Management has demonstrated confidence in cash-generative capacity through aggressive capital allocation, including a $130.2 million share repurchase in 2026Q1, despite historical volatility in operating cash flow conversion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 |
|---|
| Cash from Operations | 128.32M | 50.4M | 118.67M | 8.8M | -59.51M | -112.37M | -102M | -76.19M | -62.68M | -37.27M | -18.27M | -15.42M | -14.7M | -10.89M | -6.9M | -29K | -19.68K | -24.46M | -19M | -23.61M |
| Operating CF Margin % | - | 9.88% | 27.83% | 3.41% | -38.62% | -138.82% | -241.6% | -259.61% | -369.02% | -163.76% | -171.36% | -214.81% | -248.58% | -354.91% | -617.45% | - | - | - | - | - |
| Operating CF Growth % | 266.45% | -57.53% | 1248.55% | 114.79% | 47.04% | -10.16% | -33.87% | -21.56% | -68.17% | -104.02% | -18.49% | -4.85% | -35.07% | -57.7% | -23706.19% | -47.39% | 99.92% | -28.7% | 19.52% | - |
| Net Income | 165.35M | 146.93M | 197.67M | -28.24M | -65.9M | -71.65M | -75.75M | -48.28M | -65.74M | -43.76M | -19.52M | -17.97M | -16.81M | -15.53M | -7.3M | -26.46K | -20.53K | -20.01M | -24.89M | -29.69M |
| Depreciation & Amortization | 7.97M | 8.1M | 8.04M | 8.33M | 7.11M | 5.5M | 3.94M | 3.26M | 3.45M | 2.69M | 469.58K | 469.82K | 247.85K | 210.63K | 182.09K | 0 | 220K | 0 | 0 | 0 |
| Stock-Based Compensation | 15.4M | 20.03M | 13.62M | 6.19M | 5.21M | 3.49M | 2.86M | 2.65M | 0 | 1.56M | 1.25M | 1.71M | 1.25M | 888.29K | 626.79K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 10.89M | 11.02M | -84.28M | 0 | 0 | 220.76K | -910.1K | 0 | 122.19K | 1.88M | 0 | 651.24K | 74.36K | -43.29K | 18.4K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.31M | 3.92M | 2.16M | 32.64M | 12.35M | 1.75M | 1.64M | -320.34K | 961.33K | 638.73K | 534.11K | 390.54K | 359.66K | 146.87K | 7.47K | 0 | -220K | -14.94M | 23.78M | 1.49M |
| Working Capital Changes | -73.6M | -139.59M | -18.54M | -10.12M | -18.29M | -51.68M | -33.78M | -33.5M | -3.69M | -282.24K | -1.01M | -671.12K | 177.93K | 3.44M | -437.23K | -2.54K | 850 | 10.49M | -17.89M | 4.58M |
| Change in Receivables | -36.45M | -108.43M | -22.58M | -11.92M | 13.07M | -15.34M | -9.77M | -2.08M | 2.49M | -2.86M | -93.56K | -540.51K | -383.96K | 39.11K | -39.11K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -49.91M | -36.23M | 2.67M | -9.63M | -38.56M | -43.19M | -28.47M | -34.65M | -5.99M | 589.32K | -1.57M | -1.74M | -39.7K | -403.46K | -118.25K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 955K | 2.33M | 4.15M | 3.84M | 799.98K | 1.36M | 1.9M | 3.27M | -20.48K | 2.81M | 476.83K | 308.66K | -937.78K | 1.61M | -244.74K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -14.77M | -21.89M | -8.57M | -4.98M | -13.91M | -13.51M | -12.72M | -3.81M | -2.1M | 15.21M | 904.58K | -1.74M | -4.04M | -3.13M | -118.85K | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -20.47M | -22.57M | -8.23M | -4.77M | -13.91M | -13.51M | -12.73M | -3.81M | -2.1M | -2.68M | -73.41K | -26.07K | -2.32M | -196.63K | -118.85K | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 4.01% | 4.42% | 1.93% | 1.85% | 9.03% | 16.69% | 30.14% | 12.99% | 12.34% | 11.76% | 0.69% | 0.36% | 39.27% | 6.41% | 10.63% | - | - | - | - | - |
| Acquisitions | 6M | 1M | 0 | 0 | 0 | 0 | 2K | 0 | 0 | 12.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -297K | -316K | -349K | -210K | 0 | 0 | 2K | 0 | 0 | 12.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -47.02M | -44.02M | -58.3M | -38.99M | 108.85M | 121.05M | 143.9M | 80M | 42.92M | 60.75M | 16.84M | 10.4M | 9.8M | 27.63M | 19.47M | 25.5K | 23K | 30.5M | 7M | 12.5M |
| Debt Issued (Net) | 121.36M | -3.17M | -60M | -23.6M | 51.71M | -34K | 13.52M | 42.47M | -36.28K | 24.98M | 3.98M | 685.38K | 9.84M | 988.43K | 3.7M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -158.66M | -28.96M | 7.49M | -1.42M | 64.64M | 121.14M | 131.2M | 48.4M | 42.94M | 39.2M | 12.9M | 0 | 0 | 27.03M | 15.8M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.91M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -162.13M | -31.94M | 0 | -1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -150K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -9.72M | -11.89M | -5.8M | -13.97M | -7.51M | -62K | -816.57K | -10.86M | 13.01K | -3.43M | -47.1K | 9.72M | -42.14K | -386.47K | -25K | 1.29M | 23K | 30.5M | 7M | 12.5K |
| Net Change in Cash | 66.53M | -15.52M | 51.8M | -35.17M | 35.43M | -4.83M | 29.17M | -2.72K | -21.85M | 38.69M | -526.09K | -6.76M | -8.95M | 13.61M | 12.45M | -3.5K | 3.32K | 6.04M | -12.01M | -11.12M |
