Is the business good?
How good a business is ADMA?
ADMA Biologics, Inc. earns 38% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
38%
Return on invested capital · cost of capital 9.0% · 29 points above what the capital costs: growth creates value
- Operating margin
- 42%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Cash conversion
- 0.65×
Cash conversion · 0.44× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −1.9%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −154% |
| FY2021 | −72% |
| FY2022 | −26% |
| FY2023 | 8.4% |
| FY2024 | 33% |
| FY2025 | 38% |
Details›
- Gross margin12 months to Q1 2026
- 61%
- Operating margin12 months to Q1 2026
- 42%
- Net margin12 months to Q1 2026
- 32%
- Free cash flow margin
- 21%
- R&D as % of revenue
- 1.3%
- Revenue, trailing twelve months
- $510M
- Free cash flow, trailing twelve months
- $108M
- Net income, trailing twelve months
- $165M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 38%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.