ADAMAS TRUST, INC.

ADAM

Country: United StatesPrice: $5.25Market Cap: $474.1M

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

6 / 7

NEUTRAL / FAIL

Median fair value

$19.76

+276.4% vs price

Models with upside

5 / 17

Positive margin of safety

Strongest signal

ADAM undervalued: all 5 models price fair value above $5.25 (median $19.76)

Key risk

All 8 investors flag ADAM's efficiency

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	PASS	PASS	PASS	NEUTRAL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	NEUTRAL	NEUTRAL	NEUTRAL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)			N/A	N/A	N/A	N/A				N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	+73.4%	+75.5%	N/A	N/A	N/A	N/A	+62.9%	+79.0%	+73.1%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-02-20 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-20 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-20 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-20 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-20 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-20 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-20 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-20 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-30 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-10-30 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 5▾
ADAM undervalued: all 5 models price fair value above $5.25 (median $19.76)
Graham fair value$19.76
✓Graham+73.4% margin vs $5.25
Buffett fair value$21.42
✓Buffett+75.5% margin vs $5.25
Munger fair value$14.14
✓Munger+62.9% margin vs $5.25
Pabrai fair value$24.97
✓Pabrai+79.0% margin vs $5.25
Akre fair value$19.55
✓Akre+73.1% margin vs $5.25
Cash Flow83% pass✓ 6✗ 1▾
5 of 6 pass — Piotroski objects
Free Cash Flow Proxy$164.0M
✓BuffettPositive and growing
Operating Cash Flow$134.0M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=1.06%, ROA=1.18%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)3.5x
✓Dreman< 8x
Positive Operating Cash Flow frequency18/19 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$125.9M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+26.55%; #207/4519 (top 4.6%)
✓OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Efficiency0% pass✗ 11▾
All 8 investors flag ADAM's efficiency
Current Ratio
✗Graham>= 2.0
ROIC (3-5 yr avg)-1.8%
✗Buffett> 10%
ROIC - WACC-11.8%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY
✗PiotroskiImproved YoY
Current Assets / Current Liabilities
✗Dreman> 1.5
Return on Invested Capital1.3%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=-2.4%; FY2024: ROIC=-3.7%; FY2025: ROIC=5.0%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 5.0%)
✗SleepROIC > 12% in a majority of years
Profitability6% pass✓ 6✗ 29▾
15 of 16 flag ADAM's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)13/26 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)20/26 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-1.1%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$164.0M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-0.1%
✗Lynch> 15%
EBIT / Enterprise Value13.8%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=13.8%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets1.18%
✓PiotroskiROA > 0
ROA Change YoY-0.67% -> 1.18% (delta: +1.85%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=1.06%, ROA=1.18%
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue
✗Dreman>= 8%
Net Income / Shareholders' Equity-0.1%
✗Dreman> 12%
Margin of SafetyP/FFO=2.9x
✓PabraiP/FFO < 15
Return on Equity1.0% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency20/24 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity-0.1%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-0.38%; #3291/6340 (top 51.9%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-0.14%; #2929/5226 (top 56.0%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0270; #1777/5884 (top 30.2%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years6/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Growth13% pass✓ 2✗ 11▾
7 of 8 flag ADAM's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency20/24 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Debt & Leverage25% pass✓ 5✗ 10▾
9 of 12 flag ADAM's debt & leverage — Graham, Buffett, Lynch +6 more
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.52, IC: 0.3x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.59
✗Lynch< 0.33
Cash - Long-term Debt$-496.4M
✗LynchPositive preferred
LT Debt / Total Assets Change6.22% -> 5.82%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.59
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.59
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=0.3x, D/EBITDA=4.6x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.59
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.5946; #2655/4210 (top 63.1%)
✗AsnessTop 30% of eligible cross-section
Verdicts30% pass✓ 3✗ 7▾
Split decision: 7 FAIL · 6 NEUTRAL · 3 PASS
Overall verdict
✗GrahamFAIL (1/7)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✓DremanPASS (4/10)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (0/6)✗MarksFAIL (3/5)✗AckmanFAIL (2/9)•TempletonNEUTRAL (6/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)•NeffNEUTRAL (4/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation46% pass✓ 16✗ 9▾
7 of 13 flag ADAM's valuation — Lynch, Greenblatt, Marks +4 more
Price / FFO per Share2.9x
✓Graham<= 15x✓Dreman< 12x✓Ackman<= 25
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value13.8%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=13.8%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / (CFO / Shares)3.5x
✓Dreman< 8x
Valuation ReasonablenessP/E=4.8x, OE Yield=34.5%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/FFO or FFO YieldP/FFO=2.9x, FFO Yield=34.4%
✓PabraiP/FFO < 15 or FFO Yield > 10%
P/B or P/E vs. Historical AverageP/E=4.8x, P/B=0.3x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / EPS4.8x
✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price vs. Trailing Low100% of trailing low ($5.25)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Price / Book Value per Share0.3x
✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization-0.38%; #3291/6340 (top 51.9%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+2.6917; #508/6449 (top 7.9%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS4.8x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.56x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+26.55%; #207/4519 (top 4.6%)
✓OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-42.93%; #4917/6202 (top 79.3%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading

