# Adamas Trust, Inc. (ADAM)

> Source: Nexqual · https://nexqual.com/ADAM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Adamas Trust, Inc. (ADAM), nexqual.com/ADAM" · informational, not investment advice.

**Price:** USD 7.73 (+3.90% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 7.44 · day 7.41–7.79 · 52w 6.45–10.36 · market cap $695M · NMS

## Key facts
- Valuation: P/E 3.4x (avg 4.5x at the last 1 fiscal year-ends), EV/EBITDA 4.5x, net debt $456M.
- Total return with dividends: 1Y +27.2% vs S&P 500 +14.9%; 5Y -17.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.29, revenue estimate $53.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | $191M | -$340M | -$77.7M | -$92.9M | $138M | $236M |
| Net income | $193M | -$299M | -$48.7M | -$62.0M | $149M | $202M |
| EPS (diluted) | $1.51 | -$3.61 | -$0.99 | -$1.14 | $1.10 | — |
| Free cash flow | $92.9M | -$118M | -$20.5M | -$10.6M | $126M | — |
| Cash + short-term investments | $290M | $245M | $187M | $167M | $210M | — |
| Total debt | $1.00B | $542M | $934M | $573M | $736M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 3.4x · EV/EBITDA 4.5x · P/B 0.5x · Earnings yield 29.09% · Dividend yield (paid, TTM) 11.67% · Buyback yield (TTM) 0.72% · Net debt $456M · EV $1.15B
P/E at fiscal year-ends: Dec 2025 4.5x.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-17 | Jones Trading | Maintained | Buy | $10 |
| 2026-09-14 | Jones Trading | Maintained | Buy | $10 |
| 2026-09-11 | Jones Trading | Maintained | Buy | $10 |
| 2026-09-01 | Jones Trading | Maintained | Buy | $10 |
| 2026-08-19 | UBS | Target raised | Neutral | $8.5 → $9.5 |
| 2026-07-30 | Jones Trading | Target raised | Buy | $9.5 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +27.2% | -17.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +27.3% | -3.6% |
| Volatility (annualized) | 32.3% | 35.1% |
| Max drawdown | -25.4% (Aug 2026→Oct 2026) | -56.5% (Oct 2021→Oct 2024) |

## Peers (REIT - Mortgage)
CIM (Chimera Investment Corporation) USD 8.45 +2.55% · MFA (MFA Financial, Inc.) USD 6.62 +2.32% · IVR (INVESCO MORTGAGE CAPITAL INC) USD 5.52 +1.85% · ABR (Arbor Realty Trust) USD 2.96 +2.07% · ARI (Apollo Commercial Real Estate F) USD 6.3 -0.63% · FBRT (Franklin BSP Realty Trust, Inc.) USD 6.25 +3.82%

## More
Full page: https://nexqual.com/ADAM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.29 | $0.26 | +13.0% | $53.2M | 6 |
| Next quarter (ends 2026-12-31) | $0.29 | $0.27 | +9.0% | $53.7M | 6 |
| Current fiscal year (ends 2026-12-31) | $1.23 | $1.09 | +12.9% | $205.5M | 6 |
| Next fiscal year (ends 2027-12-31) | $1.24 | $1.12 | +10.5% | $216.7M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±8.7%; last 8 reports averaged ±5.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 37.7% | ±8.7% |
| 2027-01-15 | 84 | 40.0% | ±15.8% |
| 2027-04-16 | 175 | 43.6% | ±23.8% |