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) Beneish M-score
ADMA Biologics Inc's Beneish M-score for fiscal 2025 is −0.17; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.17 | (0.30) |
| FY2024 | 0.13 | 2.65 |
| FY2023 | −2.52 | 0.42 |
| FY2022 | −2.93 | 14.80 |
| FY2021 | −17.73 | (15.10) |
| FY2016 | −2.63 | (0.31) |
| FY2015 | −2.32 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.65 | — | 2.44 | |
| Gross margin index | 0.90 | — | 0.47 | |
| Asset quality index | 0.71 | — | 0.29 | |
| Sales growth index | 1.20 | — | 1.07 | |
| Depreciation index | 1.18 | — | 0.14 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | 0.15 | — | 0.72 | |
| Leverage index | 0.83 | — | −0.27 | |
| Beneish M-score | Flagged by the model | −0.17 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PGEN Precigen, Inc. compare | −7.7× |
| HRMY Harmony Biosciences Holdings, Inc. compare | −3.0× |
| AUPH Aurinia Pharmaceuticals Inc compare | −0.9× |
| ADMA ADMA Biologics Inc | −0.2× |
| CLDX Celldex Therapeutics, Inc. compare | 6.8× |
| NAMS NewAmsterdam Pharma Company N.V. compare | — |
| SLS SELLAS Life Sciences Group, Inc. compare | — |
| MBX MBX Biosciences, Inc. compare | — |
| BEAM Beam Therapeutics Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI