What is Adamas Trust Inc's earnings per share (EPS)?

Adamas Trust Inc (ADAMM) reported diluted earnings per share of $1.10 for fiscal year 2025. This represents a 196.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Adamas Trust Inc Financials

ADAMM

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Adamas Trust Inc (ADAMM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Rhea AI ADAMM FY2025 2026-04-22

Balance-sheet expansion is the visible engine here, with FY2025 profits returning as asset growth stayed largely liability-funded.

The FY2025 profit rebound is not just an accounting swing: $149M of net income arrived with $134M of operating cash flow, so reported earnings largely turned into cash rather than staying in accruals. Meanwhile, the balance sheet added about $5.2B of assets since FY2023 while equity stayed near $1.4B, indicating expansion has been financed mainly by liabilities rather than retained capital and making funding access part of the operating model.

One clue that this business cannot be understood from revenue margins alone is that FY2025 interest expense of $453M still sat far above operating income of $138M. The shift from losses in FY2023-FY2024 to positive net income in FY2025 therefore points to below-operating-line economics playing a major role, not just cost trimming inside the operating line.

The company looks asset-heavy and lightly cash-buffered: cash was only $210M against $12.6B of assets in FY2025. With liabilities running at about 7.9x equity, day-to-day resilience depends more on stable funding and asset performance than on a large cash reserve.

Financial Health Signals

Financial Health Score 56/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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

FFO Growth

Leverage

Interest Cov.

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

6/7

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, both operating efficiency signals pass.

Earnings Quality Mixed

0.90x

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.

Interest Coverage At Risk

0.3x

Adamas Trust Inc earns $0.3 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

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Earnings & Revenue

Revenue

$601.9M

YoY+50.0%

5Y CAGR+11.4%

10Y CAGR+6.0%

Adamas Trust Inc generated $601.9M in revenue in fiscal year 2025. This represents an increase of 50.0% from the prior year.

EBITDA

$160.9M

YoY+403.1%

Adamas Trust Inc's EBITDA was $160.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 403.1% from the prior year.

Net Income

$149.0M

YoY+340.3%

10Y CAGR+6.7%

Adamas Trust Inc reported $149.0M in net income in fiscal year 2025. This represents an increase of 340.3% from the prior year.

EPS (Diluted)

$1.10

YoY+196.5%

Adamas Trust Inc earned $1.10 per diluted share (EPS) in fiscal year 2025. This represents an increase of 196.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$125.9M

YoY+1290.3%

5Y CAGR+2.6%

Adamas Trust Inc generated $125.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1290.3% from the prior year.

Cash & Debt

$210.3M

YoY+25.6%

5Y CAGR-6.4%

10Y CAGR+13.0%

Adamas Trust Inc held $210.3M in cash against $735.8M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

90M

YoY-0.1%

Adamas Trust Inc had 90M shares outstanding in fiscal year 2025. This represents a decrease of 0.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

22.9%

YoY+46.1pp

5Y CAGR+104.9pp

Adamas Trust Inc's operating margin was 22.9% in fiscal year 2025, reflecting core business profitability. This is up 46.1 percentage points from the prior year.

Net Margin

24.8%

YoY+40.2pp

5Y CAGR+107.1pp

10Y CAGR+1.6pp

Adamas Trust Inc's net profit margin was 24.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 40.2 percentage points from the prior year.

Return on Equity

10.4%

YoY+14.9pp

5Y CAGR+23.0pp

10Y CAGR+1.6pp

Adamas Trust Inc's ROE was 10.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 14.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$1.5M

YoY-57.0%

Adamas Trust Inc spent $1.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 57.0% from the prior year.

Capital Expenditures

$8.2M

YoY-66.9%

5Y CAGR+108.7%

Adamas Trust Inc invested $8.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 66.9% from the prior year.

ADAMM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$601.9M+50.0%	$401.3M+55.1%	$258.7M+0.1%	$258.4M+24.9%	$206.9M-40.9%	$350.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$72.7M+49.3%	$48.7M-1.8%	$49.6M-5.5%	$52.4M+7.2%	$48.9M+15.8%	$42.2M
Operating Income	$137.8M+248.3%	-$92.9M-19.5%	-$77.7M+77.1%	-$340.1M-278.1%	$190.9M+166.5%	-$287.3M
Interest Expense	$452.6M+42.6%	$317.4M+65.2%	$192.1M+48.5%	$129.4M+63.2%	$79.3M-64.5%	$223.1M
Income Tax	$145K-86.0%	$1.0M+1281.3%	$75K-86.2%	$542K-77.9%	$2.5M+150.6%	$981K
Net Income	$149.0M+340.3%	-$62.0M-27.5%	-$48.7M+83.7%	-$298.6M-254.6%	$193.2M+167.0%	-$288.5M
EPS (Diluted)	$1.10+196.5%	$-1.14-15.2%	$-0.99+72.6%	$-3.61	$1.51+269.7%	$-0.89

