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Adamas Trust, Inc.

ADAM Nasdaq Real Estate Investment Trusts Financials FY2016โ€“FY2025

Last close ยท Oct 23, 2026

$7.81

1.0%
Compare
Revenue Total sales reported in the income statement.
$149M
78.0% vs prior year
Operating margin Operating income as a share of revenue.
92.3%
203.1ย pts
Net income Profit after all expenses, interest and tax.
$149M
Free cash flow Cash from operations minus capital spending.
$126M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.6%
9.7ย pts
Market cap Last close times the latest diluted share count, so it is approximate.
$721M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
4.6x
On $1.68 EPS (TTM)

What Adamas Trust, Inc. does

No business description yet.

Legal name
ADAMAS TRUST, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Feb 20, 2026
Accession ยท CIK
0001273685-26-000029
0001273685

Revenue and margins

Adamas Trust, Inc. had $149M of revenue in fiscal 2025, up 78.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $126M in fiscal 2025, 84.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Adamas Trust, Inc. returned $77.0M to shareholders in fiscal 2025, 61% of free cash flow. The diluted share count rose 0.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Adamas Trust, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $290M$245M$187M$167M$210M
Debt incl. finance leases $1.0B$542M$934M$573M$736M
Net debt / EBITDA 3.4xโ€”โ€”โ€”3.3x
Debt / equity 0.4x0.3x0.6x0.4x0.5x
Interest coverage 2.4xโˆ’2.6xโˆ’0.4xโ€”โ€”
Total assets $5.7B$6.2B$7.4B$9.2B$12.6B
Total liabilities $3.2B$4.4B$5.8B$7.8B$11.2B
Shareholders' equity $2.3B$1.8B$1.6B$1.4B$1.4B
Net debt (โˆ’ = net cash) $712M$298M$747M$406M$525M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ“ โœ“ โœ“ โœ“ โœ• โœ“ โœ• โœ• โœ• โœ“
Cash from operations is positive โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“
Return on assets rose โ€” โœ“ โœ• โœ“ โœ• โœ“ โœ• โœ“ โœ• โœ“
Cash from operations exceeds net income โœ• โœ• โœ• โœ• โœ“ โœ• โœ“ โœ“ โœ“ โœ•
Debt fell relative to assets โ€” โ€” โœ“ โœ“ โœ• โœ• โœ“ โœ• โœ“ โœ“
Current ratio rose โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Share count didn't rise โ€” โœ• โœ• โœ• โœ• โœ“ โœ“ โœ“ โœ“ โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ• โœ“ โœ“ โœ“ โœ• โœ• โœ• โœ“ โœ“
F-score โ€” / 3โ€” / 64 / 75 / 73 / 74 / 74 / 74 / 75 / 75 / 7
Accruals ratio 0.2%0.6%0.6%0.7%โˆ’2.8%1.1%โˆ’6.6%โˆ’1.2%โˆ’0.9%0.1%
Altman Z'' โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”โ€”

