# ADMA Biologics (ADMA.US)

Canonical: https://gigainvestors.com/s/ADMA

Analysis as of: 2026-10-16T07:26:13.220Z. Financial observations: FY2012–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $10.73 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 7

- Operating margin variation: 1.51×

Chart: Operating margin; fiscal year observations.

- FY2017: -1.73×

- FY2018: -3.55×

- FY2019: -1.41×

- FY2020: -1.54×

- FY2021: -0.72×

- FY2022: -0.26×

- FY2023: 0.08×

- FY2024: 0.33×

- FY2025: 0.38×

- LTM to Jun 2026: 0.42×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -19.4%

- ROIC, second-lowest year: -84.7%

- Typical minus recent gross margin: -45.2 pp

- Typical gross margin (annual median): 12.2%

- Recent gross margin (lower of latest and 3-year median): 57.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.4%

- ROIC including acquisitions, ten-year median: -46.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -84.7%

- FY2018: -126.3%

- FY2019: -40.6%

- FY2020: -40.6%

- FY2021: -24.3%

- FY2022: -14.4%

- FY2023: 7.7%

- FY2024: 42.8%

- FY2025: 33.0%

- LTM to Jun 2026: 35.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $182M

- Net income, five-year total: $179M

- Return on incremental invested capital: 44.3%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 7.8 pp

- Working capital / revenue, final three-year average: 61.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.88×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -126.3% vs 33.0%

- Per-share earnings: -1.73 to 0.60 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 37.1%

- Ordinary dilution, 5-year annual growth: 23.2%

- Market cap gain: $4.3B

- Cumulative retained earnings: -$55M

- Diluted shares, 10-year annual growth: 37.1%

- Diluted shares, 5-year annual growth: 23.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $2.33

- Per-share value, starting three-year median: -$1.73

- Per-share value, ending three-year median: $0.60

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: $8.6M

- Cumulative net income, 10 years: -$74M

- ROIC, first three-year median: -126.3%

- ROIC, last three-year median: 33.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.61

- FY2017: -$1.91

- FY2018: -$1.45

- FY2019: -$0.89

- FY2020: -$0.88

- FY2021: -$0.51

- FY2022: -$0.33

- FY2023: -$0.13

- FY2024: $0.81

- FY2025: $0.60

### accounting: fail

- Sloan accruals exceed 10%

- latest-year receivables to sales index (DSRI) exceeds 1.465

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 15.5%

- Receivables to sales index (DSRI): 2.65×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 39.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.34×

- Accounting red flags: 3

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.3%

- FY2017: -6.0%

- FY2018: -3.4%

- FY2019: 22.0%

- FY2020: 12.6%

- FY2021: 14.7%

- FY2022: -1.8%

- FY2023: -11.3%

- FY2024: 16.2%

- FY2025: 15.5%

## Holders

- [Terry Smith](https://gigainvestors.com/FS): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 55% since Apr 2025 · "ADMA Q2 Earnings Meet, Revenues Miss on Bivigam Weakness" (finance.yahoo.com, Aug 2026) · sales +0.4%

Story as of 2026-10-16T09:58:14.299Z; price observation 2026-10-15.

- 2025-04-28: ADMA Biologics Announces U.S. FDA Approval of Innovative Production Yield Enhancement Process ([finance.yahoo.com](https://finance.yahoo.com/news/adma-biologics-announces-u-fda-110000922.html))

- 2025-08-07: ADMA Biologics Inc earnings missed, revenue fell short of estimates ([investing.com](https://www.investing.com/news/earnings/adma-biologics-inc-earnings-missed-revenue-fell-short-of-estimates-4174904))

- 2025-11-06: ADMA's Q3 Earnings Match Estimates, Revenues Beat on Strong Asceniv Sales ([finance.yahoo.com](https://finance.yahoo.com/news/admas-q3-earnings-match-estimates-132700486.html))

- 2026-05-07: ADMA Q1 EPS Jumps 73% Y/Y, Revenues Slip, 2026 View Down ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/adma-q1-eps-jumps-73-173500655.html))

- 2026-06-01: ADMA Biologics (ADMA) Valuation After 2026 Guidance Reset And BIVIGAM Headwinds ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/adma-biologics-adma-valuation-2026-200843695.html))

- 2026-08-06: ADMA Q2 Earnings Meet, Revenues Miss on Bivigam Weakness ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/adma-q2-earnings-meet-revenues-145000204.html))

### Sales · FY2025–2026

sales +0.4%; source https://www.sec.gov/Archives/edgar/data/1368514/000114036126006815/ef20059416_10-k.htm; observed 2026-02-25.

