Adamas Trust (ADAM) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 29, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ADAM SEC filings page.
Adamas Trust, Inc. (ADAM) reported $601.9M in revenue for fiscal year 2025, up 50.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The trust’s reported asset base expanded quickly, but obligations grew faster than equity before earnings and cash flow turned positive in FY2025.
From FY2023 to FY2025, total assets rose70.8% while liabilities rose94.1% , showing that the balance-sheet expansion was funded more heavily by obligations than by equity. Equity was 9.7% lower over the same span, reinforcing that creditors’ claims expanded while the owners’ capital base did not.
Reported net income moved from a net loss of
FY2025 liabilities were
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Adamas Trust, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Adamas Trust, Inc. scores 41/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Adamas Trust, Inc. scores 92/100 on it among other REITs.
Adamas Trust, Inc.'s net debt of $525.5M, being $735.8M of long-term debt less $210.3M of cash, came to 3.27 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and Adamas Trust, Inc. scores 69/100 among other REITs.
Adamas Trust, Inc.'s operating income of $137.8M covered its interest expense of $452.6M 0.30 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Adamas Trust, Inc. scores 28/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Adamas Trust, Inc. scores 43/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Adamas Trust, Inc. scores 79/100 on it among other REITs.
Adamas Trust, Inc. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, Adamas Trust, Inc. generates $0.90 in operating cash flow ($134.0M OCF vs $149.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Adamas Trust, Inc. earns $0.30 in operating income for every $1 of interest expense ($137.8M vs $452.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Adamas Trust, Inc. generated $174.4M in revenue in Q2 2026. This represents an increase of 23.8% from the same quarter a year earlier. Against the prior quarter it is up 1.4%.
Adamas Trust, Inc.'s EBITDA was $57.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 463.8% from the same quarter a year earlier. Against the prior quarter it is down 37.0%.
Adamas Trust, Inc. reported $55.2M in net income in Q2 2026. This represents an increase of 545.7% from the same quarter a year earlier. Against the prior quarter it is up 13.5%.
Adamas Trust, Inc. earned $0.47 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 17.5%.
Cash & Balance Sheet
Adamas Trust, Inc. held $212.3M in cash against $668.3M in long-term debt as of Q2 2026.
Adamas Trust, Inc. paid $0.27 per share in dividends in Q2 2026. This represents an increase of 35.0% from the same quarter a year earlier. Against the prior quarter it is up 17.4%.
Not reported for Q2 2026.
Margins & Returns
Adamas Trust, Inc.'s operating margin was 30.4% in Q2 2026, reflecting core business profitability. This is up 27.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 20.0 percentage points.
Adamas Trust, Inc.'s net profit margin was 31.6% in Q2 2026, showing the share of revenue converted to profit. This is up 25.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.4 percentage points.
Adamas Trust, Inc.'s quarterly ROE was 3.8% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 3.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
Adamas Trust, Inc. repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
ADAM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $174.4M+23.8% | $172.1M+32.6% | $170.7M+44.3% | $160.6M+48.2% | $140.9M+55.2% | $129.7M+54.6% | $118.3M+50.1% | $108.4M+66.2% |
| SG&A Expenses | $25.6M+117.3% | $24.5M+97.3% | $25.1M+108.7% | $23.3M+95.5% | $11.8M+1.2% | $12.4M-4.9% | $12.0M+2.5% | $11.9M+1.0% |
| Operating Income | $53.1M+1140.1% | $86.7M+130.0% | $56.3Mn/m | $39.5M-7.7% | $4.3Mn/m | $37.7Mn/m | -$31.8M-196.8% | $42.8Mn/m |
