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ADMA BIOLOGICS, INC.

ADMA · Healthcare · $2.0B mkt cap · FY2025 filings · · not refreshed in 35 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

80

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $80.9M to $510M, increasing; diluted EPS -0.51 to 0.60, increasing.

0

Median gross margin 12.2% over 10y, variable.

18

Median ROIC -13.6%, above the 12% hurdle in 50% of years.

100

Net cash position — no leverage risk.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$8.27
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

16 years of fundamentals

The business, in plain English

ADMA BIOLOGICS, INC. booked $510M of revenue in FY2025 in the Healthcare sector and kept 57.4% of it as gross profit — a high-margin business by that measure. After every other cost, 28.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $761042 (FY2011) to $510M (FY2025) — about 59.2% a year compounded over 14 years.

It earned 33.3% on invested capital in the latest filed year, FY2025. Across the full 7-year measurable filed record, median ROIC was −47.5%. Over the v3 recent window (6 measurable filed years), median ROIC was −13.6%. The Returns on Capital filter above scores it 18/100.

The balance sheet carried $72.1M of total debt in FY2025 against $147M of owner earnings — roughly 0.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Pricing Power the weakest (0/100), which is how ADMA lands at 48/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2010–FY2025 · 16 fiscal years, normalized from ADMA’s SEC filings

Sales, as filed$510M FY2025
$0$200M$400M2010201520202025
Revenue kept after cost of goods57.4% FY2025
−100%0%2010201520202025
Standard ROIC or separately labeled Operating ROICROIC 33.3% FY2025

Not meaningful FY2016–2019: invested capital is negative (cash exceeds debt + equity)

−1000%−500%0%2010201520202025
Cash an owner could take out$147M FY2025
$0$200M2010201520202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How ADMA BIOLOGICS, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$510M · 100%Cost of revenue$217M · 43%Gross profit$293M · 57%Operating income$191M · 38%Income before tax$183M · 36%Income tax$35.7M · 7%Net income$147M · 29%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$510M100%
Cost of revenue$217M43%
$293M57%
$191M38%
Income before tax$183M36%
Income tax$35.7M7%
$147M29%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What ADMA BIOLOGICS, INC. owns — and owes

ADMA BIOLOGICS, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$624M100%
Cash and equivalents$87.6M14%
$72.1M12%
Stockholders’ equity$477M76%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives ADMA BIOLOGICS, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity36%Tax burden80%net income ÷ pretax incomeInterest burden95%pretax ÷ operating incomeOperating margin38%operating income ÷ revenueAsset turnover0.92×revenue ÷ average assetsEquity multiplier1.35×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$147MFY2025
Income before tax$183MFY2025
Operating income$191MFY2025
$510MFY2025
Ending assets$624MFY2025
Beginning assets$489MFY2024
$477MFY2025
$349MFY2024
Source:
  • SEC filingFiling detailsAccession 0001140361-26-006815
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where ADMA BIOLOGICS, INC.'s cash went

ADMA BIOLOGICS, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$50.4M100%
Depreciation and amortization$8M16%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding ADMA BIOLOGICS, INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What ADMA BIOLOGICS, INC. insiders reported

Records still being gathered — partial as of retrieval Aug 30, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 30, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for ADMA; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved .

Healthcare context

#208 of 710 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #206MMED MiniMed Group, Inc.48.5Shallow moat
  2. #207SGHT SIGHT SCIENCES, INC.48.4Shallow moat
  3. #209SDGR Schrodinger, Inc.48.3Shallow moat
  4. #210DVA DAVITA INC.48.0Shallow moat

Compare ADMA with its nearest peers →All Healthcare companies on the Index →

Common questions about ADMA

Does ADMA BIOLOGICS, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores ADMA BIOLOGICS, INC. (ADMA) 48.3 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 80, pricing power 0, returns on capital 18, balance-sheet safety 100, capital allocation 44.
How has ADMA's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 48.3 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ADMA. See the disclaimer.