ADMA Biologics (ADMA) AI Stock Analysis

• Market Cap: $3.69B
• Dividend Yield: N/A
• Average Volume (3M): 2.01M
• Price to Earnings (P/E): 18.4
• Beta (1Y): 0.87
• Revenue Growth: 27.62%
• EPS Growth: 202.89%
• Country: US
• Employees: 685
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.21
• Shares Outstanding: 237,997,770
• 10 Day Avg. Volume: 2,258,628
• 30 Day Avg. Volume: 2,010,419
• PEG Ratio: -1.09
• Price to Book (P/B): 9.11
• Price to Sales (P/S): 8.52
• P/FCF Ratio: 156.23
• Enterprise Value/Market Cap: 1.01
• Enterprise Value/Revenue: 7.30
• Enterprise Value/Gross Profit: 12.72
• Enterprise Value/Ebitda: 19.06
• 1Y Price Target: $30.00
• Price Target Upside: 97.63% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.9
• Revenue Forecast (FY): $633.75M

• Rating: 72 Outperform
• Price Target: $17.50 ▲(15.28% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is driven primarily by strong fundamental improvement (revenue/margin scale-up and lower leverage) and upbeat guidance/margin expansion drivers from the latest call. This is tempered by weakening 2025 cash conversion and clearly bearish technical signals with the stock below major moving averages and negative MACD.

Positive Factors

Revenue & margin scale-up

ADMA has grown revenue from roughly $42M (2020) to ~$510M (2025) while gross margin expanded to ~57% and net margin to ~29%. This multi-year operating improvement indicates durable operating leverage and structural profitability that support sustainable cash generation and reinvestment capacity.

ASCENIV clinical adoption

Real-world evidence of >50% fewer infections for patients switching to ASCENIV demonstrates clinical differentiation and value to payers and providers. Durable clinical advantage supports sustained demand, pricing resilience, and lower downstream healthcare costs that underpin long-term product adoption and revenue visibility.

Manufacturing yield & supply/distribution actions

Integration of yield-enhanced production (≈20% higher output) plus divestiture of plasma centers and long-term third-party supply improves capital efficiency, scale and supply visibility. Combined with expanded distribution, these structural moves lower unit costs and support sustainable margin expansion and commercial reach.

Negative Factors

Weakened cash conversion

Despite reported profitability, 2025 cash conversion weakened: operating cash flow covered only ~72% of net income and free cash flow fell ~32% YoY. This suggests elevated working-capital needs or reinvestment intensity that could constrain free cash generation and financial flexibility over the medium term.

Historical balance-sheet stress & volatility

Leverage materially improved and equity expanded, but the company has recent history of high leverage and negative returns. That track record means current balance-sheet strength is relatively recent and could reverse if growth or margins stumble, making sustained credit stability and returns less certain.

Competitive/spot-supply margin risk

Management executed a $13.8M plasma spot sale at a negative margin to shore up cash/working capital, and cited temporary IVIG competitive dynamics. Reliance on opportunistic spot sales and market pricing pressure pose structural risks to margin durability and supply economics if competition or supply imbalances persist.

ADMA Biologics Business Overview & Revenue Model

Company Description

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 internationally. It 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 for the treatment of acute exposure to blood containing Hepatitis B surface antigen and other listed exposures to Hepatitis B. The company also develops a pipeline of plasma-derived therapeutics, including products related to the methods of treatment and prevention of S. pneumonia infection for an immunoglobulin. In addition, it operates source plasma collection facilities. The company sells its products through independent distributors, sales agents, specialty pharmacies, and other alternate site providers. ADMA Biologics, Inc. was incorporated in 2004 and is headquartered in Ramsey, New Jersey.

How the Company Makes Money

ADMA generates revenue primarily through the sales of its immunoglobulin products, including its flagship product, ASCENIV, which is marketed for the treatment of primary immunodeficiency diseases. The company also derives income from the sale of other plasma-derived therapies, which are distributed through specialty pharmacies and healthcare providers. Key revenue streams include direct product sales, partnerships with healthcare facilities, and contracts with distributors. Additionally, ADMA has engaged in collaborations and strategic partnerships that enhance its market reach and provide financial support for its product development initiatives, contributing to its overall earnings.

ADMA Biologics Financial Statement Overview

Summary

Strong multi-year scale-up with major margin expansion and profitability, plus materially improved leverage and equity growth. The key offset is weaker cash conversion in 2025 (free cash flow down year-over-year and below net income), raising durability/working-capital questions despite solid reported earnings.

Income Statement

ADMA shows a strong multi-year turnaround with revenue scaling from ~$42M (2020) to ~$510M (2025) and profitability inflecting meaningfully. Gross margin expanded sharply (negative in 2020 to ~57% in 2025), and 2025 profitability remains solid with ~29% net margin and ~38% EBITDA margin. The key weakness is volatility: net margin was exceptionally high in 2024 (~46%) but stepped down in 2025, and revenue growth slowed in 2024 before re-accelerating in 2025, suggesting earnings power may be less steady year-to-year than the longer-term trend implies.

