Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Adma Biologics, Inc. (ADMA)
A forensic read on Adma Biologics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
8.8
Distress distance
Watch
Earnings quality
6
Forensic signals
35.6%
ROE
19.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Adma Biologics, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 8.8, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.56×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.56× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+36.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +36.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $172,000 through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +217% against revenue +20% and inventory up +21% against +5% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 25% of net operating assets, against an accruals ratio of 36.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
113d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 43 to 113 days FY2024→FY2025 (receivables +217% vs revenue +20%). Receivables are creeping up relative to sales. Only 56¢ of operating cash arrived for every dollar of profit reported over FY2023–FY2025 ($177.9M against $316.4M), and the receivables balance is one of the places the rest is sitting. Across FY2023–FY2025 the day count ran 39 → 43 → 113 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 7 consecutive quarters (Mar 2025 +23, Jun 2025 +56, Sep 2025 +56, Dec 2025 +66, Mar 2026 +29, Jun 2026 +19, Sep 2026 +16 days). In the latest of them the receivable balance grew +23% against sales +5%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
316d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 303 to 316 FY2024→FY2025 (against cost of goods sold; inventory +21% vs +5% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
+4.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +9% over the last 2 years to FY2025 (+4.6%/yr). The count is growing — 224.0M shares in FY2023, 244.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~9%.
4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 4% of revenue and 72% of free cash flow in FY2025 — about $0.08 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 4.6% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$510.2M
Revenue Growth YoY+19.6%
Revenue CAGR (2yr)+40.6%
Net Margin28.8%
Free Cash Flow$27.8M
Return on Equity35.6%
Debt / Equity0.15x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Adma Biologics, Inc.'s actual 10-K/10-Q/8-K filings?