Pricing Log in Create free account
Friday 6 November 2026 Export ADAM’s income statement to Excel — free account

Adamas Trust, Inc.

ADAM Real Estate Reit Mortgage

Adamas Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $601.9 million, up 50.0% from fiscal 2024.

Revenue
+12.8%
EPS
−625.0%
Free cash flow
−119.7%
Total debt
+12.2%

Quarter to September 2026, against a year earlier

5.78 0.14 −2.36%
Market cap
$534.6M
P/E
0.0×
Fwd P/E
5.0×
Dividend yield
17.4%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 6.60%

Capital & Financial Ratios $m

Size
Market Cap 534.60
Revenue ttm 698.37
Net income ttm 33.85
Free cash flow ttm 353.11
Net debt Q 11,469.32
Valuation
P/E 0.00
Forward P/E 5.02
Price / sales 0.77
Forward P/S Powerpack
Price / FCF 1.52
Price / book 0.73
Financial health
Current ratio Q 19.06
Debt / equity Q 9.22
Interest coverage Q —
Growth
Revenue growth Q +12.82% (above 0%: growing)
Operating income growth Q −494.23% (below 0%: shrinking)
EPS, this year −111.55% (below 0%: weak)
EPS, next year A +915.79% (at or above 15%: strong)
Revenue, next year A −65.93% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −4.19% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 17.2×, against a ten-year median of 19.0×; over the ten years it ranged from 4.0× in 2020 to 34.5× in 2019.
P/S against its own 10 years 0.70%
10-year low 10-year high
P/B against its own 10 years 32.53%
10-year low 10-year high
EV/Sales against its own 10 years 25.96%
10-year low 10-year high
EV/FCF against its own 10 years 30.49%
10-year low 10-year high

Dividends

Yield
17.4%
Annual rate
1.03
Payout ratio
61.3%
Growth, 2017–25
−15.1%/yr
  1. 3.20 ’17
  2. 3.20 ’18 +0
  3. 3.20 ’19 +0
  4. 0.90 ’20 −72
  5. 1.60 ’21 +78
  6. 1.60 ’22 +0
  7. 1.20 ’23 −25
  8. 0.80 ’24 −33
  9. 0.86 ’25 +7
  10. 1.07 ’26e +24
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 187 167 210 262
Receivables — — — —
Inventory — — — —
Other — — — —
3,367 4,095 4,705 5,239
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
784 367 332 275

Compound Annual Growth %

10y 5y 3y
Sales 5.98% 11.44% 32.57%
Cash Flow 13.94% 3.89% 13.46%
Earnings 4.20% 0.00% 0.00%
Book Value 4.95% (9.16%) (7.44%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.30 Actual 0.30

