Adma BIOLOGICS, Inc. (ADMA) intrinsic value & 10-year financials
Adma BIOLOGICS, Inc. (ADMA) has a Graham intrinsic value of $19.93 per share. At $10.68 on Oct 17, 2026, the stock trades 46% below that value. Over the last 10 fiscal years revenue grew 53.7% a year to $510.2M, with an average return on invested capital of 6239.1%.
- Graham intrinsic value
- $19.93
- Share price (Oct 17, 2026)
- $10.68
- Price vs Graham value
- 46% below
- Market cap
- $2.6B
- Revenue (FY2025)
- $510.2M
- Revenue growth (10-yr CAGR)
- 53.7%
- ROIC (10-yr avg)
- 6239.1%
- Free cash flow (FY2025)
- $27.8M
ADMA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $510.2M | $146.9M | $0.60 | $27.8M | 37.5% | 38.7% |
| FY2024 | $426.5M | $197.7M | $0.81 | $110.4M | 32.6% | 66.1% |
| FY2023 | $258.2M | -$28.2M | -$0.13 | $4.0M | 8.4% | 25.5% |
| FY2022 | $154.1M | -$65.9M | -$0.33 | -$73.4M | -25.5% | -45.3% |
| FY2021 | $80.9M | -$71.6M | -$0.51 | -$125.9M | -72.1% | -51.4% |
| FY2020 | $42.2M | -$75.7M | -$0.88 | -$114.7M | -153.8% | -100.6% |
| FY2019 | $29.3M | -$48.3M | — | -$80.0M | -141.1% | 10575.5% |
| FY2018 | $17.0M | -$65.7M | — | -$64.8M | -354.9% | 50402.3% |
| FY2017 | $22.8M | -$43.8M | — | -$39.9M | -172.7% | 1212.2% |
| FY2016 | $10.7M | -$19.5M | — | -$18.3M | -162.6% | 267.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ADMA BIOLOGICS, INC. is a consistent compounder, expanding top-line revenue at 53.7% annually over the past decade.
ADMA BIOLOGICS, INC. has earned high returns on invested capital, averaging 55.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
ADMA BIOLOGICS, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ADMA BIOLOGICS, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $19.93 per share.