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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and IREN Ltd (IREN). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $139.2M, roughly 1.3× ADMA BIOLOGICS, INC.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs -84.1%, a 119.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 18.4%). ADMA BIOLOGICS, INC. produced more free cash flow last quarter ($34.6M vs $-468.0M).
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.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
ADMA vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $184.7M |
| Net Profit | $49.4M | $-155.4M |
| Gross Margin | 63.8% | 64.4% |
| Operating Margin | 45.1% | -63.0% |
| Net Margin | 35.5% | -84.1% |
| Revenue YoY | 18.4% | 59.0% |
| Net Profit YoY | -55.9% | -610.0% |
| EPS (diluted) | $0.20 | $-0.52 |
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 | $184.7M | ||
| Q3 25 | $134.2M | $240.3M | ||
| Q2 25 | $122.0M | — | ||
| Q1 25 | $114.8M | — | ||
| Q4 24 | $117.5M | $116.1M | ||
| Q3 24 | $119.8M | $52.8M | ||
| Q2 24 | $107.2M | — | ||
| Q1 24 | $81.9M | $54.3M |
| Q4 25 | $49.4M | $-155.4M | ||
| Q3 25 | $36.4M | $384.6M | ||
| Q2 25 | $34.2M | — | ||
| Q1 25 | $26.9M | — | ||
| Q4 24 | $111.9M | $-21.9M | ||
| Q3 24 | $35.9M | $-51.7M | ||
| Q2 24 | $32.1M | — | ||
| Q1 24 | $17.8M | $8.6M |
| Q4 25 | 63.8% | 64.4% | ||
| Q3 25 | 56.3% | 66.4% | ||
| Q2 25 | 55.1% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 53.9% | 72.2% | ||
| Q3 24 | 49.8% | 39.6% | ||
| Q2 24 | 53.6% | — | ||
| Q1 24 | 47.8% | — |
| Q4 25 | 45.1% | -63.0% | ||
| Q3 25 | 38.0% | -31.8% | ||
| Q2 25 | 35.1% | — | ||
| Q1 25 | 30.4% | — | ||
| Q4 24 | 32.6% | 14.9% | ||
| Q3 24 | 33.1% | -89.2% | ||
| Q2 24 | 36.6% | — | ||
| Q1 24 | 26.7% | 11.1% |
| Q4 25 | 35.5% | -84.1% | ||
| Q3 25 | 27.1% | 160.1% | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 23.4% | — | ||
| Q4 24 | 95.2% | -18.8% | ||
| Q3 24 | 30.0% | -98.0% | ||
| Q2 24 | 29.9% | — | ||
| Q1 24 | 21.7% | 15.9% |
| Q4 25 | $0.20 | $-0.52 | ||
| Q3 25 | $0.15 | $1.08 | ||
| Q2 25 | $0.14 | — | ||
| Q1 25 | $0.11 | — | ||
| Q4 24 | $0.45 | $-0.10 | ||
| Q3 24 | $0.15 | $-0.27 | ||
| Q2 24 | $0.13 | — | ||
| Q1 24 | $0.08 | $0.00 |
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 | $3.3B |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | $2.5B |
| Total Assets | $624.2M | $7.0B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $3.3B | ||
| Q3 25 | $61.4M | $1.0B | ||
| Q2 25 | $90.3M | — | ||
| Q1 25 | $71.6M | — | ||
| Q4 24 | $103.1M | $427.3M | ||
| Q3 24 | $86.7M | $98.6M | ||
| Q2 24 | $88.2M | — | ||
| Q1 24 | $45.3M | $259.7M |
| 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 | $2.5B | ||
| Q3 25 | $431.2M | $2.9B | ||
| Q2 25 | $398.3M | — | ||
| Q1 25 | $373.4M | — | ||
| Q4 24 | $349.0M | $1.2B | ||
| Q3 24 | $231.9M | $1.1B | ||
| Q2 24 | $188.3M | — | ||
| Q1 24 | $153.7M | $677.2M |
| Q4 25 | $624.2M | $7.0B | ||
| Q3 25 | $568.7M | $4.3B | ||
| Q2 25 | $558.4M | — | ||
| Q1 25 | $510.6M | — | ||
| Q4 24 | $488.7M | $1.9B | ||
| Q3 24 | $390.6M | $1.3B | ||
| Q2 24 | $376.4M | — | ||
| Q1 24 | $350.9M | $723.6M |
| 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 | $71.7M |
| Free Cash FlowOCF − Capex | $34.6M | $-468.0M |
| FCF MarginFCF / Revenue | 24.8% | -253.4% |
| Capex IntensityCapex / Revenue | 0.8% | 292.2% |
| Cash ConversionOCF / Net Profit | 0.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $71.7M | ||
| Q3 25 | $13.3M | $142.4M | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $-19.7M | — | ||
| Q4 24 | $50.2M | $53.6M | ||
| Q3 24 | $25.0M | $-3.9M | ||
| Q2 24 | $45.6M | — | ||
| Q1 24 | $-2.2M | $-27.1M |
| Q4 25 | $34.6M | $-468.0M | ||
| Q3 25 | $-1.1M | $-38.0M | ||
| Q2 25 | $18.7M | — | ||
| Q1 25 | $-24.4M | — | ||
| Q4 24 | $47.5M | $-85.5M | ||
| Q3 24 | $24.0M | $-109.7M | ||
| Q2 24 | $43.6M | — | ||
| Q1 24 | $-4.6M | $-108.3M |
| Q4 25 | 24.8% | -253.4% | ||
| Q3 25 | -0.8% | -15.8% | ||
| Q2 25 | 15.3% | — | ||
| Q1 25 | -21.2% | — | ||
| Q4 24 | 40.4% | -73.6% | ||
| Q3 24 | 20.0% | -208.0% | ||
| Q2 24 | 40.7% | — | ||
| Q1 24 | -5.6% | -199.4% |
| Q4 25 | 0.8% | 292.2% | ||
| Q3 25 | 10.7% | 75.0% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 2.3% | 119.7% | ||
| Q3 24 | 0.9% | 200.6% | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 2.9% | 149.5% |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.36× | 0.37× | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | -0.12× | -3.13× |
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% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
