ADMA Biologics (ADMA) opened 2026 with Q1 revenue of US$114.5 million and basic EPS of US$0.19, alongside trailing twelve month revenue of US$509.9 million and EPS of US$0.70. These figures frame the latest quarter in a broader earnings run rate. The company reported quarterly revenue of US$114.8 million in Q1 2025, US$139.2 million in Q4 2025, and US$114.5 million in Q1 2026. Over the same period, basic EPS moved from US$0.11 to US$0.21 and now stands at US$0.19. This sets up a results season in which investors are likely to focus on how consistently ADMA is converting sales into margins.

See our full analysis for ADMA Biologics.

With the headline numbers on the table, the next step is to see how this earnings profile lines up with the most common narratives around ADMA Biologics, and where the latest report challenges those views.

TTM margins ease from 45% to 32.4%

• Over the last 12 months, ADMA’s net profit margin is reported at 32.4%, compared with 45% a year earlier across a revenue base of about US$509.9 million and net income of US$165.4 million.
• Consensus narrative expects margin expansion from 32.4% to 42.4% over the next 3 years, and the current margin profile gives you a reference point to test that view:
  • TTM Basic EPS of US$0.70 sits below the TTM peak of US$0.88 in 2025, while TTM revenue has moved from roughly US$426.5 million to US$509.9 million. The lower 32.4% margin therefore lines up with earnings not keeping pace with sales.
  • If margins do move toward 42.4% as consensus suggests, that would imply a different trajectory from the past year, where margin went from 45% to 32.4%. This report gives you a clean check on whether that turnaround story is starting to show up in the numbers.

Five-year EPS growth meets mixed recent trend

• Over the last five years, earnings are described as growing at about 70.3% annually, yet TTM net income is US$165.4 million compared with US$197.7 million a year earlier, illustrating that the most recent 12 months did not follow the same multi-year pace.
• Bulls point to forecasts for roughly 22.5% annual EPS growth from here, and the current set of numbers gives both support and pushback to that stance:
  • Within the last six reported quarters, quarterly net income excluding extra items ranged between US$26.9 million and US$111.9 million, with Q1 2026 at US$45.3 million, so profitability is firmly positive even if it is lower than the prior peak.
  • At the same time, the step down from US$197.7 million TTM net income a year ago to US$165.4 million today means the bullish growth path of 22.5% a year would require a clear shift from what the trailing year alone shows, which is why investors often look at both the five-year trend and the latest TTM line side by side.

Even with that mixed recent trend, some investors lean into the more optimistic storyline and want to see how the full bullish case connects these numbers to future margin and revenue expectations. 🐂 ADMA Biologics Bull Case

Valuation gap against 11.9x P/E and DCF fair value

• On the valuation side, ADMA is quoted on a trailing P/E of 11.9x versus reported averages of 17.8x for US Biotechs and 30.3x for peers, while the supplied DCF fair value of US$34.45 stands well above the current share price of US$8.47.
• Bears argue that recent margin compression and share price volatility justify a lower multiple, and the current figures give you a way to test that argument:
  • The trailing net margin step down from 45% to 32.4%, alongside TTM EPS at US$0.70, means the lower P/E multiple is coming after a year when profitability metrics softened versus the prior 12 months.
  • Short-term share price volatility over the last three months, as flagged in the data, suggests the market is still debating how much weight to give to the DCF fair value of US$34.45 and the analyst consensus target of US$18.33 relative to the actual US$8.47 trading level.

For readers who focus on these risks and the recent pullback in margins, it can also help to see how a more cautious take connects the same numbers to concerns around concentrated products and future competition. 🐻 ADMA Biologics Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for ADMA Biologics on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With both risks and rewards on the table, it helps to pressure test the story against the raw numbers yourself and move quickly while sentiment is still forming. To see how the risk checklist and potential upside balance out for your own thesis, take a look at the 4 key rewards and 1 important warning sign.

See What Else Is Out There

ADMA Biologics is working through softer margins and a step down in trailing net income, which means recent earnings do not fully match the earlier multi year growth narrative.

If that gives you pause, use the 51 high quality undervalued stocks to quickly spot other stocks where earnings trends and valuation may feel better aligned with your expectations right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.