Adamas Trust

ADAM

REIT - Mortgage · Real Estate

Price

$9.94

+0.01 (+0.10%)

Market Cap

$893.2M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Mixed

Stability

Weak

Valuation

Good

Dividends

Exceptional

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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

Adamas Trust, Inc. is a mortgage real estate investment trust, or mortgage REIT, that invests in real estate debt rather than physical properties. It focuses on mortgage loans and mortgage-backed securities, essentially lending money to real estate borrowers or buying pools of existing loans. The company serves the broader real estate finance market, acting as a middle layer between capital markets and property owners or developers.

Adamas Trust earns money primarily through the spread between the interest it collects on its mortgage assets and the cost of borrowing funds to buy them. It operates mainly in the United States and, with a market cap around $0.8 billion, sits in the small-to-mid range of the mortgage REIT space. Its gross margin of roughly 55% suggests reasonable efficiency in managing that interest rate spread, but mortgage REITs are highly sensitive to rising interest rates, which compress spreads and can reduce earnings — making rate movements the central risk the company faces going forward.

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

+13.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

>+1,000% 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

6.7%ownership

→ Flat

Insider ownership roughly steady over the past year

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

Growth + cash flow

Adamas Trust is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

83.8%

Premium pricing power — 83.8% gross margin

Profit after running costs

Operating Margin

94.6%

Excellent — 94.6% operating margin

Return on the money invested

ROCE

2.7%

Weak — 2.7% 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

+49.0%

Fast-growing sales (+49.0% YoY)

Profit growth

EPS YoY

+749.1%

Earnings growing fast (+749.1% 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

34%

Weak — only 34% of profit becomes cash

Spare cash per sale

FCF Margin

7.4%

Modest free cash flow (7.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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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

0.69x

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)

5.8x

Attractive valuation — P/E 5.8

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

Cheaper or dearer next year

P/E vs Forward

-4.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

12.07%

Healthy income — 12.07% yield

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

Dividend record

Dividend Growth

+24.1%

Dividend growing fast (24.1% YoY)

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