10 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $64.6M $58.0M $78.7M $128M $127M $128M $129M $66.5M $83.9M $149M
Net interest income $64.6M $58.0M $78.7M $128M $127M $128M $129M $66.5M $83.9M $149M
Provision for credit losses $0.6M $0.5M $0.2M $0.0M โ€” โ€” $0.0M $0.0M $3.2M โ€”
Operating income โ€” $91.9M $104M $172M โˆ’$287M $191M โˆ’$340M โˆ’$77.7M โˆ’$92.9M $138M
Interest expense $255M $308M $377M $567M $223M $79.3M $129M $192M โ€” โ€”
Pretax income $70.7M $91.9M $104M โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Income tax $3.1M $3.4M โˆ’$1.1M โˆ’$0.4M $1.0M $2.5M $0.5M $0.1M $1.0M $0.1M
Net income $67.6M $92.0M $103M $174M โˆ’$289M $193M โˆ’$299M โˆ’$48.7M โˆ’$62.0M $149M
Net income to common $54.7M $76.3M $79.2M $145M โˆ’$330M $144M โˆ’$341M โˆ’$90.0M โˆ’$104M $101M
Diluted EPS $0.50 $0.66 $0.61 $0.64 โˆ’$0.89 $1.51 โˆ’$3.61 โˆ’$0.99 โˆ’$1.14 $1.10
Diluted shares 0.11B 0.13B 0.15B 0.24B 0.37B 0.10B 0.09B 0.09B 0.09B 0.09B
Cash flow
Cash from operations $53.8M $29.3M $24.2M $35.1M $111M $139M $91.8M $30.0M $14.1M $134M
Capital expenditure $0.0M $0.3M $0.5M $0.1M $0.2M $46.1M $209M $50.4M $24.6M $8.2M
Free cash flow $53.8M $29.0M $23.7M $35.0M $111M $92.9M โˆ’$118M โˆ’$20.5M โˆ’$10.6M $126M
Depreciation and amortization โ€” โ€” โ€” $0.0M $0.4M $19.3M $127M $24.6M $39.8M $23.1M
Stock-based compensation $0.5M $1.6M $2.6M $5.4M $9.9M $10.2M $11.9M $8.8M $6.1M $8.2M
Acquisitions $28.4M $0.0M $0.0M โ€” โ€” โ€” โ€” $0.0M $0.0M $16.7M
Share buybacks โ€” โ€” โ€” โ€” $0.0M $0.0M $44.4M $8.6M $3.5M $1.5M
Dividends paid โ€” $93.9M $97.9M $163M $105M $152M $152M $129M $74.9M $75.5M
Dividends and buybacks โ€” $93.9M $97.9M $163M $105M $152M $196M $137M $78.4M $77.0M
Balance sheet
Cash and short-term investments $83.6M $95.2M $104M $119M $293M $290M $245M $187M $167M $210M
Total debt โ€” $240M $214M $224M $220M $1.0B $542M $934M $573M $736M
Loans, net โ€” โ€” โ€” $41.2M $63.6M โ€” โ€” โ€” โ€” โ€”
Goodwill $25.2M $25.2M $25.2M $25.2M $0.0M โ€” โ€” โ€” $0.0M $22.4M
Intangible assets โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” $0.3M $17.3M
Total assets $9.0B $12.1B $14.7B $23.5B $4.7B $5.7B $6.2B $7.4B $9.2B $12.6B
Total liabilities $8.1B $11.1B $13.6B $21.3B $2.3B $3.2B $4.4B $5.8B $7.8B $11.2B
Preferred stock โ€” โ€” $290M $505M $505M $538M $538M $535M $535M $540M
Shareholders' equity $848M $972M $1.2B $2.2B $2.3B $2.3B $1.8B $1.6B $1.4B $1.4B
Margins
Operating margin โ€” 158.5% 131.8% 134.9% โˆ’226.0% 149.7% โˆ’263.7% โˆ’116.8% โˆ’110.8% 92.3%
EBITDA margin โ€” โ€” โ€” 134.9% โˆ’225.7% 164.7% โˆ’165.4% โˆ’79.8% โˆ’63.3% 107.8%
Net margin 104.5% 158.6% 130.7% 135.9% โˆ’227.0% 151.4% โˆ’231.5% โˆ’73.2% โˆ’74.0% 99.8%
FCF margin 83.3% 50.1% 30.1% 27.4% 87.0% 72.8% โˆ’91.2% โˆ’30.8% โˆ’12.6% 84.3%
Net interest share of revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Returns
Return on capital โ€” 7.9% 8.0% 5.9% โˆ’10.2% 4.9% โˆ’13.0% โˆ’2.6% โˆ’4.1% 5.6%
Return on equity 8.0% 10.1% 9.6% 10.3% โˆ’12.8% 8.3% โˆ’14.5% โˆ’2.9% โˆ’4.2% 10.6%
Return on assets 0.8% 0.9% 0.8% 0.9% โˆ’2.1% 3.7% โˆ’5.0% โˆ’0.7% โˆ’0.7% 1.4%
Return on tangible equity 6.6% 8.1% 6.9% 6.6% โˆ’14.3% 6.2% โˆ’19.3% โˆ’5.7% โˆ’7.4% 7.3%
Growth
Revenue growth โ€” โˆ’10.3% 35.8% 62.4% โˆ’0.6% 0.4% 1.1% โˆ’48.4% 26.0% 78.0%
Net income growth โ€” 36.2% 11.9% 68.9% โˆ’266.1% โ€” โˆ’254.6% โ€” โ€” โ€”
EPS growth โ€” 32.0% โˆ’7.6% 4.9% โˆ’239.1% โ€” โˆ’339.1% โ€” โ€” โ€”
FCF growth โ€” โˆ’46.1% โˆ’18.3% 47.4% 216.1% โˆ’16.0% โˆ’226.6% โ€” โ€” โ€”
Share count change โ€” 18.9% 13.1% 64.5% 52.9% โˆ’74.3% โˆ’1.0% โˆ’3.5% โˆ’0.2% 0.8%
Financial health
Net debt / EBITDA โ€” โ€” โ€” 0.6x โ€” 3.4x โ€” โ€” โ€” 3.3x
Debt / equity โ€” 0.2x 0.2x 0.1x 0.1x 0.4x 0.3x 0.6x 0.4x 0.5x
Interest coverage โ€” 0.3x 0.3x 0.3x โˆ’1.3x 2.4x โˆ’2.6x โˆ’0.4x โ€” โ€”
Provision / loans โ€” โ€” โ€” 0.1% โ€” โ€” โ€” โ€” โ€” โ€”
Capital allocation
Capex / revenue 0.0% 0.5% 0.6% 0.1% 0.2% 36.1% 162.3% 75.8% 29.4% 5.5%
Stock comp / revenue 0.8% 2.8% 3.3% 4.2% 7.8% 8.0% 9.2% 13.3% 7.2% 5.5%
Payouts / FCF โ€” 323.3% 412.8% 467.1% 95.4% 163.3% โ€” โ€” โ€” 61.2%
Quality scores
Piotroski F-score โ€” โ€” 4.0 5.0 3.0 4.0 4.0 4.0 5.0 5.0
Accruals ratio 0.2% 0.6% 0.6% 0.7% โˆ’2.8% 1.1% โˆ’6.6% โˆ’1.2% โˆ’0.9% 0.1%

Source: SEC EDGAR XBRL filings (CIK 0001273685). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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