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ADMA, ADMA Biologics Inc

Biotechnology consumer brand Net current asset value

This PAS approval amends the Biologics License Application approvals for ASCENIV and BIVIGAM and will continue to be the process by which we will manufacture these products on a go-forward basis.

We have successfully completed production of a pilot-scale batch and are conducting animal studies for our S. pneumoniae hyperimmune globulin program, SG-001.

Latest annual: FY2025 10-K

ADMA · ADMA Biologics Inc

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$510M

+19.6% YoY · 65% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $510M 5-yr avg $286M

Operating margin 42.1% 5-yr avg −3.8%

ROIC 38% 5-yr avg 9%

Owner-earnings margin 24% 5-yr avg −30%

Free cash flow margin 21% 5-yr avg −34%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
What moves the needle: Operating margin has reached 38% at its best but run negative through the cycle (median −141%) on a 23% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Inventory runs near 67% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −39%, above 15% in 2 of 9 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$11M	$23M	$17M	$29M	$42M	$81M	$154M	$258M	$426M	$510M	$510M	RevenueRevenue
—	−28%	—	−35%	−45%	1%	23%	34%	—	—	—	Gross marginGross mgn
80%	82%	132%	88%	83%	53%	34%	23%	17%	18%	18%	SG&A / revenueSG&A/rev
72%	24%	23%	8%	14%	5%	2%	1%	0%	1%	1%	R&D / revenueR&D/rev
($17M)	($39M)	($60M)	($41M)	($65M)	($58M)	($39M)	$22M	$139M	$191M	$215M	Operating incomeOp. inc.
−162.6%	−172.7%	−354.9%	−141.1%	−153.8%	−72.1%	−25.5%	8.4%	32.6%	37.5%	42.1%	Operating marginOp. mgn
($20M)	($44M)	($66M)	($48M)	($76M)	($72M)	($66M)	($28M)	$198M	$147M	$165M	Net incomeNet inc.
											Cash flow & returns
($18M)	($37M)	($63M)	($76M)	($102M)	($112M)	($60M)	$9M	$119M	$50M	$128M	Operating cash flowOp. cash
$400K	$2M	$3M	$2M	$3M	$5M	$6M	$8M	$8M	$8M	$8M	DepreciationDeprec.
($404K)	$3M	($2M)	($33M)	($32M)	($49M)	($5M)	$23M	($100M)	($125M)	($67M)	Working capital & otherWC & other
$73K	$3M	$2M	$4M	$13M	$14M	$14M	$5M	$8M	$23M	$20M	CapexCapex
0.7%	11.8%	12.3%	13.0%	30.1%	16.7%	9.0%	1.8%	1.9%	4.4%	4.0%	Capex / revenueCapex/rev
($18M)	($39M)	($65M)	($79M)	($105M)	($117M)	($66M)	$4M	$110M	$42M	$120M	Owner earningsOwner earn.
−172.1%	−170.3%	−381.4%	−267.8%	−249.2%	−144.8%	−42.8%	1.6%	25.9%	8.3%	23.6%	Owner earnings marginOE mgn
($18M)	($40M)	($65M)	($80M)	($115M)	($126M)	($73M)	$4M	$110M	$28M	$108M	Free cash flowFCF
−172.1%	−175.5%	−381.4%	−272.6%	−271.7%	−155.5%	−47.6%	1.6%	25.9%	5.5%	21.2%	Free cash flow marginFCF mgn
—	—	—	—	—	—	—	$0	$0	$32M	—	BuybacksBuybacks
-243%	-114%	-207%	-45%	-39%	-25%	-15%	—	44%	33%	38%	ROICROIC
—	-108%	-333%	-184%	-86%	-51%	-43%	-21%	57%	31%	42%	Return on equityROE
—	−108%	−333%	−184%	−86%	−51%	−43%	−21%	57%	31%	42%	Retained to equityRetained/eq
											Balance sheet
$15M	$43M	$27M	$27M	$56M	$51M	$87M	$51M	$103M	$88M	$138M	Cash & investmentsCash+inv
$1M	$4M	$1M	$3M	$13M	$29M	$16M	$27M	$50M	$158M	$136M	ReceivablesReceiv.
$5M	$13M	$19M	$53M	$82M	$125M	$163M	$173M	$170M	$206M	$222M	InventoryInvent.
$3M	$6M	$6M	$9M	$11M	$12M	$13M	$16M	$20M	$23M	$21M	Accounts payablePayables
$3M	$11M	$14M	$47M	$84M	$141M	$166M	$185M	$200M	$342M	$337M	Operating working capitalOper. WC
$22M	$62M	$45M	$86M	$154M	$209M	$270M	$257M	$331M	$467M	$511M	Current assetsCur. assets
$11M	$9M	$10M	$14M	$20M	$30M	$39M	$50M	$56M	$70M	$74M	Current liabilitiesCur. liab.
1.9×	6.6×	4.6×	6.1×	7.7×	6.9×	6.9×	5.2×	6.0×	6.7×	7.0×	Current ratioCurr. ratio
$0	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	GoodwillGoodwill
$24M	$108M	$89M	$127M	$208M	$276M	$348M	$329M	$489M	$624M	$665M	Total assetsAssets
$20M	$30M	$30M	$73M	$100M	$95M	$143M	$131M	$72M	$72M	$197M	Total debtDebt
$5M	($13M)	$3M	$46M	$44M	$44M	$56M	$79M	($31M)	($15M)	$59M	Net debt / (cash)Net debt
-7.7×	-12.0×	-10.9×	-4.6×	-5.4×	-4.5×	-2.0×	0.9×	10.0×	26.9×	29.7×	Interest coverageInt. cov.
($4M)	$40M	$20M	$26M	$88M	$141M	$152M	$135M	$349M	$477M	$390M	Shareholders’ equityEquity
11.7%	6.9%	13.1%	9.0%	6.8%	4.3%	3.4%	2.4%	3.2%	3.9%	4.3%	Stock comp / revenueSBC/rev
											Per share
12.2M	22.9M	45.2M	54.3M	86.1M	140M	198M	224M	243M	245M	240M	Shares out (diluted)Shares
$0.88	$0.99	$0.38	$0.54	$0.49	$0.58	$0.78	$1.15	$1.75	$2.08	$2.12	Revenue / shareRev/sh
$-1.61	$-1.91	$-1.45	$-0.89	$-0.88	$-0.51	$-0.33	$-0.13	$0.81	$0.60	$0.69	EPS (diluted)EPS
$-1.51	$-1.69	$-1.43	$-1.45	$-1.22	$-0.84	$-0.33	$0.02	$0.45	$0.17	$0.50	Owner earnings / shareOE/sh
$-1.51	$-1.74	$-1.43	$-1.47	$-1.33	$-0.90	$-0.37	$0.02	$0.45	$0.11	$0.45	Free cash flow / shareFCF/sh
$0.01	$0.12	$0.05	$0.07	$0.15	$0.10	$0.07	$0.02	$0.03	$0.09	$0.09	Cap. spending / shareCapex/sh
$-0.37	$1.76	$0.44	$0.48	$1.02	$1.01	$0.77	$0.60	$1.43	$1.95	$1.63	Book value / shareBVPS

