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ADMA BIOLOGICS, INC.（ADMA）与Forestar Group Inc.（FOR）财务数据对比。点击上方公司名可切换其他公司
Forestar Group Inc.的季度营收约是ADMA BIOLOGICS, INC.的2.0倍（$273.0M vs $139.2M），ADMA BIOLOGICS, INC.净利率更高（35.5% vs 5.6%，领先29.8%），ADMA BIOLOGICS, INC.同比增速更快（18.4% vs 9.0%），ADMA BIOLOGICS, INC.自由现金流更多（$34.6M vs $-157.1M），过去两年ADMA BIOLOGICS, INC.的营收复合增速更高（30.4% vs -9.6%）
ADMA生物制剂公司是一家专注于研发、生产及商业化特种血浆来源免疫球蛋白疗法的生物制药企业，主要面向美国市场，为原发性免疫缺陷及其他免疫相关疾病患者、医护人员和医疗机构提供免疫健康领域的治疗方案。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
ADMA vs FOR — 直观对比
营收规模更大
FOR
是对方的2.0倍
$139.2M
营收增速更快
ADMA
高出9.4%
9.0%
净利率更高
ADMA
高出29.8%
5.6%
自由现金流更多
ADMA
多$191.7M
$-157.1M
两年增速更快
ADMA
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $139.2M | $273.0M |
| 净利润 | $49.4M | $15.4M |
| 毛利率 | 63.8% | 20.1% |
| 营业利润率 | 45.1% | 7.6% |
| 净利率 | 35.5% | 5.6% |
| 营收同比 | 18.4% | 9.0% |
| 净利润同比 | -55.9% | -6.7% |
| 每股收益（稀释后） | $0.20 | $0.30 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ADMAFOR
| Q4 25 | $139.2M | $273.0M | ||
| Q3 25 | $134.2M | $670.5M | ||
| Q2 25 | $122.0M | $390.5M | ||
| Q1 25 | $114.8M | $351.0M | ||
| Q4 24 | $117.5M | $250.4M | ||
| Q3 24 | $119.8M | $551.3M | ||
| Q2 24 | $107.2M | $318.4M | ||
| Q1 24 | $81.9M | $333.8M |
净利润ADMAFOR
| Q4 25 | $49.4M | $15.4M | ||
| Q3 25 | $36.4M | $86.9M | ||
| Q2 25 | $34.2M | $32.9M | ||
| Q1 25 | $26.9M | $31.6M | ||
| Q4 24 | $111.9M | $16.5M | ||
| Q3 24 | $35.9M | $81.5M | ||
| Q2 24 | $32.1M | $38.7M | ||
| Q1 24 | $17.8M | $45.0M |
毛利率ADMAFOR
| Q4 25 | 63.8% | 20.1% | ||
| Q3 25 | 56.3% | 22.3% | ||
| Q2 25 | 55.1% | 20.4% | ||
| Q1 25 | 53.2% | 22.6% | ||
| Q4 24 | 53.9% | 22.0% | ||
| Q3 24 | 49.8% | 23.9% | ||
| Q2 24 | 53.6% | 22.5% | ||
| Q1 24 | 47.8% | 24.9% |
营业利润率ADMAFOR
| Q4 25 | 45.1% | 7.6% | ||
| Q3 25 | 38.0% | 16.9% | ||
| Q2 25 | 35.1% | 11.2% | ||
| Q1 25 | 30.4% | 11.6% | ||
| Q4 24 | 32.6% | 8.7% | ||
| Q3 24 | 33.1% | 19.7% | ||
| Q2 24 | 36.6% | 16.2% | ||
| Q1 24 | 26.7% | 17.6% |
净利率ADMAFOR
| Q4 25 | 35.5% | 5.6% | ||
| Q3 25 | 27.1% | 13.0% | ||
| Q2 25 | 28.1% | 8.4% | ||
| Q1 25 | 23.4% | 9.0% | ||
| Q4 24 | 95.2% | 6.6% | ||
| Q3 24 | 30.0% | 14.8% | ||
| Q2 24 | 29.9% | 12.2% | ||
| Q1 24 | 21.7% | 13.5% |
每股收益（稀释后）ADMAFOR
| Q4 25 | $0.20 | $0.30 | ||
| Q3 25 | $0.15 | $1.70 | ||
| Q2 25 | $0.14 | $0.65 | ||
| Q1 25 | $0.11 | $0.62 | ||
| Q4 24 | $0.45 | $0.32 | ||
| Q3 24 | $0.15 | $1.59 | ||
| Q2 24 | $0.13 | $0.76 | ||
| Q1 24 | $0.08 | $0.89 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $87.6M | $211.7M |
| 总债务越低越好 | $72.1M | $793.2M |
| 股东权益账面价值 | $477.3M | $1.8B |
| 总资产 | $624.2M | $3.2B |
| 负债/权益比越低杠杆越低 | 0.15× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资ADMAFOR
| Q4 25 | $87.6M | $211.7M | ||
