ADMA Biologics

ADMA

Biotechnology · Healthcare

Price

$8.71

-0.10 (-1.14%)

Market Cap

$2.02B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+75.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 139.6M (2021) → 244.9M (2025)

ADMA Biologics, Inc., a biopharmaceutical company, engages in developing, manufacturing, and marketing specialty plasma-derived biologics for the treatment of immune deficiencies and infectious diseases in the United States and internationally. It offers BIVIGAM, an intravenous immune globulin (IVIG) product indicated for the treatment of primary humoral immunodeficiency (PI); ASCENIV, an IVIG product for the treatment of PI; and Nabi-HB for the treatment of acute exposure to blood containing He

Winston Score History

Politician Trades

5 trades / 12mo

2 Congressional buys and 3 sells on ADMA in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-55.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$5M/ year

↑ Rising (+163% vs prior year)

0.9% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

2.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$88M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

ADMA Biologics is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

63.8%

Premium pricing power — 63.8% gross margin

Operating Margin

45.1%

Excellent — 45.1% operating margin

ROCE

11.3%

Below par — 11.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+19.6%

Fast-growing sales (19.6% YoY)

EPS YoY

-27.2%

Earnings shrinking (-27.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

34%

Weak — only 34% of profit becomes cash

FCF Margin

5.5%

Thin free cash flow (5.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.17

Conservative — low debt load (0.17)

Interest Cover

26.93x

Comfortably covers interest (26.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

14.3x

Attractive valuation — P/E 14.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+8.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.3 → 5.9)

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Dividends

Not applicable for this business.

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