At a glance
ADMA Biologics Inc is worth $2.53B, about 19 times its fiscal 2025 earnings. Revenue grew 19.6% to $510.2M in fiscal 2025, with 28.8% kept as profit; over 5 years it has grown 64.6% a year. It pays no dividend; it spent $31.9M buying back its shares over FY2021–FY2025. The stock returned −27.6% over the past year with dividends reinvested and +53.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 61.8% in the 2020 crash (S&P 500: 33.7%) and 32.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 38 months and within a month after the lows.
The business in plain English
ADMA Biologics makes medicines from donated human blood plasma for people whose immune systems struggle to fight infection. It has three FDA-approved products. ASCENIV and BIVIGAM are intravenous immune globulin (IVIG): concentrated antibodies from plasma, given by infusion. Both treat primary immunodeficiency, a group of inherited disorders that leave the immune system weak or missing. Nabi-HB helps protect people exposed to hepatitis B. Specialist doctors who care for immune-compromised patients prescribe them.
The company reports two segments. ADMA BioManufacturing makes the products at one plant in Boca Raton, Florida, which can process up to 600,000 liters of plasma a year. In April 2025 the FDA approved a process that can raise ASCENIV and BIVIGAM yields by 20% or more from the same plasma. The Plasma Collection Centers segment ran ten FDA-licensed centers as of December 31, 2025, supplying ADMA's plant and other drugmakers. In December 2025 ADMA agreed to divest three centers for $12.0 million, leaving seven, and signed long-term plasma supply deals with the purchaser.
ADMA also offers contract manufacturing, lab testing and filling services. Revenue was $510.2 million in fiscal 2025, up 19.6% from fiscal 2024. Its annual report (10-K) doesn't provide a clean revenue split by product, segment or region, but it says ASCENIV reached record use in 2025 as more doctors prescribed it.
Price history
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ADMA -27.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $124.4M, up 2% from a year earlier, and net income was $37.8M (+10.5%).
- For fiscal 2025, revenue was $510.2M (+19.6% year over year; +64.6% a year from FY2020 to FY2025) with a 28.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +64.6% good |
|---|---|
| Operating margin | 37.5% good |
| Free cash flow margin | 5.5% watch |
| Return on equity (FY2025) | 30.8% good |
| Return on assets (FY2025) | 23.5% good |
| Net cash (cash minus debt) | $-60.6M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $42.2M | $-75.7M | $-114.7M |
| FY2021 | $80.9M | $-71.6M | $-125.9M |
| FY2022 | $154.1M | $-65.9M | $-73.4M |
| FY2023 | $258.2M | $-28.2M | $4.0M |
| FY2024 | $426.5M | $197.7M | $110.4M |
| FY2025 | $510.2M | $146.9M | $27.8M |
Valuation snapshot
| Market value | $2.53B |
|---|---|
| P/E ratio | 18.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
ADMA Biologics’s market value went from $197.9M at the end of 2016 to $2.53B on Oct 28, 2026, about 12.8 times as much; since the end of 2025 it is down 42%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.53B | -41.8% |
| 2025 | $4.34B | +7.1% |
| 2024 | $4.05B | +296.9% |
| 2023 | $1.02B | +33.8% |
| 2022 | $763.5M | +176.5% |
| 2021 | $276.1M | -0.2% |
| 2020 | $276.6M | -22.3% |
| 2019 | $355.9M | +114.2% |
| 2018 | $166.2M | +33.8% |
| 2017 | $124.2M | -37.3% |
| 2016 | $197.9M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ADMA price data to Oct 28, 2026 | -38.2% | -27.6% | +50.5% | +53.1% | +6.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -38.2% |
| 2025 | +6.4% |
| 2024 | +279.4% |
| 2023 | +16.5% |
| 2022 | +175.2% |
| 2021 | -27.7% |
| 2020 | -51.3% |
| 2019 | +67.4% |
| 2018 | -25.6% |
| 2017 | -37.3% |
| 2016 | -36.6% |
| 2015 | -27.8% |
| 2014 | +43.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 20.9% over that stretch · deepest drop along the way 61.8%, back to its old high 37.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 72.8% over that stretch · deepest drop along the way 32.5%, back to its old high 0.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 5 open-market purchases ($468K) and 7 sales ($1.2M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 15, 2025 | Adam S Grossman President and CEO, Director | sell (plan) | $297K |
| Feb 17, 2026 | Adam S Grossman President and CEO, Director | sell (plan) | $241K |
| Mar 16, 2026 | Adam S Grossman President and CEO, Director | sell (plan) | $227K |
| Mar 9, 2026 | Kaitlin M. Kestenberg-Messina COO and SVP, Compliance | sell | $158K |
| Dec 15, 2025 | Adam S Grossman President and CEO, Director | sell (plan) | $119K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.1% | Mar 31, 2025 |
| STATE STREET CORPORATION | 7.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| Invesco Ltd. | 5% | Dec 31, 2025 |
ETFs with the most weight in ADMA
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 3.98% |
| FFTY Innovator IBD 50 ETF | 3.53% |
| PSCH Invesco S&P SmallCap Health Care ETF | 3.23% |
| XSMO Invesco S&P SmallCap Momentum ETF | 1.95% |
| BBP Virtus LifeSci Biotech Products ETF | 1.93% |
| XSHQ Invesco S&P SmallCap Quality ETF | 1.92% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 1.62% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 1.57% |
What could go wrong
- Rare plasma needed for ASCENIV. ASCENIV needs plasma rich in antibodies to RSV, a common respiratory virus. Such plasma turns up in fewer than 10% of donor samples ADMA tests. A shortfall could cap how much ASCENIV it can make.