SIC Sector: Holding & Investment Offices

Size: Small Cap($474.1M)

Revenue: N/A

Net Income: $149.0M+340.3% YoY

Financial Snapshot

Operating Margin--

Return on Equity10.4%

Debt / Equity0.52

Current Ratio--

EPS (Diluted)$1.10

Buybacks (1y)$1.5M

Buybacks (2y)$5.0M

Shares Retired0.1% / 0.8% 2y

Similar Companies

RJFRAYMOND JAMES FINANCIAL INC

$32.4B

RGLDROYAL GOLD INC

$21.7B

Sector-adjusted criteria: REIT

Depreciation distorts REIT earnings and book value, so FFO-based criteria replace P/E and free-cash-flow tests, and P/B tests are omitted.

Shareholder Return

Fiscal 2025

Retired 0.1% of shares last year, 0.8% over two.

Buybacks: $1.5M
Dividends: $75.5M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-02-20 10-Q · 2026-05-01 10-Q · 2026-07-31 10-Q · 2026-10-30 Derived from cumulative filings: net income, operating income, ebit, operating cash flow, depreciation amortization, dividends paid, buybacks, re sale gains.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-10-30 Derived from cumulative filings: operating cash flow, dividends paid, buybacks.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-07-31 Derived from cumulative filings: operating cash flow, dividends paid, buybacks.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-01	FY 2025 Sources 10-K · 2026-02-20	FY 2024 Sources 10-K · 2025-02-21	FY 2023 Sources 10-K · 2024-02-23	FY 2022 Sources 10-K · 2023-02-24	FY 2021 Sources 10-K · 2022-02-25
Market Cap	$474.1Mcurrent	--	--	--	$723.8Mest.	$546.1Mest.	$521.6Mest.	$2.9Best.	$3.2Best.
Revenue	--	--	--	--	--	--	--	--	--
Operating Income	$34.0M↓32%	-$162.2M↓511%	$53.1M↑1140%	$86.7M↑130%	$137.8M↑248%	-$92.9M↓20%	-$77.7M↑77%	-$340.1M↓278%	$190.9M
Net Income	-$1.8M↓103%	-$159.1M↓455%	$55.2M↑546%	$48.6M↑15%	$149.0M↑340%	-$62.0M↓27%	-$48.7M↑84%	-$298.6M↓255%	$193.2M
EPS (Diluted)	--	$-1.89↓625%	$0.47↑1275%	$0.40↑21%	$1.10↑196%	$-1.14↓15%	$-0.99↓10%	$-0.90↓337%	$0.38
Gross Margin	—	—	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	—	—	—	—
ROE	-0.1%↓103%	—	—	—	10.4%↑335%	-4.4%↓44%	-3.1%↑82%	-16.9%↓305%	8.3%
Total Debt	$758.8M↓1%	$758.8M↓1%	$668.3M↑2%	$669.5M↑2%	$735.8M↑28%	$573.2M↓39%	$934.1M↑72%	$542.5M↓46%	$1.0B
Shareholders' Equity	$1.3B↓8%	$1.3B↓8%	$1.5B↑7%	$1.5B↑4%	$1.4B↑2%	$1.4B↓12%	$1.6B↓11%	$1.8B↓25%	$2.3B
Current Ratio	—	—	—	—	—	—	—	—	—
Debt / Equity	0.59↑8%	0.59↑8%	0.45↓4%	0.46↓2%	0.52↑25%	0.41↓31%	0.59↑93%	0.31↓28%	0.43
Operating Cash Flow	$114.2M↑13%	-$37.1M↓635%	$105.9M↑170%	-$16.7M↓165%	$134.0M↑853%	$14.1M↓53%	$30.0M↓67%	$91.8M↓34%	$138.9M
Free Cash Flow	--	--	--	--	$125.9M↑1290%	-$10.6M↑48%	-$20.5M↑83%	-$117.6M↓227%	$92.9M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Trading

