Adamas Trust, Inc. - 9.125% Senior Notes Due 2030

ADAMG

REIT - Mortgage · Real Estate

Price

$25.25

+0.10 (+0.40%)

Market Cap

$825.2M

Exchange

NASDAQ Global Market

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Sep 1, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Good

Stability

Weak

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−3.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 95.2M (2021) → 91.5M (2025)

Winston Score History

The full picture

Adams Diversified Equity Fund is a closed-end investment fund that has been around since 1929, making it one of the oldest in the United States. The fund invests primarily in large-cap U.S. stocks, aiming to deliver long-term capital growth for its shareholders. Note that ADAMG specifically represents the company's 9.125% Senior Notes due 2030, which are fixed-income debt securities issued by the parent entity.

The company generates revenue mainly through investment income and realized gains on its stock portfolio. It operates in the U.S. and has built a reputation over nearly a century of consistent dividend payments. The senior notes pay a fixed 9.125% annual interest rate, making them attractive to income-focused investors. A key risk is that rising interest rates or a prolonged stock market downturn could pressure the parent fund's ability to service its debt obligations and maintain its historical distribution levels.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+45.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+433.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

7.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$12.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Adamas Trust, Inc. - 9.125% Senior Notes Due 2030 is growing revenue at 45% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

85.5%

Premium pricing power — 85.5% gross margin

Profit after running costs

Operating Margin

79.4%

Excellent — 79.4% operating margin

Return on the money invested

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+57.3%

Fast-growing sales (+57.3% YoY)

Profit growth

EPS YoY

+418.2%

Earnings growing fast (+418.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

78%

Modest — 78% of profit becomes cash

Spare cash per sale

FCF Margin

16.3%

Converts sales into free cash efficiently (16.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

7.70

Heavy debt load (7.70)

Covers its interest

Interest Cover

0.72x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.7x

Attractive valuation — P/E 5.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

9.03%

Healthy income — 9.03% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

Data not available

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