vs
Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
ADMA BIOLOGICS, INC. is the larger business by last-quarter revenue ($139.2M vs $89.5M, roughly 1.6× Commerce.com, Inc.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs -9.3%, a 44.8% gap on every dollar of revenue. On growth, ADMA BIOLOGICS, INC. posted the faster year-over-year revenue change (18.4% vs 2.9%). ADMA BIOLOGICS, INC. produced more free cash flow last quarter ($34.6M vs $-2.2M). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs 5.5%).
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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
ADMA vs CMRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $89.5M |
| Net Profit | $49.4M | $-8.4M |
| Gross Margin | 63.8% | 78.3% |
| Operating Margin | 45.1% | -7.4% |
| Net Margin | 35.5% | -9.3% |
| Revenue YoY | 18.4% | 2.9% |
| Net Profit YoY | -55.9% | -250.0% |
| EPS (diluted) | $0.20 | $-0.11 |
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 | $89.5M | ||
| Q3 25 | $134.2M | $86.0M | ||
| Q2 25 | $122.0M | $84.4M | ||
| Q1 25 | $114.8M | $82.4M | ||
| Q4 24 | $117.5M | $87.0M | ||
| Q3 24 | $119.8M | $83.7M | ||
| Q2 24 | $107.2M | $81.8M | ||
| Q1 24 | $81.9M | $80.4M |
| Q4 25 | $49.4M | $-8.4M | ||
| Q3 25 | $36.4M | $-2.2M | ||
| Q2 25 | $34.2M | $-8.4M | ||
| Q1 25 | $26.9M | $-353.0K | ||
| Q4 24 | $111.9M | $-2.4M | ||
| Q3 24 | $35.9M | $-7.0M | ||
| Q2 24 | $32.1M | $-11.3M | ||
| Q1 24 | $17.8M | $-6.4M |
| Q4 25 | 63.8% | 78.3% | ||
| Q3 25 | 56.3% | 78.4% | ||
| Q2 25 | 55.1% | 79.0% | ||
| Q1 25 | 53.2% | 79.4% | ||
| Q4 24 | 53.9% | 77.6% | ||
| Q3 24 | 49.8% | 76.3% | ||
| Q2 24 | 53.6% | 75.8% | ||
| Q1 24 | 47.8% | 77.1% |
| Q4 25 | 45.1% | -7.4% | ||
| Q3 25 | 38.0% | -0.5% | ||
| Q2 25 | 35.1% | -8.0% | ||
| Q1 25 | 30.4% | -2.9% | ||
| Q4 24 | 32.6% | -0.9% | ||
| Q3 24 | 33.1% | -23.0% | ||
| Q2 24 | 36.6% | -16.5% | ||
| Q1 24 | 26.7% | -10.2% |
| Q4 25 | 35.5% | -9.3% | ||
| Q3 25 | 27.1% | -2.6% | ||
| Q2 25 | 28.1% | -9.9% | ||
| Q1 25 | 23.4% | -0.4% | ||
| Q4 24 | 95.2% | -2.7% | ||
| Q3 24 | 30.0% | -8.4% | ||
| Q2 24 | 29.9% | -13.8% | ||
| Q1 24 | 21.7% | -8.0% |
| Q4 25 | $0.20 | $-0.11 | ||
| Q3 25 | $0.15 | $-0.03 | ||
| Q2 25 | $0.14 | $-0.10 | ||
| Q1 25 | $0.11 | $0.00 | ||
| Q4 24 | $0.45 | $-0.03 | ||
| Q3 24 | $0.15 | $-0.09 | ||
| Q2 24 | $0.13 | $-0.15 | ||
| Q1 24 | $0.08 | $-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 | $141.1M |
| Total DebtLower is stronger | $72.1M | $157.0M |
| Stockholders' EquityBook value | $477.3M | $39.4M |
| Total Assets | $624.2M | $308.8M |
