# ADMA Biologics, Inc. (ADMA)

> Source: Nexqual · https://nexqual.com/ADMA · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, ADMA Biologics, Inc. (ADMA), nexqual.com/ADMA" · informational, not investment advice.

**Price:** USD 11.28 (+0.98% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 11.17 · day 11.01–11.3 · 52w 7.21–20.46 · market cap $2.53B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $512M, net income $169M (33.0% margin), free cash flow $116M (SEC filings).
- Valuation: P/E 15.0x (avg 25.8x at the last 2 fiscal year-ends), EV/EBITDA 11.2x, net debt $60.6M.
- 1 of 80 tracked superinvestors hold ADMA (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $251K; 3 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 17 (range 12–21).
- Total return with dividends: 1Y -27.4% vs S&P 500 +13.6%; 5Y +774.4% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD 0.2, revenue estimate $138M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $80.9M | $154M | $258M | $426M | $510M | $512M |
| Gross profit | $1.2M | $35.3M | $88.9M | $220M | $293M | — |
| Operating income | -$58.4M | -$39.4M | $21.6M | $139M | $191M | $224M |
| Net income | -$71.6M | -$65.9M | -$28.2M | $198M | $147M | $169M |
| EPS (diluted) | -$0.51 | -$0.33 | -$0.13 | $0.81 | $0.60 | — |
| Free cash flow | -$126M | -$73.4M | $4.0M | $110M | $27.8M | $116M |
| Gross margin | 1.4% | 22.9% | 34.4% | 51.5% | 57.4% | — |
| Operating margin | -72.1% | -25.5% | 8.4% | 32.6% | 37.5% | 43.8% |
| Net margin | -88.5% | -42.8% | -10.9% | 46.4% | 28.8% | 33.0% |
| Revenue growth | +91.7% | +90.4% | +67.6% | +65.2% | +19.6% | — |
| Cash + short-term investments | $51.1M | $86.5M | $51.4M | $103M | $87.6M | — |
| Total debt | $94.9M | $143M | $131M | $72.3M | $72.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 15.0x · P/S 4.9x · EV/EBITDA 11.2x · EV/Sales 5.0x · P/FCF 21.7x · P/B 6.2x · FCF yield 4.61% · Earnings yield 6.69% · Buyback yield (TTM) 7.41% · Net debt $60.6M · EV $2.59B
P/E at fiscal year-ends: Dec 2025 30.4x, Dec 2024 21.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ADMA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Terry Smith | Fundsmith | 0.10% | $13.8M | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $251K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-27 | Grossman Jerrold B | Director | 6,400 | $51K | 7.91 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Grossman Jerrold B | Director | 12,500 | $100K | 8.01 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-11 | Grossman Jerrold B | Director | 12,500 | $100K | 8.01 | Opportunistic (traded every year 2023–2025, no repeating month) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 17 (low 12, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-15 | Mizuho | Target lowered | Outperform | $20 → $17 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -27.4% | +774.4% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -27.4% | +54.2% |
| Volatility (annualized) | 55.6% | 55.8% |
| Max drawdown | -62.7% (Dec 2025→Jun 2026) | -66.1% (Apr 2025→Jun 2026) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 318.78 +2.26% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 91.97 -0.23% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · ABVX (Abivax SA) USD 89.84 +3.26%

## More
Full page: https://nexqual.com/ADMA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ADMA's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1368514/000114036126006815/ef20059416_10-k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Grifols Worldwide Operations | "In December 2018, our former contract manufacturer assigned its rights and obligations under the 2011 Plasma Purchase Agreement to Grifols Worldwide Operations Limited ("Grifols") as its successor-in-interest, effective …" |
| Supplier | ADMA BioManufacturing | "In June 2017, we entered into a Plasma Supply Agreement with our former contract manufacturer, pursuant to which the counterparty supplies, on an exclusive basis subject to certain exceptions, to ADMA BioManufacturing an…" |
| Customer | Cencora (COR) | "As of December 31, 2024, three customers, BioCare, Healix Infusion Therapy, LLC ("Healix") and Cencora, Inc. (f/k/a AmerisourceBergen Corporation), represented an aggregate of approximately 91% of our consolidated accoun…" |
| Partner | KEDPlasma | "Effective August 6, 2024, we entered into a Plasma Purchase Agreement with KEDPlasma LLC ("KEDPlasma") with a term expiring in July 2031, after which it may be renewed for an additional multi-year period if agreed to by …" |
| Partner | Biotest | "Pursuant to our Manufacturing, Supply and License Agreement effective as of December 2012, we granted to Biotest AG ("Biotest") an exclusive license to market and sell ASCENIV in Europe and in certain countries in Northe…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.20 | $0.20 | +0.0% | $138.1M | 3 |
| Next quarter (ends 2026-12-31) | $0.24 | $0.24 | +1.4% | $158.4M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.80 | $0.80 | +0.0% | $535.3M | 3 |
| Next fiscal year (ends 2027-12-31) | $0.94 | $0.98 | -4.2% | $629.5M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±18.8%; last 8 reports averaged ±7.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 94.7% | ±18.8% |
| 2026-12-18 | 50 | 45.4% | ±15.4% |
| 2027-01-15 | 78 | 80.3% | ±27.2% |
| 2027-02-19 | 113 | 59.6% | ±32.3% |
| 2027-05-21 | 204 | 68.5% | ±39.2% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.17 | $0.16 | Beat +6.3% | +12.9% |
| May 6, 2026 | Quarter ended Mar 31, 2026 | $0.17 | $0.20 | Miss −15.0% | -17.4% |
| Feb 25, 2026 | Quarter ended Dec 31, 2025 | $0.22 | $0.20 | Beat +10.0% | -2.2% |
| Jan 12, 2026 | Quarter ended Dec 31, 2025 | $0.22 | $0.20 | Beat +10.0% | -1.4% |
| Nov 5, 2025 | Quarter ended Sep 30, 2025 | $0.16 | $0.16 | In line | -4.1% |
| Aug 6, 2025 | — | — | — | — | -11.7% |
| May 7, 2025 | — | — | — | — | -8.3% |
| Mar 3, 2025 | — | — | — | — | +3.8% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION, SSGA FUNDS MANAGEMENT, INC.: 7.4% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1368514/000009375126000402/0000093751-26-000402-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1368514/000114036126031445/0001140361-26-031445-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1368514/000114036126031423/0001140361-26-031423-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.