ADMA Biologics Inc — Earnings Quality Grade F
ADMA · Healthcare
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 71 days (43 → 113)
AR outpaced revenue for 2 consecutive years
Revenue grew 19.6% but CFFO declined -57.5%
Expense Quality
Inventory growth 21.3% far exceeds COGS 5.1%, margin rising. Fraud signal
CapEx growth 167.0% is >2x revenue growth 19.6%
SG&A/Gross Profit = 31.3%. Normal
Gross margin swung +5.9pp (51.5% → 57.4%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.0B, FCF/NI = 0.19
Accruals ratio = 15.5%. Exceeds 10%
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 1% of equity. Manageable
Debt/EBITDA = 0.4x. Healthy
Other assets grew 52.0% vs revenue 19.6%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 4% YoY. Normal
Manipulation Score
M-Score = -0.18 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25