Adamas Trust, Inc. (ADAM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+149.8%

$14.81

vs $5.93 price

Levered DCF

$130.16

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.02

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	6.52×	-5.32×	-8.42×	-2.84×	9.79×	-4.16×	9.51×	9.46×
P/B	0.46×	0.39×	0.48×	0.55×	0.6×	0.59×	0.63×	0.64×
P/S	0.82×	0.98×	1.52×	6.99×	3.71×	9.25×	1.84×	1.6×
EV / EBITDA	64.52×	-119.79×	-131.91×	-18×	15.03×	-49.21×	30.26×	29.33×
Gross margin	43.8%	42.6%	61.6%	6.3%	79.1%	91.7%	98.0%	96.0%
Operating margin	17.1%	-16.6%	-15.5%	-246.3%	50.2%	-45.1%	23.0%	21.4%
Net margin	18.5%	-11.1%	-9.7%	-216.2%	50.8%	-195.0%	23.1%	22.0%
Current ratio	0.03×	0×	0×	0×	0×	0×	0.05×	0.05×
Debt / equity	7.71×	2.55×	1.78×	1.5×	1.08×	0.96×	9.57×	11.41×
Interest coverage	0.3×	-0.29×	-0.4×	-2.63×	2.41×	-0.3×	0.3×	0.27×
Dividend yield	18.5%	21.2%	22.5%	20.0%	13.8%	10.7%	13.6%	16.2%
Payout ratio	81.8%	-188.1%	-350.8%	-64.7%	100.9%	-50.8%	108.2%	118.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	-4.4%	-3.1%	-16.9%	8.3%	-12.5%	7.9%	8.7%
Return on invested capital	1.1%	0.0%	0.0%	0.0%	0.0%	-16.5%	0.7%	0.7%
Return on assets	1.2%	-0.7%	-0.7%	-4.8%	3.4%	-6.2%	0.7%	0.7%
Free cash flow yield	19.1%	0.8%	3.9%	9.5%	9.8%	8.1%	2.5%	3.2%
Earnings yield	22.6%	-11.3%	-6.4%	-30.9%	13.7%	-21.1%	12.6%	13.7%
Enterprise value	$11.5B	$3.9B	$3.4B	$3.4B	$3.6B	$3.3B	$22.4B	$14.1B
Net debt / EBITDA	60.8×	-103.05×	-102.25×	-12.84×	9.21×	-28.7×	28.39×	27.77×
Cash conversion cycle (days)	0	52	2	131	25	0	10,181	9,935