A Business at a Glance
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ADAMAS TRUST, INC.
ADAM
$795M
Mkt Cap
$8.65
+0.70%
ADAMAS TRUST, INC. (ADAM) has a current P/E ratio of 7.9, compared to its historical median P/E of 4.7. The stock is currently considered Expensive based on its historical valuation range.
ADAMAS TRUST, INC. (ADAM) has a 5-year average return on invested capital (ROIC) of -2.9%. This is below average and may indicate limited pricing power.
ADAMAS TRUST, INC. (ADAM) has a market capitalization of $777M. It is classified as a small-cap stock.
Yes, ADAMAS TRUST, INC. (ADAM) pays a dividend with a trailing twelve-month yield of 10.09%. The company also returns capital through share buybacks, with a buyback yield of 0.84%.
Based on historical P/E analysis, ADAMAS TRUST, INC. (ADAM) appears expensive. The current P/E of 7.9 is 67% above its historical median of 4.7. The estimated fair value CAGR (P/E method) is -21.2%.
ADAMAS TRUST, INC. (ADAM) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
ADAMAS TRUST, INC. (ADAM) reported annual revenue of $149 million in its most recent fiscal year, based on SEC EDGAR filings.
Certain Defined Terms In this Annual Report on Form 10-K we refer to Adamas Trust, Inc., together with its consolidated subsidiaries, as “Adamas,” “we,” “us,” “Company,” or “our,” unless we specifically state otherwise or the context indicates otherwise, and we refer to our wholly-owned taxable real estate investment trust (“REIT”) subsidiaries as “TRSs” and our wholly-owned qualified REIT subsidiaries as “QRSs.” In addition, the following defines certain of the commonly used terms in this report: •“ABS” refers to debt and/or equity tranches of securitizations backed by various asset classes including, but not limited to, automobiles, aircraft, credit cards, equipment, franchises, recreational vehicles and student loans; •“Agency ARMs” refers to Agency RMBS comprised of adjustable-rate and hybrid adjustable-rate RMBS; •“Agency fixed-rate RMBS” refers to Agency RMBS comprised of fixed-rate RMBS; •“Agency investments” refers to Agency RMBS and TBAs; •“Agency RMBS” refers to RMBS represen
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 165M | 149M | 84M | 67M | - | 133M |
| Net Income | 108M | 101M | -104M | -90M | -341M | 144M |
| EPS | $1.19 | $1.10 | $-1.14 | $-0.99 | $-14.44 | $1.52 |
| Free Cash Flow | 0 | 126M | -11M | -20M | -118M | 93M |
| ROIC | 9.8% | - | -4.6% | -3.7% | -12.1% | 8.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.46 | 0.52 | 0.41 | 0.59 | 0.31 | 0.43 |
| Dividends/Share | $0.87 | $0.82 | $0.82 | $1.42 | $6.43 | $1.60 |
| Operating Income | 187M | - | -93M | -78M | -340M | 226M |
| Operating Margin | 113.5% | - | -110.8% | -116.8% | - | - |
| ROE | 7.4% | 7.2% | -7.0% | -5.4% | -16.6% | 6.2% |
| Shares Outstanding | 90M | 92M | 91M | 91M | 24M | 95M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | N/A | 65M | 72M | 91M | 130M | N/A | 133M | N/A | 67M | 84M | 149M | 165M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 40M | 39M | 35M | 41M | 28M | 36M | 42M | 49M | 52M | 50M | 49M | 73M | 85M |
