One-glance verdict
Within fair range
$7.01 our estimate vs market $9.51
Wall Street consensus: $17.00 (142.4% higher than our fair-value estimate)
36% above our estimate
Fundamentals snapshot
ADMA Biologics, Inc.
ADMA · NGM · Healthcare · Biotechnology
Current price
$9.51
52-week range
$7.21 - $20.46
Market cap
$2.13B
Balance sheet
Healthy
26.93x Strong cushion
Net debt $67.82M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 0.4% last year.
- Reward Returns 41.9% on equity, ahead of 83% of its peers.
- Reward Free cash flow was positive in 3/10 years.
- Risk Insider ownership is only 2.0% (peer median: 4.3%).
What this company does
ADMA Biologics, Inc.
ADMA Biologics makes special medicines from human blood plasma that help people whose bodies have trouble fighting infections. The company makes money not just from selling these drugs, but also by owning the centers that collect the plasma, giving it control over its supply chain (the entire process of making and selling a product, from raw materials to the final customer). This matters because patients with certain immune diseases rely on these treatments to stay healthy, creating a steady need for its products.
How the company got here
ADMA Biologics was founded in 2004 to develop specialized medical products derived from human plasma. A major turning point was its 2017 acquisition of a manufacturing facility and two approved drugs from Biotest Pharmaceuticals. This deal transformed ADMA from a company focused on developing drugs to a fully integrated business that can manufacture and sell its own products. This control over its own production, known as vertical integration, allowed it to improve its manufacturing processes and gain direct approval from the U.S. Food and Drug Administration (FDA) for its own drug candidates.
What it actually does
ADMA Biologics creates and sells medicines made from human blood plasma, which is the liquid part of blood that contains antibodies. These medicines, called biologics, are for people whose bodies have trouble fighting infections, a condition known as an immune deficiency. The company's main products are given to patients through an IV and help protect them from various infectious diseases. ADMA oversees the entire process, from collecting the plasma to making the final medical product.
ADMA BioManufacturing
This is the company's largest business segment, responsible for the majority of its revenue (the total money earned from sales). This division takes the collected plasma and, through a complex process, separates and purifies specific antibodies to create its medicines. Its key products include ASCENIV and BIVIGAM, which treat patients with weakened immune systems, and Nabi-HB, for people exposed to Hepatitis B. Hospitals, specialty pharmacies, and other healthcare providers purchase these vital therapies.
Plasma Collection Centers
This part of the business focuses on gathering the essential raw material: human plasma. ADMA operates several FDA-licensed centers where individuals can donate their plasma. Having its own collection centers gives the company more control over its supply chain (the entire process of creating and distributing a product), ensuring a consistent and reliable source of plasma for its manufacturing needs. While this segment is smaller than manufacturing, it is a critical first step in the company's end-to-end production system.
What management is betting on now
The company is focused on increasing the sales of its higher-margin (more profitable) products like ASCENIV and improving its manufacturing efficiency to boost profitability. Management is also expanding its network of plasma suppliers to ensure it has enough raw material to meet growing demand. Additionally, ADMA is investing in research and development (the process of creating new products), such as a new treatment for pneumonia, which could provide a significant new source of revenue in the future. The company is also returning capital to its owners through share repurchases (when a company buys its own stock, which can increase the value of the remaining shares).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$23.97M
FY2024 Q4
$47.46M
FY2025 Q1
$-24.38M
FY2025 Q2
$18.72M
FY2025 Q3
$-1.07M
FY2025 Q4
$34.55M
FY2026 Q1
$55.71M
FY2026 Q2
$27.28M
Revenue
$124.39M
Net income
$37.82M
Diluted EPS
0.16
Operating cash flow
$29.54M
Free cash flow
$27.28M
Fetching…
Sources
Revenue
$114.49M
Net income
$45.33M
Diluted EPS
0.19
Operating cash flow
$58.25M
Free cash flow
$55.71M
Fetching…
Sources
Revenue
$139.16M
Net income
$49.38M
Diluted EPS
0.20
Operating cash flow
$35.64M
Free cash flow
$34.55M
Fetching…
Sources
Revenue
$134.22M
Net income
$36.43M
Diluted EPS
0.15
Operating cash flow
$13.29M
Free cash flow
$-1.07M
Fetching…
Sources
Revenue
$121.98M
Net income
$34.22M
Diluted EPS
0.14
Operating cash flow
$21.14M
Free cash flow
$18.72M
Fetching…
Sources
Revenue
$114.80M
Net income
$26.90M
Diluted EPS
0.11
Operating cash flow
$-19.68M
Free cash flow
$-24.38M
Fetching…
Sources
Revenue
$117.55M
Net income
$111.90M
Diluted EPS
0.45
Operating cash flow
$50.22M
Free cash flow
$47.46M
Fetching…
Sources
Revenue
$119.84M
Net income
$35.91M
Diluted EPS
0.15
Operating cash flow
$25.03M
Free cash flow
$23.97M
Fetching…
Sources
Is it cheap or expensive?
Fair value $7.01 vs current price $9.51
Wall Street consensus is the average analyst price target: $17.00 (142.4% higher than our fair-value estimate).
Our most-likely fair value is $7.01 a share — about 26.2% away from today's price of $9.51, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net debt $67.8M. Interest coverage 26.9x.
Net debt
$67.82M
Interest coverage
26.93x
ADMA Biologics, Inc.'s profit covers its interest bill about 26.9 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
ADMA
BASELINE
ADMA Biologics, Inc.
Total debt $203.84M Interest coverage 26.93x This is the baseline the peer rows are being compared against.
Total debt $1.06B Interest coverage -17.25x -100% vs ADMA This peer has almost no interest-payment cushion compared with ADMA.
Total debt $93.13M Interest coverage 17.53x -35% vs ADMA Carries about 1.5x less debt cushion than ADMA.
Total debt $10.74B Interest coverage 2.17x -92% vs ADMA Carries about 12.4x less debt cushion than ADMA.
Total debt $11.80M Interest coverage 30.36x +13% vs ADMA Has roughly the same debt cushion as ADMA.
Total debt $588.20M Interest coverage 1.89x -93% vs ADMA Carries about 14.2x less debt cushion than ADMA.
What you should know
The case for and against ADMA
3 Rewards
1 Risk
Rewards
-
Revenue grew 0.4% last year.
-
Returns 41.9% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 3/10 years.
Risks
-
Insider ownership is only 2.0% (peer median: 4.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
13.58x
Forward P/E
10.08x
P/B
5.25x
P/S
4.16x
EV/EBITDA
9.80x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
64.7%
Operating margin
42.2%
Net margin
33.0%
ROE
41.9%
ROA
21.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.50x
Current ratio
6.97x
Quick ratio
3.62x
Total debt
$203.84M
Total cash
$136.02M
Growth
How the business has been compounding
Revenue TTM
$512.27M
Revenue 5Y CAGR
58.4%
EPS TTM
0.70
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$136.72M
Free CF TTM
$27.82M
FCF margin
5.4%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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