ADMA BIOLOGICS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ADMA BIOLOGICS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.7	22.8	17	29.3	42.2	80.9	154	258	426	510
Cost of revenue	1.61	29.2	42.2	39.5	61.3	79.8	119	169	207	217
Gross profit	4.3	-6.4	-25.2	-10.2	-19.1	1.17	35.3	88.9	220	293
Research and development	7.69	5.57	3.93	2.34	5.91	3.65	3.61	3.3	1.81	4.76
Selling, general and administrative					35.1	42.9	52.5	59	74.1	91.6
Selling and marketing	0.2	0.6	0.8	1	1.1	2.2	2.2	3.3	2.7	3.1
General and administrative	8.49	18.8	22.5	25.9	35.1
Operating expenses	28	62.1	77.3	70.8	45.8	59.5	74.6	67.3	80.6	101
Operating income	-17.3	-39.3	-60.3	-41.4	-64.9	-58.4	-39.4	21.6	139	191
Interest expense	2.24	3.29	5.52	8.99	12	13.1	19.3	25	13.9	7.11
Interest income	0.05	0.06	0.2	0.8	0.29	0.04	0.05	1.62	2.1	1.87
Other non-operating income	-2.18	-4.45	-5.45	-6.85	-10.8	-13.3	-26.5	-49.9	-13.3	-8.79
Pre-tax income	-19.5						-65.9	-28.2	126	183
Income tax	0	0	0	0	0	0	0	0	-72	35.7
Net income	-19.5	-43.8	-65.7	-48.3	-75.7	-71.6	-65.9	-28.2	198	147
EBITDA	-16.9	-37.8	-57.7	-39	-61.7	-53.6	-33	29.2	147	199
EPS, basic	-1.61	-1.91	-1.45	-0.89	-0.88	-0.51	-0.33	-0.13	0.85	0.62
EPS, diluted	-1.61	-1.91	-1.45	-0.89	-0.88	-0.51	-0.33	-0.13	0.81	0.60
Shares, basic (weighted)	12.2	22.9	45.2	54.3	86.1	140	198	224	233	238
Shares, diluted (weighted)	12.2	22.9	45.2	54.3	86.1	140	198	224	243	245

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.91	43.1	26.8	26.8	55.9	51.1	86.5	51.4	103	87.6
Short-term investments	5.39	0
Receivables	1.02	3.88	1.39	3.47	13.2	28.6	15.5	27.4	50	158
Inventory	5.02	12.6	18.6	53.1	81.5	125	163	173	170	206
Other current assets	0.31	1.23	1.77	2.53	3.05	4.34	5.1	5.33	8.03	7.46
Total current assets	21.7	62.3	44.5	85.8	154	209	270	257	331	467
Property, plant and equipment	2	30.5	30.1	31.7	41.6	50.9	58.3	53.8	54.7	65.1
Lease right-of-use assets				1.25	4.26	7.26	10.5	9.64	8.63	6.65
Goodwill	0	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53
Intangible assets	0	4.85	4	3.16	2.44	1.73	1.01	0.5	0.46	0.63
Total assets	23.7	108	88.9	127	208	276	348	329	489	624
Accounts payable	2.56	5.92	5.9	9.17	11.1	12.4	13.2	15.7	20.2	22.5
Accrued liabilities	2.39	3.38	3.55	4.48	8.37
Deferred revenue	0.15	0.14	0.14	0.14	0.14	0.14	0.14	0.18	0.14
Short-term debt									0	2.81
Total current liabilities	11.2	9.44	9.63	14	19.9	30.4	39.3	49.8	55.5	69.5
Long-term debt	12.3	25.4	26.4	68.3	93	94.9	143	131	72.3	69.3
Lease liabilities					4.33	7.46	10.7	9.78	8.56	6.65
Other non-current liabilities	0.12	0.11	0.26	0.11	0.05	0.4	0.35	0.42	0.36	0
Total liabilities	28.1	67.7	69.1	101	119	135	196	194	140	147
Total debt	1.79	2.76	2.76	0					72.3	72.1
Paid-in capital	102	191	236	291	429	553	630	641	658	671
Retained earnings	-107	-151	-216	-265	-340	-412	-478	-506	-309	-162
Treasury stock									0	-32.1
Shareholders' equity	-4.46	40.3	19.8	26.2	88.2	141	152	135	349	477
Total equity	-4.46	40.3	19.8	26.2	88.2	141	152	135	349	477
Total liabilities and equity	23.7	108	88.9	127	208	276	348	329	489	624
Shares outstanding	12.9	36.7	46.4	59.3	105	196	222	226	237	238

