Adamas Trust

ADAM

REIT - Mortgage · Real Estate

Price

$8.98

-0.24 (-2.60%)

Market Cap

$807.0M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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)

Adamas Trust, Inc. acquires, invests in, finances, and manages mortgage-related single-family and multi-family residential assets in the United States. The company's targeted residential loans, including business purpose loans; agency RMBS; non-agency residential mortgage-backed securities (RMBS); structured multi-family property investments, such as preferred equity in, and mezzanine loans to owners of multi-family properties; and other mortgage-, residential housing- and credit-related assets

Winston Score History

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

+42.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+20.6% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

6.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$12.3B cash & investments at current burn rate

Strong grower

Adamas Trust is growing revenue at 43% 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

Gross Margin

53.6%

Healthy — 53.6% gross margin

Operating Margin

32.5%

Excellent — 32.5% operating margin

ROCE

0.7%

Weak — 0.7% 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 YoY

+41.0%

Fast-growing sales (41.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

59%

Weak — only 59% of profit becomes cash

FCF Margin

10.2%

Modest free cash flow (10.2%)

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

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Stability

Debt / Equity

7.65

Heavy debt load (7.65)

Interest Cover

0.39x

Dangerous — barely covers interest (0.4x)

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

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Valuation

P/E Ratio (TTM)

7.5x

Attractive valuation — P/E 7.5

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

P/E vs Forward

-0.5

SLOWING

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

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Dividends

Dividend Yield

10.36%

Healthy income — 10.36% yield

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

Dividend Growth

+20.0%

Dividend growing fast (20.0% YoY)

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