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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
ADMA BIOLOGICS, INC. is the larger business by last-quarter revenue ($139.2M vs $86.0M, roughly 1.6× Smart Sand, Inc.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs 1.4%, a 34.1% gap on every dollar of revenue. On growth, ADMA BIOLOGICS, INC. posted the faster year-over-year revenue change (18.4% vs -5.8%). ADMA BIOLOGICS, INC. produced more free cash flow last quarter ($34.6M vs $20.4M). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
ADMA vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $86.0M |
| Net Profit | $49.4M | $1.2M |
| Gross Margin | 63.8% | 13.0% |
| Operating Margin | 45.1% | -3.1% |
| Net Margin | 35.5% | 1.4% |
| Revenue YoY | 18.4% | -5.8% |
| Net Profit YoY | -55.9% | -68.5% |
| EPS (diluted) | $0.20 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $134.2M | $92.8M | ||
| Q2 25 | $122.0M | $85.8M | ||
| Q1 25 | $114.8M | $65.6M | ||
| Q4 24 | $117.5M | $91.4M | ||
| Q3 24 | $119.8M | $63.2M | ||
| Q2 24 | $107.2M | $73.8M | ||
| Q1 24 | $81.9M | $83.1M |
| Q4 25 | $49.4M | $1.2M | ||
| Q3 25 | $36.4M | $3.0M | ||
| Q2 25 | $34.2M | $21.4M | ||
| Q1 25 | $26.9M | $-24.2M | ||
| Q4 24 | $111.9M | $3.7M | ||
| Q3 24 | $35.9M | $-98.0K | ||
| Q2 24 | $32.1M | $-430.0K | ||
| Q1 24 | $17.8M | $-216.0K |
| Q4 25 | 63.8% | 13.0% | ||
| Q3 25 | 56.3% | 16.1% | ||
| Q2 25 | 55.1% | 10.4% | ||
| Q1 25 | 53.2% | 4.2% | ||
| Q4 24 | 53.9% | 14.7% | ||
| Q3 24 | 49.8% | 10.3% | ||
| Q2 24 | 53.6% | 17.7% | ||
| Q1 24 | 47.8% | 14.2% |
| Q4 25 | 45.1% | -3.1% | ||
| Q3 25 | 38.0% | 5.8% | ||
| Q2 25 | 35.1% | -0.1% | ||
| Q1 25 | 30.4% | -10.8% | ||
| Q4 24 | 32.6% | 3.9% | ||
| Q3 24 | 33.1% | -7.8% | ||
| Q2 24 | 36.6% | 4.8% | ||
| Q1 24 | 26.7% | 0.9% |
| Q4 25 | 35.5% | 1.4% | ||
| Q3 25 | 27.1% | 3.2% | ||
| Q2 25 | 28.1% | 24.9% | ||
| Q1 25 | 23.4% | -37.0% | ||
| Q4 24 | 95.2% | 4.1% | ||
| Q3 24 | 30.0% | -0.2% | ||
| Q2 24 | 29.9% | -0.6% | ||
| Q1 24 | 21.7% | -0.3% |
| Q4 25 | $0.20 | $0.03 | ||
| Q3 25 | $0.15 | $0.08 | ||
| Q2 25 | $0.14 | $0.54 | ||
| Q1 25 | $0.11 | $-0.62 | ||
| Q4 24 | $0.45 | $0.10 | ||
| Q3 24 | $0.15 | $0.00 | ||
| Q2 24 | $0.13 | $-0.01 | ||
| Q1 24 | $0.08 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | $72.1M | $15.0M |
| Stockholders' EquityBook value | $477.3M | $239.7M |
| Total Assets | $624.2M | $340.0M |
| Debt / EquityLower = less leverage | 0.15× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $22.6M | ||
| Q3 25 | $61.4M | $5.1M | ||
| Q2 25 | $90.3M | $4.3M | ||
| Q1 25 | $71.6M | $5.1M | ||
| Q4 24 | $103.1M | $1.6M | ||
| Q3 24 | $86.7M | $7.2M | ||
| Q2 24 | $88.2M | $6.3M | ||
| Q1 24 | $45.3M | $4.6M |
| Q4 25 | $72.1M | $15.0M | ||
| Q3 25 | $72.4M | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | $72.3M | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $477.3M | $239.7M | ||
| Q3 25 | $431.2M | $239.9M | ||
| Q2 25 | $398.3M | $240.5M | ||
| Q1 25 | $373.4M | $219.9M | ||
| Q4 24 | $349.0M | $243.8M | ||
| Q3 24 | $231.9M | $243.6M | ||
| Q2 24 | $188.3M | $242.9M | ||
| Q1 24 | $153.7M | $242.5M |
| Q4 25 | $624.2M | $340.0M | ||
| Q3 25 | $568.7M | $343.1M | ||
| Q2 25 | $558.4M | $345.8M | ||
| Q1 25 | $510.6M | $326.9M | ||
| Q4 24 | $488.7M | $341.5M | ||
| Q3 24 | $390.6M | $335.8M | ||
| Q2 24 | $376.4M | $341.8M | ||
| Q1 24 | $350.9M | $349.3M |
| Q4 25 | 0.15× | 0.06× | ||
| Q3 25 | 0.17× | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | 0.21× | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $34.6M | $20.4M |
| FCF MarginFCF / Revenue | 24.8% | 23.7% |
| Capex IntensityCapex / Revenue | 0.8% | 2.3% |
| Cash ConversionOCF / Net Profit | 0.72× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $22.4M | ||
| Q3 25 | $13.3M | $18.2M | ||
| Q2 25 | $21.1M | $-5.1M | ||
| Q1 25 | $-19.7M | $8.7M | ||
| Q4 24 | $50.2M | $1.0M | ||
| Q3 24 | $25.0M | $5.8M | ||
| Q2 24 | $45.6M | $14.9M | ||
| Q1 24 | $-2.2M | $-3.9M |
| Q4 25 | $34.6M | $20.4M | ||
| Q3 25 | $-1.1M | $14.8M | ||
| Q2 25 | $18.7M | $-7.8M | ||
| Q1 25 | $-24.4M | $5.2M | ||
| Q4 24 | $47.5M | $-840.0K | ||
| Q3 24 | $24.0M | $3.7M | ||
| Q2 24 | $43.6M | $13.5M | ||
| Q1 24 | $-4.6M | $-5.5M |
| Q4 25 | 24.8% | 23.7% | ||
| Q3 25 | -0.8% | 15.9% | ||
| Q2 25 | 15.3% | -9.1% | ||
| Q1 25 | -21.2% | 7.9% | ||
| Q4 24 | 40.4% | -0.9% | ||
| Q3 24 | 20.0% | 5.8% | ||
| Q2 24 | 40.7% | 18.3% | ||
| Q1 24 | -5.6% | -6.6% |
| Q4 25 | 0.8% | 2.3% | ||
| Q3 25 | 10.7% | 3.6% | ||
| Q2 25 | 2.0% | 3.1% | ||
| Q1 25 | 4.1% | 5.4% | ||
| Q4 24 | 2.3% | 2.1% | ||
| Q3 24 | 0.9% | 3.4% | ||
| Q2 24 | 1.9% | 1.8% | ||
| Q1 24 | 2.9% | 2.0% |
| Q4 25 | 0.72× | 18.99× | ||
| Q3 25 | 0.36× | 6.05× | ||
| Q2 25 | 0.62× | -0.24× | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 0.45× | 0.28× | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
