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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and AVIAT NETWORKS, INC. (AVNW). Click either name above to swap in a different company.
ADMA BIOLOGICS, INC. is the larger business by last-quarter revenue ($139.2M vs $111.5M, roughly 1.2× AVIAT NETWORKS, INC.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs 5.1%, a 30.4% gap on every dollar of revenue. On growth, ADMA BIOLOGICS, INC. posted the faster year-over-year revenue change (18.4% vs -5.7%). ADMA BIOLOGICS, INC. produced more free cash flow last quarter ($34.6M vs $22.5M). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs 0.3%).
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.
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
ADMA vs AVNW — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $111.5M |
| Net Profit | $49.4M | $5.7M |
| Gross Margin | 63.8% | 32.4% |
| Operating Margin | 45.1% | 6.5% |
| Net Margin | 35.5% | 5.1% |
| Revenue YoY | 18.4% | -5.7% |
| Net Profit YoY | -55.9% | 27.2% |
| EPS (diluted) | $0.20 | $0.44 |
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 | $111.5M | ||
| Q3 25 | $134.2M | $107.3M | ||
| Q2 25 | $122.0M | $115.3M | ||
| Q1 25 | $114.8M | $112.6M | ||
| Q4 24 | $117.5M | $118.2M | ||
| Q3 24 | $119.8M | $88.4M | ||
| Q2 24 | $107.2M | $116.7M | ||
| Q1 24 | $81.9M | $110.8M |
| Q4 25 | $49.4M | $5.7M | ||
| Q3 25 | $36.4M | $162.0K | ||
| Q2 25 | $34.2M | $5.2M | ||
| Q1 25 | $26.9M | $3.5M | ||
| Q4 24 | $111.9M | $4.5M | ||
| Q3 24 | $35.9M | $-11.9M | ||
| Q2 24 | $32.1M | $1.5M | ||
| Q1 24 | $17.8M | $3.9M |
| Q4 25 | 63.8% | 32.4% | ||
| Q3 25 | 56.3% | 33.2% | ||
| Q2 25 | 55.1% | 34.2% | ||
| Q1 25 | 53.2% | 34.9% | ||
| Q4 24 | 53.9% | 34.6% | ||
| Q3 24 | 49.8% | 22.4% | ||
| Q2 24 | 53.6% | 35.3% | ||
| Q1 24 | 47.8% | 32.5% |
| Q4 25 | 45.1% | 6.5% | ||
| Q3 25 | 38.0% | 4.8% | ||
| Q2 25 | 35.1% | 7.7% | ||
| Q1 25 | 30.4% | 8.3% | ||
| Q4 24 | 32.6% | 6.7% | ||
| Q3 24 | 33.1% | -17.6% | ||
| Q2 24 | 36.6% | 4.7% | ||
| Q1 24 | 26.7% | 5.1% |
| Q4 25 | 35.5% | 5.1% | ||
| Q3 25 | 27.1% | 0.2% | ||
| Q2 25 | 28.1% | 4.5% | ||
| Q1 25 | 23.4% | 3.1% | ||
| Q4 24 | 95.2% | 3.8% | ||
| Q3 24 | 30.0% | -13.4% | ||
| Q2 24 | 29.9% | 1.3% | ||
| Q1 24 | 21.7% | 3.5% |
| Q4 25 | $0.20 | $0.44 | ||
| Q3 25 | $0.15 | $0.01 | ||
| Q2 25 | $0.14 | $0.42 | ||
| Q1 25 | $0.11 | $0.27 | ||
| Q4 24 | $0.45 | $0.35 | ||
| Q3 24 | $0.15 | $-0.94 | ||
| Q2 24 | $0.13 | $0.11 | ||
| Q1 24 | $0.08 | $0.30 |
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 | $86.5M |
| Total DebtLower is stronger | $72.1M | $105.4M |
| Stockholders' EquityBook value | $477.3M | $271.6M |
| Total Assets | $624.2M | $659.4M |
