ADMA Biologics (ADMA)
NASDAQ:ADMA
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ADMA Biologics
(NASDAQ:ADMA)
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Rating:69Neutral
Price Target:
$10.00
▲(1.73% Upside)
Action:ReiteratedDate:04/01/26
Score is driven by strong fundamentals and upbeat multi-year guidance (rapid revenue/margin expansion and improved leverage). It is tempered by very weak technical momentum (price far below key moving averages with negative MACD) and only moderate valuation support at ~29.6x earnings, alongside a 2025 step-down in cash conversion.
Positive Factors
Vertical integration & plasma supply visibility
ADMA's mix of owned centers plus long-term third-party supply access (>280 centers) materially reduces raw-material risk versus pure buyers. Durable supply visibility supports steady lot release, capacity scaling and predictable manufacturing throughput, enabling sustained revenue growth and margin stability as demand expands.
Negative Factors
Working capital strain and weaker cash conversion
A step-down in cash conversion and a large YoY FCF decline despite revenue growth reveal persistent working capital pressure. Elevated DSO and inventory needs can limit discretionary spending, increase dependence on divestiture or credit, and reduce the durability of cash available for reinvestment and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration & plasma supply visibility
ADMA's mix of owned centers plus long-term third-party supply access (>280 centers) materially reduces raw-material risk versus pure buyers. Durable supply visibility supports steady lot release, capacity scaling and predictable manufacturing throughput, enabling sustained revenue growth and margin stability as demand expands.
Read all positive factors
ADMA Biologics (ADMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.34B
Dividend YieldN/A
Average Volume (3M)7.79M
Price to Earnings (P/E)29.6
Beta (1Y)1.05
Revenue Growth27.62%
EPS Growth202.89%
CountryUS
Employees685
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.21
Shares Outstanding238,159,180
10 Day Avg. Volume12,552,790
30 Day Avg. Volume7,789,496
Financial Highlights & Ratios
PEG Ratio-1.09
Price to Book (P/B)9.11
Price to Sales (P/S)8.52
P/FCF Ratio156.23
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue4.63
Enterprise Value/Gross Profit8.06
Enterprise Value/Ebitda11.93
Forecast
1Y Price Target
$30.00Price Target Upside205.19% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.9
Revenue Forecast (FY)$637.70M
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...
How the Company Makes Money
ADMA Biologics makes money primarily by selling its FDA-approved, plasma-derived therapeutic products to the healthcare market (e.g., via specialty distributors and other commercial channels). Its key revenue stream is product sales of immune glob...
ADMA Biologics Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial narrative: substantial revenue growth (20% YoY), pronounced margin expansion (gross margin up to 57.4% FY, 63.8% exit Q4), and significant product-level momentum with Ascentive (+51% YoY to $363M). Management highlighted structural improvements from yield-enhanced production, expanded plasma supply visibility, and ambitious multi-year guidance. Near-term challenges were acknowledged — elevated working capital/AR due to rapid growth, the cash position excluding divestiture proceeds, and timing risks around distribution ramps and closing the divestiture — but management provided clear remediation paths (working capital focus, new CFO hire, McKesson ramp). Overall, the highlights numerically and qualitatively outweigh the lowlights.Positive Updates
Strong Full-Year Financial Performance
Total revenue of $510,200,000 for FY2025, representing 20% year-over-year growth; adjusted EBITDA of $231,000,000, up 40% YoY; adjusted net income of $160,800,000, up 35% YoY — demonstrating expanding profitability and operating leverage.
Negative Updates
Working Capital and Accounts Receivable Pressure
Management acknowledged a recent increase in working capital and elevated days sales outstanding driven by rapid Ascentive growth and distribution dynamics; expects AR/DSO to normalize and improve over 2026, with material improvement potentially in the middle-to-late part of the year.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Financial Performance
Total revenue of $510,200,000 for FY2025, representing 20% year-over-year growth; adjusted EBITDA of $231,000,000, up 40% YoY; adjusted net income of $160,800,000, up 35% YoY — demonstrating expanding profitability and operating leverage.
Read all positive updates
Company Guidance
Management provided multi-year guidance anchored by strong FY2025 results: total revenue $510.2M (20% YoY), Ascentive net revenue $363M (51% YoY), gross margin 57.4% (Q4 corporate gross margin 63.8%), adjusted EBITDA $231M (40% YoY), adjusted net income $160.8M (35% YoY); Q4 revenue $139.2M (18% YoY), Q4 adjusted EBITDA $73.6M (52% YoY), Q4 adjusted net income $52.6M (57% YoY), cash $88M, and access to >280 plasma centers. For 2026 management expects revenue >$635M, adjusted EBITDA >$360M and adjusted net income >$255M (driven by a full year of yield‑enhanced production, continued Ascentive mix shift and improving gross margins/working capital); 2027 targets are revenue >$775M, adjusted EBITDA >$455M and adjusted net income >$315M, and 2029 targets revenue >$1.1B and adjusted EBITDA >$700M; SG001 represents additional upside of $300–$500M peak revenue.ADMA Biologics Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
78
Positive
Cash Flow
64
Positive
| 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 | 197.86M | 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
Negative
9.83
Price Trends
14.51
Negative
16.41
Negative
16.47
Negative
Market Momentum
-1.77
Positive
32.52
Neutral
59.42
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 9.83 is below the 20-day moving average (MA) of 11.95, below the 50-day MA of 14.51, and below the 200-day MA of 16.47, indicating a bearish trend. The MACD of -1.77 indicates Positive momentum. The RSI at 32.52 is Neutral, neither overbought nor oversold. The STOCH value of 59.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ADMA.
ADMA Biologics Risk Analysis
ADMA Biologics disclosed 53 risk factors in its most recent earnings report. ADMA Biologics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ADMA Biologics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.34B | 29.58 | 34.98% | ― | 27.62% | 202.89% | |
64 Neutral | $6.71B | -16.04 | -55.42% | ― | -76.96% | -425.41% | |
62 Neutral | $9.01B | 75.44 | 36.12% | ― | 23258.15% | 99.12% | |
62 Neutral | $6.51B | -42.66 | -19.89% | ― | -35.39% | -72.97% | |
62 Neutral | $5.03B | ― | -65.80% | ― | ― | -27.70% | |
54 Neutral | $1.33B | -3.74 | -67.12% | ― | ― | -157.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ADMA
ADMA Biologics
9.94
-8.74
-46.79%
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ADMA Biologics Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
ADMA Biologics Issues Rebuttal to Short-Seller Allegations
Neutral
Mar 27, 2026
On March 27, 2026, ADMA Biologics issued a detailed rebuttal to a March 24, 2026 short-seller report from Culper Research, rejecting allegations about artificial demand creation, channel stuffing and mischaracterization of ASCENIV’s competit...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
ADMA Biologics Launches Major 2026 Capital Return Plan
Positive
Mar 2, 2026
ADMA Biologics, a U.S.-based commercial biopharmaceutical company specializing in plasma-derived biologics for immunodeficient and infection-risk patients, manufactures three FDA-approved immune globulin products and operates its own plasma collec...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
ADMA Biologics Announces CFO Transition and Leadership Change
Positive
Feb 25, 2026
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 ad...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.