| EBITDA | $57.6M+463.8% | $91.3M+109.5% | $61.7Mn/m | $45.4M-10.8% | $10.2Mn/m | $43.6Mn/m | -$24.9M-163.7% | $50.9Mn/m |
| Interest Expense | $124.2M+18.9% | $123.7M+28.0% | $127.5M+39.3% | $124.0M+40.8% | $104.5M+45.6% | $96.6M+46.4% | $91.5M+47.7% | $88.1M+82.1% |
| Income Tax | $13Kn/m | $159K-75.5% | -$44Kn/m | -$298K-112.8% | -$161K-147.1% | $648Kn/m | -$1.5M-1242.9% | $2.3Mn/m |
| Net Income | $55.2M+545.7% | $48.6M+15.3% | $53.5Mn/m | $44.8M+4.6% | $8.5Mn/m | $42.2Mn/m | -$31.4M-174.9% | $42.8Mn/m |
| EPS (Basic) | $0.48n/m | $0.41+24.2% | $0.46 | $0.360.0% | -$0.04n/m | $0.33 | -$0.46 | $0.36n/m |
| EPS (Diluted) | $0.47n/m | $0.40+21.2% | $0.45 | $0.360.0% | -$0.04n/m | $0.33 | -$0.46 | $0.36n/m |
| Diluted Shares (Avg) | 92M+2.2% | 92M+1.1% | N/A | 92M+1.1% | 90M-0.7% | 91M | N/A | 91M-0.4% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
ADAM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.0B+22.9% | $12.8B+27.9% | $12.6B+37.1% | $12.4B+39.3% | $10.6B+28.2% | $10.0B+34.3% | $9.2B+24.5% | $8.9B+28.4% |
| Cash & Equivalents | $212.3M+32.3% | $208.9M+18.0% | $210.3M+25.6% | $185.3M-5.0% | $160.4M-31.9% | $177.1M-22.0% | $167.4M-10.5% | $195.1M-14.6% |
| Goodwill | $22.4M | $22.4M | $22.4Mn/m | $22.4M | N/A | N/A | $0 | N/A |
| Total Liabilities | $11.5B+25.5% | $11.3B+32.0% | $11.2B+43.6% | $11.0B+47.9% | $9.2B+35.4% | $8.6B+44.8% | $7.8B+35.2% | $7.4B+39.7% |
| Long-Term Debt | $668.3M+2.3% | $669.5M+2.3% | $735.8M+28.4% | $766.6M+9.6% | $653.0M-18.4% | $654.4M-34.6% | $573.2M-38.6% | $699.4M+28.5% |
| Total Equity | $1.5B+6.6% | $1.5B+3.9% | $1.4B+2.3% | $1.4B-3.7% | $1.4B-3.5% | $1.4B-5.6% | $1.4B-11.7% | $1.4B-8.3% |
| Retained Earnings | -$1.4Bn/m | -$1.4Bn/m | -$1.4Bn/m | -$1.4Bn/m | -$1.4Bn/m | -$1.4Bn/m | -$1.4Bn/m | -$1.4Bn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities.
ADAM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $105.9M+170.0% | -$16.7M-164.7% | $62.1M+113.2% | $6.9Mn/m | $39.2Mn/m | $25.8Mn/m | $29.1M+122.6% | -$922K-103.2% |
| Depreciation & Amortization | $4.5M-24.3% | $4.6M-21.6% | $5.4M-22.0% | $5.9M-27.0% | $5.9M-51.5% | $5.9M-53.1% | $6.9M+10.1% | $8.1M+31.1% |
| Stock-Based Compensation | N/A | $175K-79.7% | N/A | N/A | N/A | $861K | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | $3.5M-38.4% | $7.6M-35.5% |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | $25.7M+243.5% | -$8.6M-151.8% |
| Investing Cash Flow | -$300.5Mn/m | -$67.0Mn/m | -$148.1Mn/m | -$1.6Bn/m | -$360.0Mn/m | -$794.2Mn/m | -$584.3Mn/m | -$834.1Mn/m |
| Financing Cash Flow | $138.5M-55.8% | $106.7M-85.0% | $130.6M-76.3% | $1.6B+102.6% | $313.5M-43.1% | $713.8M+118.1% | $552.2M+53.6% | $798.8M+8.0% |
| Dividends Paid | $20.8M+14.4% | $21.4M+16.0% | $20.8M+14.8% | $18.1M-0.2% | $18.2M-0.4% | $18.5M-9.8% | $18.1M-33.4% | $18.1M-33.8% |
| Share Buybacks | $0-100.0% | $5.0Mn/m | $0n/m | $0n/m | $1.5M-57.0% | $0n/m | $0n/m | $0-100.0% |
ADAM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 30.4%+27.4pp | 50.4%+21.3pp | 33.0%+59.9pp | 24.6%-14.9pp | 3.0%+29.2pp | 29.1%+124.6pp | -26.9%-68.6pp | 39.5% |
| Net Margin | 31.6%+25.6pp | 28.2%-4.2pp | 31.4%+57.9pp | 27.9%-11.6pp | 6.1%+23.2pp | 32.5%+101.5pp | -26.5%-79.7pp | 39.5% |
| Return on Equity | 3.8%+3.1pp | 3.3%+0.3pp | 3.8%+6.0pp | 3.2%+0.2pp | 0.6%+1.7pp | 3.0%+6.9pp | -2.3%-4.9pp | 3.0%+8.3pp |
| Return on Assets | 0.4%+0.4pp | 0.4%0.0pp | 0.4%+0.8pp | 0.4%-0.1pp | 0.1%+0.3pp | 0.4%+1.2pp | -0.3%-0.9pp | 0.5%+1.7pp |
| Debt-to-Equity | 0.450.0x | 0.460.0x | 0.52+0.1x | 0.55+0.1x | 0.47-0.1x | 0.47-0.2x | 0.41-0.2x | 0.48+0.1x |
| Liabilities-to-Equity | 7.80+1.2x | 7.78+1.7x | 7.86+2.3x | 7.91+2.8x | 6.63+1.9x | 6.12+2.1x | 5.60+1.9x | 5.15+1.8x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | 21.7%+12.2pp | -7.9%-33.3pp |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Where Adamas Trust, Inc. Ranks
Frequently Asked Questions
What is Adamas Trust, Inc.'s annual revenue?
