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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and Black Stone Minerals, L.P. (BSM). Click either name above to swap in a different company.
ADMA BIOLOGICS, INC. is the larger business by last-quarter revenue ($139.2M vs $95.2M, roughly 1.5× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 35.5%, a 40.4% gap on every dollar of revenue. On growth, ADMA BIOLOGICS, INC. posted the faster year-over-year revenue change (18.4% vs -8.7%). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs -9.7%).
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.
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
ADMA vs BSM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $95.2M |
| Net Profit | $49.4M | $72.2M |
| Gross Margin | 63.8% | — |
| Operating Margin | 45.1% | 78.6% |
| Net Margin | 35.5% | 75.9% |
| Revenue YoY | 18.4% | -8.7% |
| Net Profit YoY | -55.9% | 55.8% |
| EPS (diluted) | $0.20 | — |
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 | $95.2M | ||
| Q3 25 | $134.2M | $105.2M | ||
| Q2 25 | $122.0M | $106.7M | ||
| Q1 25 | $114.8M | $115.3M | ||
| Q4 24 | $117.5M | $104.3M | ||
| Q3 24 | $119.8M | $103.2M | ||
| Q2 24 | $107.2M | $115.2M | ||
| Q1 24 | $81.9M | $116.8M |
| Q4 25 | $49.4M | $72.2M | ||
| Q3 25 | $36.4M | $91.7M | ||
| Q2 25 | $34.2M | $120.0M | ||
| Q1 25 | $26.9M | $15.9M | ||
| Q4 24 | $111.9M | $46.3M | ||
| Q3 24 | $35.9M | $92.7M | ||
| Q2 24 | $32.1M | $68.3M | ||
| Q1 24 | $17.8M | $63.9M |
| Q4 25 | 63.8% | — | ||
| Q3 25 | 56.3% | — | ||
| Q2 25 | 55.1% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 53.9% | — | ||
| Q3 24 | 49.8% | — | ||
| Q2 24 | 53.6% | — | ||
| Q1 24 | 47.8% | — |
| Q4 25 | 45.1% | 78.6% | ||
| Q3 25 | 38.0% | 89.5% | ||
| Q2 25 | 35.1% | — | ||
| Q1 25 | 30.4% | 14.9% | ||
| Q4 24 | 32.6% | 45.6% | ||
| Q3 24 | 33.1% | 90.2% | ||
| Q2 24 | 36.6% | 59.5% | ||
| Q1 24 | 26.7% | 54.8% |
| Q4 25 | 35.5% | 75.9% | ||
| Q3 25 | 27.1% | 87.2% | ||
| Q2 25 | 28.1% | 112.5% | ||
| Q1 25 | 23.4% | 13.8% | ||
| Q4 24 | 95.2% | 44.4% | ||
| Q3 24 | 30.0% | 89.9% | ||
| Q2 24 | 29.9% | 59.3% | ||
| Q1 24 | 21.7% | 54.7% |
| Q4 25 | $0.20 | — | ||
| Q3 25 | $0.15 | — | ||
| Q2 25 | $0.14 | — | ||
| Q1 25 | $0.11 | — | ||
| Q4 24 | $0.45 | — | ||
| Q3 24 | $0.15 | — | ||
| Q2 24 | $0.13 | — | ||
| Q1 24 | $0.08 | — |
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 | $1.5M |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | — |
| Total Assets | $624.2M | $1.3B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $1.5M | ||
| Q3 25 | $61.4M | $2.9M | ||
| Q2 25 | $90.3M | $2.5M | ||
| Q1 25 | $71.6M | $2.4M | ||
| Q4 24 | $103.1M | $2.5M | ||
| Q3 24 | $86.7M | $21.0M | ||
| Q2 24 | $88.2M | $26.7M | ||
| Q1 24 | $45.3M | $40.5M |
| 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 | — | ||
| Q3 25 | $431.2M | — | ||
| Q2 25 | $398.3M | — | ||
| Q1 25 | $373.4M | — | ||
| Q4 24 | $349.0M | — | ||
| Q3 24 | $231.9M | — | ||
| Q2 24 | $188.3M | — | ||
| Q1 24 | $153.7M | — |
| Q4 25 | $624.2M | $1.3B | ||
| Q3 25 | $568.7M | $1.3B | ||
| Q2 25 | $558.4M | $1.3B | ||
| Q1 25 | $510.6M | $1.2B | ||
| Q4 24 | $488.7M | $1.2B | ||
| Q3 24 | $390.6M | $1.2B | ||
| Q2 24 | $376.4M | $1.2B | ||
| Q1 24 | $350.9M | $1.2B |
| 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 | $65.1M |
| Free Cash FlowOCF − Capex | $34.6M | — |
| FCF MarginFCF / Revenue | 24.8% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 0.72× | 0.90× |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $65.1M | ||
| Q3 25 | $13.3M | $99.8M | ||
| Q2 25 | $21.1M | $80.5M | ||
| Q1 25 | $-19.7M | $64.8M | ||
| Q4 24 | $50.2M | $91.0M | ||
| Q3 24 | $25.0M | $93.2M | ||
| Q2 24 | $45.6M | $100.4M | ||
| Q1 24 | $-2.2M | $104.5M |
| Q4 25 | $34.6M | — | ||
| Q3 25 | $-1.1M | — | ||
| Q2 25 | $18.7M | — | ||
| Q1 25 | $-24.4M | — | ||
| Q4 24 | $47.5M | — | ||
| Q3 24 | $24.0M | — | ||
| Q2 24 | $43.6M | — | ||
| Q1 24 | $-4.6M | — |
| Q4 25 | 24.8% | — | ||
| Q3 25 | -0.8% | — | ||
| Q2 25 | 15.3% | — | ||
| Q1 25 | -21.2% | — | ||
| Q4 24 | 40.4% | — | ||
| Q3 24 | 20.0% | — | ||
| Q2 24 | 40.7% | — | ||
| Q1 24 | -5.6% | — |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 10.7% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 2.9% | — |
| Q4 25 | 0.72× | 0.90× | ||
| Q3 25 | 0.36× | 1.09× | ||
| Q2 25 | 0.62× | 0.67× | ||
| Q1 25 | -0.73× | 4.07× | ||
| Q4 24 | 0.45× | 1.96× | ||
| Q3 24 | 0.70× | 1.01× | ||
| Q2 24 | 1.42× | 1.47× | ||
| Q1 24 | -0.12× | 1.63× |
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% |
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
