Adamas Trust, Inc. (ADAM) stock analysis

ADAMNasdaqReal Estate Investment TrustsFiscal year ends December 31Also trades as ADAMG, ADAMH, ADAMI, ADAMK, ADAML, ADAMM, ADAMN, ADAMO, ADAMZ

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 30, 2026Score 8/3015% below fair value

$5.20−0.13 (-2.44%)

Close on Nov 12, 2026Market cap $469.59MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak8 of 30 checks passed

Adamas Trust passes 8 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 3/6
Growth: 0/6
Past performance: 0/6
Financial health: 2/6
Dividend: 3/6

What stands out

Trading below fair value
The share price of $5.33 is below our fair value estimate of $6.24.
Low debt
Debt is 21.5% of shareholders' equity, under the 40% we consider low.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 41.5% of total debt.
EV/EBITDA below its 5-year median
Adamas Trust's EV/EBITDA of 9.3 is below its 5-year median of 9.8.

What to watch

Margin of safety under 20%
The price is 14.6% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was -0.1% over the last twelve months and averaged -0.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 1.9%, below the 10% that usually covers the cost of capital.
Elevated bankruptcy risk
The Altman Z-score is -0.13; above 3 is the safe zone and below 1.8 the distress zone.

Valuation3/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA below its 5-year median
Adamas Trust's EV/EBITDA of 9.3 is below its 5-year median of 9.8.
P/B below the industry
Adamas Trust's price-to-book of 0.38 is below the Miscellaneous Investing median of 1.20.
Trading below fair value
The share price of $5.33 is below our fair value estimate of $6.24.
Margin of safety under 20%
The price is 14.6% below fair value, less than the 20% cushion we look for.

Growth0/6

Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance0/6

Return on equity under 15%
Return on equity was -0.1% over the last twelve months and averaged -0.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 1.9%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
Adamas Trust's return on equity of -0.1% is below the Miscellaneous Investing median of 3.1%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health2/6

Low debt
Debt is 21.5% of shareholders' equity, under the 40% we consider low.
Debt rising against equity
Debt to equity rose from 1.6% five years ago to 21.5%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 41.5% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is -0.13; above 3 is the safe zone and below 1.8 the distress zone.

Dividend3/6

Pays a dividend
Adamas Trust paid dividends worth 19.3% of the share price over the last twelve months.
Yield above Treasuries
The 19.3% yield is above the 4.4% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; Adamas Trust yields 19.3%.
Dividend stability
Fewer than five years of dividend history.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$6.24

The share price is 15% below this estimate.

20%+ below

Near fair value

20%+ above

$5.33Price$6.24Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
EV/EBITDA	9.6×	9.8×	9.5×	$5.51	58%
P/B	0.8×	0.5×	1.2×	$11.83	17%
Earnings power	10.5% cost of equity	–	–	$4.25	25%
Fair value				$6.24	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Own 5-year median 8.2
Miscellaneous Investing median 26.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day: $9.50M
Value traded per 1% price move: $5.14M

Downside

Medium risk

Typical loss in a bad month: 23.9%
Volatility (annualized): 37%
Sharpe ratio, 1 year: -0.77
Beta to the S&P 500 (5Y): 1.12

Typical bad-month loss, week by week

Margins need revenue and profit figures

This company does not report the lines needed to calculate margins.

Per year	1 year	3 years	5 years	10 years
Net income	–	–	–	+6.7%
EPS, diluted	–	–	–	-7.8%
Free cash flow	–	–	+2.6%	–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	7.8%	-12.8%	10.6%
Return on assets	0.8%	-2.1%	1.4%
Debt to equity	–	0.02	0.23
Net debt to EBITDA	–	0.93×	0.76×
Interest coverage	–	-1.3×	–
Diluted shares	27M	93M	92M

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