ADMA Biologics, Inc. (ADMA)

Nasdaq Health Care Biotechnology S&P SmallCap 600

$12.73

-0.48 (-3.63%)

Close of Nov 06, 2026 · end-of-day data

Source: ADMA Biologics, Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 05, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$10.66M	$22.76M	$16.99M	$29.35M	$42.22M	$80.94M	$154.08M	$258.21M	$426.45M	$510.17M
Cost of revenue	$1.61M	$29.16M	$42.19M	$39.50M	$61.29M	$79.77M	$118.81M	$169.27M	$206.90M	$217.41M
Gross profit	$4.30M	-$6.40M	-$25.21M	-$10.16M	-$19.07M	$1.17M	$35.27M	$88.94M	$219.55M	$292.76M
Research & development	$7.69M	$5.57M	$3.93M	$2.34M	$5.91M	$3.65M	$3.61M	$3.30M	$1.81M	$4.76M
Selling, general & admin	—	—	—	—	$35.05M	$42.90M	$52.46M	$59.02M	$74.12M	$91.58M
Operating income	-$17.33M	-$39.31M	-$60.29M	-$41.42M	-$64.91M	-$58.37M	-$39.37M	$21.63M	$138.98M	$191.44M
Interest expense	$2.24M	$3.29M	$5.52M	$8.99M	$11.99M	$13.06M	$19.28M	$25.03M	$13.93M	$7.11M
Pre-tax income	-$19.52M	—	—	—	—	—	-$65.90M	-$28.24M	$125.71M	$182.66M
Income tax	$0	$0	$0	$0	$0	$0	$0	$0	-$71.96M	$35.73M
Net income	-$19.52M	-$43.76M	-$65.74M	-$48.28M	-$75.75M	-$71.65M	-$65.90M	-$28.24M	$197.67M	$146.93M
EBITDA	-$16.93M	-$37.81M	-$57.69M	-$39.02M	-$61.71M	-$53.57M	-$32.97M	$29.23M	$146.68M	$199.44M
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
Diluted shares	12.15M	22.90M	45.19M	54.35M	86.15M	139.58M	197.87M	223.98M	243.34M	244.90M
Gross margin	40.3%	-28.1%	-148.4%	-34.6%	-45.2%	1.4%	22.9%	34.4%	51.5%	57.4%
Operating margin	-162.6%	-172.7%	-354.9%	-141.1%	-153.8%	-72.1%	-25.5%	8.4%	32.6%	37.5%
Net margin	-183.1%	-192.3%	-387.1%	-164.5%	-179.4%	-88.5%	-42.8%	-10.9%	46.4%	28.8%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$9.91M	$43.11M	$26.75M	$26.75M	$55.92M	$51.09M	$86.52M	$51.35M	$103.15M	$87.63M
Short-term investments	$5.39M	$0	—	—	—	—	—	—	—	—
Receivables	$1.02M	$3.88M	$1.39M	$3.47M	$13.24M	$28.58M	$15.51M	$27.42M	$50.00M	$158.43M
Inventory	$5.02M	$12.63M	$18.62M	$53.06M	$81.54M	$124.72M	$163.28M	$172.91M	$170.24M	$206.47M
Total current assets	$21.66M	$62.34M	$44.53M	$85.82M	$153.74M	$208.73M	$270.40M	$257.01M	$331.41M	$466.51M
Goodwill	$0	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M
Total assets	$23.69M	$108.02M	$88.88M	$127.09M	$207.67M	$276.25M	$348.46M	$329.18M	$488.68M	$624.24M
Total current liabilities	$11.22M	$9.44M	$9.63M	$14.03M	$19.95M	$30.38M	$39.27M	$49.81M	$55.54M	$69.54M
Short-term debt	—	—	—	—	—	—	—	—	$0	$2.81M
Long-term debt	$1.79M	$2.76M	$2.76M	$0	$92.97M	$94.87M	$142.83M	$130.59M	$72.34M	$69.33M
Total debt	$1.79M	$2.76M	$2.76M	$0	$92.97M	$94.87M	$142.83M	$130.59M	$72.34M	$72.14M
Total liabilities	$28.14M	$67.69M	$69.11M	$100.90M	$119.42M	$135.08M	$196.49M	$193.98M	$139.66M	$146.92M
Shareholders' equity	-$4.46M	$40.33M	$19.77M	$26.19M	$88.25M	$141.17M	$151.97M	$135.21M	$349.02M	$477.32M

