ADMA Biologics Inc
ADMA Healthcare Biotechnology
ADMA Biologics Inc’s revenue for fiscal 2025 (year ended December 2025) was $510.2 million, up 19.6% from fiscal 2024. In the quarter to June 2026, revenue grew 1.98%, EPS grew 21.4%, free cash flow grew 19.7% and total debt rose 140.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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ADMA Biologics Inc (ADMA) Altman Z-score
ADMA Biologics Inc's Altman Z-score for fiscal 2025 is 19.98, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 19.98 | 1.20 |
| FY2024 | 18.78 | 16.04 |
| FY2023 | 2.74 | 1.45 |
| FY2022 | 1.29 | 2.13 |
| FY2021 | −0.84 | 0.66 |
| FY2020 | −1.51 | 0.28 |
| FY2019 | −1.79 | 2.26 |
| FY2018 | −4.05 | (2.34) |
| FY2017 | −1.70 | 4.73 |
| FY2016 | −6.43 | (2.48) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.64 | — | 0.76 | |
| Retained earnings / total assets | (0.26) | — | −0.36 | |
| EBIT / total assets | 0.31 | — | 1.01 | |
| Market value of equity / total liabilities | 29.58 | — | 17.75 | |
| Sales / total assets | 0.82 | — | 0.82 | |
| Altman Z-score | Safe zone | 19.98 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.80 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NAMS NewAmsterdam Pharma Company N.V. compare | 27.6× |
| ADMA ADMA Biologics Inc | 20.0× |
| CLDX Celldex Therapeutics, Inc. compare | 14.4× |
| AUPH Aurinia Pharmaceuticals Inc compare | 7.9× |
| BEAM Beam Therapeutics Inc. compare | 5.4× |
| HRMY Harmony Biosciences Holdings, Inc. compare | 5.2× |
| SLS SELLAS Life Sciences Group, Inc. compare | −16.8× |
| PGEN Precigen, Inc. compare | −16.9× |
| MBX MBX Biosciences, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets