Adamas Trust (ADAM)
Market Price (6/6/2026): $8.95 | Market Cap: $808.7 MilSector: Financials | Industry: Mortgage REITs
Adamas Trust (ADAM)
Market Price (6/6/2026): $8.95Market Cap: $808.7 MilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 29%, Dividend Yield is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 25%, FCF Yield is 11% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Trading close to highsDist 52W High is -2.4%, Dist 3Y High is -2.4% Weak multi-year price returns3Y Excs Rtn is -44% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 303% Key risksADAM key risks include [1] significant leverage and liquidity risk, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 29%, Dividend Yield is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 25%, FCF Yield is 11% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 48% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Trading close to highsDist 52W High is -2.4%, Dist 3Y High is -2.4% |
| Weak multi-year price returns3Y Excs Rtn is -44% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 303% |
| Key risksADAM key risks include [1] significant leverage and liquidity risk, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Adamas Trust (ADAM) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. Adamas Trust reported exceptionally strong First Quarter 2026 financial results, surpassing analyst expectations. The company's Earnings Available for Distribution (EAD) per common share reached $0.29, significantly exceeding the consensus estimate of $0.24 by $0.05, and representing a 45% year-over-year and 26% quarter-over-quarter increase. GAAP basic earnings per share were $0.41. This strong performance was also reflected in a revenue beat, with $45.81 million reported against an expectation of $40 million. The quarter saw a 4.0% quarter-over-quarter increase in book value per share to $9.98. Furthermore, non-spread items significantly boosted results, including $87.8 million in gains on derivative instruments, $15.3 million from mortgage banking activities, and approximately $52.3 million from a multifamily property sale.
2. The company demonstrated successful portfolio diversification and growth, particularly with its "Constructive" platform becoming profitable. Adamas Trust's diversified strategy, which combines Agency Residential Mortgage-Backed Securities (RMBS) with a growing credit and origination business, drove stable book value and expanded earnings. The investment portfolio expanded to approximately $10.9 billion, including a substantial $1.8 billion Business Purpose Loan (BPL)-Rental portfolio. During the quarter, the company acquired $1.0 billion of new single-family investments. The "Constructive" platform transitioned to profitability, contributing approximately $2.5 million in stand-alone profit and achieving about a 13% Return on Equity (ROE). Adamas Trust also completed a $310.4 million BPL-Rental securitization at a 4.88% effective cost.
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Stock Movement Drivers
Fundamental Drivers
The 12.2% change in ADAM stock from 2/28/2026 to 6/6/2026 was primarily driven by a 15.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.98 | 8.95 | 12.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 353 | 406 | 15.1% |
| Net Income Margin (%) | 42.2% | 38.3% | -9.4% |
| P/E Multiple | 4.8 | 5.2 | 7.5% |
| Shares Outstanding (Mil) | 90 | 90 | 0.0% |
| Cumulative Contribution | 12.2% |
Market Drivers
2/28/2026 to 6/6/2026| Return | Correlation | |
|---|---|---|
| ADAM | 12.6% | |
| Market (SPY) | 7.8% | 51.1% |
| Sector (XLF) | 2.2% | 40.9% |
Fundamental Drivers
The 25.2% change in ADAM stock from 11/30/2025 to 6/6/2026 was primarily driven by a 68.8% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.15 | 8.95 | 25.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 283 | 406 | 43.6% |
| Net Income Margin (%) | 22.7% | 38.3% | 68.8% |
| P/E Multiple | 10.1 | 5.2 | -48.4% |
| Shares Outstanding (Mil) | 90 | 90 | 0.1% |
| Cumulative Contribution | 25.2% |
Market Drivers
11/30/2025 to 6/6/2026| Return | Correlation | |
|---|---|---|
| ADAM | 25.6% | |
| Market (SPY) | 8.5% | 40.8% |
| Sector (XLF) | -1.1% | 30.7% |
Fundamental Drivers
The 55.5% change in ADAM stock from 5/31/2025 to 6/6/2026 was primarily driven by a 176.6% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.76 | 8.95 | 55.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 275 | 406 | 47.9% |
| Net Income Margin (%) | 13.8% | 38.3% | 176.6% |
| P/E Multiple | 13.7 | 5.2 | -62.1% |
| Shares Outstanding (Mil) | 91 | 90 | 0.3% |
| Cumulative Contribution | 55.5% |
Market Drivers
5/31/2025 to 6/6/2026| Return | Correlation | |
|---|---|---|
| ADAM | 56.0% | |
| Market (SPY) | 26.6% | 37.0% |
| Sector (XLF) | 4.2% | 31.1% |
Fundamental Drivers
The 32.6% change in ADAM stock from 5/31/2023 to 6/6/2026 was primarily driven by a 265.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.75 | 8.95 | 32.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 111 | 406 | 265.4% |
| P/S Multiple | 5.5 | 2.0 | -64.1% |
| Shares Outstanding (Mil) | 91 | 90 | 1.1% |
| Cumulative Contribution | 32.6% |
Market Drivers
5/31/2023 to 6/6/2026| Return | Correlation | |
|---|---|---|
| ADAM | 33.0% | |
| Market (SPY) | 83.4% | 43.0% |
| Sector (XLF) | 72.8% | 43.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADAM Return | 11% | -21% | -5% | -19% | 36% | 29% | 18% |
| Peers Return | 16% | -20% | 20% | 4% | 22% | -3% | 37% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| ADAM Win Rate | 67% | 42% | 42% | 50% | 42% | 67% | |
| Peers Win Rate | 55% | 50% | 53% | 60% | 63% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| ADAM Max Drawdown | -22% | -39% | -36% | -33% | -22% | -17% | |
| Peers Max Drawdown | -15% | -37% | -29% | -13% | -18% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NLY, AGNC, RITM, STWD, BXMT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/5/2026 (YTD)
How Low Can It Go
| Event | ADAM | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.8% | -9.5% |
| % Gain to Breakeven | 36.7% | 10.5% |
| Time to Breakeven | 807 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.7% | -6.7% |
| % Gain to Breakeven | 36.4% | 7.1% |
| Time to Breakeven | 1042 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.9% | -24.5% |
| % Gain to Breakeven | 63.8% | 32.4% |
| Time to Breakeven | 1414 days | 427 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.7% | -12.2% |
| % Gain to Breakeven | 55.6% | 13.9% |
| Time to Breakeven | 95 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -33.1% | -6.8% |
| % Gain to Breakeven | 49.4% | 7.3% |
| Time to Breakeven | 140 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -18.2% | -0.2% |
| % Gain to Breakeven | 22.3% | 0.2% |
| Time to Breakeven | 32 days | 1 days |
In The Past
Adamas Trust's stock fell -8.5% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.
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Asset Allocation
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| Event | ADAM | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.8% | -9.5% |
| % Gain to Breakeven | 36.7% | 10.5% |
| Time to Breakeven | 807 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.7% | -6.7% |
| % Gain to Breakeven | 36.4% | 7.1% |
| Time to Breakeven | 1042 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.9% | -24.5% |
| % Gain to Breakeven | 63.8% | 32.4% |
| Time to Breakeven | 1414 days | 427 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.7% | -12.2% |
| % Gain to Breakeven | 55.6% | 13.9% |
| Time to Breakeven | 95 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -33.1% | -6.8% |
| % Gain to Breakeven | 49.4% | 7.3% |
| Time to Breakeven | 140 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.9% | -15.4% |
| % Gain to Breakeven | 31.4% | 18.2% |
| Time to Breakeven | 189 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -80.4% | -53.4% |
| % Gain to Breakeven | 410.2% | 114.4% |
| Time to Breakeven | 306 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -58.2% | -8.6% |
| % Gain to Breakeven | 139.4% | 9.5% |
| Time to Breakeven | 2372 days | 47 days |
In The Past
Adamas Trust's stock fell -8.5% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Adamas Trust (ADAM)
AI Analysis | Feedback
Here are 1-3 brief analogies for Adamas Trust (ADAM):
- Blackstone for residential mortgages.
