Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
18.0
Distress distance
Watch
Earnings quality
6
Forensic signals
13.6
P / E (ttm)
30.8%
ROE
$2.2B
Market cap
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 (red flags, auditor quality, say on pay, board independence). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 18.0, 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, 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.
+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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +217% against revenue +20% and inventory up +21% against +5% in cost of sales. This is the third straight fiscal year of building accruals — a multi-year streak is a materially stronger tell than a single year's move. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 25% of net operating assets.
+7.4%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +24% over the last 3 years to FY2025 (+7.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~7.4% 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 FY2022 has been diluted ~19%.
75d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 33 to 75 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 FY2021–FY2025 the day count ran 94 → 52 → 30 → 33 → 75 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 (Dec 2024 +5, Mar 2025 +23, Jun 2025 +56, Sep 2025 +56, Dec 2025 +66, Mar 2026 +29, Jun 2026 +19 days). In the latest of them the receivable balance grew +26% against sales +2%, 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.
Key fundamentals
Latest Revenue$510.2M
Revenue Growth YoY+19.6%
Revenue CAGR (3yr)+49.0%
Net Margin28.8%
Free Cash Flow$27.8M
Return on Equity30.8%
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?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
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% 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. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 7.5% a year and is falling.
Adma Biologics, Inc. (ADMA) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy