ADMA

MKT CAP:$3B

ADMA Biologics, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$11.16-$6.71 (-37.56%)

Apr 23, 2026

Company Details

ADMA Biologics, Inc., a biopharmaceutical company, engages in developing, manufacturing, and marketing specialty plasma-derived biologics for the treatment of immune deficiencies and infectious diseases in the United States and internationa...

CEO

Adam S. Grossman

IPO Date

Oct 17, 2013

Website

www.admabiologics.com

Key Metrics TTM

Revenue

$510M

+19.6% YoY

Net Income

$147M

EPS (Diluted)

$0.60

Free Cash Flow

$28M

Revenue / Share

$2.09

Gross Margin

57.4%

Operating Margin

37.5%

Net Margin

28.8%

FCF Margin

5.5%

P/S

5.3x

P/E

18.4x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$510M+19.6%EPS $0.60

Q4 2025

Feb 25, 2026

$139M+18.4%EPS $0.20

Q3 2025

Nov 5, 2025

$134M+12.0%EPS $0.15

Q2 2025

Aug 6, 2025

$122M+13.8%EPS $0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$29M	$4M	-$15M
Q2 22	$34M	$8M	-$9M
Q3 22	$41M	$10M	-$9M
Q4 22	$50M	$14M	-$6M
Q1 23	$57M	$17M	-$813.0K
Q2 23	$60M	$17M	-$473.0K
Q3 23	$67M	$25M	$9M
Q4 23	$74M	$31M	$14M
Q1 24	$82M	$39M	$22M
Q2 24	$107M	$57M	$39M
Q3 24	$120M	$60M	$40M
Q4 24	$118M	$63M	$38M
Q1 25	$115M	$61M	$35M
Q2 25	$122M	$67M	$43M
Q3 25	$134M	$76M	$51M
Q4 25	$139M	$89M	$63M

Valuation

Quarter	P/S	P/E
Q1 22	28.7x	—
Q2 22	24.5x	—
Q3 22	20.7x	—
Q4 22	17.5x	—
Q1 23	14.8x	—
Q2 23	13.0x	—
Q3 23	11.5x	—
Q4 23	10.5x	—
Q1 24	9.5x	—
Q2 24	8.2x	77.6x
Q3 24	7.1x	39.6x
Q4 24	6.3x	13.7x
Q1 25	5.9x	13.1x
Q2 25	5.7x	12.9x
Q3 25	5.5x	12.9x
Q4 25	5.3x	18.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$26M	-$29M
Q2 22	-$13M	-$17M
Q3 22	-$13M	-$17M
Q4 22	-$7M	-$11M
Q1 23	-$15M	-$17M
Q2 23	-$6M	-$7M
Q3 23	$12M	$11M
Q4 23	$18M	$16M
Q1 24	-$2M	-$5M
Q2 24	$46M	$44M
Q3 24	$25M	$24M
Q4 24	$50M	$47M
Q1 25	-$20M	-$24M
Q2 25	$21M	$19M
Q3 25	$13M	-$1M
Q4 25	$36M	$35M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$4M
Q3 22	$3M
Q4 22	$4M
Q1 23	$2M
Q2 23	$872.6K
Q3 23	$757.0K
Q4 23	$1M
Q1 24	$2M
Q2 24	$2M
Q3 24	$1M
Q4 24	$3M
Q1 25	$5M
Q2 25	$2M
Q3 25	$14M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+81.3%	+40.7%
Q2 22	+90.2%	+28.9%
Q3 22	+98.7%	+43.5%
Q4 22	+89.4%	+41.6%
Q1 23	+95.6%	+31.4%
Q2 23	+77.3%	+40.7%
Q3 23	+63.7%	+16.2%
Q4 23	+47.9%	+6.5%
Q1 24	+43.9%	+4.0%
Q2 24	+78.3%	+12.2%
Q3 24	+78.1%	+36.9%
Q4 24	+59.1%	+32.8%
Q1 25	+40.2%	+33.1%
Q2 25	+13.8%	+16.5%
Q3 25	+12.0%	+3.8%
Q4 25	+18.4%	-3.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	5.6%
Q2 22	$1M	3.5%
Q3 22	$1M	3.2%
Q4 22	$1M	2.1%
Q1 23	$1M	2.0%
Q2 23	$2M	2.7%
Q3 23	$2M	2.5%
Q4 23	$2M	2.4%
Q1 24	$2M	2.6%
Q2 24	$3M	2.7%
Q3 24	$3M	2.7%
Q4 24	$5M	4.6%
Q1 25	$5M	4.0%
Q2 25	$5M	4.1%
Q3 25	$5M	3.8%
Q4 25	$5M	3.9%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$624.1K	$14M
Q2 22	$873.4K	$12M
Q3 22	$1M	$13M
Q4 22	$1M	$14M
Q1 23	$855.0K	$15M
Q2 23	$1M	$14M
Q3 23	$596.0K	$15M
Q4 23	$445.5K	$16M
Q1 24	$450.0K	$16M
Q2 24	$560.0K	$17M
Q3 24	$412.0K	$19M
Q4 24	$391.0K	$23M
Q1 25	$826.0K	$24M
Q2 25	$1M	$22M
Q3 25	$2M	$23M
Q4 25	$1M	$24M