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	-$18.27M	-$37.27M	-$62.68M	-$76.19M	-$102.00M	-$112.37M	-$59.51M	$8.80M	$118.67M	$50.40M
Capital expenditures	$73.41K	$2.68M	$2.10M	$3.81M	$12.73M	$13.51M	$13.91M	$4.77M	$8.23M	$22.57M
Free cash flow	-$18.34M	-$39.95M	-$64.77M	-$80.01M	-$114.73M	-$125.88M	-$73.42M	$4.03M	$110.45M	$27.82M
Investing cash flow	$904.58K	$15.21M	-$2.10M	-$3.81M	-$12.72M	-$13.51M	-$13.91M	-$4.98M	-$8.57M	-$21.89M
Financing cash flow	$16.84M	$60.75M	$42.92M	$80.00M	$143.90M	$121.05M	$108.85M	-$38.99M	-$58.30M	-$44.02M
Share buybacks	—	—	—	—	—	—	—	$0	$0	$31.94M
Stock-based compensation	$1.25M	$1.56M	$2.22M	$2.65M	$2.86M	$3.49M	$5.21M	$6.19M	$13.62M	$20.03M
Depreciation & amortization	$400.00K	$1.50M	$2.60M	$2.40M	$3.20M	$4.80M	$6.40M	$7.60M	$7.70M	$8.00M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$73.90M	$81.88M	$107.19M	$119.84M	$117.55M	$114.80M	$121.98M	$134.22M	$139.16M	$114.49M	$124.39M	$141.10M
Cost of revenue	$42.82M	$42.77M	$49.74M	$60.18M	$54.22M	$53.70M	$54.76M	$58.60M	$50.35M	$33.74M	$38.12M	$41.19M
Gross profit	$31.09M	$39.11M	$57.45M	$59.66M	$63.33M	$61.10M	$67.23M	$75.63M	$88.82M	$80.75M	$86.28M	$99.92M
Research & development	$446.00K	$450.00K	$560.00K	$412.00K	$391.00K	$826.00K	$1.03M	$1.53M	$1.38M	$2.60M	$6.01M	$4.49M
Selling, general & admin	$15.54M	$15.64M	$16.61M	$18.56M	$23.32M	$24.08M	$22.21M	$21.78M	$23.51M	$26.74M	$26.74M	$26.55M
Operating income	$14.23M	$21.82M	$39.20M	$39.64M	$38.32M	$34.88M	$42.80M	$51.01M	$62.75M	$58.27M	$52.45M	$67.76M
Interest expense	$6.21M	$3.77M	$3.78M	$3.50M	$2.88M	$1.98M	$1.83M	$1.68M	$1.63M	$2.10M	$3.42M	$3.43M
Pre-tax income	-$17.64M	$18.40M	$35.85M	$36.75M	$34.71M	$33.45M	$40.10M	$47.52M	$61.59M	$57.13M	$50.24M	$65.60M
Income tax	$0	$595.00K	$3.79M	$840.00K	-$77.18M	$6.55M	$5.88M	$11.09M	$12.22M	$11.80M	$12.41M	$15.72M
Net income	-$17.64M	$17.81M	$32.06M	$35.91M	$111.90M	$26.90M	$34.22M	$36.43M	$49.38M	$45.33M	$37.82M	$49.88M
EBITDA	$16.13M	$23.72M	$41.10M	$41.54M	$40.32M	$36.78M	$44.80M	$53.01M	$64.75M	$60.07M	$54.15M	$69.46M
EPS (basic)	$-0.08	$0.08	$0.14	$0.15	$0.48	$0.11	$0.14	$0.15	$0.21	$0.19	$0.17	$0.22
EPS (diluted)	$-0.08	$0.08	$0.13	$0.15	$0.46	$0.11	$0.14	$0.15	$0.20	$0.19	$0.16	$0.22
Diluted shares	670.98K	236.41M	242.17M	244.80M	1.57M	244.68M	248.61M	244.66M	-586.69K	239.96M	230.34M	225.82M
Gross margin	42.1%	47.8%	53.6%	49.8%	53.9%	53.2%	55.1%	56.3%	63.8%	70.5%	69.4%	70.8%
Operating margin	19.3%	26.7%	36.6%	33.1%	32.6%	30.4%	35.1%	38.0%	45.1%	50.9%	42.2%	48.0%
Net margin	-23.9%	21.7%	29.9%	30.0%	95.2%	23.4%	28.1%	27.1%	35.5%	39.6%	30.4%	35.4%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$51.35M	$45.33M	$88.24M	$86.71M	$103.15M	$71.62M	$90.28M	$61.38M	$87.63M	$138.15M	$136.02M	$124.56M
Receivables	$27.42M	$49.62M	$30.11M	$50.14M	$50.00M	$99.41M	$109.73M	$137.67M	$158.43M	$135.86M	$138.23M	$169.22M
Inventory	$172.91M	$177.73M	$179.81M	$171.80M	$170.24M	$172.19M	$191.46M	$196.67M	$206.47M	$222.10M	$239.31M	$266.12M
Total current assets	$257.01M	$276.42M	$303.69M	$318.19M	$331.41M	$351.81M	$399.56M	$402.65M	$466.51M	$511.17M	$528.20M	$575.86M
Goodwill	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M	$3.53M
Total assets	$329.18M	$350.88M	$376.40M	$390.62M	$488.68M	$510.57M	$558.38M	$568.69M	$624.24M	$665.18M	$684.21M	$732.49M
Total current liabilities	$49.81M	$53.09M	$44.18M	$44.89M	$55.54M	$53.50M	$74.94M	$56.49M	$69.54M	$73.54M	$75.76M	$95.28M
Short-term debt	—	—	—	—	$0	—	—	$2.34M	$2.81M	$3.28M	$3.75M	$4.22M
Long-term debt	$130.59M	$130.85M	$131.07M	$101.33M	$72.34M	$72.53M	$73.40M	$70.08M	$69.33M	$193.58M	$192.84M	$191.64M
Total debt	$130.59M	$130.85M	$131.07M	$101.33M	$72.34M	$72.53M	$73.40M	$72.43M	$72.14M	$196.87M	$196.59M	$195.86M
Total liabilities	$193.98M	$197.17M	$188.13M	$158.73M	$139.66M	$137.15M	$160.06M	$137.50M	$146.92M	$274.86M	$276.00M	$293.98M
Shareholders' equity	$135.21M	$153.71M	$188.27M	$231.89M	$349.02M	$373.42M	$398.32M	$431.19M	$477.32M	$390.32M	$408.21M	$438.51M

