Saturday 17 October 2026 Export ADAM’s income statement to Excel — free account

Adamas Trust, Inc.

Adamas Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $601.9 million, up 50.0% from fiscal 2024. In the quarter to June 2026, revenue grew 23.8%, EPS grew 1,300.0%, free cash flow grew 171.7% and total debt rose 29.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three.

7.64 0.15 −1.93%

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Market cap: $700.2M
P/E: 4.5×
Fwd P/E: 9.5×
Dividend yield: 13.5%
F-score: 8/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 6.73%

Capital & Financial Ratios $m

Market Cap 700.17

Revenue 677.77

Net Income 235.77

Free Cash Flow 504.85

Net Debt 10,829.31

Current Ratio 18.54

Debt/Equity 7.51

P/E ratio 4.47

Fwd P/E 9.48

P/S ratio 1.01

P/B ratio 0.74

Past 5Y EPS Growth —

This Y EPS Growth 18.52%

Next Y EPS Growth (21.45%)

Next Y revenue growth (65.86%)

Next 5Y EPS Growth (4.19%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 0.88%

10-year low 10-year high

P/S against its own 10 years 1.92%

10-year low 10-year high

P/B against its own 10 years 35.79%

10-year low 10-year high

EV/Sales against its own 10 years 24.51%

10-year low 10-year high

EV/FCF against its own 10 years 5.32%

10-year low 10-year high

Dividends

Payout Ratio 0.61

Annual Dividend Rate 1.03

Annual Dividend Yield 13.48%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.06	0.23 0.27 0.30
2025	0.86	0.20 0.20 0.23 0.23
2024	0.80	0.20 0.20 0.20 0.20
2023	1.20	0.40 0.30 0.30 0.20
2022	1.60	0.40 0.40 0.40 0.40
2021	1.60	0.40 0.40 0.40 0.40
2020	0.90	0.20 0.30 0.40
2019	3.20	0.80 0.80 0.80 0.80
2018	3.20	0.80 0.80 0.80 0.80
2017	3.20	0.80 0.80 0.80 0.80
2016	3.84	0.96 0.96 0.96 0.96

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	187	167	210	212
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	3,367	4,095	4,705	5,098

	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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	172	174	—	—	—
’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	—	—	—
’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	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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.40	0.47	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	15.28	23.60	21.40	23.20	3.92	14.04	8.28	7.23	5.14	5.01	Analyst estimates 2026–2028 Powerpack
	High	28.16	27.40	26.16	25.88	25.64	19.72	15.56	12.96	8.61	7.75
People
People	Employees	19	19	36	55	56	65	74	79	70	221
	Revenue/emp, $m	16.81	19.27	12.66	12.63	6.25	3.18	3.49	3.27	5.73	2.72
Income, $m
Income, $m	Revenue	319	366	456	695	350	207	258	259	401	602
	Gross margin, %	20.24	18.53	17.27	18.41	36.30	61.67	49.91	25.72	20.90	24.80
	EBT	71	92	104	172	(287)	191	(340)	(78)	(93)	138
	EBT margin, %	22.13	25.11	22.76	24.83	(82.04)	92.30	(131.63)	(30.05)	(23.16)	22.89
	Net income	68	89	105	173	(288)	188	(341)	(78)	(94)	138
	Depreciation	8	0	(29)	(56)	15	51	153	52	60	40
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
	Earnings	2.00	2.72	2.48	2.60	(3.56)	1.52	(3.60)	(0.99)	(1.14)	1.12
	Cash flow	1.97	1.05	0.76	0.63	1.19	1.47	0.97	0.33	0.15	1.48
	Capex	0.08	(0.01)	(0.01)	0.09	0.06	(0.11)	(1.08)	1.89	1.46	2.14
	Free cash flow	2.04	1.04	0.75	0.72	1.25	1.36	(0.11)	2.21	1.61	3.62
	Book value	31.07	34.91	37.10	39.84	24.88	24.95	19.09	17.58	15.40	15.79
	Shares, m	27	28	32	55	93	95	94	91	91	90
Valuation, ×
Valuation, ×	P/E	13.26	8.99	9.06	9.58	0.00	9.79	0.00	0.00	0.00	6.58
	P/S	2.28	1.87	1.64	1.99	3.91	6.82	3.84	2.94	1.37	1.10
	P/B	1.05	1.00	0.84	0.81	0.76	0.77	0.79	0.71	0.64	0.74
	EV/Sales	26.71	31.49	30.87	32.19	9.38	16.81	14.43	19.55	18.88	18.47
	EV/FCF	158.40	397.06	593.20	561.20	27.94	26.98	(372.00)	25.08	51.68	33.98
Cash, $m
Cash, $m	Operating cash flow	54	29	24	35	111	139	92	30	14	134
	Capex	2	0	0	5	6	(10)	(102)	172	133	193
	Free cash flow	56	29	24	40	116	129	(10)	202	147	327
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
	Total debt	7,886	10,941	13,425	21,101	2,210	2,356	2,982	4,485	7,195	10,671
	Net debt	7,802	10,846	13,321	20,982	1,916	2,066	2,737	4,298	7,027	10,460
	Shareholders’ equity	851	976	1,180	2,205	2,308	2,365	1,800	1,600	1,399	1,427
Returns, %
Returns, %	ROA	0.61	0.73	0.59	0.76	(2.34)	2.80	(5.72)	(1.32)	(1.25)	0.93
	ROIC	0.51	0.49	0.45	0.46	(3.88)	2.69	(4.65)	0.13	(0.33)	0.78
	ROE	7.73	11.08	10.04	11.18	(18.82)	7.94	(22.05)	(7.74)	(10.77)	11.55