- A private Fannie Mae for residential properties.
AI Analysis | Feedback
Adamas Trust (ADAM) invests in and manages a variety of mortgage-related and residential real estate assets. Its major investment products include:
- Residential Loans: Investments in loans primarily secured by single-family residential properties.
- Second Mortgages: Investments in junior liens on residential properties.
- Business Purpose Loans: Loans extended for business or investment purposes, often secured by real estate.
- Structured Multi-Family Property Investments: Investments in multi-family properties through preferred equity, mezzanine loans, and joint venture equity.
- Non-Agency Residential Mortgage-Backed Securities (RMBS): Securities backed by residential mortgages that are not guaranteed by government agencies.
- Agency Residential Mortgage-Backed Securities (RMBS): Securities backed by residential mortgages that are guaranteed by government-sponsored enterprises.
- Commercial Mortgage-Backed Securities (CMBS): Securities backed by commercial property mortgages.
- Other Mortgage, Residential Housing, and Credit-Related Assets: Various other assets related to mortgages, housing, and credit.
AI Analysis | Feedback
Based on the provided description of New York Mortgage Trust, Inc. (which for the purpose of this request is identified as Adamas Trust, symbol: ADAM), the company operates as a real estate investment trust (REIT) that acquires, invests in, finances, and manages mortgage-related residential assets. Its primary activities involve providing financing and making investments rather than selling a physical product or traditional service to a broad customer base. Therefore, its "customers" are best described as the entities and individuals to whom it extends credit or with whom it partners for investments.
The major categories of customers/beneficiaries of its investments are:
- Individuals: Borrowers who receive residential loans and second mortgages for single-family properties.
- Businesses: Entities that receive business purpose loans.
- Multi-family Property Owners/Developers: Companies, partnerships, or other entities that own, develop, or manage multi-family properties, to whom the company provides structured financing, such as preferred equity, mezzanine loans, and joint venture equity investments.
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Here is the management team for Adamas Trust (symbol: ADAM): Jason T. Serrano, Chief Executive Officer- Appointed Chief Executive Officer effective January 1, 2022. Previously served as President from January 2019 to December 2022.
- Prior to joining New York Mortgage Trust, Inc. (now Adamas Trust), he was a Partner and Managing Director at Oak Hill Advisors (OHA) from April 2008 to December 2018, where he ran the mortgage investment business.
- Before OHA, he was a Principal at The Blackstone Group, leading the structured finance investment team.
- He also spent five years as Vice President at Fortress Investment Group, assisting in the management of $2 billion of distressed structured products and whole-loan portfolios.
- His career also includes five years as a rating analyst for collateralized debt obligations and derivatives at Moody's.
- His experience at Oak Hill Advisors, Blackstone, and Fortress indicates a strong background in alternative investments and structured finance, often associated with private equity-backed ventures.
- She serves as the Chief Financial Officer, Principal Accounting Officer, and Secretary for Adamas Trust, Inc. She is also a Certified Public Accountant (CPA).
- Currently serves as Chairman of the Board. He was CEO of New York Mortgage Trust, Inc. from 2009-2021 and Executive Chairman in 2022. He joined the Board in 2007.
- Mr. Mumma has over 30 years of experience in mortgage-backed securities and finance, having previously served as CEO, CFO (November 2006 to October 2010), CIO, and COO at NYMT.
- He founded Silver Moss Capital, a financial consulting firm, in January 2023.
- His past roles include Vice President positions at Novares US LLC, Mortgage-Backed Securities LP, Crédit Agricole SA, and Natexis ABM Corp., as well as Controller at PaineWebber Real Estate Securities Inc.
- Appointed President effective January 1, 2023. He has been with the company since July 2018 as a Managing Director, responsible for portfolio management and trading of mortgage securities and whole loans.