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$172.1M+0.8%	$170.7M+6.3%	$160.6M+14.0%	$140.9M+8.6%	$129.7M+9.7%	$118.3M+9.1%	$108.4M+19.4%	$90.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$24.5M-2.5%	$25.1M+7.5%	$23.3M+98.1%	$11.8M-5.1%	$12.4M+3.2%	$12.0M+0.7%	$11.9M+2.5%	$11.6M
Operating Income	$86.7M+54.0%	$56.3M+42.6%	$39.5M+822.8%	$4.3M-88.7%	$37.7M+218.6%	-$31.8M-174.3%	$42.8M+280.2%	-$23.7M
Interest Expense	$123.7M-3.0%	$127.5M+2.8%	$124.0M+18.8%	$104.5M+8.1%	$96.6M+5.6%	$91.5M+3.9%	$88.1M+22.9%	$71.7M
Income Tax	$159K+461.4%	-$44K+85.2%	-$298K-85.1%	-$161K-124.8%	$648K+142.6%	-$1.5M-165.4%	$2.3M+579.8%	$342K
Net Income	$48.6M-9.2%	$53.5M+19.4%	$44.8M+424.5%	$8.5M-79.7%	$42.2M+234.3%	-$31.4M-173.3%	$42.8M+374.9%	-$15.6M
EPS (Diluted)	$0.40	N/A	$0.36+1000.0%	$-0.04-112.1%	$0.33	N/A	$0.36+224.1%	$-0.29

ADAMM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$12.6B+37.1%	$9.2B+24.5%	$7.4B+18.6%	$6.2B+10.3%	$5.7B+21.5%	$4.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$210.3M+25.6%	$167.4M-10.5%	$187.1M-23.5%	$244.7M-15.5%	$289.6M-1.2%	$293.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$22.4M	$0	N/A	N/A	N/A	$0
Total Liabilities	$11.2B+43.6%	$7.8B+35.2%	$5.8B+31.9%	$4.4B+35.6%	$3.2B+37.4%	$2.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$735.8M+28.4%	$573.2M-38.6%	$934.1M+72.2%	$542.5M-45.8%	$1.0B+355.3%	$220.0M
Total Equity	$1.4B+2.3%	$1.4B-11.7%	$1.6B-10.6%	$1.8B-24.5%	$2.3B+1.7%	$2.3B
Retained Earnings	-$1.4B+1.5%	-$1.4B-14.1%	-$1.3B-19.1%	-$1.1B-88.2%	-$559.3M-1.5%	-$551.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$12.8B+1.2%	$12.6B+1.9%	$12.4B+17.5%	$10.6B+5.5%	$10.0B+8.5%	$9.2B+3.5%	$8.9B+8.2%	$8.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$208.9M-0.7%	$210.3M+13.5%	$185.3M+15.5%	$160.4M-9.4%	$177.1M+5.8%	$167.4M-14.2%	$195.1M-17.2%	$235.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$22.4M0.0%	$22.4M0.0%	$22.4M	N/A	N/A	$0	N/A	N/A
Total Liabilities	$11.3B+1.1%	$11.2B+1.9%	$11.0B+20.1%	$9.2B+6.6%	$8.6B+10.0%	$7.8B+5.0%	$7.4B+9.9%	$6.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$669.5M-9.0%	$735.8M-4.0%	$766.6M+17.4%	$653.0M-0.2%	$654.4M+14.2%	$573.2M-18.0%	$699.4M-12.6%	$800.7M
Total Equity	$1.5B+2.1%	$1.4B+2.6%	$1.4B+0.7%	$1.4B-1.5%	$1.4B+0.5%	$1.4B-3.4%	$1.4B+0.9%	$1.4B
Retained Earnings	-$1.4B+1.1%	-$1.4B+1.5%	-$1.4B+0.8%	-$1.4B-1.6%	-$1.4B+0.8%	-$1.4B-4.3%	-$1.4B+1.0%	-$1.4B

