ADMA Biologics (ADMA) AI Stock Analysis

• Market Cap: $3.69B
• Dividend Yield: N/A
• Average Volume (3M): 2.03M
• 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: 2,166,571
• 30 Day Avg. Volume: 2,029,036
• 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: 1.02
• Enterprise Value/Revenue: 7.68
• Enterprise Value/Gross Profit: 14.04
• Enterprise Value/Ebitda: 21.81
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: $18.50 ▲(12.19% Upside)
• Action: Reiterated Date: 11/25/25
• Date: Action: Reiterated 11/25/25

ADMA Biologics scores well due to its strong financial performance and positive earnings call, which highlight robust revenue growth and strategic initiatives for future expansion. The technical analysis suggests bullish momentum, though caution is advised due to overbought signals. Valuation is reasonable, supporting the overall positive outlook.

Positive Factors

Record revenue growth

Sustained top-line growth demonstrates successful commercial execution and expanding market penetration for ASCENIV. Recurring revenue increases provide durable funding for capacity expansion, R&D, and distribution scale, supporting multi-year growth targets and reducing dependency on one-off financing.

High and improving margins

Robust gross and operating margins reflect efficient plasma manufacturing and pricing power in specialty immunoglobulins. High margin structure creates durable free cash generation potential and resilience to cost variability, enabling reinvestment in capacity and therapy development over the medium term.

Product differentiation and yield gains

Yield improvements plus ASCENIV's clinical benefit (notably large infection-rate reductions) strengthen both unit economics and clinical positioning. Higher batch output reduces per-unit costs while superior clinical data supports adoption and formulary access, sustaining competitive advantage and margin expansion.

Negative Factors

Decline in free cash flow growth

A sizable drop in FCF growth weakens internal funding for capex, inventory build, and commercialization. Even with operating cash covering net income, slower FCF expansion can force reliance on external capital or asset monetization, constraining strategic investments over the next several quarters.

Reliance on spot plasma sales

Using spot-market plasma sales at negative margins signals exposure to volatile supply markets and temporary cash fixes. Repeated reliance would erode gross margins and indicate operational liquidity pressures, making earnings and unit economics more sensitive to plasma price swings long term.

Fluctuating debt levels

Although leverage is currently low, historical debt volatility suggests refinancing or cash-flow timing risk. Fluctuating debt profiles can limit capital allocation flexibility and increase vulnerability to interest-rate rises, potentially constraining M&A, capex, or R&D funding in adverse conditions.

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

ADMA Biologics demonstrates strong financial performance with robust revenue growth and profitability improvements. The company maintains a solid balance sheet with low leverage and high return on equity. While there are concerns regarding the recent decline in free cash flow growth, the overall financial health of the company is positive, supported by efficient operations and a stable capital structure.

Income Statement

ADMA Biologics has shown strong revenue growth with a TTM revenue increase of 3.03% and a significant improvement in profitability. The gross profit margin improved to 53%, and the net profit margin is robust at 44.06%. The EBIT and EBITDA margins are also strong at 32.73% and 34.40%, respectively, indicating efficient operations. These metrics reflect a positive trajectory in revenue and profitability, although the growth rate has slightly decelerated compared to previous years.

Balance Sheet

The balance sheet of ADMA Biologics shows a healthy debt-to-equity ratio of 0.21, indicating low leverage and financial stability. The return on equity is impressive at 61.78%, reflecting strong profitability relative to shareholder equity. The equity ratio stands at 75.80%, suggesting a solid capital structure. However, the company has experienced fluctuations in debt levels over the years, which could pose potential risks if not managed carefully.

Cash Flow

The cash flow statement reveals a decline in free cash flow growth by 38.37% in the TTM period, which is a concern. However, the operating cash flow to net income ratio is slightly above 1, indicating that operating cash flows are covering net income. The free cash flow to net income ratio is strong at 86.16%, suggesting efficient cash generation relative to net income. Despite the recent decline in free cash flow, the overall cash flow position remains relatively stable.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	488.56M	510.17M	426.45M	258.21M	154.08M	80.94M
Gross Profit	267.28M	292.76M	219.55M	88.94M	35.27M	1.17M
EBITDA	172.13M	191.44M	147.69M	5.12M	-39.51M	-53.09M
Net Income	209.45M	146.93M	197.67M	-28.24M	-65.90M	-71.65M
Balance Sheet
Total Assets	568.69M	624.24M	488.68M	329.18M	348.46M	276.25M
Cash, Cash Equivalents and Short-Term Investments	61.38M	87.63M	103.15M	51.35M	86.52M	51.09M
Total Debt	83.12M	79.89M	82.12M	141.42M	154.44M	102.92M
Total Liabilities	137.50M	146.92M	139.66M	193.98M	196.49M	135.08M
Stockholders Equity	431.19M	477.32M	349.02M	135.21M	151.97M	141.17M
Cash Flow
Free Cash Flow	40.73M	27.82M	110.10M	3.82M	-73.42M	-125.88M
Operating Cash Flow	64.97M	50.40M	118.67M	8.80M	-59.51M	-112.37M
Investing Cash Flow	-24.36M	-21.89M	-8.57M	-4.98M	-13.91M	-13.51M
Financing Cash Flow	-65.93M	-44.02M	-58.30M	-38.99M	108.85M	121.05M

ADMA Biologics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.49
• 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 16.49 is above the 20-day moving average (MA) of 16.39, below the 50-day MA of 17.64, and below the 200-day MA of 17.49, indicating a bearish trend. The MACD of -0.44 indicates Negative momentum. The RSI at 37.44 is Neutral, neither overbought nor oversold. The STOCH value of 39.21 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	78 Outperform	$3.69B	18.41	63.17%	―	27.62%	202.89%
ARWR	69 Neutral	$8.92B	40.06	65.14%	―	23258.15%	99.12%
IMVT	62 Neutral	$5.57B	-10.15	-69.35%	―	―	-27.70%
PTGX	61 Neutral	$5.46B	137.51	7.80%	―	-35.39%	-72.97%
MLTX	55 Neutral	$1.30B	-5.17	-54.17%	―	―	-157.74%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ACLX	40 Underperform	$6.58B	-29.03	-47.18%	―	-76.96%	-425.41%