Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ADAMAS TRUST, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Selling, general and administrative
35.2
41.1
General and administrative
15.2
18.4
27.9
35.8
42.2
48.9
52.4
49.6
48.7
72.7
Operating expenses
35.2
41.1
41.5
49.8
54.6
75.6
93.3
73.5
91.7
123
Operating income
91.9
104
172
-287
191
-340
-77.7
-92.9
138
Interest expense
255
308
377
567
223
79.3
129
192
Other non-operating income
19.1
13.6
16.6
5.52
18.7
4.74
29.1
16.5
Pre-tax income
70.7
91.9
104
Income tax
3.1
3.36
-1.06
-0.42
0.98
2.46
0.54
0.08
1.04
0.15
Net income to minority interests
0.01
-3.41
1.91
-0.84
0.27
-4.72
-42
-29.1
-31.9
-11.4
Net income
67.6
92
103
174
-289
193
-299
-48.7
-62
149
EBITDA
172
-287
210
-213
-53.1
-53.1
161
EPS, basic
1.99
2.70
2.46
2.58
-3.54
1.52
-3.61
-0.99
-1.14
1.12
EPS, diluted
1.99
2.62
2.42
2.54
-3.54
1.51
-3.61
-0.99
-1.14
1.10
Shares, basic (weighted)
27.6
28.1
32
55.7
93.4
94.8
94.3
91
90.8
90.4
Shares, diluted (weighted)
27.6
32.8
37.1
61.1
93.4
95.2
94.3
91
90.8
91.5
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
83.6
95.2
104
119
293
290
245
187
167
210
Lease right-of-use assets
9.3
10.1
9.01
7.83
6.58
5.46
5.18
Goodwill
25.2
25.2
25.2
25.2
0
0
22.4
Intangible assets
0.25
17.3
Total assets
8,952
12,056
14,738
23,483
4,656
5,658
6,241
7,401
9,217
12,639
Long-term debt
36.8
709
395
784
367
332
Total liabilities
8,100
11,080
13,557
21,278
2,348
3,227
4,377
5,773
7,806
11,208
Total debt
240
214
224
220
1,002
542
934
573
736
Paid-in capital
749
751
1,013
1,822
2,343
2,357
2,283
2,297
2,289
2,294
Retained earnings
-62.5
-75.7
-103
-149
-551
-559
-1,053
-1,254
-1,431
-1,409
Other comprehensive income
1.64
5.55
-22.1
25.1
0.99
1.78
-1.97
-0
0
0
Shareholders' equity
848
972
1,179
2,206
2,301
2,341
1,767
1,580
1,395
1,427
Minority interests
3.09
4.14
0.9
-0.7
6.37
24.4
33.1
20.5
4.06
0.5
Total equity
851
976
1,180
2,205
2,308
2,365
1,800
1,600
1,399
1,427
Total liabilities and equity
8,952
12,056
14,738
23,483
4,656
5,658
6,241
7,401
9,217
12,639
Shares outstanding
27.5
28.2
39.2
73.3
95.1
379
91.2
90.7
90.6
90.3
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
67.6
88.6
105
173
-288
188
-341
-77.8
-94
138
Depreciation and amortization
0
0.39
19.3
127
24.6
39.8
23.1
Stock-based compensation
0.51
1.63
2.58
5.37
9.92
10.2
11.9
8.83
6.07
8.2
Deferred income tax
0.14
-0.02
-0.78
-0.4
-0.4
2.17
-2.68
-0.22
0.92
-0.1
Change in payables
4.61
17.8
10.5
45.1
-56.8
26.5
Cash from operations
53.8
29.3
24.2
35.1
111
139
91.8
30
14.1
134
Capital expenditures
0
-0.3
-0.46
-0.13
-0.21
-46.1
-209
-50.4
-24.6
-8.15
Acquisitions
-28.4
0
0
0
0
-16.7
Purchases of investments
-423
0
0
-277
-587
-53.7
-24.9
-2,014
-2,211
-4,364
Sales and maturities of investments
208
107
234
227
190
144
24.7
56.5
297
696
Cash from investing
68.9
-440
-642
-769
2,118
-133
-509
-1,220
-2,244
-2,897
Stock issued
0.93
260
804
512
0
0
Share buybacks
0
0
-44.4
-8.62
-3.49
-1.5
Dividends paid
-93.9
-97.9
-163
-105
-152
-152
-129
-74.9
-75.5
Cash from financing
-65.9
377
621
746
-2,046
27.4
460
1,140
2,229
2,776
Net change in cash
21.6
-33.3
2.95
12.5
183
33.4
43.1
-50.3
-1.62
13.4
Free cash flow
53.8
29
23.7
35
111
92.9
-118
-20.5
-10.6
126
Interest paid
301
344
430
623
292
71.9
161
250
345
448
Income taxes paid
4.06
3.95
1.71
0.02
1.52
0.3
2.67
0.23
-0.03
0.22
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.61 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
13.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.6%
Net income / average total assets.
Return on invested capital (ROIC)
9.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Operating cash flow growth, 1y
852.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
13.5%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y
3.9%
Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y
2.6%
Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
2.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-6.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-9.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
37.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
26.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
22.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
0.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-1.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-0.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Debt / equity
0.45x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
5.2%
Total debt / total assets.
Liabilities / assets
88.6%
Total liabilities / total assets.
Net debt
$456.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
1.78x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
$1.71
Cash from operations / diluted weighted shares.
Book value per share
$16.38
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$2.30B
Share price x shares outstanding.
Enterprise value
$2.76B
Market cap + total debt - cash - short-term investments.
P/E
11.4x
Market cap / net income. Only when net income is positive.
P/B
1.56x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.61x
Market cap / tangible book value, when positive.
P/OCF
14.6x
Market cap / cash from operations, when positive.
EV/EBIT
11.7x
Enterprise value / operating income, when both are positive.
EV/EBITDA
10.8x
Enterprise value / EBITDA, when both are positive.
Earnings yield
8.8%
Net income / market cap (the inverse of P/E).
Dividend yield
3.5%
Dividends paid over the period / market cap.
Shareholder yield
3.7%
(Dividends paid + share buybacks) / market cap.
Was ADAMAS TRUST, INC. profitable in fiscal 2025?
Yes. Net income was $149.0M, a net margin of -.
How much free cash flow did ADAMAS TRUST, INC. generate in fiscal 2025?
Cash from operations of $134.0M minus capital expenditures of $8.2M left free cash flow of $125.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.