- Prior to joining NYMT, he was a portfolio manager and managing director at Oak Hill Advisors L.P., where he was one of the founding members of OHA's mortgage business.
- Before OHA, he worked at The Blackstone Group and Fortress Investment Group, involved in asset management, investment analysis, and trading across distressed securitized product sectors.
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Adamas Trust (NASDAQ: ADAM), formerly known as New York Mortgage Trust, Inc., faces several key business risks inherent to its nature as a mortgage real estate investment trust (REIT). The company, which acquires, invests in, finances, and manages mortgage-related single-family and multi-family residential assets, is particularly susceptible to market and financial fluctuations. The three most significant risks to Adamas Trust's business are: 1. Interest Rate Risk: As a mortgage REIT, Adamas Trust's profitability is heavily dependent on the net interest margin, which is the spread between the interest earned on its mortgage assets and its cost of borrowing. Fluctuations in interest rates, particularly rising rates, can significantly narrow this spread by increasing funding costs and decreasing the market value of its existing mortgage-backed securities (MBS). The company also faces "rollover risk" due to its practice of funding long-term assets with shorter-duration borrowings, requiring continuous refinancing at potentially higher rates. 2. Credit Risk: While a portion of Adamas Trust's portfolio may include agency securities with minimal credit risk, the company also invests in non-agency residential mortgage-backed securities (RMBS), residential loans (including business purpose loans), and structured multi-family property investments. These credit-sensitive assets expose the company to the risk of borrower defaults, especially during economic downturns, which can lead to reduced income and potential losses. 3. Leverage Risk: Mortgage REITs typically employ substantial financial leverage to enhance returns. However, this high leverage can amplify both gains and losses. An elevated recourse leverage ratio, which measures debt relative to equity, can lead to increased losses and may constrain the cash available for distribution to stockholders. A high leverage position, particularly when combined with declining book value, could also negatively impact dividend sustainability and the company's ability to raise capital if market conditions deteriorate.AI Analysis | Feedback
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Adamas Trust (symbol: ADAM), formerly known as New York Mortgage Trust, Inc., operates in several significant addressable markets within the United States. The company's main products and services primarily focus on mortgage-related single-family and multi-family residential assets, as well as various structured finance products.
The addressable markets for Adamas Trust's main products and services in the U.S. include:
- Residential Mortgage Market: As of December 2023, the total U.S. residential mortgage debt outstanding was approximately $12.4 trillion. This market encompasses both single-family and multi-family residential loans, a core investment area for Adamas Trust.
- Business Purpose Loans: The U.S. market for business purpose loans, often utilized by real estate investors for rental and transitional properties, had an estimated origination volume of $187 billion in 2023.
- Multi-family Property Investment Market: Investments in multi-family properties, including preferred equity, mezzanine loans, and joint ventures, are part of a broader commercial real estate market. The total volume of multi-family property sales in the U.S. in 2023 was approximately $117.8 billion.
- Residential Mortgage-Backed Securities (RMBS) Market: The U.S. agency RMBS market, guaranteed by government-sponsored enterprises, had an outstanding value of approximately $8.5 trillion as of December 2023. While specific market size for non-agency RMBS is more fluid, the overall U.S. RMBS market represents a substantial addressable market for the company's investments.
- Commercial Mortgage-Backed Securities (CMBS) Market: The total outstanding balance of U.S. CMBS as of Q3 2023 was $900.2 billion.
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Adamas Trust (NASDAQ: ADAM) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions. The company, which rebranded from New York Mortgage Trust, Inc., has outlined a clear path to enhance its earning power.
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Growth in Business Purpose Loan (BPL) Origination via Constructive: The full acquisition and integration of Constructive Loans, LLC, a leading business purpose loan originator for residential real estate investors, is a significant driver. This acquisition is expected to enhance earnings through stable spread income and scalable origination economics, with management anticipating Constructive to become a positive contributor to earnings available for distribution (EAD) starting in Q1 2026. Adamas Trust plans to continue its securitization activities for BPL-Rental deals, with a target of one deal per quarter.
