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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $139.2M, roughly 1.4× ADMA BIOLOGICS, INC.). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs 13.4%, a 22.1% gap on every dollar of revenue. On growth, ADMA BIOLOGICS, INC. posted the faster year-over-year revenue change (18.4% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $34.6M). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs 13.5%).
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 SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $192.7M |
| Net Profit | $49.4M | $25.8M |
| Gross Margin | 63.8% | 70.4% |
| Operating Margin | 45.1% | 18.0% |
| Net Margin | 35.5% | 13.4% |
| Revenue YoY | 18.4% | 12.7% |
| Net Profit YoY | -55.9% | 47.2% |
| EPS (diluted) | $0.20 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $134.2M | $189.9M | ||
| Q2 25 | $122.0M | $187.4M | ||
| Q1 25 | $114.8M | $181.5M | ||
| Q4 24 | $117.5M | $170.9M | ||
| Q3 24 | $119.8M | $163.7M | ||
| Q2 24 | $107.2M | $153.6M | ||
| Q1 24 | $81.9M | $149.6M |
| Q4 25 | $49.4M | $25.8M | ||
| Q3 25 | $36.4M | $25.6M | ||
| Q2 25 | $34.2M | $19.7M | ||
| Q1 25 | $26.9M | $22.2M | ||
| Q4 24 | $111.9M | $17.6M | ||
| Q3 24 | $35.9M | $23.5M | ||
| Q2 24 | $32.1M | $18.0M | ||
| Q1 24 | $17.8M | $18.0M |
| Q4 25 | 63.8% | 70.4% | ||
| Q3 25 | 56.3% | 69.5% | ||
| Q2 25 | 55.1% | 68.1% | ||
| Q1 25 | 53.2% | 68.7% | ||
| Q4 24 | 53.9% | 67.5% | ||
| Q3 24 | 49.8% | 68.5% | ||
| Q2 24 | 53.6% | 66.1% | ||
| Q1 24 | 47.8% | 65.6% |
| Q4 25 | 45.1% | 18.0% | ||
| Q3 25 | 38.0% | 16.4% | ||
| Q2 25 | 35.1% | 14.1% | ||
| Q1 25 | 30.4% | 14.3% | ||
| Q4 24 | 32.6% | 14.5% | ||
| Q3 24 | 33.1% | 15.6% | ||
| Q2 24 | 36.6% | 15.1% | ||
| Q1 24 | 26.7% | 10.3% |
| Q4 25 | 35.5% | 13.4% | ||
| Q3 25 | 27.1% | 13.5% | ||
| Q2 25 | 28.1% | 10.5% | ||
| Q1 25 | 23.4% | 12.2% | ||
| Q4 24 | 95.2% | 10.3% | ||
| Q3 24 | 30.0% | 14.3% | ||
| Q2 24 | 29.9% | 11.7% | ||
| Q1 24 | 21.7% | 12.0% |
| Q4 25 | $0.20 | $0.69 | ||
| Q3 25 | $0.15 | $0.67 | ||
| Q2 25 | $0.14 | $0.52 | ||
| Q1 25 | $0.11 | $0.58 | ||
| Q4 24 | $0.45 | $0.46 | ||
| Q3 24 | $0.15 | $0.62 | ||
| Q2 24 | $0.13 | $0.48 | ||
| Q1 24 | $0.08 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | $973.9M |
| Total Assets | $624.2M | $1.2B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $151.4M | ||
| Q3 25 | $61.4M | $133.7M | ||
| Q2 25 | $90.3M | $107.6M | ||
| Q1 25 | $71.6M | $94.9M | ||
| Q4 24 | $103.1M | $241.0M | ||
| Q3 24 | $86.7M | $205.8M | ||
| Q2 24 | $88.2M | $271.8M | ||
| Q1 24 | $45.3M | $290.8M |
| 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 | $973.9M | ||
| Q3 25 | $431.2M | $958.9M | ||
| Q2 25 | $398.3M | $949.8M | ||
| Q1 25 | $373.4M | $920.9M | ||
| Q4 24 | $349.0M | $854.7M | ||
| Q3 24 | $231.9M | $829.4M | ||
| Q2 24 | $188.3M | $703.4M | ||
| Q1 24 | $153.7M | $683.0M |
| Q4 25 | $624.2M | $1.2B | ||
| Q3 25 | $568.7M | $1.2B | ||
| Q2 25 | $558.4M | $1.1B | ||
| Q1 25 | $510.6M | $1.1B | ||
| Q4 24 | $488.7M | $1.0B | ||
| Q3 24 | $390.6M | $1.0B | ||
| Q2 24 | $376.4M | $854.5M | ||
| Q1 24 | $350.9M | $839.8M |
| 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 | $45.9M |
| Free Cash FlowOCF − Capex | $34.6M | $38.2M |
| FCF MarginFCF / Revenue | 24.8% | 19.8% |
| Capex IntensityCapex / Revenue | 0.8% | 4.0% |
| Cash ConversionOCF / Net Profit | 0.72× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $45.9M | ||
| Q3 25 | $13.3M | $60.6M | ||
| Q2 25 | $21.1M | $32.3M | ||
| Q1 25 | $-19.7M | $40.0M | ||
| Q4 24 | $50.2M | $40.6M | ||
| Q3 24 | $25.0M | $53.3M | ||
| Q2 24 | $45.6M | $29.4M | ||
| Q1 24 | $-2.2M | $34.1M |
| Q4 25 | $34.6M | $38.2M | ||
| Q3 25 | $-1.1M | $54.6M | ||
| Q2 25 | $18.7M | $25.7M | ||
| Q1 25 | $-24.4M | $33.8M | ||
| Q4 24 | $47.5M | $34.3M | ||
| Q3 24 | $24.0M | $48.1M | ||
| Q2 24 | $43.6M | $24.4M | ||
| Q1 24 | $-4.6M | $30.5M |
| Q4 25 | 24.8% | 19.8% | ||
| Q3 25 | -0.8% | 28.7% | ||
| Q2 25 | 15.3% | 13.7% | ||
| Q1 25 | -21.2% | 18.6% | ||
| Q4 24 | 40.4% | 20.1% | ||
| Q3 24 | 20.0% | 29.4% | ||
| Q2 24 | 40.7% | 15.9% | ||
| Q1 24 | -5.6% | 20.4% |
| Q4 25 | 0.8% | 4.0% | ||
| Q3 25 | 10.7% | 3.2% | ||
| Q2 25 | 2.0% | 3.6% | ||
| Q1 25 | 4.1% | 3.4% | ||
| Q4 24 | 2.3% | 3.6% | ||
| Q3 24 | 0.9% | 3.2% | ||
| Q2 24 | 1.9% | 3.3% | ||
| Q1 24 | 2.9% | 2.4% |
| Q4 25 | 0.72× | 1.78× | ||
| Q3 25 | 0.36× | 2.37× | ||
| Q2 25 | 0.62× | 1.64× | ||
| Q1 25 | -0.73× | 1.80× | ||
| Q4 24 | 0.45× | 2.31× | ||
| Q3 24 | 0.70× | 2.27× | ||
| Q2 24 | 1.42× | 1.63× | ||
| Q1 24 | -0.12× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
