MeritValue

ADAMAS TRUST, INC.

ADAMdata completeness 100%16 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$206.9M1$258.4M2$258.7M3$401.3M3$601.9M3
Net income$193.2M4−$298.6M5−$48.7M6−$62M6$149M6
Operating cash flow$138.9M7$91.8M8$30M9$14.1M9$134M9
Capital expenditure$46.1M10$209.4M11$50.4M12$24.6M12$8.15M12
Free cash flow (derived)$92.9M7−$117.6M8−$20.5M9−$10.6M9$125.9M9
Total debt$1B13$542.5M14$934.1M15$573.2M16$735.8M17
Cash & equivalents$289.6M18$244.7M19$187.1M20$167.4M20$210.3M20
Diluted shares95.2M94.3M91.0M90.8M91.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000011%
of the whole company
Your share of last year’s profit
$16.29
Your share of its debt
$80.41
Your share of free cash flow
$13.76
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$19.65
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001273685-24-000033 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001273685-25-000028 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001273685-26-000029 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001273685-24-000033 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001273685-25-000028 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001273685-26-000029 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001273685-24-000033 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001273685-25-000028 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001273685-26-000029 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001273685-24-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001273685-25-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001273685-26-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001273685-22-000028 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001273685-23-000045 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001273685-24-000033 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001273685-25-000028 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001273685-26-000029 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001273685-24-000033 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001273685-25-000028 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001273685-26-000029 (CashAndCashEquivalentsAtCarryingValue)