Latest Ratios: P/E Ratio 8.6x · EV/EBITDA 65.6x · ROE 10.5%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $848M | $668M | $550M | $777M | $966M | $1.4B | $1.4B |
| Enterprise Value | $11.6B | $11.5B | $3.9B | $3.4B | $3.4B | $3.6B | $3.3B |
| P/E Ratio → | 8.58 | 6.64 | — | — | — | 9.79 | — |
| P/S Ratio | 1.05 | 0.83 | 0.98 | 1.55 | 6.99 | 3.73 | 9.25 |
| P/B Ratio | 0.60 | 0.47 | 0.39 | 0.48 | 0.52 | 0.58 | 0.59 |
| P/FCF | 6.74 | 5.31 | 119.61 | 25.93 | 10.52 | 10.20 | 12.35 |
| P/OCF | 6.33 | 4.98 | 39.11 | 25.93 | 10.52 | 10.20 | 12.32 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.23 | 7.05 | 6.78 | 24.40 | 9.60 | 22.20 |
| EV / EBITDA | 65.58 | 64.56 | — | — | — | 15.06 | — |
| EV / EBIT | 84.47 | 83.17 | — | — | — | 19.11 | — |
| EV / FCF | — | 91.04 | 855.92 | 113.33 | 36.71 | 26.26 | 29.62 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 43.8% | 43.8% | 42.6% | 61.6% | 6.3% | 79.1% | 91.7% |
| Operating Margin | 17.1% | 17.1% | -16.6% | -15.5% | -246.3% | 50.2% | -45.1% |
| Net Profit Margin | 18.5% | 18.5% | -11.1% | -9.7% | -216.2% | 50.8% | -195.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | -4.1% | -2.8% | -13.9% | 8.2% | -12.5% |
| ROA | 1.4% | 1.4% | -0.7% | -0.7% | -5.0% | 3.7% | -6.2% |
| ROIC | 1.2% | 1.2% | -1.5% | -1.4% | -5.7% | 3.2% | -1.2% |
| ROCE | 3.3% | 3.3% | -1.1% | -1.1% | -5.7% | 3.7% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 7.69 | 7.69 | 2.52 | 1.72 | 1.42 | 1.04 | 0.96 |
| Debt / EBITDA | 61.99 | 61.99 | — | — | — | 10.40 | — |
| Net Debt / Equity | — | 7.54 | 2.40 | 1.61 | 1.29 | 0.92 | 0.83 |
| Net Debt / EBITDA | 60.80 | 60.80 | — | — | — | 9.21 | — |
| Debt / FCF | — | 85.73 | 736.31 | 87.41 | 26.19 | 16.06 | 17.28 |
| Interest Coverage | 0.30 | 0.30 | -0.29 | -0.40 | -2.63 | 2.41 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.03 | 0.03 | — | — | — | — | — |
| Quick Ratio | 0.03 | 0.03 | — | — | — | — | — |
| Cash Ratio | 0.03 | 0.03 | — | — | — | — | — |
| Asset Turnover | — | 0.06 | 0.06 | 0.07 | 0.02 | 0.07 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 14.1% | 18.3% | 13.6% | 16.6% | 15.7% | 10.7% | 10.7% |
| Payout Ratio | — | — | — | — | — | 78.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.7% | 15.1% | — | — | — | 10.2% | — |
| FCF Yield | 14.8% | 18.8% | 0.8% | 3.9% | 9.5% | 9.8% | 8.1% |
| Buyback Yield | 0.2% | 0.2% | 0.6% | 1.1% | 4.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 14.3% | 18.5% | 14.3% | 17.7% | 20.3% | 10.7% | 10.7% |
| Shares Outstanding | — | $92M | $91M | $91M | $94M | $95M | $93M |
High leverage and liquidity
Based on recent market data, ADAM trades at a P/B of 0.61, which suggests a significant complexity discount compared to simpler mortgage peers, as investors appear to struggle with pricing the disparate risks of mezzanine lending alongside the firm's direct single-family rental property management platform.
The current P/E of 8.65 and P/B of 0.61 indicate that the market remains skeptical of the firm's hybrid transition. This valuation warrants further investigation into whether the market is mispricing the potential for long-term alpha generation from the firm's credit-touch expertise versus the inherent volatility of its mortgage-focused business model.
According to quarterly income data, ADAM's NOI margin reached 53.6% in 2026Q1, representing a notable recovery from the 29.4% trough observed in 2024Q4, which suggests that the firm has effectively optimized its property-level operating expenses and improved the yield profile of its underlying real estate assets.
The expansion in NOI margins appears to be a primary driver of the firm's recent FFO growth. Investors should monitor whether this margin expansion is sustainable or if it relies on one-time valuation adjustments that may not represent recurring operational efficiency.
As reported in financial statements, ADAM's 2026Q1 FFO payout ratio of 56.9% indicates a significant improvement in dividend coverage compared to the 97.4% level seen in 2025Q2, suggesting that the current distribution is better supported by core earnings as the firm stabilizes its hybrid capital allocation framework.
While the payout ratio has improved, the volatility in FFO per share suggests that dividend safety remains sensitive to interest rate fluctuations. The firm's ability to maintain this coverage depends on its success in generating consistent interest income from its non-agency RMBS and mezzanine portfolios.
Based on the provided quarterly figures, ADAM's debt-to-equity ratio has climbed to 7.65 in 2026Q1, a substantial increase from the 1.72 ratio observed in 2023Q4, indicating a significant shift toward higher leverage to support the firm's rapidly expanded investment portfolio and asset-heavy strategy.
This elevated leverage profile suggests a heightened sensitivity to interest rate volatility and potential margin calls on repo facilities. The reliance on debt to fund growth may indicate that the firm is aggressively pursuing yield at the expense of a more conservative balance sheet structure.
As noted in industry analysis, the market's reliance on standard P/E multiples for ADAM is deeply misleading because it fails to account for the non-cash depreciation and fair value adjustments inherent in the firm's mortgage-focused business model, which obscures the true recurring earnings power of the trust.
Investors should instead prioritize FFO and AFFO as the primary metrics for assessing performance, as these adjustments strip away the noise created by fair value accounting. Using P/E ignores the capital-intensive nature of the firm's assets and leads to an inaccurate assessment of valuation relative to peers.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying ADAM stock.
Adamas Trust, Inc.'s current P/E ratio is 8.6x. The historical average is 8.2x. This places it at the 50th percentile of its historical range.
Adamas Trust, Inc.'s current EV/EBITDA is 65.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.8x.
Adamas Trust, Inc.'s return on equity (ROE) is 10.5%. The historical average is -2.4%.
Based on historical data, Adamas Trust, Inc. is trading at a P/E of 8.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Adamas Trust, Inc.'s current dividend yield is 14.12%.
Adamas Trust, Inc. has 43.8% gross margin and 17.1% operating margin. Operating margin between 10-20% is typical for established companies.
Adamas Trust, Inc.'s Debt/EBITDA ratio is 62.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.