ADAM vs Peers — Financial Grading

RevenueN/A

Net Income$149.0MMedian

ROE10.4%Top 25%

D/E0.52Median

Op. Margin—

Curr. Ratio—

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
REALTY INCOME CORPO	$56.1B	$58.82	$5.7B	$1.1B	2.7%	0.63	16.8%	—	2/7	1/9	3/7	0/3	F-Score 6	4/10
Ventas, Inc.VTR	$47.0B	$88.92	$5.8B	$261.5M	2.1%	1.04	3.5%	—	2/7	1/9	2/7	0/3	F-Score 6	2/10
RAYMOND JAMES FINANCIAL INCRJF	$32.4B	$168.64	$15.9B	$2.1B	17.1%	0.28	—	—	3/9	3/9	3/7	1/3	F-Score 6	4/11
ROYAL GOLD INCRGLD	$21.7B	$256.89	$1.0B	$466.3M	6.5%	0.13	61.9%	3.12	4/9	2/9	4/7	0/3	F-Score 4	4/11
iShares Ethereum Trust ETFETHA	$19.4B	$44.02	—	$2.3B	—	—	—	—	—	—	—	—	—	—
KIMCO REALTY CORPKIM	$17.0B	$25.55	$2.1B	$584.7M	5.6%	0.74	36.0%	—	3/7	2/9	4/7	0/3	F-Score 7	5/10
LandBridge Co LLCLB	$5.6B	$73.15	$199.1M	$30.1M	8.9%	1.65	59.5%	4.87	2/9	3/9	2/7	0/3	F-Score 6	3/11
Digital Turbine, Inc.APPS	$927.6M	$7.61	$565.3M	$37.7M	-19.6%	1.88	6.0%	1.16	1/9	2/9	2/7	1/3	F-Score 7	0/11

23 fiscal years have an unverified share basis

FY2000, FY2001, FY2002, FY2003, FY2004, FY2005, FY2006, FY2007, FY2008, FY2009, FY2010, FY2011, FY2012, FY2013, FY2014, FY2015, FY2016, FY2017, FY2018, FY2019, FY2020, FY2021 and FY2022 could not be reconciled between the historical share price and the per-share figures reported for those years. Splits and ADS re-bundlings change what “one share” means, and the two sides are not always restated together — so ratios for those years, including P/E, P/B and margin of safety, may be scaled by a whole-number factor. Other years on this page are unaffected.

Across the whole archive, 81.5% of company-years reconcile and 18.5% do not. Unverified years are shown rather than silently corrected, because a guessed adjustment is worse than a flagged one.