- One plant makes every product. All three products are made at one plant in Boca Raton, Florida, which the FDA inspects periodically. A failed inspection, contamination or other shutdown there could halt supply of every product ADMA markets.
- Growth targets may not be met. ADMA's February 2026 annual report projected revenue above $635 million for 2026 and $775 million for 2027. Revenue rose just 2% from a year earlier in the quarter ended June 30, 2026.
- Few products and an early pipeline. ADMA has three marketed medicines. Its pipeline project, SG-001, targeting S. pneumoniae bacteria, was in animal studies as of the February 2026 annual report. Setbacks would leave growth resting on existing products.
- A few customers drive much revenue. ADMA says a small number of customers have historically made up a significant share of its revenue and receivables (money owed to it). Losing one could hurt sales and cash flow.
- Debt exceeds cash on hand. As of June 30, 2026, ADMA had $196.6 million of debt and $136.0 million of cash and investments. Its JPMorgan credit facility can be called due early in some cases, letting lenders take pledged assets.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released; Executive or board change
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
ADMA Biologics has never paid a cash dividend, and its annual report says it does not plan to in the foreseeable future. Any return comes only from a rising share price, so an investor who needs regular income would have to cash in shares. ADMA repurchased $31.9 million of its own stock in fiscal 2025, after none in 2023 or 2024. Even so, shares outstanding rose 12.5% between August 2021 and July 2026, to about 224 million.
The stock has fallen hard in past downturns. In the 2020 COVID crash it dropped 61.8% between February 20 and March 18, 2020, and did not regain its peak until May 11, 2023, about 38 months after the low. In the 2022 bear market it fell 32.5% from April 7 to May 11, 2022, but recovered within about a month. Its deepest peak-to-trough fall in about 13 years of price history was 91.3%. Single stocks carry more risk than diversified funds.
Questions investors ask
Does ADMA Biologics pay a dividend?
No. ADMA Biologics has never paid a cash dividend, and its annual report says it does not intend to pay one in the foreseeable future. Any gain for shareholders has to come from a rising share price. The company has returned cash another way: it repurchased $31.9 million of its own stock in fiscal 2025, its only repurchases from fiscal 2021 through 2025. For investors who depend on dividends, the stock provides no income.
How does ADMA Biologics make money?
ADMA Biologics makes money from medicines made from donated human blood plasma. Its three FDA-approved products are ASCENIV and BIVIGAM, antibody infusions for people with inherited immune disorders, and Nabi-HB, for people exposed to hepatitis B. It makes them at its plant in Boca Raton, Florida. It also supplies surplus plasma from its collection centers to other companies and offers contract manufacturing and testing services. Revenue was $510.2 million in fiscal 2025, up 19.6% from fiscal 2024.
Is ADMA Biologics profitable?
Yes. ADMA earned $146.9 million in net income on $510.2 million of revenue in fiscal 2025, a 28.8% net margin. That was down 25.7% from $197.7 million in fiscal 2024, which followed losses in each year from 2020 to 2023. Free cash flow, the cash left after running the business and investing in facilities, fell to $27.8 million in fiscal 2025 from $110.4 million. In the quarter ended June 30, 2026, net income rose 10.5% to $37.8 million.
What is ASCENIV used for?
ASCENIV treats primary humoral immunodeficiency, a group of inherited disorders that leave the immune system weak or missing, in adults and adolescents aged 12 to 17. It is an intravenous immune globulin (IVIG) infusion, made by blending normal plasma with plasma high in antibodies to RSV, a common respiratory virus. In its final-stage (Phase 3) trial of 59 patients, no serious bacterial infections were reported over 12 months. In June 2025 ADMA applied to extend its use to children aged two and older.
How volatile is ADMA Biologics stock?
It has been highly volatile. As of October 28, 2026, the stock's one-year volatility, a measure of how widely the price swings, was 55.4%. Within that year it fell as much as 62.7% from a peak, and it was down 38.2% year to date. Longer periods look different: it returned 50.5% a year over three years and 53.1% a year over five, but 6.7% a year over ten. Its market value was about $2.5 billion, or 18.8 times fiscal 2025 earnings.