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Expansion and Optimization of Agency RMBS Portfolio: Adamas Trust has strategically increased its allocation to Agency Residential Mortgage-Backed Securities (RMBS). The company's Agency RMBS portfolio doubled in size in 2025 and constitutes a significant portion of its investment portfolio, with a target allocation of 60-70% of equity capital in 2026. This focus is anticipated to enhance net interest income and yield mid-to-high teens equity returns, contributing to overall revenue growth.
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Overall Investment Portfolio Expansion and Disciplined Asset Selection: The company achieved substantial investment portfolio expansion in 2025, growing by 42% year-over-year to approximately $10.5 billion. Adamas Trust is committed to disciplined asset selection and active portfolio management, focusing on high-quality, income-producing single-family residential assets. This strategy is designed to accelerate EAD growth and enhance long-term stockholder value through a diversified and strategically positioned portfolio.
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Favorable Market Conditions and Interest Rate Environment: Adamas Trust anticipates a positive market outlook due to the Federal Reserve's easing cycle and government policies aimed at improving housing affordability. These broader economic conditions are expected to create a more conducive environment for mortgage-related investments, thereby indirectly supporting the company's revenue growth by potentially improving asset valuations and demand for its products.
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Share Repurchases
- Adamas Trust (formerly New York Mortgage Trust) had an active common stock repurchase program, with $189.7 million available for repurchase as of February 2025.
- In March 2023, the common stock repurchase program was upsized to a total of $246 million, with approximately $46 million having been repurchased under the program as of that date.
- The company repurchased 587,347 shares of common stock for approximately $3.5 million at an average price of $5.95 in February 2025. Additionally, a preferred stock repurchase program of up to $100 million was authorized in March 2023, with $97.6 million remaining available as of March 2025.
Share Issuance
- In July 2021, the company issued 5,750,000 shares of 6.875% Series F Fixed-to-Floating-Rate Cumulative Redeemable Preferred Stock, generating approximately $138.6 million in net proceeds, which were primarily used to redeem outstanding Series C Preferred Stock.
Outbound Investments
- In July 2025, Adamas Trust (then New York Mortgage Trust) acquired the remaining 50% ownership interest in Constructive Loans, LLC through an all-cash transaction of $38.4 million, building on an initial strategic investment made in 2021. Constructive Loans originated over $1.7 billion in business purpose loans in the year prior to June 30, 2025.
- For the full year 2024, the company acquired $2.2 billion in investment securities, including $1.5 billion of Agency Residential Mortgage-Backed Securities (RMBS) and $1.9 billion of residential loans.
- In Q1 2025, Adamas Trust acquired $1.9 billion in assets, and its investment portfolio expanded to $8.6 billion in Q2 2025, which included the acquisition of $503.7 million in Agency investments and $280.2 million in residential loans.
Capital Expenditures
- Adamas Trust (then New York Mortgage Trust) reported capital expenditures of $3.5 million in Q4 2024.
- Annual capital expenditures were $36 million in 2024, $50 million in 2023, and $209 million in 2022.