| EBIT | 105M | 46M | 41M | N/A | N/A | N/A | -287M | 226M | -340M | -78M | -93M | N/A | 187M |
| Op. Margin | N/A | N/A | 63.8% | N/A | N/A | N/A | N/A | N/A | N/A | -116.8% | -110.8% | N/A | 113.5% |
| Net Income | 130M | 67M | 55M | 76M | 79M | 145M | -330M | 144M | -341M | -90M | -104M | 101M | 108M |
| Net Margin | N/A | N/A | 84.5% | 106.7% | 87.1% | 111.4% | N/A | 108.3% | N/A | -135.3% | -123.8% | 67.7% | 65.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 0 | 0 | 90M | 49M | 9.8M | 9.8M |
| Returns on Capital | |||||||||||||
| ROIC | 42.7% | 5.6% | 4.5% | N/A | N/A | N/A | -13.3% | 8.9% | -12.1% | -3.7% | -4.6% | N/A | 9.8% |
| ROE | 20.1% | 7.9% | 6.3% | 8.4% | 7.4% | 8.6% | -14.6% | 6.2% | -16.6% | -5.4% | -7.0% | 7.2% | 7.4% |
| ROA | 1.3% | 0.7% | 0.6% | 0.7% | 0.6% | 0.8% | -2.3% | 2.8% | -5.7% | -1.3% | -1.2% | 0.9% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 38M | 36M | 54M | 29M | 24M | 35M | 111M | 139M | 92M | 30M | 14M | 134M | 92M |
| Free Cash Flow | 38M | 36M | 54M | 29M | 24M | 35M | 111M | 93M | -118M | -20M | -11M | 126M | 0 |
| Owner Earnings | 34M | 35M | 53M | 28M | 22M | 30M | 100M | 109M | -47M | -3.5M | -32M | 103M | 62M |
| CapEx | 0 | 0 | 0 | 296K | 457K | 128K | 206K | 46M | 209M | 50M | 25M | 8.2M | 0 |
| Maint. CapEx | 2.7M | 0 | 0 | 0 | 0 | 0 | 386K | 19M | 127M | 25M | 40M | 23M | 22M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 27M | 83M | 26M | 0 | 0 | 0 |
| D&A | 2.7M | 0 | 0 | 0 | 0 | 0 | 386K | 19M | 127M | 25M | 40M | 23M | 22M |
| CapEx/OCF | N/A | N/A | N/A | 1.0% | 1.9% | 0.4% | 0.2% | 33.2% | 228.1% | 168.3% | 175.2% | 6.1% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 94M | 98M | 163M | 105M | 152M | 152M | 129M | 75M | 76M | 78M |
| Dividend Yield | N/A | N/A | N/A | 35.8% | 30.4% | 25.1% | 16.8% | 16.7% | 84.2% | 20.3% | 15.4% | 13.2% | 10.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44M | 8.6M | 3.5M | 1.5M | 6.5M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6.7% | 1.4% | 0.8% | 0.2% | 0.8% |
| Stock-Based Comp | 1.2M | 983K | 514K | 1.6M | 2.6M | 5.4M | 9.9M | 10M | 12M | 8.8M | 6.1M | 8.2M | 7.9M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 138M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -62M | 83M | -1.3B | -1.4B | -1.6B | -374M | 712M | 298M | 747M | 406M | 525M | 461M |
| Cash & Equiv. | 76M | 62M | 84M | 95M | 104M | 119M | 293M | 290M | 245M | 187M | 167M | 210M | 209M |
| Long-Term Debt | N/A | 0 | 1.6M | 240M | 214M | 224M | 220M | 1.0B | 542M | 934M | 573M | 736M | 669M |
| Debt/Equity | 11.89 | 0.00 | 0.20 | 0.25 | 0.18 | 0.11 | 0.10 | 0.43 | 0.31 | 0.59 | 0.41 | 0.52 | 0.46 |
| Interest Coverage | 18.9 | 3.3 | 0.2 | N/A | N/A | N/A | -1.3 | 2.8 | -2.6 | -0.4 | -0.3 | N/A | 6.9 |
| Equity | 818M | 881M | 848M | 972M | 1.2B | 2.2B | 2.3B | 2.3B | 1.8B | 1.6B | 1.4B | 1.4B | 1.5B |
| Total Assets | 10.5B | 9.1B | 9.0B | 12.1B | 14.7B | 23.5B | 4.7B | 5.7B | 6.2B | 7.4B | 9.2B | 12.6B | 12.8B |