The diluted share count moved ×1.88 into 2017 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.97 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.59 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.62 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.42 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+10.1%/yr	+33.6%/yr
Capital spending / share	+35.4%/yr	−9.0%/yr
Book value / share	—	+13.7%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

245Mpeak FY2025

ROIC

33%low FY2016

Gross margin

34%low FY2020

Net debt ÷ owner earnings

-0.4×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$42Mowner earningsvs.$147Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2023FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $42M of owner earnings, the operating cash left after the $8M it takes just to hold its position. It put $15M more into growth; free cash flow, after that spending, was $28M.

Reported net income$147M

Owner earnings$42M · 8% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$147M	$198M	($28M)	($66M)	($72M)
Depreciation & amortizationnon-cash charge added back	+$8M	+$8M	+$8M	+$6M	+$5M
Stock-based compensationreal costnon-cash, but a real cost	+$20M	+$14M	+$6M	+$5M	+$3M
Working capital & othertiming of cash in and out, other non-cash items	−$125M	−$100M	+$23M	−$5M	−$49M
Cash from operations	$50M	$119M	$9M	($60M)	($112M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$8M	−$8M	−$5M	−$6M	−$5M
Owner earnings	$42M	$110M	$4M	($66M)	($117M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$15M	—	—	−$8M	−$9M
Free cash flow	$28M	$110M	$4M	($73M)	($126M)
Owner-earnings marginowner earnings ÷ revenue	8%	26%	2%	-43%	-145%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $8M, roughly its depreciation, the rate its assets wear out). The other $15M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $20M), owner earnings is nearer $22M.

