Adamas Trust (ADAM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Adamas Trust

NasdaqGS•Real Estate•REIT - Mortgage

$6.77-0.41(-0.06%)Market open

Market Cap

$535.33M

P/S

2.8x

P/B

0.4x

Adamas Trust, Inc. acquires, invests in, finances, and manages mortgage-related single-family and multifamily residential assets in the United States. The company operates through two segments: Investment Portfolio and Constructive. The Investment Portfolio segment manages a diversified portfolio primarily consisting of mortgage-related single-family and multifamily residential investments, including agency residential mortgage-backed securities (RMBS), non-agency RMBS, residential loans, such as business purpose loans, performing, re-performing, non-performing, and seasoned performing, multifamily loans, preferred equity investments, joint venture equity investments, multifamily investments, mezzanine lending, cross-collateralized mezzanine lending, and single-family rental. The Constructive segment is a business purpose loan lender specializing in rental and transitional loans for real estate investors; and origination and sale of loans. The company provides structured multi-family property investments; other mortgage-, residential housing- and credit-related assets and strategic investments; and commercial mortgage-backed securities (CMBS). It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Adamas Trust, Inc. was formerly known as New York Mortgage Trust, Inc. and changed its name to Adamas Trust, Inc. in September 2025. Adamas Trust, Inc. was incorporated in 2003 and is headquartered in New York, New York.

How this company scores

WeakMetricSide Score: 53/100

Grade capped at D — Interest coverage below 1× (0.1x) — earnings cannot cover interest. Strongest: Growth (17/25); weakest: Profitability (8/25).

Profitability8/25

Growth17/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality17/25

Strengths

Growing revenueRising free cash flowLong cash runwayConsistent growth

Grade capped at D

Interest coverage below 1× (0.1x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 4.2x5y range 2.8x – 45.7x

Currently below its 9-quarter median.

P/S · 2.8x5y range 2.8x – 7.8x

Currently below its 20-quarter median.

P/B · 0.4x5y range 0.2x – 0.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 27.6% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.9x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $535.33M

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $190.59M
Q. Revenue: $48.80M
TTM EBITDA: $52.94M
TTM Op. Income: $33.96M
Q. Op. Income: $-162.15M
TTM Net Income: $-1.82M
Q. Net Income: $-159.13M
EPS: $-1.89
Shares Out.: $90.28M

$190.59M in TTM revenue grew 43.5% YoY, reaching $48.80M last quarter. TTM EBITDA of $52.94M and TTM operating income of $33.96M show growth is flowing through to the bottom line. However, net income is negative at $1.82M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -323.1%
Op. Margin: -332.3%
Net Margin: -326.1%

Op. margin of -332.3% is down 440.2% YoY — costs are rising relative to revenue. Net margin at -326.1% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 2.8x
P/B Ratio: 0.4x

P/S of 2.8x and P/B of 0.4x. Over the past year, P/E is down 57% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $13.52B
Cash: $262.36M
Long-Term Debt: $758.78M
Book Value: $1.28B
D/E Ratio: 0.6
Debt/EBITDA: N/A

With $13.52B in assets and $758.78M in long-term debt, D/E is 0.6and book value is $1.28B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 8% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-37.05M
TTM Free Cash Flow: $110.27M
FCF Margin: 57.9%
FCF / Net Income: -60.5

TTM FCF of $110.27M on $-37.05M in operating cash flow. The FCF / Net Income ratio of -60.5x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 22% — a weakening trend.