| Debt / EquityLower = less leverage | 0.15× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $86.5M | ||
| Q3 25 | $61.4M | $64.8M | ||
| Q2 25 | $90.3M | $59.7M | ||
| Q1 25 | $71.6M | $49.4M | ||
| Q4 24 | $103.1M | $52.6M | ||
| Q3 24 | $86.7M | $51.0M | ||
| Q2 24 | $88.2M | $64.6M | ||
| Q1 24 | $45.3M | $59.2M |
| Q4 25 | $72.1M | $105.4M | ||
| Q3 25 | $72.4M | $106.5M | ||
| Q2 25 | — | $87.6M | ||
| Q1 25 | — | $73.9M | ||
| Q4 24 | $72.3M | $74.9M | ||
| Q3 24 | — | $83.4M | ||
| Q2 24 | — | $48.4M | ||
| Q1 24 | — | $48.9M |
| Q4 25 | $477.3M | $271.6M | ||
| Q3 25 | $431.2M | $263.6M | ||
| Q2 25 | $398.3M | $263.2M | ||
| Q1 25 | $373.4M | $256.1M | ||
| Q4 24 | $349.0M | $249.6M | ||
| Q3 24 | $231.9M | $247.1M | ||
| Q2 24 | $188.3M | $255.9M | ||
| Q1 24 | $153.7M | $256.0M |
| Q4 25 | $624.2M | $659.4M | ||
| Q3 25 | $568.7M | $643.3M | ||
| Q2 25 | $558.4M | $633.3M | ||
| Q1 25 | $510.6M | $628.3M | ||
| Q4 24 | $488.7M | $594.1M | ||
| Q3 24 | $390.6M | $590.9M | ||
| Q2 24 | $376.4M | $535.2M | ||
| Q1 24 | $350.9M | $490.3M |
| Q4 25 | 0.15× | 0.39× | ||
| Q3 25 | 0.17× | 0.40× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | 0.21× | 0.30× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.19× |
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 | $23.9M |
| Free Cash FlowOCF − Capex | $34.6M | $22.5M |
| FCF MarginFCF / Revenue | 24.8% | 20.2% |
| Capex IntensityCapex / Revenue | 0.8% | 1.3% |
| Cash ConversionOCF / Net Profit | 0.72× | 4.18× |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $16.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $23.9M | ||
| Q3 25 | $13.3M | $-11.7M | ||
| Q2 25 | $21.1M | $10.5M | ||
| Q1 25 | $-19.7M | $1.6M | ||
| Q4 24 | $50.2M | $20.8M | ||
| Q3 24 | $25.0M | $-27.2M | ||
| Q2 24 | $45.6M | $8.3M | ||
| Q1 24 | $-2.2M | $15.3M |
| Q4 25 | $34.6M | $22.5M | ||
| Q3 25 | $-1.1M | $-13.5M | ||
| Q2 25 | $18.7M | $8.2M | ||
| Q1 25 | $-24.4M | $-1.2M | ||
| Q4 24 | $47.5M | $18.3M | ||
| Q3 24 | $24.0M | $-32.6M | ||
| Q2 24 | $43.6M | $7.5M | ||
| Q1 24 | $-4.6M | $14.8M |
| Q4 25 | 24.8% | 20.2% | ||
| Q3 25 | -0.8% | -12.6% | ||
| Q2 25 | 15.3% | 7.1% | ||
| Q1 25 | -21.2% | -1.0% | ||
| Q4 24 | 40.4% | 15.5% | ||
| Q3 24 | 20.0% | -36.8% | ||
| Q2 24 | 40.7% | 6.4% | ||
| Q1 24 | -5.6% | 13.4% |
| Q4 25 | 0.8% | 1.3% | ||
| Q3 25 | 10.7% | 1.6% | ||
| Q2 25 | 2.0% | 2.0% | ||
| Q1 25 | 4.1% | 2.5% | ||
| Q4 24 | 2.3% | 2.1% | ||
| Q3 24 | 0.9% | 6.1% | ||
| Q2 24 | 1.9% | 0.7% | ||
| Q1 24 | 2.9% | 0.4% |
| Q4 25 | 0.72× | 4.18× | ||
| Q3 25 | 0.36× | -72.48× | ||
| Q2 25 | 0.62× | 2.02× | ||
| Q1 25 | -0.73× | 0.46× | ||
| Q4 24 | 0.45× | 4.62× | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 1.42× | 5.37× | ||
| Q1 24 | -0.12× | 3.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
