ADMAADMA BIOLOGICS, INC.
Biological Products, (no Diagnostic Substances)
- Revenue
- $510M
- 20% YoY
- Operating margin
- 37.5%
- 15% YoY
- EBITDA
- $199M
- 36% YoY
- Market cap
- $2.6B
- Employees
- 2,000
- $255K revenue each
- Net debt / EBITDA
- 0.3×
- $61M net debt
- AI in 10-K
- 1.2
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes34% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo63% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo89% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$255K · 39th pctBottom quartile of its SIC industry
- Quiet on AINo1.2 per 10K words · 38th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $81M | $154M | $258M | $426M | $510M | 20% |
| Operating income | −$58M | −$39M | $22M | $139M | $191M | 38% |
| Net income | −$72M | −$66M | −$28M | $198M | $147M | 26% |
| Operating cash flow | −$112M | −$60M | $9M | $119M | $50M | 58% |
| Capex | $14M | $14M | $5M | $8M | $23M | 174% |
| Stock-based comp | $3M | $5M | $6M | $14M | $20M | 47% |
| Buybacks | — | — | $0 | $0 | $32M |
Deal filings
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Dec 9, 2022 | Caligan Partners LP | SC 13D/A | 4.6% | Passive |
| Feb 4, 2022 | Caligan Partners LP | SC 13D | 5.6% | Active |
| Jun 7, 2019 | Biotest Divestiture Trust | SC 13D/A | 7.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $468K · 5
- Open-market sells, 12 mo
- $2M · 9
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $14M | 106 | 126 |
| FY2024 | $8M | $47M | 379 | 103 |
| FY2023 | $6M | $14M | 116 | 130 |
| FY2022 | $3M | $9M | 275 | 94 |
| FY2021 | $4M | $2M | 72 | 123 |