- FY2017: $23M 

- FY2018: $17M 

- FY2019: $29M 

- FY2020: $42M 

- FY2021: $81M 

- FY2022: $154M 

- FY2023: $258M 

- FY2024: $426M 

- FY2025: $510M 

- FY2026: $512M 

### Gross margin · FY2026

gross margin 64.7%; source https://www.sec.gov/Archives/edgar/data/1368514/000114036126006815/ef20059416_10-k.htm; observed 2026-02-25.

- FY2021: 1.4% 

- FY2022: 22.9% 

- FY2023: 34.4% 

- FY2024: 51.5% 

- FY2025: 57.4% 

- FY2026: 64.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 510.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/1368514/000114036126006815/ef20059416_10-k.htm (filed 2026-02-25); FY2025: revenue 510173000; grossProfit 292765000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ADMA.US: ADMA Biologics, Inc., a biopharmaceutical company, develops, manufactures, and markets specialty plasma-derived biologics for the treatment of immune deficiencies and infectious diseases in the United States and internationally. The company operates through ADMA BioManufacturing and Plasma Collection Centers segments. The company offers BIVIGAM, an intravenous immune globulin (IVIG) product indicated for the treatment of primary humoral immunodeficiency (PI); ASCENIV, an IVIG product for the treatment of PI; and Nabi-HB, a human polyclonal antibody product for the treatment of acute exposure to blood containing Hepatitis B surface antigen and other listed exposures to Hepatitis B. It also develops a pipeline of plasma-derived therapeutics comprising products related to the methods of treatment and prevention of S. pneumonia infection for an immunoglobulin. In addition, the company operates source plasma collection facilities. The company sells its products through independent distributors, drug wholesalers, specialty pharmacies, and other alternate site providers. ADMA Biologics, Inc. was incorporated in 2004 and is headquartered in Ramsey, New Jersey.

### Why customers stay

Margins ranged from 34.4% to 57.4% during 2023–25; it lost 19.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 51.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1368514/000114036126006815/ef20059416_10-k.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 57.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2017,-0.8469549350295724],[2018,-1.2630090494989759],[2019,-0.40580783499647305],[2020,-0.40550291713165615],[2021,-0.2433866364541971],[2022,-0.1437316281821375],[2023,0.07706830460625412],[2024,0.42835568349580994],[2025,0.3304366222456811],[2026,0.35762947463415873]]; median -0.1935591323181673. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 9.9% of cash earnings on expansion; earns 44.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 530000; upkeep 8045000; owner earnings 197673000. Growth capex / owner earnings = 0.0026811957121104044.

- Source: https://www.sec.gov/Archives/edgar/data/1368514/000114036126006815/ef20059416_10-k.htm (filed 2026-02-25); FY2025: growth capex 14479000; upkeep 8096000; owner earnings 146930000. Growth capex / owner earnings = 0.09854352412713537.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.44264062316247516, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,61598],[2022,2898840],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1368514/000114036126006815/ef20059416_10-k.htm (filed 2026-02-25); FY2025: cash repurchases 31940000 USD.

### Are managers owners

Insiders own 2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ADMA.US SharesStats.PercentInsiders = 1.9689999999999999 percentage points; cache date 2026-10-15.

### What the price says

The price is 5.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Closing price 10.73 USD; reporting-to-trading FX 1; FY2025 annual sales per share 2.0831495883458966; price multiple 5.150854292955527. FY2025 cash earnings/share 0.5999478000906802. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $5.58 per share

- 2016-11: $5.54 per share

- 2016-12: $5.12 per share

- 2017-01: $5.11 per share

- 2017-02: $4.67 per share

- 2017-03: $4.88 per share

- 2017-04: $4.51 per share

- 2017-05: $3.70 per share

- 2017-06: $3.70 per share

- 2017-07: $3.45 per share

- 2017-08: $3.45 per share

- 2017-09: $3.08 per share

- 2017-10: $2.34 per share

- 2017-11: $2.90 per share

- 2017-12: $3.21 per share

- 2018-01: $3.72 per share

- 2018-02: $3.75 per share

- 2018-03: $4.60 per share

- 2018-04: $4.97 per share

- 2018-05: $5.42 per share

- 2018-06: $4.51 per share

- 2018-07: $6.52 per share

- 2018-08: $6.39 per share

- 2018-09: $6.21 per share

- 2018-10: $5.37 per share

- 2018-11: $5.27 per share

- 2018-12: $2.39 per share

- 2019-01: $2.95 per share

- 2019-02: $4.09 per share

- 2019-03: $3.79 per share

- 2019-04: $4.63 per share

- 2019-05: $4.15 per share

- 2019-06: $3.87 per share

- 2019-07: $3.62 per share

- 2019-08: $4.48 per share

- 2019-09: $4.45 per share

- 2019-10: $4.89 per share

- 2019-11: $4.75 per share

- 2019-12: $4.00 per share

- 2020-01: $3.96 per share

- 2020-02: $2.92 per share

- 2020-03: $2.88 per share

- 2020-04: $2.95 per share

- 2020-05: $3.29 per share

- 2020-06: $2.93 per share

- 2020-07: $3.57 per share

- 2020-08: $2.55 per share

- 2020-09: $2.39 per share

- 2020-10: $1.99 per share

- 2020-11: $2.04 per share

- 2020-12: $1.95 per share

- 2021-01: $2.22 per share

- 2021-02: $2.31 per share

- 2021-03: $1.76 per share

- 2021-04: $1.96 per share

- 2021-05: $1.75 per share

- 2021-06: $1.60 per share

- 2021-07: $1.55 per share

- 2021-08: $1.34 per share

- 2021-09: $1.13 per share

- 2021-10: $1.29 per share

- 2021-11: $1.38 per share

- 2021-12: $1.41 per share

- 2022-01: $1.45 per share

- 2022-02: $1.61 per share

- 2022-03: $1.83 per share

- 2022-04: $1.84 per share

- 2022-05: $2.05 per share

- 2022-06: $1.98 per share

- 2022-07: $2.14 per share

- 2022-08: $2.70 per share

- 2022-09: $2.43 per share

- 2022-10: $2.82 per share

- 2022-11: $3.34 per share

- 2022-12: $3.88 per share

- 2023-01: $3.69 per share

- 2023-02: $3.55 per share

- 2023-03: $3.31 per share

- 2023-04: $3.35 per share

- 2023-05: $4.07 per share

- 2023-06: $3.69 per share

- 2023-07: $4.15 per share

- 2023-08: $3.85 per share

- 2023-09: $3.58 per share

- 2023-10: $3.38 per share

- 2023-11: $3.70 per share

- 2023-12: $4.52 per share

- 2024-01: $5.19 per share

- 2024-02: $5.36 per share

- 2024-03: $6.60 per share

- 2024-04: $6.52 per share

- 2024-05: $9.55 per share

- 2024-06: $11.18 per share

- 2024-07: $12.28 per share

- 2024-08: $17.31 per share

- 2024-09: $19.99 per share

- 2024-10: $16.31 per share

- 2024-11: $20.11 per share

- 2024-12: $17.15 per share

- 2025-01: $16.15 per share

- 2025-02: $16.39 per share

- 2025-03: $19.84 per share

- 2025-04: $23.80 per share

- 2025-05: $19.84 per share

- 2025-06: $18.21 per share

- 2025-07: $18.70 per share

- 2025-08: $17.26 per share

- 2025-09: $14.66 per share

- 2025-10: $15.48 per share

- 2025-11: $19.18 per share

- 2025-12: $18.24 per share

- 2026-01: $17.30 per share

- 2026-02: $15.57 per share

- 2026-03: $9.01 per share

- 2026-04: $10.25 per share

- 2026-05: $7.98 per share

- 2026-06: $8.37 per share

- 2026-07: $8.46 per share

- 2026-08: $9.39 per share

- 2026-09: $10.03 per share

- 2026-10: $10.73 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1368514/000114036126006815/ef20059416_10-k.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.