Balance Sheet

Leverage has improved materially versus 2022–2023, with debt-to-equity declining to ~0.17 in 2025 (from ~1.0+ in 2022–2023), indicating a healthier capital structure. Equity has expanded meaningfully (to ~$477M in 2025 from ~$135M in 2023), and returns on equity are strong in 2025 (~31%). The main risk is historical balance-sheet stress and return volatility (negative returns and high leverage in earlier years), which suggests the current strength is relatively recent and should be monitored for durability.

Cash Flow

Cash generation is positive and improving versus the loss-making period (operating cash flow was negative in 2020–2022 but positive in 2023–2025). However, cash conversion weakened in 2025: operating cash flow (~$50M) covered only ~72% of net income and free cash flow was ~55% of net income, while free cash flow fell ~32% year-over-year despite higher revenue. 2024 was notably stronger (free cash flow roughly tracking earnings), so the 2025 step-down raises questions around working capital needs, reinvestment intensity, or normalization effects.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	510.17M	426.45M	258.21M	154.08M	80.94M
Gross Profit	292.76M	219.55M	88.94M	35.27M	1.17M
EBITDA	191.44M	147.69M	5.12M	-39.51M	-53.09M
Net Income	146.93M	197.67M	-28.24M	-65.90M	-71.65M
Balance Sheet
Total Assets	624.24M	488.68M	329.18M	348.46M	276.25M
Cash, Cash Equivalents and Short-Term Investments	87.63M	103.15M	51.35M	86.52M	51.09M
Total Debt	79.89M	82.12M	141.42M	154.44M	102.92M
Total Liabilities	146.92M	139.66M	193.98M	196.49M	135.08M
Stockholders Equity	477.32M	349.02M	135.21M	151.97M	141.17M
Cash Flow
Free Cash Flow	27.82M	110.10M	3.82M	-73.42M	-125.88M
Operating Cash Flow	50.40M	118.67M	8.80M	-59.51M	-112.37M
Investing Cash Flow	-21.89M	-8.57M	-4.98M	-13.91M	-13.51M
Financing Cash Flow	-44.02M	-58.30M	-38.99M	108.85M	121.05M

ADMA Biologics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 15.18
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADMA, the sentiment is Negative. The current price of 15.18 is below the 20-day moving average (MA) of 16.35, below the 50-day MA of 17.54, and below the 200-day MA of 17.47, indicating a bearish trend. The MACD of -0.45 indicates Negative momentum. The RSI at 39.62 is Neutral, neither overbought nor oversold. The STOCH value of 32.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ADMA.

ADMA Biologics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ADMA	72 Outperform	$3.69B	18.41	63.17%	―	27.62%	202.89%
ARWR	69 Neutral	$8.92B	40.06	65.14%	―	23258.15%	99.12%
ACLX	64 Neutral	$6.58B	-29.03	-47.18%	―	-76.96%	-425.41%
PTGX	62 Neutral	$5.46B	137.51	-20.18%	―	-35.39%	-72.97%
IMVT	62 Neutral	$5.57B	-10.15	-69.35%	―	―	-27.70%
MLTX	55 Neutral	$1.30B	-5.17	-60.51%	―	―	-157.74%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

ADMA Biologics Corporate Events

ADMA Biologics Announces CFO Transition and Leadership Change

In 2025, ADMA Biologics delivered record financial results, with total revenue reaching $510 million, up 20% year over year, driven largely by a 51% surge in ASCENIV sales to $363 million and resulting in adjusted net income of $161 million and adjusted EBITDA of $231 million. On February 25, 2026, the company announced the retirement of Chief Financial Officer and Treasurer Brad Tade, effective February 25, 2026, with his transition to a paid consulting role through July 31, 2026, while veteran industry executive Terry Kohler assumes the CFO and Treasurer roles from February 26, 2026, under an employment agreement that includes equity grants, incentive compensation and change-of-control protections.

ADMA reiterated long-term financial guidance, forecasting 2026 revenue above $635 million and 2027 revenue above $775 million, and targeting more than $1.1 billion in annual revenue and at least $700 million in adjusted EBITDA in 2029, underscoring expectations for sustained double-digit growth and expanding margins. Operationally, the company highlighted yield-enhanced production now fully integrated into commercial operations, divestiture of three plasma centers for $12 million while securing long-term supply from over 280 third-party centers, and an expanded distribution agreement with McKesson Specialty, all aimed at improving capital efficiency, supply visibility and working capital.

Record ASCENIV utilization, supported by broad payer coverage, growing real-world evidence of reduced infections and hospitalizations, and ongoing medical education and direct-to-patient initiatives, is expected to continue driving demand and operating leverage beyond 2026. ADMA ended 2025 with about $88 million in cash, excluding pending plasma-center divestiture proceeds, and expects stronger cash generation and cost savings in 2026 to support growth investments, balance-sheet optimization and shareholder returns.

The most recent analyst rating on (ADMA) stock is a Buy with a $18.50 price target. To see the full list of analyst forecasts on ADMA Biologics stock, see the ADMA Stock Forecast page.