ADMA Biologics (ADMA) financial statements
ADMA Biologics reported revenue of $510M in fiscal 2025, up 53.7% a year over 9 years.
Net income was $147M and the operating margin 37.5%, against -162.6% in 2016.
Free cash flow was $28M, and the company returned $32M in net buybacks.
The diluted share count rose 1915% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ADMA Biologics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11M | $23M | $17M | $29M | $42M | $81M | $154M | $258M | $426M | $510M |
| Cost of revenue | $6M | $29M | $42M | $40M | $61M | $80M | $119M | $169M | $207M | $217M |
| Gross profit | $4M | -$6M | -$25M | -$10M | -$19M | $1M | $35M | $89M | $220M | $293M |
| Research and development | $8M | $6M | $4M | $2M | $6M | $4M | $4M | $3M | $2M | $5M |
| Selling, general and admin | $8M | $19M | $23M | $26M | $35M | $43M | $52M | $59M | $74M | $92M |
| Operating income | -$17M | -$39M | -$60M | -$41M | -$65M | -$58M | -$39M | $22M | $139M | $191M |
| Interest expense | $2M | $3M | $6M | $9M | $12M | $13M | $19M | $25M | $14M | $7M |
| Pre-tax income | -$20M | — | — | — | — | — | -$66M | -$28M | $126M | $183M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$72M | $36M |
| Net income | -$20M | -$44M | -$66M | -$48M | -$76M | -$72M | -$66M | -$28M | $198M | $147M |
| EPS (diluted) | -$1.61 | -$1.91 | -$1.45 | -$0.89 | -$0.88 | -$0.51 | -$0.33 | -$0.13 | $0.81 | $0.60 |
| Diluted shares | 12M | 23M | 45M | 54M | 86M | 140M | 198M | 224M | 243M | 245M |
| 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, from ADMA Biologics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $15M | $43M | $23M | $27M | $56M | $51M | $87M | $51M | $103M | $88M |
| Receivables | $1M | $4M | $1M | $3M | $13M | $29M | $16M | $27M | $50M | $158M |
| Inventory | $5M | $13M | $19M | $53M | $82M | $125M | $163M | $173M | $170M | $206M |
| Total current assets | $22M | $62M | $45M | $86M | $154M | $209M | $270M | $257M | $331M | $467M |
| Property, plant and equipment | $2M | $30M | $30M | $32M | $42M | $51M | $58M | $54M | $55M | $65M |
| Goodwill | $0 | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M |
| Total assets | $24M | $108M | $89M | $127M | $208M | $276M | $348M | $329M | $489M | $624M |
| Total current liabilities | $11M | $9M | $10M | $14M | $20M | $30M | $39M | $50M | $56M | $70M |
| Long-term debt | — | — | — | — | — | — | — | — | $72M | $69M |
| Total liabilities | $28M | $68M | $69M | $101M | $119M | $135M | $196M | $194M | $140M | $147M |
| Shareholders' equity | -$4M | $40M | $20M | $26M | $88M | $141M | $152M | $135M | $349M | $477M |
| Net debt | -$10M | -$43M | -$23M | -$27M | -$56M | -$51M | -$87M | -$51M | -$31M | -$15M |
Cash flow
Fiscal years, from ADMA Biologics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18M | -$37M | -$63M | -$76M | -$102M | -$112M | -$60M | $9M | $119M | $50M |
| Capital spending | $73,410 | $3M | $2M | $4M | $13M | $14M | $14M | $5M | $8M | $23M |
| Free cash flow | -$18M | -$40M | -$65M | -$80M | -$115M | -$126M | -$73M | $4M | $110M | $28M |
| Stock-based compensation | $1M | $2M | $2M | $3M | $3M | $3M | $5M | $6M | $14M | $20M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$32M |
| Net borrowing | $4M | $30M | $0 | $42M | $14M | — | — | — | — | — |
| Free cash flow margin | -172.1% | -175.5% | -381.4% | -272.6% | -271.7% | -155.5% | -47.6% | 1.6% | 25.9% | 5.5% |
Questions
What was ADMA Biologics's revenue in 2025?
$510M in fiscal 2025, from its 10-K filing.
How much free cash flow does ADMA Biologics generate?
$28M in fiscal 2025 (operating cash flow minus capital spending).
From ADMA Biologics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.