Adamas Trust, Inc. (ADAM) vs TPG RE Finance Trust, Inc. (TRTX)

Adamas Trust, Inc. and TPG RE Finance Trust, Inc. are both Reit Mortgage companies. Adamas Trust, Inc. and TPG RE Finance Trust, Inc. are of similar size ($534.6M and $532.3M). Adamas Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; TPG RE Finance Trust, Inc. trades at 16.3×. Adamas Trust, Inc. grew revenue faster over the last twelve months: 27.1% against −2.42%. TPG RE Finance Trust, Inc. has the higher net margin (21.5% vs −7.02%) and the higher return on invested capital (0.85% vs 0.18%). Both pay a dividend; Adamas Trust, Inc. yields more (17.4% vs 13.6%). Across the 21 metrics below, TPG RE Finance Trust, Inc. leads on 13 and Adamas Trust, Inc. on 8.

Valuation

Metric ADAM TRTX Reit Mortgage median
P/E n/m 16.27 14.55
P/S 0.77 3.78 1.72
P/B 0.73 0.52 0.52
Price to free cash flow 1.52 7.21 4.35
EV/EBITDA 152.48 57.30 28.27
EV/Sales 17.19 32.31 15.73
Earnings yield (9.11%) 6.15% 0.23%
Free cash flow yield 65.96% 13.86% 13.86%

Profitability

Metric ADAM TRTX Reit Mortgage median
Gross margin 28.27% 100.00% 100.00%
Operating margin 5.27% 48.45% 31.94%
Net margin (7.02%) 21.46% (1.81%)
Free cash flow margin 50.56% 52.36% 27.05%
Return on equity (6.20%) 2.90% (0.49%)
Return on assets (0.38%) 0.66% (0.06%)
Return on invested capital 0.18% 0.85% 0.79%

Growth

Metric ADAM TRTX Reit Mortgage median
Revenue growth (TTM) 27.09% (2.42%) 1.39%
EPS growth (last fiscal year) 196.49% (24.00%) 45.25%
Revenue growth, 5-year CAGR 11.44% (3.76%) 14.60%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ADAM TRTX Reit Mortgage median
Debt to equity 9.22 4.05 2.91
Current ratio 19.06 246.28 0.82
Net debt to EBITDA 55.86 38.25 18.31

Dividend

Metric ADAM TRTX Reit Mortgage median
Dividend yield 17.37% 13.64% 17.37%
Payout ratio 0.61 2.22 1.87

Size

Metric ADAM TRTX Reit Mortgage median
Market cap 534.60m 532.30m 409.49m

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