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 26.9×

Comfortable

Operating income $191M ÷ interest expense $7M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $12M · 0.1× operating profit

Modest net debt

Cash $88M − debt $100M

What this means
Netting $88M of cash and short-term investments against $100M of debt leaves $12M owed, about 0.1× a year's operating profit (0.5× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 422d

Long (60+ days)

DSO 113 + DIO 347 − DPO 38 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -39%

Below average through the cycle

9-yr median, range -243%–44%; 31% latest = NOPAT $154M ÷ invested capital $490M

Industry peers: median -36%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 31% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid, recently turned positive

latest $42M = operating cash $50M − maintenance capex $8M; positive each of the last 3 years, after an earlier loss stretch (10-yr median -170%)

Industry peers: median -46%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 8% of revenue this year, a -170% median across 10 years. It chose to put $15M more into growth, so free cash flow this year was $28M — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $20M of SBC) leaves $22M.
Are earnings backed by cash? 0.34×

Thinly cash-backed

Cash from ops $50M ÷ net income $147M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 75%

Returns about half

Dividends + buybacks $32M ÷ Owner Earnings $42M

What this means
Of $42M Owner Earnings, $32M (75%) went back to shareholders, $0 dividends, $32M buybacks. Net of $20M stock comp, the real buyback was about $12M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 2.82×

Expanding

Capex $23M ÷ depreciation $8M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $510M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 6.71×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $100M vs $397M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 8 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.45/share (latest year $0.63), the averaged base the calculator's gate runs on, and book value is $2.06/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 2 of 10

What this means
Lost money in 8 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 2 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −230% → 26% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about −230% early to 26% lately, median −141% — pricing power intact or improving.
Reinvestment, incremental ROIC 43%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Worst year 2018 · −354.9% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$511M

Cash & short-term investments$138M
Receivables$136M
Inventory$222M
Other current assets$15M

Current liabilities$74M

Debt due within a year$3M
Accounts payable$21M
Other current liabilities$50M

Current ratio6.95×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.93×stricter: inventory excluded

Cash ratio1.88×strictest: cash alone against what's due

Working capital$438Mthe cushion left after near-term bills

Debt due this year vs. cash$3M due · $138M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago−0.3%the freshest read on whether the business is still growing

Current ratio, recent quarters6.9× → 7.0×

Deeper floors

Tangible book value$386Mequity stripped of goodwill & intangibles

Net current asset value$236MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$204M$8M of it operating leases

Deferred revenue$2Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Adam Grossman	$4.4M	$2.0M	($117M)
2022	Mr. Adam Grossman	$2.6M	$8.5M	($66M)
2023	Mr. Adam Grossman	$6.0M	$14.1M	$4M
2024	Mr. Adam Grossman	$7.9M	$47.4M	$110M
2025	Mr. Adam Grossman	$10.2M	$13.6M	$42M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership3.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio120:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$20M
The slice of the business handed to employees in shares this year, 4% of revenue, equal to 10% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why ADMA Biologics Inc is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid debt outgrow the business?$20M → $197M
Debt rose from $20M to $197M while owner earnings went from about ($41M) to $52M: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.

And these came back clean

Is it less profitable than it was?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Biotechnology

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
BCRXBioCryst Pharmaceuticals Inc.	$875M	95%	-148.8%	-142%	-128%
RGENRepligen Corporation	$738M	55%	13.4%	4%	12%
ADMAADMA Biologics Inc	$510M	-13%	-106.6%	-39%	-158%
TARSTarsus Pharmaceuticals Inc.	$451M	—	-65.9%	-41%	-46%
IMCRImmunocore Holdings plc	$400M	99%	-23.9%	—	-3%
KRYSKrystal Biotech	$389M	—	22.6%	-21%	41%
TWSTTwist Bioscience Corporation	$377M	38%	-115.4%	-51%	-92%
ADPTAdaptive Biotechnologies Corporation	$277M	68%	-108.0%	-32%	-97%
Group median	—	62%	-86.3%	-39%	-69%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what ADMA Biologics Inc has delivered.

ADMA Biologics Inc’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, ADMA Biologics Inc earns about $25M on its 4.9% median owner-earnings margin. This year’s 8.3% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($25M) Net of stock comp (−$22M) Steady-state · maintenance capex ($120M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · since FY2023+163%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $108M on 232M shares outstanding, per the 10-Q cover, as of 2026-05-01; net debt $59M. The if-converted diluted count is 240M, 4% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($20M) runs well above depreciation ($8M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $120M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

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Cite: Owner Scorecard, "ADMA Biologics Inc (ADMA), the owner's record," https://ownerscorecard.com/c/ADMA, data as of 2026-07-09.

Manual order: ← ADM its page in the Manual ADNT →

Industry order: ← ACOG the Biotechnology chapter ADPT →