Adamas Trust, Inc. (ADAM) reported $601.9M in total revenue for fiscal year 2025. This represents a 50.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Adamas Trust, Inc.'s revenue growing?
Adamas Trust, Inc. (ADAM) revenue grew by 50.0% year-over-year, from $401.3M to $601.9M in fiscal year 2025.
Is Adamas Trust, Inc. profitable?
Yes, Adamas Trust, Inc. (ADAM) reported a net income of $149.0M in fiscal year 2025, with a net profit margin of 24.8%.
What is Adamas Trust, Inc.'s EBITDA?
Adamas Trust, Inc. (ADAM) had EBITDA of $160.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Adamas Trust, Inc. have?
As of fiscal year 2025, Adamas Trust, Inc. (ADAM) had $210.3M in cash and equivalents against $735.8M in long-term debt.
What is Adamas Trust, Inc.'s operating margin?
Adamas Trust, Inc. (ADAM) had an operating margin of 22.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Adamas Trust, Inc.'s net profit margin?
Adamas Trust, Inc. (ADAM) had a net profit margin of 24.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Adamas Trust, Inc.'s return on equity (ROE)?
Adamas Trust, Inc. (ADAM) has a return on equity of 10.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Adamas Trust, Inc.'s free cash flow?
Adamas Trust, Inc. (ADAM) generated $125.9M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Adamas Trust, Inc.'s operating cash flow?
Adamas Trust, Inc. (ADAM) generated $134.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Adamas Trust, Inc.'s total assets?
Adamas Trust, Inc. (ADAM) had $12.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Adamas Trust, Inc.'s capital expenditures?
Adamas Trust, Inc. (ADAM) invested $8.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Adamas Trust, Inc.'s debt-to-equity ratio?
Adamas Trust, Inc. (ADAM) had a debt-to-equity ratio of 0.52 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Adamas Trust, Inc.'s liabilities-to-equity ratio?
Adamas Trust, Inc. (ADAM) had a liabilities-to-equity ratio of 7.86 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Adamas Trust, Inc.'s return on assets (ROA)?
Adamas Trust, Inc. (ADAM) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Adamas Trust, Inc.'s P/E ratio?
Adamas Trust, Inc. (ADAM) trades at 3.2x earnings, its market capitalization divided by $202.1M net income, trailing 12 months to June 30, 2026. The market capitalization is $645.3M as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Adamas Trust, Inc.'s price-to-sales ratio?
Adamas Trust, Inc. (ADAM) trades at 1.0x sales, its market capitalization divided by $677.8M revenue, trailing 12 months to June 30, 2026. The market capitalization is $645.3M as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Adamas Trust, Inc.'s Piotroski F-Score?
Adamas Trust, Inc. (ADAM) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Adamas Trust, Inc.'s earnings high quality?
Adamas Trust, Inc. (ADAM) has an earnings quality ratio of 0.90x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Adamas Trust, Inc. cover its interest payments?
Adamas Trust, Inc. (ADAM) has an interest coverage ratio of 0.30x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Adamas Trust, Inc.?
Adamas Trust, Inc. (ADAM) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is the average of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.