balance equationreview2025-09-30
Difference 13713000 exceeds tolerance 12401862.000. Presentation or filing-vintage differences need review.
Revenue
Unavailable
Fiscal year ended 2026-09-30Operating income
-$162.15M
Fiscal year ended 2026-09-30Free cash flow
Unavailable
Fiscal year ended 2026-09-30Valuation, from the filing
| Public float | $595.57M | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $6.58 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 4.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 0.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
4.0× earnings today, against a median of 7.5× across 6 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $595.57M | 4.0× | |
| 2021-06-30 | $1.68B | 8.7× | |
| 2019-06-28 | $1.30B | 7.5× | |
| 2018-06-30 | $740.25M | 7.2× | |
| 2017-06-30 | $689.61M | 7.5× | |
| 2016-06-30 | $660.15M | 9.8× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
ADAMAS TRUST, INC. (ADAM) reported net income of -$159.13M for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from ADAMAS TRUST, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Real Estate Investment Trusts.
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | -$162.15M | $53.07M | $86.72M | $56.32M | $39.49M | $4.28M | $37.71M | -$31.80M | $42.79M | -$23.74M |
| Net income | -$159.13M | $55.18M | $48.60M | $53.53M | $44.82M | $8.55M | $42.16M | -$31.39M | $42.85M | -$15.59M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 90.28M | shares 92.35M | shares 92.06M | Unavailable | shares 91.61M | shares 90.32M | shares 91.09M | Unavailable | shares 90.59M | shares 90.99M |
| Pretax income | -$162.15M | Unavailable | Unavailable | Unavailable | $39.49M | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Income tax expense | -$22.00K | $13.00K | $159.00K | -$44.00K | -$298.00K | -$161.00K | $648.00K | -$1.52M | $2.32M | $342.00K |
| Diluted EPS | $-1.89 | $0.47 | $0.40 | Unavailable | $0.36 | $-0.04 | $0.33 | Unavailable | $0.36 | $-0.29 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $24.26M | $25.61M | $24.49M | $25.11M | $23.35M | $11.79M | $12.41M | $12.03M | $11.94M | $11.65M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $262.36M | $212.31M | $208.92M | $210.33M | $185.28M | $160.45M | $177.07M | $167.42M | $195.07M | $235.51M |
| Total assets | $13.52B | $12.96B | $12.79B | $12.64B | $12.40B | $10.55B | $10.00B | $9.22B | $8.91B | $8.23B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $12.25B | $11.49B | $11.33B | $11.21B | $11.00B | $9.16B | $8.59B | $7.81B | $7.43B | $6.76B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $1.27B | $1.47B | $1.45B | $1.43B | $1.39B | $1.38B | $1.40B | $1.40B | $1.45B | $1.44B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | $22.40M | $22.40M | $22.40M | $22.40M | $22.40M | Unavailable | Unavailable | $0 | Unavailable | Unavailable |
| Long-term debt | $758.78M | $668.32M | $669.49M | $735.83M | $766.65M | $652.99M | $654.43M | $573.16M | $699.40M | $800.66M |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$37.05M | $105.90M | -$16.71M | $62.08M | $6.92M | $39.22M | $25.82M | $29.12M | -$922.00K | -$993.00K |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $3.45M | $7.64M | $7.57M |
| Investing cash flow | -$593.21M | -$300.53M | -$66.99M | -$148.07M | -$1.59B | -$359.96M | -$794.22M | -$584.26M | -$834.06M | -$572.13M |
| Financing cash flow | $711.98M | $138.45M | $106.72M | $130.65M | $1.62B | $313.46M | $713.78M | $552.18M | $798.82M | $550.54M |
| Net change in cash | $81.72M | -$56.18M | $23.02M | $44.66M | $30.60M | -$7.28M | -$54.62M | -$2.97M | -$36.15M | -$22.58M |
| Stock-based compensation | $2.70M | $2.71M | $175.00K | $2.43M | $2.44M | $2.47M | $861.00K | $2.57M | $2.44M | Unavailable |
| Common dividends paid | $24.32M | $20.79M | $21.41M | $20.79M | $18.08M | $18.17M | $18.46M | $18.12M | $18.12M | $18.25M |
| Common share repurchases | $0 | $0 | $5.00M | $0 | $0 | $1.50M | $0 | $0 | $0 | $3.49M |
| Depreciation & amortization | $4.50M | $4.49M | $4.62M | $5.37M | $5.94M | $5.93M | $5.90M | $6.88M | $8.13M | $12.24M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $25.66M | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 0.60x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | -0.8% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open ADAM in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-10-30View SEC filing
10-Q · Filed 2026-07-31View SEC filing
10-Q · Filed 2026-05-01View SEC filing
10-K · Filed 2026-02-20View SEC filing
10-Q · Filed 2025-11-04View SEC filing
10-Q · Filed 2025-08-01View SEC filing
Reconciliation checks needing review
12 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
balance equationreview2025-06-30
Difference 12782000 exceeds tolerance 10552332.000. Presentation or filing-vintage differences need review.
balance equationreview2025-03-31
Difference 13382000 exceeds tolerance 10004055.000. Presentation or filing-vintage differences need review.
balance equationreview2024-12-31
Difference 12359000 exceeds tolerance 9217282.000. Presentation or filing-vintage differences need review.
balance equationreview2024-09-30
Difference 21826000 exceeds tolerance 8905914.000. Presentation or filing-vintage differences need review.
balance equationreview2024-06-30
Difference 23088000 exceeds tolerance 8228883.000. Presentation or filing-vintage differences need review.
balance equationreview2024-03-31
Difference 20128000 exceeds tolerance 7446815.000. Presentation or filing-vintage differences need review.
balance equationreview2023-12-31
Difference 28061000 exceeds tolerance 7401328.000. Presentation or filing-vintage differences need review.
balance equationreview2023-09-30
Difference 21026000 exceeds tolerance 6937870.000. Presentation or filing-vintage differences need review.
balance equationreview2023-06-30
Difference 34571000 exceeds tolerance 6279047.000. Presentation or filing-vintage differences need review.
balance equationreview2023-03-31
Difference 54352000 exceeds tolerance 6170249.000. Presentation or filing-vintage differences need review.
balance equationreview2022-12-31
Difference 63803000 exceeds tolerance 6240745.000. Presentation or filing-vintage differences need review.