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Adma Biologics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$15.4M in Q3 2026 · $133M over twelve months

Operating cash flow$17.4M
Capital spending−$2.0M
Free cash flow+$15.4M
Cash / net income0.3×
Cash conversion cycle589 days

Analysis

In Q3 2026, Adma Biologics generated $17.4M of operating cash flow and spent $2.0M on capital projects, leaving free cash flow of $15.4M. That is $16.4M more than in Q3 2025 (−$1.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $141M; the largest uses were buybacks ($189M), capital spending ($7.9M); besides operations, cash came from other financing ($113M), other investing ($5.7M); the cash balance rose by $63.2M.

Operating cash flow was $17.4M against net income of $49.9M — 0.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$31.0M, inventory −$26.8M, accrued liabilities +$15.2M.

Its cash conversion cycle was 589 days (receivables 100 + inventory 565 − payables 75).

Free cash flow

Adma Biologics: free cash flow by quarterAdma Biologics: free cash flow by quarter$47.5MQ4 2024−$24.4MQ1 2025$18.7MQ2 2025−$1.1MQ3 2025$34.6MQ4 2025$55.7MQ1 2026$27.3MQ2 2026$15.4MQ3 2026
Operating cash flow less capital spending.
Adma Biologics: operating cash flow against capital spendingAdma Biologics: operating cash flow against capital spendingOperating cash flowCapital spending$50.2M$2.8MQ4 2024−$19.7M$4.7MQ1 2025$21.1M$2.4MQ2 2025$13.3M$14.4MQ3 2025$35.6M$1.1MQ4 2025$58.2M$2.5MQ1 2026$29.5M$2.3MQ2 2026$17.4M$2.0MQ3 2026
Latest (Q3 2026): Operating cash flow $17.4M, Capital spending $2.0M.

Capital allocation, year by year

Adma Biologics: where the cash came from (up) and went (down), by fiscal yearAdma Biologics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$112MFY2021: Net borrowing −$34KFY2021: Shares issued $121MFY2021: Capital spending −$13.5M$121MFY2021FY2022: Operating cash flow −$59.5MFY2022: Net borrowing $51.7MFY2022: Shares issued $64.8MFY2022: Capital spending −$13.9M$117MFY2022FY2023: Operating cash flow $8.8MFY2023: Net borrowing −$23.6MFY2023: Shares issued $1.1MFY2023: Capital spending −$4.8M$9.9MFY2023FY2024: Operating cash flow $119MFY2024: Net borrowing −$60.0MFY2024: Shares issued $7.5MFY2024: Capital spending −$8.2M$126MFY2024FY2025: Operating cash flow $50.4MFY2025: Shares issued $3.0MFY2025: Capital spending −$22.6MFY2025: Buybacks −$31.9M$53.4MFY2025
Over these 5 years operating cash flow totalled $6.0M; the largest uses were operating cash flow ($172M) and net borrowing ($83.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$125M
Debt$196M
Net debt$71.3M
Due within a year$4.2M

Adma Biologics funds itself: free cash flow was $133M over the last twelve months, and $125M of cash and investments stands against $196M of debt ($4.2M due within a year, 29.5× covered by cash).

Where the cash came from and went

Adma Biologics: sources (+) and uses (−) of cash, Q3 2026Adma Biologics: sources (+) and uses (−) of cash, Q3 2026Buybacks−$25.1MOperating cash flow$17.4MCash drawn (+) / kept (−)$11.5MCapital spending−$2.0MOther financing−$1.7MOther investing−$66KShares issued$10K
Adma Biologics: sources (+) and uses (−) of cash, TTM to Q3 2026Adma Biologics: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$189MOperating cash flow$141MOther financing$113MCash drawn (+) / kept (−)−$63.2MCapital spending−$7.9MOther investing$5.7MShares issued$1.1M

From profit to cash

Adma Biologics: net income to operating cash flow, Q3 2026Adma Biologics: net income to operating cash flow, Q3 2026Net income$49.9MDepreciation & amortization$1.7MStock-based pay$6.2MDeferred taxes−$726KReceivables−$31.0MInventory−$26.8MPayables$4.1MAccrued liabilities$15.2MPrepaid and other assets−$1.3MOther liabilities−$304KOperating cash flow$17.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202610056575589
Q2 202610055162589
Q1 202611657257630
Q4 20259836843424
Q3 20258530542347
Q2 20257830242338
Q1 20255928734311
Q4 20243929031299

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$17.4M−$2.0M−$25.1M—$10K$11.5M$15.4M
Q2 2026$29.5M−$2.3M−$25.1M—$35K$2.1M$27.3M
Q1 2026$58.2M−$2.5M−$130M—$588K−$50.5M$55.7M
Q4 2025$35.6M−$1.1M−$8.9M—$430K−$26.2M$34.6M
Q3 2025$13.3M−$14.4M−$23.0M—$389K$28.9M−$1.1M
Q2 2025$21.1M−$2.4M——$2.1M−$18.7M$18.7M
Q1 2025−$19.7M−$4.7M——$101K$31.5M−$24.4M
Q4 2024$50.2M−$2.8M—−$30.0M$443K−$16.4M$47.5M

Adma Biologics: income statement and cash flow

Adma Biologics, Q3 2026: revenue $141M (+5% year over year), operating margin 48.0%. The chart follows the revenue to costs, profit and cash.

Adma Biologics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.