ADAMM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$134.0M+852.6%	$14.1M-53.0%	$30.0M-67.4%	$91.8M-33.9%	$138.9M+25.4%	$110.8M
Capital Expenditures	$8.2M-66.9%	$24.6M-51.1%	$50.4M-75.9%	$209.4M+354.6%	$46.1M+22258.7%	$206K
Free Cash Flow	$125.9M+1290.3%	-$10.6M+48.3%	-$20.5M+82.6%	-$117.6M-226.6%	$92.9M-16.0%	$110.5M
Investing Cash Flow	-$2.9B-29.1%	-$2.2B-84.0%	-$1.2B-139.8%	-$508.8M-282.7%	-$132.9M-106.3%	$2.1B
Financing Cash Flow	$2.8B+24.6%	$2.2B+95.6%	$1.1B+147.7%	$460.1M+1578.6%	$27.4M+101.3%	-$2.0B
Dividends Paid	$75.5M+0.7%	$74.9M-41.8%	$128.8M-15.1%	$151.8M+0.1%	$151.6M+43.7%	$105.5M
Share Buybacks	$1.5M-57.0%	$3.5M-59.5%	$8.6M-80.6%	$44.4M	$0	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$16.7M-126.9%	$62.1M+797.0%	$6.9M-82.4%	$39.2M+51.9%	$25.8M-11.3%	$29.1M+3257.9%	-$922K+7.2%	-$993K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$3.5M-54.8%	$7.6M+1.0%	$7.6M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$25.7M+399.8%	-$8.6M0.0%	-$8.6M
Investing Cash Flow	-$67.0M+54.8%	-$148.1M+90.7%	-$1.6B-343.1%	-$360.0M+54.7%	-$794.2M-35.9%	-$584.3M+29.9%	-$834.1M-45.8%	-$572.1M
Financing Cash Flow	$106.7M-18.3%	$130.6M-91.9%	$1.6B+416.3%	$313.5M-56.1%	$713.8M+29.3%	$552.2M-30.9%	$798.8M+45.1%	$550.5M
Dividends Paid	$21.4M+3.0%	$20.8M+15.0%	$18.1M-0.5%	$18.2M-1.6%	$18.5M+1.9%	$18.1M0.0%	$18.1M-0.7%	$18.2M
Share Buybacks	$5.0M	$0	$0-100.0%	$1.5M	$0	$0	$0-100.0%	$3.5M

ADAMM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	22.9%+46.1pp	-23.2%+6.9pp	-30.0%+101.6pp	-131.6%-223.9pp	92.3%+174.3pp	-82.0%
Net Margin	24.8%+40.2pp	-15.5%+3.4pp	-18.8%+96.8pp	-115.6%-209.0pp	93.4%+175.8pp	-82.4%
Return on Equity	10.4%+14.9pp	-4.5%-1.4pp	-3.1%+13.8pp	-16.9%-25.1pp	8.3%+20.8pp	-12.5%
Return on Assets	1.2%+1.8pp	-0.7%-0.0pp	-0.7%+4.1pp	-4.8%-8.2pp	3.4%+9.6pp	-6.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.52+0.1	0.41-0.2	0.59+0.3	0.31-0.1	0.43+0.3	0.10
FCF Margin	20.9%+23.6pp	-2.6%+5.3pp	-7.9%+37.6pp	-45.5%-90.4pp	44.9%+13.3pp	31.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	50.4%+17.4pp	33.0%+8.4pp	24.6%+21.5pp	3.0%-26.0pp	29.1%+56.0pp	-26.9%-66.4pp	39.5%+65.6pp	-26.2%
Net Margin	28.2%-3.1pp	31.4%+3.5pp	27.9%+21.8pp	6.1%-26.4pp	32.5%+59.0pp	-26.5%-66.1pp	39.5%+56.7pp	-17.2%
Return on Equity	3.3%-0.4pp	3.8%+0.5pp	3.2%+2.6pp	0.6%-2.4pp	3.0%+5.3pp	-2.3%-5.2pp	3.0%+4.1pp	-1.1%
Return on Assets	0.4%-0.0pp	0.4%+0.1pp	0.4%+0.3pp	0.1%-0.3pp	0.4%+0.8pp	-0.3%-0.8pp	0.5%+0.7pp	-0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.46-0.1	0.52-0.0	0.55+0.1	0.470.0	0.47+0.1	0.41-0.1	0.48-0.1	0.56
FCF Margin	N/A	N/A	N/A	N/A	N/A	21.7%+29.6pp	-7.9%+1.5pp	-9.4%

Frequently Asked Questions

What is Adamas Trust Inc's annual revenue?

Adamas Trust Inc (ADAMM) 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 (ADAMM) revenue grew by 50% year-over-year, from $401.3M to $601.9M in fiscal year 2025.

Is Adamas Trust Inc profitable?

Yes, Adamas Trust Inc (ADAMM) 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 (ADAMM) 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 (ADAMM) 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 (ADAMM) 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 (ADAMM) 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 (ADAMM) 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 (ADAMM) generated $125.9M in free cash flow during fiscal year 2025. This represents a 1290.3% change compared to the previous fiscal year. 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 (ADAMM) 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 (ADAMM) 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 (ADAMM) invested $8.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Adamas Trust Inc buy back shares?

Yes, Adamas Trust Inc (ADAMM) spent $1.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Adamas Trust Inc have outstanding?

Adamas Trust Inc (ADAMM) had 90M shares outstanding as of fiscal year 2025.

What is Adamas Trust Inc's debt-to-equity ratio?

Adamas Trust Inc (ADAMM) had a debt-to-equity ratio of 0.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Adamas Trust Inc's return on assets (ROA)?

Adamas Trust Inc (ADAMM) 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 Piotroski F-Score?

Adamas Trust Inc (ADAMM) 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 (ADAMM) 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 (ADAMM) has an interest coverage ratio of 0.3x, 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 (ADAMM) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite 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.