- These capital expenditures are primarily focused on funding long-term assets and infrastructure.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.63 |
| Mkt Cap | 5.7 |
| Rev LTM | 1,213 |
| Op Inc LTM | - |
| FCF LTM | 218 |
| FCF 3Y Avg | 357 |
| CFO LTM | 218 |
| CFO 3Y Avg | 357 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 35.2% |
| Rev Chg 3Y Avg | 37.0% |
| Rev Chg Q | 42.4% |
| QoQ Delta Rev Chg LTM | 6.3% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 37.7% |
| CFO/Rev 3Y Avg | 27.5% |
| FCF/Rev LTM | 36.8% |
| FCF/Rev 3Y Avg | 27.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.7 |
| P/S | 5.9 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 7.4 |
| P/CFO | 8.2 |
| Total Yield | 14.2% |
| Dividend Yield | 4.8% |
| FCF Yield 3Y Avg | 9.2% |
| D/E | 3.7 |
| Net D/E | 2.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.7% |
| 3M Rtn | -2.1% |
| 6M Rtn | -1.1% |
| 12M Rtn | 17.0% |
| 3Y Rtn | 33.3% |
| 1M Excs Rtn | -5.6% |
| 3M Excs Rtn | -11.6% |
| 6M Excs Rtn | -9.2% |
| 12M Excs Rtn | -5.7% |
| 3Y Excs Rtn | -32.3% |
Price Behavior
| Market Price | $8.98 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 07/26/2004 | |
| Distance from 52W High | -2.4% | |
| 50 Days | 200 Days | |
| DMA Price | $8.26 | $7.36 |
| DMA Trend | up | up |
| Distance from DMA | 8.7% | 22.0% |
| 3M | 1YR | |
| Volatility | 44.1% | 32.1% |
| Downside Capture | 156.49 | 81.08 |
| Upside Capture | 157.04 | 108.83 |
| Correlation (SPY) | 52.2% | 37.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.46 | 1.88 | 1.54 | 1.17 | 0.97 | 0.96 |
| Up Beta | 2.60 | 2.10 | 1.39 | 1.34 | 1.28 | 0.76 |
| Down Beta | 2.75 | 1.12 | 1.58 | 1.51 | 0.80 | 1.02 |
| Up Capture | 66% | 174% | 167% | 121% | 111% | 98% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 25 | 35 | 68 | 134 | 389 |
| Down Capture | 102% | 209% | 154% | 79% | 80% | 104% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 15 | 27 | 54 | 109 | 336 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADAM | |
|---|---|---|---|---|
| ADAM | 54.7% | 32.0% | 1.39 | - |
| Sector ETF (XLF) | 4.6% | 14.6% | 0.09 | 31.2% |
| Equity (SPY) | 25.3% | 12.1% | 1.57 | 36.9% |
| Gold (GLD) | 27.6% | 26.9% | 0.88 | 17.5% |
| Commodities (DBC) | 36.9% | 19.0% | 1.52 | -14.5% |
| Real Estate (VNQ) | 12.5% | 13.3% | 0.63 | 52.4% |
| Bitcoin (BTCUSD) | -42.0% | 42.5% | -1.16 | 14.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADAM | |
|---|---|---|---|---|
| ADAM | -1.5% | 34.6% | 0.02 | - |
| Sector ETF (XLF) | 8.5% | 18.6% | 0.34 | 49.7% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 50.5% |
| Gold (GLD) | 17.3% | 18.1% | 0.78 | 14.1% |
| Commodities (DBC) | 9.5% | 19.4% | 0.38 | 10.5% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 60.0% |
| Bitcoin (BTCUSD) | 11.3% | 54.6% | 0.40 | 22.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADAM | |
|---|---|---|---|---|
| ADAM | 2.8% | 53.5% | 0.27 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 38.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 34.4% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 2.7% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 13.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 45.1% |
| Bitcoin (BTCUSD) | 63.3% | 66.9% | 1.03 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 15.9% | 13.9% | 18.7% |
| 2/18/2026 | 3.1% | 1.4% | -1.7% |
| 10/29/2025 | -4.6% | 0.0% | 10.1% |
| 7/30/2025 | -6.1% | -2.5% | 4.7% |
| 4/30/2025 | 8.2% | 11.6% | 11.2% |
| 2/19/2025 | 7.3% | 17.4% | 14.9% |
| 10/30/2024 | 3.0% | 3.6% | 9.6% |
| 7/31/2024 | -2.0% | -3.7% | 2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 15 |
| # Negative | 15 | 12 | 9 |
| Median Positive | 3.0% | 2.6% | 9.6% |
| Median Negative | -2.7% | -4.5% | -7.1% |
| Max Positive | 15.9% | 17.4% | 34.8% |
| Max Negative | -10.8% | -14.2% | -20.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.