ADMAADMA BIOLOGICS, INC.
Biological Products, (no Diagnostic Substances)
- Revenue
- $510M
- 20% YoY
- Operating margin
- 37.5%
- 15% YoY
- EBITDA
- $199M
- 36% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 0.3×
- $61M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired34% of net incomeCash flow under 80% of net income
- Dilutive SBCClear4% of revenueOver 10% of revenue
- Payouts exceed cash flowClear63% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear1% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $81M | $154M | $258M | $426M | $510M | 20% |
| Operating income | −$58M | −$39M | $22M | $139M | $191M | 38% |
| Net income | −$72M | −$66M | −$28M | $198M | $147M | 26% |
| Operating cash flow | −$112M | −$60M | $9M | $119M | $50M | 58% |
| Capex | $14M | $14M | $5M | $8M | $23M | 174% |
| Stock-based comp | $3M | $5M | $6M | $14M | $20M | 47% |
| Buybacks | — | — | $0 | $0 | $32M |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $14M | 106 | 126 |
| FY2024 | $8M | $47M | 379 | 103 |
| FY2023 | $6M | $14M | 116 | 130 |
| FY2022 | $3M | $9M | 275 | 94 |
| FY2021 | $4M | $2M | 72 | 123 |