| Q3 25 | $61.4M | $379.2M | ||
| Q2 25 | $90.3M | $189.2M | ||
| Q1 25 | $71.6M | $174.3M | ||
| Q4 24 | $103.1M | $132.0M | ||
| Q3 24 | $86.7M | $481.2M | ||
| Q2 24 | $88.2M | $359.2M | ||
| Q1 24 | $45.3M | $416.2M |
总债务ADMAFOR
| Q4 25 | $72.1M | $793.2M | ||
| Q3 25 | $72.4M | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | $72.3M | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M | ||
| Q1 24 | — | $705.7M |
股东权益ADMAFOR
| Q4 25 | $477.3M | $1.8B | ||
| Q3 25 | $431.2M | $1.8B | ||
| Q2 25 | $398.3M | $1.7B | ||
| Q1 25 | $373.4M | $1.6B | ||
| Q4 24 | $349.0M | $1.6B | ||
| Q3 24 | $231.9M | $1.6B | ||
| Q2 24 | $188.3M | $1.5B | ||
| Q1 24 | $153.7M | $1.5B |
总资产ADMAFOR
| Q4 25 | $624.2M | $3.2B | ||
| Q3 25 | $568.7M | $3.1B | ||
| Q2 25 | $558.4M | $3.1B | ||
| Q1 25 | $510.6M | $3.0B | ||
| Q4 24 | $488.7M | $3.0B | ||
| Q3 24 | $390.6M | $2.8B | ||
| Q2 24 | $376.4M | $2.7B | ||
| Q1 24 | $350.9M | $2.6B |
负债/权益比ADMAFOR
| Q4 25 | 0.15× | 0.44× | ||
| Q3 25 | 0.17× | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | 0.21× | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.48× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $35.6M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $34.6M | $-157.1M |
| 自由现金流率自由现金流/营收 | 24.8% | -57.5% |
| 资本支出强度资本支出/营收 | 0.8% | 0.0% |
| 现金转化率经营现金流/净利润 | 0.72× | -10.19× |
| 过去12个月自由现金流最近4个季度 | $27.8M | $93.0M |
8季度趋势，按日历期对齐
经营现金流ADMAFOR
| Q4 25 | $35.6M | $-157.0M | ||
| Q3 25 | $13.3M | $256.3M | ||
| Q2 25 | $21.1M | $15.8M | ||
| Q1 25 | $-19.7M | $-19.8M | ||
| Q4 24 | $50.2M | $-450.0M | ||
| Q3 24 | $25.0M | $119.2M | ||
| Q2 24 | $45.6M | $-61.7M | ||
| Q1 24 | $-2.2M | $-59.2M |
自由现金流ADMAFOR
| Q4 25 | $34.6M | $-157.1M | ||
| Q3 25 | $-1.1M | $255.6M | ||
| Q2 25 | $18.7M | $15.0M | ||
| Q1 25 | $-24.4M | $-20.5M | ||
| Q4 24 | $47.5M | — | ||
| Q3 24 | $24.0M | $118.4M | ||
| Q2 24 | $43.6M | $-62.3M | ||
| Q1 24 | $-4.6M | $-59.8M |
自由现金流率ADMAFOR
| Q4 25 | 24.8% | -57.5% | ||
| Q3 25 | -0.8% | 38.1% | ||
| Q2 25 | 15.3% | 3.8% | ||
| Q1 25 | -21.2% | -5.8% | ||
| Q4 24 | 40.4% | — | ||
| Q3 24 | 20.0% | 21.5% | ||
| Q2 24 | 40.7% | -19.6% | ||
| Q1 24 | -5.6% | -17.9% |
资本支出强度ADMAFOR
| Q4 25 | 0.8% | 0.0% | ||
| Q3 25 | 10.7% | 0.1% | ||
| Q2 25 | 2.0% | 0.2% | ||
| Q1 25 | 4.1% | 0.2% | ||
| Q4 24 | 2.3% | 0.0% | ||
| Q3 24 | 0.9% | 0.1% | ||
| Q2 24 | 1.9% | 0.2% | ||
| Q1 24 | 2.9% | 0.2% |
现金转化率ADMAFOR
| Q4 25 | 0.72× | -10.19× | ||
| Q3 25 | 0.36× | 2.95× | ||
| Q2 25 | 0.62× | 0.48× | ||
| Q1 25 | -0.73× | -0.63× | ||
| Q4 24 | 0.45× | -27.27× | ||
| Q3 24 | 0.70× | 1.46× | ||
| Q2 24 | 1.42× | -1.59× | ||
| Q1 24 | -0.12× | -1.32× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