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-19.5	-43.8	-65.7	-48.3	-75.7	-71.6	-65.9	-28.2	198	147
Depreciation and amortization	0.4	1.5	2.6	2.4	3.2	4.8	6.4	7.6	7.7	8
Stock-based compensation	1.25	1.56	2.22	2.65	2.86	3.49	5.22	6.19	13.6	20
Deferred income tax							0	0	-84.3	11
Change in receivables	-0.09	-2.86	2.49	2.08	-9.77	-15.3	13.1	-11.9	-22.6	-108
Change in inventory	-1.57	0.59	-5.99	34.7	-28.5	-43.2	-38.6	-9.63	2.67	-36.2
Change in payables	0.48	2.81	-0.02	3.27	1.9	1.36	0.8	3.84	4.15	2.33
Cash from operations	-18.3	-37.3	-62.7	-76.2	-102	-112	-59.5	8.8	119	50.4
Capital expenditures	-0.07	-2.68	-2.1	-3.81	-12.7	-13.5	-13.9	-4.77	-8.23	-22.6
Purchases of investments	-15.7	0
Cash from investing	0.9	15.2	-2.1	-3.81	-12.7	-13.5	-13.9	-4.98	-8.58	-21.9
Debt issued	4	30	0	72.5	27.5
Debt repaid				-30	-14
Stock issued	12.9	39.2	42.9	48.4	131	121	64.6	0	0	2.98
Share buybacks								0	0	-31.9
Cash from financing	16.8	60.8	42.9	80	144	121	109	-39	-58.3	-44
Net change in cash	-0.53	38.7	-21.9	-0	29.2	-4.83	35.4	-35.2	51.8	-15.5
Free cash flow	-18.3	-39.9	-64.8	-80	-115	-126	-73.4	4.03	110	27.8
Interest paid	1.53	2.29	4.4	10.3	10.3	11.2	13.9	18.1	10.7	9.08
Income taxes paid							0	0	9.39	19.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.7%	Gross profit / revenue.
Operating margin	43.8%	Operating income / revenue.
EBITDA margin	45.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	42.3%	Pre-tax income / revenue.
Net margin	33.0%	Net income / revenue.
FCF margin	22.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.7%	Cash from operations / revenue.
Effective tax rate	22.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	41.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	24.7%	Net income / average total assets.
Return on invested capital (ROIC)	37.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.2%	Research and development expense / revenue.
SG&A / revenue	19.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	49.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	64.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	33.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	102.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	37.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	36.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-25.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-25.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-57.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-74.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	36.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	46.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	40.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	27.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	23.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.97x	Current assets / current liabilities.
Quick ratio	3.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.80x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.48x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.7%	Total debt / total assets.
Liabilities / assets	40.3%	Total liabilities / total assets.
Net debt	$60.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	25.4x	Operating income / interest expense.
Working capital	$452.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$404.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.75x	Revenue / average total assets.
Fixed asset turnover	7.68x	Revenue / average property, plant and equipment.
Inventory turnover	0.76x	Cost of revenue / average inventory.
Days inventory	483 days	365 x average inventory / cost of revenue.
Receivables turnover	3.71x	Revenue / average receivables.
Days sales outstanding	98 days	365 x average receivables / revenue.
Days payables	64 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	518 days	Days inventory + days sales outstanding - days payables.
FCF conversion	68.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.73	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.22	Revenue / diluted weighted shares.
FCF per share	$0.51	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.59	Cash from operations / diluted weighted shares.
Book value per share	$1.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.79	Tangible book value / shares outstanding.
Cash per share	$0.60	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	160.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.10B	Share price x shares outstanding.
Enterprise value	$2.16B	Market cap + total debt - cash - short-term investments.
P/E	12.4x	Market cap / net income. Only when net income is positive.
P/S	4.10x	Market cap / revenue.
P/B	5.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.20x	Market cap / tangible book value, when positive.
P/FCF	18.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.4x	Market cap / cash from operations, when positive.
EV/Sales	4.22x	Enterprise value / revenue.
EV/EBIT	9.63x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.32x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.5%	Free cash flow / market cap.
Earnings yield	8.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	8.9%	(Dividends paid + share buybacks) / market cap.

What was ADMA BIOLOGICS, INC.'s revenue in fiscal 2025?

ADMA BIOLOGICS, INC. reported revenue of $510.2M for fiscal 2025, 19.6% higher than the year before.

Was ADMA BIOLOGICS, INC. profitable in fiscal 2025?

Yes. Net income was $146.9M, a net margin of 28.8%.

How much free cash flow did ADMA BIOLOGICS, INC. generate in fiscal 2025?

Cash from operations of $50.4M minus capital expenditures of $22.6M left free cash flow of $27.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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