MeritValue

ADMA BIOLOGICS, INC.

ADMAdata completeness 100%15 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$80.9M1$154.1M2$258.2M3$426.5M3$510.2M3
Net income−$71.6M4−$65.9M5−$28.2M6$197.7M6$146.9M6
Operating cash flow−$112.4M7−$59.5M8$8.8M9$118.7M9$50.4M9
Capital expenditure$13.5M10$13.9M11$4.77M12$8.23M12$22.6M12
Free cash flow (derived)−$125.9M7−$73.4M8$4.03M9$110.4M9$27.8M9
Total debt———$144.7M13$144.3M13
Cash & equivalents$51.1M14$86.5M15$51.4M16$103.1M17$87.6M17
Diluted shares139.6M197.9M224.0M243.3M244.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000041%
of the whole company
Your share of last year’s profit
$6
Your share of its debt
$5.89
Your share of free cash flow
$1.14
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$2.01
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$27.8M
DCF · Growth Exit 5Y
$1.83
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$27.8M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$5.13
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $1.83

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001140361-24-010147 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-25-009257 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001140361-26-006815 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001140361-24-010147 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001140361-25-009257 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001140361-26-006815 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001140361-24-010147 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001140361-25-009257 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001140361-26-006815 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001140361-24-010147 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001140361-25-009257 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001140361-26-006815 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001140361-26-006815 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001140361-23-013467 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001140361-24-010147 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001140361-25-009257 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001140361-26-006815 (CashAndCashEquivalentsAtCarryingValue)