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.24 0.23 Miss by 0.01
Q1 FY26 0.24 0.29 Beat by 0.05
Q2 FY26 0.25 0.30 Beat by 0.05
Q3 FY26 0.30 0.30 Met by 0.00
Q4 FY26 0.30 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.40 0.47 (1.89) — —
’25 0.33 (0.04) 0.36 0.45 1.10
’24 (0.75) (0.29) 0.36 (0.46) (1.14)
’23 0.11 (0.41) (1.04) 0.35 (0.99)
’22 (0.88) (0.88) (1.32) (0.52) (3.60)
’21 0.44 0.44 0.40 0.24 1.52
’20 (6.84) 1.12 0.92 0.72 (3.56)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 172 174 181 — —
’25 130 141 161 171 602
’24 84 91 108 118 401
’23 57 58 65 79 259
’22 59 68 69 63 258
’21 50 52 52 52 207
’20 211 48 45 46 350
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (17) 106 (37) — —
’25 26 39 7 62 134
’24 (13) (1) (1) 29 14
’23 (11) 0 28 13 30
’22 38 40 5 8 92
’21 25 49 4 61 139
’20 20 18 38 34 111
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 127 131 (25) — —
’25 32 48 127 120 327
’24 (14) 5 87 69 147
’23 (28) 173 18 38 202
’22 (65) (30) 82 3 (10)
’21 24 47 0 58 129
’20 20 18 38 40 116
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 319 366 456 695 350 207 258 259 401 602 698 +7.3% 205 223 205 (30.2%)
Gross margin, % 20.24 18.53 17.27 18.41 36.30 61.67 49.91 25.72 20.90 24.80 28.27 +4.6 pt
EBT 71 92 104 172 (287) 191 (340) (78) (93) 138 34 +7.7%
EBT margin, % 22.13 25.11 22.76 24.83 (82.04) 92.30 (131.63) (30.05) (23.16) 22.89 4.86 +0.8 pt
Net income 68 89 105 173 (288) 188 (341) (78) (94) 138 34 +8.2%
Per share, $
Per share, $ Revenue 11.65 13.09 14.33 12.55 3.78 2.18 2.74 2.84 4.42 6.66 7.74 (6.0%)
Earnings 2.00 2.72 2.48 2.60 (3.56) 1.52 (3.60) (0.99) (1.14) 1.12 (0.54) (6.2%)
Cash flow 1.97 1.05 0.76 0.63 1.19 1.47 0.97 0.33 0.15 1.48 1.27 (3.1%)
Capex 0.08 (0.01) (0.01) 0.09 0.06 (0.11) (1.08) 1.89 1.46 2.14 2.65 +44.5%
Free cash flow 2.04 1.04 0.75 0.72 1.25 1.36 (0.11) 2.21 1.61 3.62 3.91 +6.6%
Book value 31.07 34.91 37.10 39.84 24.88 24.95 19.09 17.58 15.40 15.79 14.10 (7.2%)
Shares, m 27 28 32 55 93 95 94 91 91 90 90 +14.2%
Valuation, ×
Valuation, × P/E 13.26 8.99 9.06 9.58 0.00 9.79 0.00 0.00 0.00 6.58 0.00 5.7
P/S 2.28 1.87 1.64 1.99 3.91 6.82 3.84 2.94 1.37 1.10 0.77 2.8
P/B 1.05 1.00 0.84 0.81 0.76 0.77 0.79 0.71 0.64 0.74 0.73 0.8
EV/Sales 26.71 31.49 30.87 32.19 9.38 16.81 14.43 19.55 18.88 18.47 17.19 21.9
EV/FCF 158.40 397.06 593.20 561.20 27.94 26.98 (372.00) 25.08 51.68 33.98 34.00 150.4
Cash, $m
Cash, $m Operating cash flow 54 29 24 35 111 139 92 30 14 134 114 +10.7%
Capex 2 0 0 5 6 (10) (102) 172 133 193 239 +65.0%
Free cash flow 56 29 24 40 116 129 (10) 202 147 327 353 +21.7%
Balance, $m
Balance, $m Working capital 7,712 10,214 12,789 20,900 3,469 3,276 3,463 2,583 3,729 4,373 4,964 (6.1%)
Net debt 7,802 10,846 13,321 20,982 1,916 2,066 2,737 4,298 7,027 10,460 11,469 +3.3%
Shareholders’ equity 851 976 1,180 2,205 2,308 2,365 1,800 1,600 1,399 1,427 1,273 +5.9%
Returns, %
Returns, % ROA 0.61 0.73 0.59 0.76 (2.34) 2.80 (5.72) (1.32) (1.25) 0.93 (0.38) +0.3 pt
ROIC 0.51 0.49 0.45 0.46 (3.88) 2.69 (4.65) 0.13 (0.33) 0.78 0.18 +0.3 pt
ROE 7.73 11.08 10.04 11.18 (18.82) 7.94 (22.05) (7.74) (10.77) 11.55 (6.20) +3.8 pt
People
People Employees 19 19 36 55 56 65 74 79 70 221 — +31.3%
Revenue/emp, $m 16.81 19.27 12.66 12.63 6.25 3.18 3.49 3.27 5.73 2.72 — (18.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Adamas Trust, Inc. vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PMT PennyMac Mortgage Investment Trust $717.7M 17.9× 7.3× −63.48% (below 0%: shrinking) n/m −95.57% (below 0%: shrinking) 24.92% (28.21%) Compare
CIM Chimera Investment Corporation $663.0M — (loss-making) — (loss-making) +10.32% (above 0%: growing) n/m −191.20% (below 0%: shrinking) 100.00% 0.00% Compare
MFA MFA Financial, Inc. $662.1M — (loss-making) 7.3× +9.75% (above 0%: growing) n/m +498.41% (above 0%: growing) 100.00% 0.00% Compare
IVR INVESCO MORTGAGE CAPITAL INC $595.7M — (loss-making) 6.8× +35.72% (above 0%: growing) n/m +3.93% (above 0%: growing) 34.28% 29.04% Compare
ADAM Adamas Trust, Inc. $534.6M — (loss-making) 5.0× +12.82% (above 0%: growing) n/m −119.68% (below 0%: shrinking) 25.11% (89.42%)
TRTX TPG RE Finance Trust, Inc. $532.3M 16.3× 12.3× −5.07% (below 0%: shrinking) −46.65% (below 0%: shrinking) −40.71% (below 0%: shrinking) 100.00% 50.23% Compare
FBRT Franklin BSP Realty Trust, Inc. $475.2M — (loss-making) 12.7× −16.32% (below 0%: shrinking) n/m +34.53% (above 0%: growing) 92.17% 25.20% Compare
BRSP BrightSpire Capital, Inc. $431.4M 23.7× 11.9× −5.94% (below 0%: shrinking) +3,762.00% (above 0%: growing) +122.61% (above 0%: growing) 61.25% (26.51%) Compare
RWT Redwood Trust, Inc. $390.7M — (loss-making) 12.8× −86.45% (below 0%: shrinking) n/m −77.33% (below 0%: shrinking) 100.00% (4.68%) Compare
Median of peers $564.0M 17.9× 11.9× −5.50% — −18.39% 96.09% 0.00%

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.18m 10.96m 91.34
2024 3.91m 1.43m 66.96
2023 5.65m 3.50m 83.07
2022 4.77m 3.55m 87.66
2021 5.38m 4.23m 110.65

Ownership

Directors and executive officers, together 2.00%
BlackRock, Inc. 15.40%
Howard Amster and related entities 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Adamas Trust, Inc. (ADAM) Latest News

2 Nov

Impact 3 · · The Motley Fool transcript

1 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · GuruFocus.com

29 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Moby
Impact 3 · · Associated Press Finance

28 Oct

Impact 3 · · Zacks

22 Sep

Impact 3 ·

11 Aug

Impact 3 ·

30 Jul

Impact 4 · transcript

29 Jul

Impact 3 ·

6 Jun

Impact 3 · · Simply Wall St.

22 May

Impact 3 · · Simply Wall St.

30 Apr

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

29 Apr

Impact 4 · · Zacks
Impact 4 · · GlobeNewswire

21 Apr

Impact 4 · · The Motley Fool transcript

18 Apr

Impact 4 · · Simply Wall St.

3 Apr

Impact 3 · · Simply Wall St.

4 Mar

Impact 3 · · Simply Wall St.

19 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · Moby

18 Feb

Impact 4 · · Associated Press Finance
Impact 4 · · GlobeNewswire

30 Jan

Impact 4 · · Insider Monkey

20 Jan

Impact 4 · · Simply Wall St.

6 Jan

Impact 3 · · GlobeNewswire

30 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · GuruFocus.com
stockrow.com/ADAM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com