| Debt / EquityLower = less leverage | 0.15× | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $141.1M | ||
| Q3 25 | $61.4M | $142.0M | ||
| Q2 25 | $90.3M | $134.5M | ||
| Q1 25 | $71.6M | $120.7M | ||
| Q4 24 | $103.1M | $178.2M | ||
| Q3 24 | $86.7M | $168.4M | ||
| Q2 24 | $88.2M | $275.8M | ||
| Q1 24 | $45.3M | $265.2M |
| Q4 25 | $72.1M | $157.0M | ||
| Q3 25 | $72.4M | $157.3M | ||
| Q2 25 | — | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | $72.3M | $216.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $340.9M | ||
| Q1 24 | — | $340.5M |
| Q4 25 | $477.3M | $39.4M | ||
| Q3 25 | $431.2M | $42.8M | ||
| Q2 25 | $398.3M | $38.8M | ||
| Q1 25 | $373.4M | $38.1M | ||
| Q4 24 | $349.0M | $33.4M | ||
| Q3 24 | $231.9M | $29.0M | ||
| Q2 24 | $188.3M | $26.1M | ||
| Q1 24 | $153.7M | $26.9M |
| Q4 25 | $624.2M | $308.8M | ||
| Q3 25 | $568.7M | $309.5M | ||
| Q2 25 | $558.4M | $302.5M | ||
| Q1 25 | $510.6M | $286.3M | ||
| Q4 24 | $488.7M | $340.3M | ||
| Q3 24 | $390.6M | $335.1M | ||
| Q2 24 | $376.4M | $452.5M | ||
| Q1 24 | $350.9M | $442.5M |
| Q4 25 | 0.15× | 3.99× | ||
| Q3 25 | 0.17× | 3.67× | ||
| Q2 25 | — | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | 0.21× | 6.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 13.06× | ||
| Q1 24 | — | 12.65× |
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 | $980.0K |
| Free Cash FlowOCF − Capex | $34.6M | $-2.2M |
| FCF MarginFCF / Revenue | 24.8% | -2.4% |
| Capex IntensityCapex / Revenue | 0.8% | 3.5% |
| Cash ConversionOCF / Net Profit | 0.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $980.0K | ||
| Q3 25 | $13.3M | $10.6M | ||
| Q2 25 | $21.1M | $13.6M | ||
| Q1 25 | $-19.7M | $401.0K | ||
| Q4 24 | $50.2M | $12.4M | ||
| Q3 24 | $25.0M | $5.6M | ||
| Q2 24 | $45.6M | $11.7M | ||
| Q1 24 | $-2.2M | $-3.4M |
| Q4 25 | $34.6M | $-2.2M | ||
| Q3 25 | $-1.1M | $7.6M | ||
| Q2 25 | $18.7M | $11.9M | ||
| Q1 25 | $-24.4M | $-424.0K | ||
| Q4 24 | $47.5M | $11.6M | ||
| Q3 24 | $24.0M | $4.5M | ||
| Q2 24 | $43.6M | $10.7M | ||
| Q1 24 | $-4.6M | $-4.2M |
| Q4 25 | 24.8% | -2.4% | ||
| Q3 25 | -0.8% | 8.8% | ||
| Q2 25 | 15.3% | 14.1% | ||
| Q1 25 | -21.2% | -0.5% | ||
| Q4 24 | 40.4% | 13.3% | ||
| Q3 24 | 20.0% | 5.4% | ||
| Q2 24 | 40.7% | 13.0% | ||
| Q1 24 | -5.6% | -5.3% |
| Q4 25 | 0.8% | 3.5% | ||
| Q3 25 | 10.7% | 3.4% | ||
| Q2 25 | 2.0% | 2.0% | ||
| Q1 25 | 4.1% | 1.0% | ||
| Q4 24 | 2.3% | 0.9% | ||
| Q3 24 | 0.9% | 1.3% | ||
| Q2 24 | 1.9% | 1.3% | ||
| Q1 24 | 2.9% | 1.0% |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.36× | — | ||
| 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
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