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$17.60M	-$2.22M	$45.65M	$25.03M	$50.22M	-$19.68M	$21.14M	$13.29M	$35.64M	$58.25M	$29.54M	$17.37M
Capital expenditures	$1.20M	$2.35M	$2.07M	$1.06M	$2.76M	$4.70M	$2.42M	$14.37M	$1.08M	$2.54M	$2.26M	$2.00M
Free cash flow	$16.40M	-$4.57M	$43.58M	$23.97M	$47.46M	-$24.38M	$18.72M	-$1.07M	$34.55M	$55.71M	$27.28M	$15.37M
Investing cash flow	-$1.41M	-$2.36M	-$2.37M	-$1.10M	-$2.75M	-$4.72M	-$2.53M	-$14.37M	-$276.00K	$2.40M	-$2.26M	-$2.07M
Financing cash flow	-$38.99M	-$1.45M	-$362.00K	-$25.47M	-$31.03M	-$7.13M	$48.00K	-$27.82M	-$9.12M	-$10.13M	-$29.42M	-$26.77M
Share buybacks	—	—	—	—	$0	$0	$0	$23.04M	$8.90M	$130.19M	$25.05M	$25.05M
Stock-based compensation	$1.75M	$2.14M	$2.86M	$3.18M	$5.43M	$4.62M	$4.96M	$5.05M	$5.39M	$6.33M	$6.13M	$6.20M
Depreciation & amortization	$1.90M	$1.90M	$1.90M	$1.90M	$2.00M	$1.90M	$2.00M	$2.00M	$2.00M	$1.80M	$1.70M	$1.70M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.