Does ADMA BIOLOGICS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores ADMA BIOLOGICS, INC. (ADMA) 34.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 18, balance-sheet safety 100, capital discipline 44.

How has ADMA's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 34.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

ADMA BIOLOGICS, INC.

ADMA · Healthcare · $2.1B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 12.2% over 10y, variable.

Returns on capital18

Median ROIC -13.6%, above the 9% hurdle in 50% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $8.71
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

16 years of fundamentals

The business, in plain English

ADMA BIOLOGICS, INC. booked $510.2M 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 $510.2M (FY2025) — about 59.2% a year compounded over 14 years.

It earned 33.3% on invested capital in FY2025, with a median of −47.5% across 7 filed years. The Returns on Capital filter above scores it 18/100.

The balance sheet carried $72.1M of total debt in FY2025 against $146.9M of owner earnings — roughly 0.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

The share count rose 58118.5% between FY2011 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Pricing Power the weakest (0/100), which is how ADMA lands at 34/100 — a None 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.

RevenueSales, as filed$510.2M FY2025

Gross marginRevenue kept after cost of goods57.4% FY2025

Return on invested capitalOperating profit on the capital employed33.3% FY2025

Owner earningsCash an owner could take out$146.9M FY2025

Gaps in a line mean that item isn’t in ADMA’s 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.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale34.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — ADMA has read No moat for every logged capture since Jul 17, 2026.

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

Healthcare context

#317 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#315MLAB MESA LABORATORIES, INC.34.2 out of 100, No moatNo moat
#316AMRN AMARIN CORP PLC\UK34.2 out of 100, No moatNo moat
#318VREOF VIREO GROWTH INC.34.1 out of 100, No moatNo moat
#319AERG APPLIED ENERGETICS, INC.34.0 out of 100, No moatNo 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) 34.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 18, balance-sheet safety 100, capital discipline 44.
How has ADMA's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 34.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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