ADMA Biologics

At March 31, 2026, cash and equivalents were about 138 million and total debt was about 197 million, implying net debt near 59 million. Debt rose in part due to an accelerated share repurchase. The interest rate on the JPM facilities was approximately 6.17 percent, and the company reported compliance with covenants.

Trailing twelve month operating cash flow is estimated near 128 million and TTM free cash flow near 108 million after capital expenditures, which compares favorably to net debt and suggests solid coverage. Liquidity and self‑funding capacity are adequate, with working capital of roughly 438 million at quarter end.

Risks: a sudden demand shock or regulatory issue could elevate inventories or receivables, and higher rates would modestly lift interest expense.