| Free Cash Flow | 107.9M | 27.82M | 110.1M | 3.82M | -73.42M | -125.88M | -114.73M | -80.01M | -64.77M | -39.95M | -18.34M | -15.44M | -17.03M | -11.08M | -7.02M | -29K | -19.68K | -24.46M | -19M | -23.61M |
| FCF Margin % | 21.16% | 5.45% | 25.82% | 1.48% | -47.65% | -155.52% | -271.74% | -272.6% | -381.36% | -175.51% | -172.05% | -215.18% | -287.85% | -361.32% | -628.08% | - | - | - | - | - |
| FCF Growth % | 19.05% | -74.73% | 2782.88% | 105.2% | 41.68% | -9.72% | -43.4% | -23.51% | -62.15% | -117.79% | -18.76% | 9.3% | -53.63% | -57.83% | -24116.03% | -47.39% | 99.92% | -28.7% | 19.52% | - |
| FCF per Share | 0.45 | 0.11 | 0.45 | 0.02 | -0.37 | -0.90 | -1.33 | -1.47 | -1.43 | -1.74 | -1.51 | -1.48 | -1.83 | -1.70 | -1.33 | -0.00 | -0.00 | -0.02 | -0.02 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.65x | 0.34x | 0.60x | -0.31x | 0.90x | 1.57x | 1.35x | 1.58x | 0.95x | 0.85x | 0.94x | 0.86x | 0.87x | 0.70x | 0.95x | 1.10x | 0.96x | 1.22x | 0.76x | 0.80x |
| Interest Paid | 0 | 0 | 10.67M | 18.05M | 0 | 0 | 0 | 8.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 9.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Single facility manufacturing concentration
According to quarterly financial data, ADMA's operating cash flow to net income ratio has fluctuated significantly, ranging from a low of -1.00 in 2023Q4 to a high of 1.42 in 2024Q2, highlighting the inherent volatility in converting accounting profits into realized cash within the plasma fractionation business.
The wide variance in the OCF/NI ratio suggests that reported net income is frequently decoupled from cash generation due to the long manufacturing cycle of plasma-derived products. Investors should interpret this as a signal that earnings quality is highly sensitive to the timing of batch releases and inventory valuation adjustments.
As reported in recent cash flow statements, working capital changes have been a major source of cash flow instability, with a significant $56.9 million outflow in 2025Q1 contrasting sharply with the $9.2 million inflow observed in 2026Q1, reflecting the complex nature of managing plasma inventory levels.
The recurring, large-scale swings in working capital appear to be driven by the accumulation of raw plasma and work-in-progress inventory required to support the ASCENIV production cycle. This suggests that cash flow remains vulnerable to inventory build-up phases, which can temporarily mask the underlying profitability of the core therapeutic business.
Based on the provided financial statements, ADMA has maintained a disciplined capital expenditure profile, with CapEx/Revenue ratios consistently remaining below 3% in most quarters, excluding the 2025Q3 outlier of 10.7%, indicating that the company is not currently burdened by excessive maintenance or expansion capital requirements.
The relatively low capital intensity suggests that the Boca Raton facility is operating within its current capacity, allowing the company to prioritize cash for other uses. However, the 2025Q3 spike warrants further investigation to determine if this represents a strategic investment in capacity expansion or an unexpected maintenance event.
As evidenced by the $130.2 million share repurchase in 2026Q1, ADMA has shifted toward aggressive capital return strategies, which, when combined with historical operational cash flow volatility, suggests a management team confident in the sustainability of its current cash-generative capacity despite the risks of single-facility manufacturing.
The decision to deploy significant cash toward share repurchases implies that management views the current equity valuation as attractive relative to internal investment opportunities. Investors should monitor whether this capital allocation strategy remains sustainable if the working capital requirements for plasma inventory continue to fluctuate as they have in previous periods.
Quick answers to the most common questions about buying ADMA stock.
ADMA Biologics, Inc. (ADMA) generated $50.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ADMA Biologics, Inc. (ADMA) generated $27.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ADMA Biologics, Inc. (ADMA) spent $22.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ADMA Biologics, Inc. (ADMA) spent $31.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.