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what it is
ADMA turns donated plasma into infection-fighting medicines for patients whose immune systems need backup.
how it gets paid
FY2025 revenue was $510.2M (+20% vs. FY2024’s $426.5M).
why it's growing
Revenue grew 19.6% last year. The number was 55.0% gross margin, because margin → money left after production costs → so what: ADMA is not just selling more, it is.
what just happened
Q4 2025 revenue was $139.2M (+18% vs. prior-year quarter) with 63.8% corporate gross margin; GAAP net income was $49.4M (prior-year Q4 was inflated by a one-time tax benefit).
At a glance
B+ balance sheet — decent shape, but not bulletproof
35/100 earnings predictability — expect surprises
26.4x trailing p/e — priced about right
27.2% return on capital — every dollar works hard here
$0.60 fy2025 eps est
xvary composite: 56/100 — below average
What they do
ADMA turns donated plasma into infection-fighting medicines for patients whose immune systems need backup.
ADMA owns the factory, not just the label. Its Boca Raton site can process up to 600,000 liters a year, which is manufacturing capacity → the amount of plasma it can turn into drugs → so what: you are not waiting on someone else's plant. It also sells three FDA-approved products already on the market, so this is commercial execution, not lab-coat wishcasting.
How they make money
$510M
FY2025 revenue · +20% vs. FY2024
total revenue
$510M
+20%
The products that matter
immune globulin therapy
ASCENIV
$363M · 71% of revenue
It generated $363M last year, grew 20%, and still accounts for roughly seven of every 10 revenue dollars. This is the center of gravity.
71% of revenue
broad immunoglobulin therapy
BIVIGAM
$147M · 29% of revenue
It brings in $147M and gives ADMA a second commercial product, but the gap versus ASCENIV is wide. Helpful support, not the main engine.
second revenue stream
owned plasma collection
Plasma Collection
10+ owned centers
Those 10+ centers are not reported as product revenue, but vertical integration helps explain FY2025 corporate gross margin in the high-50s (% of revenue). The supply chain is doing real economic work.
the moat
Key numbers
57.4%
gross margin (FY2025)
FY2025 gross profit was $292.8M on $510.2M revenue — corporate gross margin expanded vs. 51.5% in FY2024.
27.2%
return on capital
Return on capital → profit earned on money invested in the business → so what: this plant is not just busy, it is productive.
$76M
long-term debt
Long-term debt → money owed over years → so what: with debt at just $76M, or 2% of capital, leverage is not the thing breaking this story.
26.4x
trailing p/e
P/E → stock price divided by past earnings → so what: you are paying up for a company the market now believes is sustainably profitable.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $76M (2% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ADMA right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Q4 2025 revenue $139.2M; GAAP net income $49.4M; gross margin 63.8% for the quarter.
FY2025 adjusted net income was $160.8M and adjusted EBITDA was $231.0M (non-GAAP). FY2024 GAAP net income included an ~$84.3M valuation allowance release — do not compare GAAP 2024 to GAAP 2025 without that footnote.
$139.2M
Q4 2025 revenue
$49.4M
Q4 GAAP net income
63.8%
Q4 gross margin
the number that mattered
FY2025 revenue growth plus gross margin expansion is the operating story; the 2024 tax item is the accounting footnote that makes naive GAAP compares misleading.
snap-source: ADMA Q4/FY2025 results (Feb. 25, 2026) — ir.admabiologics.com
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What could go wrong
the #1 risk is ASCENIV concentration — one product produced $363M of ADMA's $510M revenue, so a demand wobble there hits the whole model fast.
med
ASCENIV carries 71% of revenue
ASCENIV generated $363M last year. That's the bull case because it proves product-market fit. It's also the bear case because there is no equally sized fallback if that demand slows.
Impact: 71% of revenue is tied to one therapy, so concentration risk is not theoretical here.
med
plasma supply and FDA oversight
The moat depends on 10+ owned collection centers and a manufacturing chain that keeps gross margin at 57%. If donor availability weakens or regulators disrupt supply, that edge can narrow quickly.
Impact: margin could compress toward the 35–45% industry range cited on this page if the supply advantage slips.
med
the premium multiple already assumes a clean 2026
ADMA trades at 26.4x trailing earnings versus about 21x for biotech peers. You're paying up now for a business expected to hit $635M next year.
Impact: if quarterly revenue fails to support the implied ~$159M run-rate, that premium can disappear before the business actually breaks.
med
finance leadership changed during the buyback
The CFO retired on February 25, 2026, while the company was rolling out a $200M repurchase plan and guiding for another big growth year. Execution risk rises when leadership changes during an important capital allocation moment.
Impact: this is less about solvency and more about trust, timing, and operational handoff in a pivotal year.
71% of sales sit in ASCENIV, and the 57% gross margin advantage only matters if ADMA keeps plasma flowing and reaches the $635M revenue target.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the metric to track
2026 revenue versus $635M
The guide implies roughly $159M per quarter. If ADMA is materially below that pace early, the premium multiple starts looking borrowed rather than earned.
margin trend
gross margin staying near 57%
This is the cleanest proof that vertical integration is still working. If margin starts drifting toward the industry's 35–45% range, the moat argument weakens fast.
management risk
CFO transition during capital return
A $200M buyback and a finance leadership handoff are happening at the same time. You want a boring transition here, which is another way of saying no surprises.
next earnings
Q1 2026 sets the tone
This is the first quarter inside the new $635M guide. You are looking for revenue pace, margin durability, and any change in the language around ASCENIV demand.
Analyst rankings
earnings predictability
35 / 100
Only two profitable years sit underneath this story. In human-speak, the business is better now, but the forecasting history is still thin.
growth trajectory
+20%
Revenue grew 20% in 2025 and management is aiming for another jump to $635M in 2026. The street likes the slope. The question is whether the slope holds.
price stability
10 / 100
The stock traded between $14 and $26 over the last 52 weeks. This is not a sleep-well-at-night chart.
risk profile
3
Safer than roughly 50% of stocks, helped by just $76M of long-term debt. For a company with this kind of recent turnaround, that is respectable.
source: institutional data
Institutional activity
institutional ownership data for ADMA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$16
current price
n/a
target midpoint · n/a from current
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