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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and Adaptive Biotechnologies Corp (ADPT). Click either name above to swap in a different company.
ADMA BIOLOGICS, INC. is the larger business by last-quarter revenue ($139.2M vs $71.7M, roughly 1.9× Adaptive Biotechnologies Corp). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs -18.9%, a 54.4% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs 18.4%). ADMA BIOLOGICS, INC. produced more free cash flow last quarter ($34.6M vs $1.4M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs 30.4%).
ADMA Biologics Inc. is a biopharmaceutical enterprise focused on the research, development, manufacturing and commercialization of specialty plasma-derived immunoglobulin therapies. It primarily operates in the United States, catering to patients with primary immunodeficiency and other immune-related disorders, healthcare providers and medical institutions across its core immune health therapeutic segment.
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
ADMA vs ADPT — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $71.7M |
| Net Profit | $49.4M | $-13.6M |
| Gross Margin | 63.8% | 74.6% |
| Operating Margin | 45.1% | -17.8% |
| Net Margin | 35.5% | -18.9% |
| Revenue YoY | 18.4% | 51.0% |
| Net Profit YoY | -55.9% | 59.7% |
| EPS (diluted) | $0.20 | $-0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $139.2M | $71.7M | ||
| Q3 25 | $134.2M | $94.0M | ||
| Q2 25 | $122.0M | $58.9M | ||
| Q1 25 | $114.8M | $52.4M | ||
| Q4 24 | $117.5M | $47.5M | ||
| Q3 24 | $119.8M | $46.4M | ||
| Q2 24 | $107.2M | $43.2M | ||
| Q1 24 | $81.9M | $41.9M |
| Q4 25 | $49.4M | $-13.6M | ||
| Q3 25 | $36.4M | $9.5M | ||
| Q2 25 | $34.2M | $-25.6M | ||
| Q1 25 | $26.9M | $-29.9M | ||
| Q4 24 | $111.9M | $-33.7M | ||
| Q3 24 | $35.9M | $-32.1M | ||
| Q2 24 | $32.1M | $-46.2M | ||
| Q1 24 | $17.8M | $-47.5M |
| Q4 25 | 63.8% | 74.6% | ||
| Q3 25 | 56.3% | 80.7% | ||
| Q2 25 | 55.1% | 69.4% | ||
| Q1 25 | 53.2% | 67.6% | ||
| Q4 24 | 53.9% | 62.0% | ||
| Q3 24 | 49.8% | 64.1% | ||
| Q2 24 | 53.6% | 55.3% | ||
| Q1 24 | 47.8% | 56.9% |
| Q4 25 | 45.1% | -17.8% | ||
| Q3 25 | 38.0% | 10.9% | ||
| Q2 25 | 35.1% | -42.5% | ||
| Q1 25 | 30.4% | -56.4% | ||
| Q4 24 | 32.6% | -71.3% | ||
| Q3 24 | 33.1% | -70.3% | ||
| Q2 24 | 36.6% | -109.6% | ||
| Q1 24 | 26.7% | -116.5% |
| Q4 25 | 35.5% | -18.9% | ||
| Q3 25 | 27.1% | 10.2% | ||
| Q2 25 | 28.1% | -43.5% | ||
| Q1 25 | 23.4% | -56.9% | ||
| Q4 24 | 95.2% | -71.0% | ||
| Q3 24 | 30.0% | -69.1% | ||
| Q2 24 | 29.9% | -107.0% | ||
| Q1 24 | 21.7% | -113.5% |
| Q4 25 | $0.20 | $-0.08 | ||
| Q3 25 | $0.15 | $0.06 | ||
| Q2 25 | $0.14 | $-0.17 | ||
| Q1 25 | $0.11 | $-0.20 | ||
| Q4 24 | $0.45 | $-0.22 | ||
| Q3 24 | $0.15 | $-0.22 | ||
| Q2 24 | $0.13 | $-0.31 | ||
| Q1 24 | $0.08 | $-0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | $70.5M |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | $218.8M |
| Total Assets | $624.2M | $512.7M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $70.5M | ||
| Q3 25 | $61.4M | $55.0M | ||
| Q2 25 | $90.3M | $43.2M | ||
| Q1 25 | $71.6M | $50.6M | ||
| Q4 24 | $103.1M | $47.9M | ||
| Q3 24 | $86.7M | $38.1M | ||
| Q2 24 | $88.2M | $59.8M | ||
| Q1 24 | $45.3M | $71.2M |
| Q4 25 | $72.1M | — | ||
| Q3 25 | $72.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $72.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $477.3M | $218.8M | ||
| Q3 25 | $431.2M | $204.4M | ||
| Q2 25 | $398.3M | $179.7M | ||
| Q1 25 | $373.4M | $190.4M | ||
| Q4 24 | $349.0M | $202.7M | ||
| Q3 24 | $231.9M | $223.8M | ||
| Q2 24 | $188.3M | $241.6M | ||
| Q1 24 | $153.7M | $274.9M |
| Q4 25 | $624.2M | $512.7M | ||
| Q3 25 | $568.7M | $490.6M | ||
| Q2 25 | $558.4M | $496.6M | ||
| Q1 25 | $510.6M | $510.9M | ||
| Q4 24 | $488.7M | $539.4M | ||
| Q3 24 | $390.6M | $558.5M | ||
| Q2 24 | $376.4M | $584.9M | ||
| Q1 24 | $350.9M | $620.3M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $35.6M | $2.1M |
| Free Cash FlowOCF − Capex | $34.6M | $1.4M |
| FCF MarginFCF / Revenue | 24.8% | 2.0% |
| Capex IntensityCapex / Revenue | 0.8% | 0.9% |
| Cash ConversionOCF / Net Profit | 0.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $-48.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $2.1M | ||
| Q3 25 | $13.3M | $-7.1M | ||
| Q2 25 | $21.1M | $-12.4M | ||
| Q1 25 | $-19.7M | $-28.5M | ||
| Q4 24 | $50.2M | $-12.5M | ||
| Q3 24 | $25.0M | $-27.1M | ||
| Q2 24 | $45.6M | $-17.3M | ||
| Q1 24 | $-2.2M | $-38.4M |
| Q4 25 | $34.6M | $1.4M | ||
| Q3 25 | $-1.1M | $-7.5M | ||
| Q2 25 | $18.7M | $-13.1M | ||
| Q1 25 | $-24.4M | $-29.7M | ||
| Q4 24 | $47.5M | $-12.6M | ||
| Q3 24 | $24.0M | $-27.4M | ||
| Q2 24 | $43.6M | $-19.0M | ||
| Q1 24 | $-4.6M | $-39.9M |
| Q4 25 | 24.8% | 2.0% | ||
| Q3 25 | -0.8% | -8.0% | ||
| Q2 25 | 15.3% | -22.2% | ||
| Q1 25 | -21.2% | -56.7% | ||
| Q4 24 | 40.4% | -26.5% | ||
| Q3 24 | 20.0% | -59.0% | ||
| Q2 24 | 40.7% | -44.1% | ||
| Q1 24 | -5.6% | -95.2% |
| Q4 25 | 0.8% | 0.9% | ||
| Q3 25 | 10.7% | 0.4% | ||
| Q2 25 | 2.0% | 1.1% | ||
| Q1 25 | 4.1% | 2.4% | ||
| Q4 24 | 2.3% | 0.2% | ||
| Q3 24 | 0.9% | 0.7% | ||
| Q2 24 | 1.9% | 4.0% | ||
| Q1 24 | 2.9% | 3.6% |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.36× | -0.75× | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | -0.12× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADMA
Segment breakdown not available.
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