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ORC Orchid Island Capital, Inc.	$1.0B	3.4×	8.9×	+77.91% (above 0%: growing)	n/m	+342.48% (above 0%: growing)	100.00%	117.80%	Compare
ARI Apollo Commercial Real Estate Finance	$824.0M	8.0×	31.6×	−37.40% (below 0%: shrinking)	−8.33% (below 0%: shrinking)	−20.13% (below 0%: shrinking)	91.99%	16.46%	Compare
CIM Chimera Investment Corporation	$715.7M	— (loss-making)	16.4×	+10.10% (above 0%: growing)	n/m	−4,466.16% (below 0%: shrinking)	100.00%	1.81%	Compare
ADAM Adamas Trust, Inc.	$700.2M	4.5×	9.5×	+23.77% (above 0%: growing)	n/m	+171.68% (above 0%: growing)	26.87%	30.52%
MFA MFA Financial, Inc.	$677.3M	6.5×	10.1×	+4.48% (above 0%: growing)	+59.09% (above 0%: growing)	+162.56% (above 0%: growing)	100.00%	78.90%	Compare
PMT PennyMac Mortgage Investment Trust	$615.7M	4.9×	8.4×	+3.60% (above 0%: growing)	n/m	−45.97% (below 0%: shrinking)	63.63%	34.80%	Compare
IVR INVESCO MORTGAGE CAPITAL INC	$607.1M	3.7×	10.2×	+20.93% (above 0%: growing)	n/m	+3.93% (above 0%: growing)	35.24%	28.86%	Compare
ABR Arbor Realty Trust	$522.4M	38.6×	22.1×	−2.77% (below 0%: shrinking)	n/m	+172.80% (above 0%: growing)	19.79%	(4.57%)	Compare
FBRT Franklin BSP Realty Trust, Inc.	$520.7M	14.1×	9.4×	+32.33% (above 0%: growing)	−36.84% (below 0%: shrinking)	+87.71% (above 0%: growing)	90.86%	18.69%	Compare
Median of peers	$646.5M	6.5×	10.1×	+7.29%	−8.33%	+45.82%	91.43%	23.78%

All 37 Reit Mortgage stocks →

Adamas Trust, Inc. (ADAM) key facts

Strength: Adamas Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $601.9 million, up 50.0% from fiscal 2024.
Adamas Trust, Inc. (ADAM) is a Reit Mortgage company in the Real Estate sector, listed on Nasdaq.
As of October 16, 2026, ADAM traded at $7.64, a market capitalization of $700.2 million.
Adamas Trust, Inc. pays an annual dividend of $1.03 per share, a yield of 13.5%, with a payout ratio of 61.3%.
Return on equity was 11.6% and debt-to-equity 7.51.
Its Piotroski F-score is 8 out of 9 for fiscal 2025.