Adma Biologics, Inc.
ADMA- Exchange
- Nasdaq
- Industry
- Biological Products, (No Diagnostic Substances)
- SEC CIK
- 0001368514
In the last 90 days, Adma Biologics, Inc. insiders filed 0 open-market purchases and 1 sale; 322 institutions reported holding it in 13F filings for Q2 2026, worth $1.70B in total; superinvestors Duquesne Family Office and Fundsmith hold it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 5, 2026, 12:14 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 12, 2026 | Jan 13, 2025 | Jan 8, 2024 | Jan 17, 2023 | Jan 19, 2022 |
| Revenue | $510.2M | $426.5M | $258.2M | $154.1M | $80.9M |
| Cost of revenue | $217.4M | $206.9M | $169.3M | $118.8M | $79.8M |
| Gross profit | $292.8M | $219.6M | $88.9M | $35.3M | $1.17M |
| Operating expenses | $101.3M | $80.6M | $67.3M | $74.6M | $59.5M |
| Research and development | $4.76M | $1.81M | $3.30M | $3.61M | $3.65M |
| Selling, general and administrative | $91.6M | $74.1M | $59.0M | $52.5M | $42.9M |
| Operating income | $191.4M | $139.0M | $21.6M | -$39.4M | -$58.4M |
| Interest expense | – | – | $25.0M | $19.3M | $13.1M |
| Income tax | $35.7M | -$72.0M | $0 | $0 | $0 |
| Net income | $146.9M | $197.7M | -$28.2M | -$65.9M | -$71.6M |
| EPS, basic | $0.62 | $0.85 | $-0.13 | $-0.33 | $-0.51 |
| EPS, diluted | $0.60 | $0.81 | $-0.13 | $-0.33 | $-0.51 |
| Weighted shares, basic | 238.3M | 233.1M | 224.0M | 197.9M | 139.6M |
| Weighted shares, diluted | 244.9M | 243.3M | 224.0M | 197.9M | 139.6M |
| Margins and growth | |||||
| Gross margin | 57.4% | 51.5% | 34.4% | 22.9% | 1.4% |
| Operating margin | 37.5% | 32.6% | 8.4% | -25.5% | -72.1% |
| Net margin | 28.8% | 46.4% | -10.9% | -42.8% | -88.5% |
| Revenue growth, year over year | +19.6% | +65.2% | +67.6% | +90.4% | +91.7% |
| Net income growth, year over year | −25.7% | – | – | – | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 12, 2026 | Jan 13, 2025 | Jan 8, 2024 | Jan 17, 2023 | Jan 19, 2022 |
| Cash and equivalents | $87.6M | $103.1M | $51.4M | $86.5M | $51.1M |
| Accounts receivable | $158.4M | $50.0M | $27.4M | $15.5M | $28.6M |
| Inventory | $206.5M | $170.2M | $172.9M | $163.3M | $124.7M |
| Total current assets | $466.5M | $331.4M | $257.0M | $270.4M | $208.7M |
| Property, plant and equipment | $65.1M | $54.7M | $53.8M | $58.3M | $50.9M |
| Goodwill | $3.53M | $3.53M | $3.53M | $3.53M | $3.53M |
| Intangible assets | $632.0K | $460.0K | $499.0K | $1.01M | $1.73M |
| Total assets | $624.2M | $488.7M | $329.2M | $348.5M | $276.3M |
| Accounts payable | $22.5M | $20.2M | $15.7M | $13.2M | $12.4M |
| Short-term debt | $2.81M | – | – | – | – |
| Total current liabilities | $69.5M | $55.5M | $49.8M | $39.3M | $30.4M |
| Long-term debt | $69.3M | – | – | – | – |
| Total liabilities | $146.9M | $139.7M | $194.0M | $196.5M | $135.1M |
| Shareholders' equity | $477.3M | $349.0M | $135.2M | $152.0M | $141.2M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 12, 2026 | Jan 13, 2025 | Jan 8, 2024 | Jan 17, 2023 | Jan 19, 2022 |
| Operating cash flow | $50.4M | $118.7M | $8.80M | -$59.5M | -$112.4M |
| Capital expenditures | $22.6M | $8.23M | $4.77M | $13.9M | $13.5M |
| Free cash flow | $27.8M | $110.4M | $4.03M | -$73.4M | -$125.9M |
| Depreciation and amortization | $8.00M | $7.70M | $7.60M | $6.40M | $4.80M |
| Stock-based compensation | $20.0M | $13.6M | $6.19M | $5.21M | $3.49M |
| Share buybacks | $31.9M | – | – | – | – |
| Investing cash flow | -$21.9M | -$8.57M | -$4.98M | -$13.9M | -$13.5M |
| Financing cash flow | -$44.0M | -$58.3M | -$39.0M | $108.9M | $121.0M |
| Net change in cash | -$15.5M | $51.8M | -$35.2M | $35.4M | -$4.83M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 3.9% | 3.2% | 2.4% | 3.4% | 4.3% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 30, 2026 | 221.9M | −6.8% | SEC |
| Jul 31, 2026 | 224.0M | −6.1% | SEC |
| May 1, 2026 | 231.8M | −2.9% | SEC |
| Feb 20, 2026 | 238.2M | +0.2% | SEC |
| Nov 3, 2025 | 238.0M | +0.7% | SEC |
| Aug 1, 2025 | 238.6M | +2.4% | SEC |
| May 2, 2025 | 238.7M | +3.0% | SEC |
| Mar 10, 2025 | 237.6M | +4.1% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.