ADAMAS TRUST, INC. ADAM

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

Last close 7.81 2026-10-23
Market cap $702.0M 2026-06-30 share count
52-week range 6.45 - 10.36

Valuation FY2025 figures against the last close

P/S1.2x
P/E7.1x
P/FCF5.6x
EV/EBITDA7.6x
Dividend yield10.8%
Diluted EPS1.10

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $601.9M$401.3M$258.7M$258.4M$206.9M$350.2M$694.6M$455.8M$366.1M$319.3M
SG&A $72.7M$48.7M$49.6M$52.4M$48.9M$42.2M$35.8M$27.9M$18.4M$15.2M
Total operating expenses $122.9M$91.7M$73.5M$93.3M$75.6M$54.6M$49.8M$41.5M$41.1M$35.2M
Operating income $137.8M-$92.9M-$77.7M-$340.1M$190.9M-$287.3M$172.5M$103.7M$91.9M—
Interest expense $149.3M$83.9M$66.5M$129.0M$79.3M$223.1M$566.8M$377.1M$308.1M$254.7M
Pre-tax income $149.2M-$61.0M-$48.6M-$298.1M$195.7M-$287.5M$174.2M$103.7M$91.9M$70.7M
Income tax $145.0K$1.0M$75.0K$542.0K$2.5M$981.0K$419.0K$1.1M$3.4M$3.1M
Net income $149.0M-$62.0M-$48.7M-$298.6M$193.2M-$288.5M$173.7M$102.9M$92.0M$67.6M
EPS, basic 1.12-1.14-0.99-3.611.52-0.890.650.620.680.50
EPS, diluted 1.10-1.14-0.99-3.611.51-0.890.640.610.660.50
Shares, diluted (wtd. avg.) 91.5M90.8M91.0M94.3M95.2M371.0M242.6M147.4M130.3M109.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $210.3M$167.4M$187.1M$380.9M$337.9M$304.5M$121.6M$109.1M$106.2M$139.5M
Goodwill $22.4M$0———$0$25.2M$25.2M$25.2M$25.2M
Other intangibles $17.3M$252.0K————————
Total assets $12.64B$9.22B$7.40B$6.24B$5.66B$4.66B$23.48B$14.74B$12.06B$8.95B
Long-term debt $735.8M$573.2M$934.1M$542.5M$1.00B$220.0M$223.6M$214.3M$240.4M—
Total liabilities $11.21B$7.81B$5.77B$4.38B$3.23B$2.35B$21.28B$13.56B$11.08B$8.10B
Retained earnings -$1.41B-$1.43B-$1.25B-$1.05B-$559.3M-$551.3M-$148.9M-$103.2M-$75.7M-$62.5M
Total equity $1.43B$1.39B$1.60B$1.80B$2.37B$2.31B$2.21B$1.18B$976.0M$851.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $134.0M$14.1M$30.0M$91.8M$138.9M$110.8M$35.1M$24.2M$29.3M$53.8M
Depreciation and amortisation $23.1M$39.8M$24.6M$126.8M$19.2M$386.0K$0———
Stock-based compensation $8.2M$6.1M$8.8M$11.9M$10.2M$9.9M$5.4M$2.6M$1.6M$514.0K
Capital expenditure $8.2M$24.6M$50.4M$209.4M$46.1M$206.0K$128.0K$457.0K$296.0K$0
Investing cash flow -$2.90B-$2.24B-$1.22B-$508.8M-$132.9M$2.12B-$769.1M-$642.5M-$439.9M$68.9M
Financing cash flow $2.78B$2.23B$1.14B$460.1M$27.4M-$2.05B$746.4M$621.2M$377.3M-$65.9M
Dividends paid $75.5M$74.9M$128.8M$151.8M$151.6M$105.5M$163.4M$97.9M$93.9M—
Buybacks $1.5M$3.5M$8.6M$44.4M$0$0————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001273685-26-000029.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M -250M 0 250M 500M 750M Revenue, FY2016: 319.3M Net income, FY2016: 67.6M Revenue, FY2017: 366.1M Net income, FY2017: 92M Revenue, FY2018: 455.8M Net income, FY2018: 102.9M Revenue, FY2019: 694.6M Net income, FY2019: 173.7M Revenue, FY2020: 350.2M Net income, FY2020: -288.5M Revenue, FY2021: 206.9M Net income, FY2021: 193.2M Revenue, FY2022: 258.4M Net income, FY2022: -298.6M Revenue, FY2023: 258.7M Net income, FY2023: -48.7M Revenue, FY2024: 401.3M Net income, FY2024: -62M Revenue, FY2025: 601.9M Net income, FY2025: 149M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $319.3M $366.1M $455.8M $694.6M $350.2M $206.9M $258.4M $258.7M $401.3M $601.9M
Gross profit — — — — — — — — — —
Net income $67.6M $92.0M $102.9M $173.7M -$288.5M $193.2M -$298.6M -$48.7M -$62.0M $149.0M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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