Adamas Trust, Inc. (ADAM) vs BrightSpire Capital, Inc. (BRSP)

Adamas Trust, Inc. and BrightSpire Capital, Inc. are both Reit Mortgage companies. Adamas Trust, Inc. is the larger, with a market value of $534.6M against $431.4M — 1.2× the size. Adamas Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; BrightSpire Capital, Inc. trades at 23.7×. Adamas Trust, Inc. grew revenue faster over the last twelve months: 27.1% against 1.39%. BrightSpire Capital, Inc. has the higher net margin (9.48% vs −7.02%) and the lower return on invested capital (−0.93% vs 0.18%). Both pay a dividend; BrightSpire Capital, Inc. yields more (18.5% vs 17.4%). Across the 21 metrics below, BrightSpire Capital, Inc. leads on 11 and Adamas Trust, Inc. on 10.

Valuation

Metric ADAM BRSP Reit Mortgage median
P/E n/m 23.67 14.55
P/S 0.77 2.10 1.72
P/B 0.73 0.49 0.52
Price to free cash flow 1.52 1.69 4.35
EV/EBITDA 152.48 7,711.58 28.27
EV/Sales 17.19 13.26 15.73
Earnings yield (9.11%) 4.23% 0.23%
Free cash flow yield 65.96% 59.30% 13.86%

Profitability

Metric ADAM BRSP Reit Mortgage median
Gross margin 28.27% 61.56% 100.00%
Operating margin 5.27% (22.97%) 31.94%
Net margin (7.02%) 9.48% (1.81%)
Free cash flow margin 50.56% 124.68% 27.05%
Return on equity (6.20%) 2.08% (0.49%)
Return on assets (0.38%) 0.55% (0.06%)
Return on invested capital 0.18% (0.93%) 0.79%

Growth

Metric ADAM BRSP Reit Mortgage median
Revenue growth (TTM) 27.09% 1.39% 1.39%
EPS growth (last fiscal year) 196.49% 75.24% 45.25%
Revenue growth, 5-year CAGR 11.44% (6.15%) 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ADAM BRSP Reit Mortgage median
Debt to equity 9.22 2.79 2.91
Current ratio 19.06 0.82 0.82
Net debt to EBITDA 55.86 (182.35) 18.31

Dividend

Metric ADAM BRSP Reit Mortgage median
Dividend yield 17.37% 18.50% 17.37%
Payout ratio 0.61 4.44 1.87

Size

Metric ADAM BRSP Reit Mortgage median
Market cap 534.60m 431.38m 409.49m

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