on the following breakdown:

Total Gross Profit: $292.77 million
Total Operating Expenses: $101.32 million

How has ADMA Biologics' revenue changed over the last 10 years?

Over the last 10 years, ADMA Biologics' total revenue changed from $7.18 million in 2015 to $510.17 million in 2025, a change of 7,007.8%.

How much debt does ADMA Biologics have?

ADMA Biologics' total liabilities were at $146.92 million at the end of 2025, a 5.2% increase from 2024, and a 541.8% increase since 2015.

How much cash does ADMA Biologics have?

In the past 10 years, ADMA Biologics' cash and equivalents has ranged from $9.91 million in 2016 to $103.15 million in 2024, and is currently $87.63 million as of their latest financial filing in 2025.

How has ADMA Biologics' book value per share changed over the last 10 years?

Over the last 10 years, ADMA Biologics' book value per share changed from 0.08 in 2015 to 2.00 in 2025, a change of 2,514.9%.

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Financial statements for NASDAQ:ADMA last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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ADMA Biologics (ADMA) Financials

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