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Unless the context otherwise requires, references in this Business section to ADMA, ADMA Biologics, the Company, we, us and our refer to ADMA Biologics, Inc., a Delaware corporation, as well as its wholly owned subsidiaries, ADMA BioManufacturing, LLC, a Delaware limited liability company ( ADMA BioManufacturing ), ADMA BioCenters Georgia Inc., a Delaware corporation ( ADMA BioCenters ) and ADM…
Margins and capital returns are both well above average: 37.53% operating margin, ROIC at 31.51%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue up 19.6% YoY with margins expanding 4.9pp. However, free cash flow softened 75%, worth monitoring whether this is timing or structural.
Free cash flow declined 75% versus the prior year, cash generation momentum has weakened. ROIC dropped from 38.05% to 31.51%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$510M
▲ +19.6% YoY
Net Income (TTM)
$165M
▼ -25.7% YoY
Op. Margin
42.14%
▲ +4.9pp YoY
ROIC
33.51%
▼ -6.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$108M
▼ -74.8% YoY
Op. Cash Flow (TTM)
$128M
▼ -57.5% YoY
Net Debt
$66M
Cash & Equiv.
$138M
5Y CAGR: +64.6%
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