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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and Vericel Corp (VCEL). Click either name above to swap in a different company.
ADMA BIOLOGICS, INC. is the larger business by last-quarter revenue ($139.2M vs $92.9M, roughly 1.5× Vericel Corp). ADMA BIOLOGICS, INC. runs the higher net margin — 35.5% vs 25.0%, a 10.5% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 18.4%). ADMA BIOLOGICS, INC. produced more free cash flow last quarter ($34.6M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 30.4%).
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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
ADMA vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $92.9M |
| Net Profit | $49.4M | $23.2M |
| Gross Margin | 63.8% | 78.7% |
| Operating Margin | 45.1% | 24.1% |
| Net Margin | 35.5% | 25.0% |
| Revenue YoY | 18.4% | 23.3% |
| Net Profit YoY | -55.9% | 17.3% |
| EPS (diluted) | $0.20 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $134.2M | $67.5M | ||
| Q2 25 | $122.0M | $63.2M | ||
| Q1 25 | $114.8M | $52.6M | ||
| Q4 24 | $117.5M | $75.4M | ||
| Q3 24 | $119.8M | $57.9M | ||
| Q2 24 | $107.2M | $52.7M | ||
| Q1 24 | $81.9M | $51.3M |
| Q4 25 | $49.4M | $23.2M | ||
| Q3 25 | $36.4M | $5.1M | ||
| Q2 25 | $34.2M | $-553.0K | ||
| Q1 25 | $26.9M | $-11.2M | ||
| Q4 24 | $111.9M | $19.8M | ||
| Q3 24 | $35.9M | $-901.0K | ||
| Q2 24 | $32.1M | $-4.7M | ||
| Q1 24 | $17.8M | $-3.9M |
| Q4 25 | 63.8% | 78.7% | ||
| Q3 25 | 56.3% | 73.5% | ||
| Q2 25 | 55.1% | 73.7% | ||
| Q1 25 | 53.2% | 69.0% | ||
| Q4 24 | 53.9% | 77.6% | ||
| Q3 24 | 49.8% | 71.9% | ||
| Q2 24 | 53.6% | 69.5% | ||
| Q1 24 | 47.8% | 68.9% |
| Q4 25 | 45.1% | 24.1% | ||
| Q3 25 | 38.0% | 5.1% | ||
| Q2 25 | 35.1% | -3.2% | ||
| Q1 25 | 30.4% | -24.3% | ||
| Q4 24 | 32.6% | 24.5% | ||
| Q3 24 | 33.1% | -4.3% | ||
| Q2 24 | 36.6% | -11.5% | ||
| Q1 24 | 26.7% | -10.7% |
| Q4 25 | 35.5% | 25.0% | ||
| Q3 25 | 27.1% | 7.5% | ||
| Q2 25 | 28.1% | -0.9% | ||
| Q1 25 | 23.4% | -21.4% | ||
| Q4 24 | 95.2% | 26.3% | ||
| Q3 24 | 30.0% | -1.6% | ||
| Q2 24 | 29.9% | -8.9% | ||
| Q1 24 | 21.7% | -7.5% |
| Q4 25 | $0.20 | $0.46 | ||
| Q3 25 | $0.15 | $0.10 | ||
| Q2 25 | $0.14 | $-0.01 | ||
| Q1 25 | $0.11 | $-0.23 | ||
| Q4 24 | $0.45 | $0.40 | ||
| Q3 24 | $0.15 | $-0.02 | ||
| Q2 24 | $0.13 | $-0.10 | ||
| 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 | $137.5M |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | $354.6M |
| Total Assets | $624.2M | $488.0M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $137.5M | ||
| Q3 25 | $61.4M | $135.4M | ||
| Q2 25 | $90.3M | $116.9M | ||
| Q1 25 | $71.6M | $112.9M | ||
| Q4 24 | $103.1M | $116.2M | ||
| Q3 24 | $86.7M | $101.7M | ||
| Q2 24 | $88.2M | $102.5M | ||
| Q1 24 | $45.3M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $431.2M | $321.9M | ||
| Q2 25 | $398.3M | $306.8M | ||
| Q1 25 | $373.4M | $295.5M | ||
| Q4 24 | $349.0M | $292.0M | ||
| Q3 24 | $231.9M | $257.5M | ||
| Q2 24 | $188.3M | $243.0M | ||
| Q1 24 | $153.7M | $233.9M |
| Q4 25 | $624.2M | $488.0M | ||
| Q3 25 | $568.7M | $453.3M | ||
| Q2 25 | $558.4M | $435.6M | ||
| Q1 25 | $510.6M | $424.6M | ||
| Q4 24 | $488.7M | $432.7M | ||
| Q3 24 | $390.6M | $390.4M | ||
| Q2 24 | $376.4M | $376.8M | ||
| Q1 24 | $350.9M | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $34.6M | $12.8M |
| FCF MarginFCF / Revenue | 24.8% | 13.8% |
| Capex IntensityCapex / Revenue | 0.8% | 2.4% |
| Cash ConversionOCF / Net Profit | 0.72× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $15.0M | ||
| Q3 25 | $13.3M | $22.1M | ||
| Q2 25 | $21.1M | $8.2M | ||
| Q1 25 | $-19.7M | $6.6M | ||
| Q4 24 | $50.2M | $22.2M | ||
| Q3 24 | $25.0M | $10.2M | ||
| Q2 24 | $45.6M | $18.5M | ||
| Q1 24 | $-2.2M | $7.2M |
| Q4 25 | $34.6M | $12.8M | ||
| Q3 25 | $-1.1M | $19.5M | ||
| Q2 25 | $18.7M | $81.0K | ||
| Q1 25 | $-24.4M | $-7.6M | ||
| Q4 24 | $47.5M | $8.5M | ||
| Q3 24 | $24.0M | $-9.2M | ||
| Q2 24 | $43.6M | $1.8M | ||
| Q1 24 | $-4.6M | $-6.8M |
| Q4 25 | 24.8% | 13.8% | ||
| Q3 25 | -0.8% | 28.8% | ||
| Q2 25 | 15.3% | 0.1% | ||
| Q1 25 | -21.2% | -14.5% | ||
| Q4 24 | 40.4% | 11.2% | ||
| Q3 24 | 20.0% | -15.9% | ||
| Q2 24 | 40.7% | 3.4% | ||
| Q1 24 | -5.6% | -13.3% |
| Q4 25 | 0.8% | 2.4% | ||
| Q3 25 | 10.7% | 3.9% | ||
| Q2 25 | 2.0% | 12.9% | ||
| Q1 25 | 4.1% | 27.0% | ||
| Q4 24 | 2.3% | 18.3% | ||
| Q3 24 | 0.9% | 33.5% | ||
| Q2 24 | 1.9% | 31.8% | ||
| Q1 24 | 2.9% | 27.3% |
| Q4 25 | 0.72× | 0.65× | ||
| Q3 25 | 0.36× | 4.35× | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 0.45× | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