Revenue Segments

Quarter	License Revenue	Product Revenue	ADMA BioManufacturing Segment	Corporate Segment	Plasma Collection Centers Segment
Q1 22	$35.7K	$29M	—	—	—
Q2 22	$35.7K	$34M	—	—	—
Q3 22	$35.7K	$41M	—	—	—
Q4 22	$35.7K	$50M	—	—	—
Q1 23	—	—	$50M	$35.7K	$7M
Q2 23	—	—	$60M	$35.7K	$326.3K
Q3 23	—	—	$67M	$35.7K	$888.1K
Q1 24	—	—	$80M	$36.0K	$2M
Q2 24	—	—	$106M	$36.0K	$1M
Q3 24	—	—	$113M	$36.0K	$7M
Q4 24	—	—	$116M	—	$804.0K

Revenue by Geography

Quarter	United States	International	Non-US
Q4 22	$50M	—	—
Q3 23	$65M	$3M	—
Q1 24	$78M	$4M	—
Q2 24	$103M	$4M	—
Q3 24	$115M	$5M	—
Q4 24	$115M	$3M	—
Q1 25	$111M	—	$4M
Q2 25	$122M	—	—
Q3 25	$134M	—	$246.0K
Q4 25	$137M	—	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$70M	$0	$70M
Q2 22	$52M	$0	$52M
Q3 22	$35M	$0	$35M
Q4 22	$87M	$0	$87M
Q1 23	$69M	$0	$69M
Q2 23	$63M	$0	$63M
Q3 23	$74M	$0	$74M
Q4 23	$51M	$0	$51M
Q1 24	$45M	$0	$45M
Q2 24	$88M	$0	$88M
Q3 24	$87M	$0	$87M
Q4 24	$103M	$0	$103M
Q1 25	$72M	$0	$72M
Q2 25	$90M	$0	$90M
Q3 25	$61M	$0	$61M
Q4 25	$88M	$0	$88M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	196M	+8.3%	+69.3%
Q2 22	196M	+0.2%	+54.1%
Q3 22	196M	+0.0%	+46.8%
Q4 22	203M	+3.3%	+12.2%
Q1 23	222M	+9.4%	+13.3%
Q2 23	223M	+0.3%	+13.4%
Q3 23	234M	+5.0%	+19.0%
Q4 23	226M	-3.3%	+11.4%
Q1 24	236M	+4.6%	+6.5%
Q2 24	242M	+2.4%	+8.7%
Q3 24	245M	+1.1%	+4.7%
Q4 24	246M	+0.4%	+8.8%
Q1 25	245M	-0.5%	+3.5%
Q2 25	249M	+1.6%	+2.7%
Q3 25	245M	-1.6%	-0.1%
Q4 25	244M	-0.3%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$55.2K	527
Q2 22	$64.3K	527
Q3 22	$78.0K	527
Q4 22	$81.0K	617
Q1 23	$92.2K	617
Q2 23	$97.4K	617
Q3 23	$109.0K	617
Q4 23	$118.4K	624
Q1 24	$131.2K	624
Q2 24	$171.8K	624
Q3 24	$192.0K	624
Q4 24	$98.0K	1K
Q1 25	$95.7K	1K
Q2 25	$101.7K	1K
Q3 25	$111.9K	1K
Q4 25	$69.6K	2K

Revenue / Employee