| Total Liabilities | 9.7B | 8.2B | 8.1B | 11.1B | 13.6B | 21.3B | 2.3B | 3.2B | 4.4B | 5.8B | 7.8B | 11.2B | 11.3B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 252K | 17M | 17M |
| Retained Earnings | 33M | -12M | -63M | -76M | -103M | -149M | -551M | -559M | -1.1B | -1.3B | -1.4B | -1.4B | -1.4B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 16M |
| Per Share Data | |||||||||||||
| EPS | 5.92 | 2.48 | 2.00 | 2.64 | 2.44 | 2.56 | -3.56 | 1.52 | -14.44 | -0.99 | -1.14 | 1.10 | 1.19 |
| Owner EPS | 1.53 | 1.31 | 1.95 | 0.96 | 0.67 | 0.53 | 1.08 | 1.15 | -1.99 | -0.04 | -0.35 | 1.12 | 0.69 |
| Book Value | 37.14 | 32.58 | 31.04 | 33.62 | 36.34 | 38.99 | 24.85 | 24.68 | 74.93 | 17.37 | 15.32 | 15.52 | 16.21 |
| Cash Flow/Share | 1.71 | 1.34 | 1.97 | 1.01 | 0.74 | 0.62 | 1.20 | 1.46 | 3.89 | 0.33 | 0.15 | 1.46 | 1.44 |
| Dividends/Share | 1.08 | 1.08 | 0.96 | 3.25 | 3.02 | 2.89 | 1.14 | 1.60 | 6.43 | 1.42 | 0.82 | 0.82 | 0.87 |
| Shares Out. | 22.0M | 27.0M | 27.3M | 28.9M | 32.5M | 56.6M | 92.6M | 94.9M | 23.6M | 90.9M | 91.0M | 91.9M | 89.9M |
| Valuation | |||||||||||||
| P/E Ratio | 1.3 | 2.6 | 4.5 | 3.7 | 4.3 | 4.9 | N/A | 5.9 | N/A | N/A | N/A | 6.6 | 7.2 |
| P/FCF | 4.6 | 4.8 | 4.6 | 9.7 | 14.5 | 20.4 | 6.6 | 9.2 | N/A | N/A | N/A | 5.3 | N/A |
| EV/EBIT | N/A | 658.7 | N/A | N/A | N/A | 106.1 | N/A | 2.6 | N/A | N/A | N/A | N/A | 6.6 |
| Price/Book | 0.2 | 0.2 | 0.3 | 0.3 | 0.8 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.3 | 0.5 | 0.5 |
| Price/Sales | 2.0 | 2.6 | 3.0 | 4.5 | 9.8 | 5.0 | N/A | 6.8 | N/A | 8.9 | 4.3 | 3.4 | 4.7 |
| FCF Yield | 21.9% | 20.9% | 22.0% | 10.3% | 2.4% | 4.9% | 15.1% | 10.9% | -17.7% | -3.3% | -2.3% | 18.8% | N/A |
| Market Cap | 172M | 174M | 245M | 281M | 998M | 712M | 732M | 850M | 664M | 614M | 465M | 670M | 777M |
| Avg. Price | 7.07 | 7.45 | 7.12 | 9.08 | 9.92 | 11.49 | 6.78 | 9.59 | 7.64 | 6.99 | 5.35 | 6.21 | 8.65 |
| Year-End Price | 7.80 | 6.44 | 8.98 | 9.73 | 10.58 | 12.59 | 7.91 | 8.97 | 7.03 | 6.75 | 5.11 | 7.29 | 8.65 |
ADAMAS TRUST, INC. passes 1 of 9 quality checks, indicating weak fundamentals.
ADAMAS TRUST, INC. trades at 7.9x trailing earnings, compared to its 15-year median P/E of 4.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 6.3x vs a median of 9.2x. Total shareholder yield (dividends + buybacks) is 10.9%. At current prices, the estimated annualized return to fair value is +0.3%.
ADAMAS TRUST, INC. (ADAM) has a net profit margin of 67.7%. This is a strong margin indicating high profitability.
ADAMAS TRUST, INC. (ADAM) generated $126 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ADAMAS TRUST, INC. (ADAM) has a debt-to-equity ratio of 0.52. This indicates moderate leverage.
ADAMAS TRUST, INC. (ADAM) reported earnings per share (EPS) of $1.10 in its most recent fiscal year.
ADAMAS TRUST, INC. (ADAM) has a return on equity (ROE) of 7.2%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for ADAMAS TRUST, INC. (ADAM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ADAMAS TRUST, INC. (ADAM) has a book value per share of $15.52, based on its most recent annual SEC filing.