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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Armada Hoffler Properties, Inc. (AHH). Click either name above to swap in a different company.
Armada Hoffler Properties, Inc. is the larger business by last-quarter revenue ($75.6M vs $43.2M, roughly 1.8× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 3.1%, a 120.8% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 0.8%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
ADAM vs AHH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $75.6M |
| Net Profit | $53.5M | $2.4M |
| Gross Margin | — | — |
| Operating Margin | — | 31.0% |
| Net Margin | 124.0% | 3.1% |
| Revenue YoY | 61.6% | 0.8% |
| Net Profit YoY | 270.5% | -89.8% |
| EPS (diluted) | $0.45 | $0.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.2M | $75.6M | ||
| Q3 25 | $36.6M | $72.7M | ||
| Q2 25 | $36.4M | $69.1M | ||
| Q1 25 | $33.1M | $67.8M | ||
| Q4 24 | $26.7M | $75.0M | ||
| Q3 24 | $20.2M | $114.4M | ||
| Q2 24 | $19.0M | $116.8M | ||
| Q1 24 | $17.9M | $127.0M |
| Q4 25 | $53.5M | $2.4M | ||
| Q3 25 | $44.8M | $80.0K | ||
| Q2 25 | $8.5M | $5.9M | ||
| Q1 25 | $42.2M | $-2.8M | ||
| Q4 24 | $-31.4M | $23.4M | ||
| Q3 24 | $42.8M | $-5.0M | ||
| Q2 24 | $-15.6M | $3.2M | ||
| Q1 24 | $-57.9M | $14.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 45.0% | ||
| Q2 24 | — | 41.8% | ||
| Q1 24 | — | 37.9% |
| Q4 25 | — | 31.0% | ||
| Q3 25 | — | 29.2% | ||
| Q2 25 | 11.7% | 29.6% | ||
| Q1 25 | — | 23.2% | ||
| Q4 24 | -119.0% | 50.1% | ||
| Q3 24 | — | 19.0% | ||
| Q2 24 | -124.7% | 11.9% | ||
| Q1 24 | -448.8% | 15.1% |
| Q4 25 | 124.0% | 3.1% | ||
| Q3 25 | 122.5% | 0.1% | ||
| Q2 25 | 23.4% | 8.6% | ||
| Q1 25 | 127.4% | -4.1% | ||
| Q4 24 | -117.5% | 31.2% | ||
| Q3 24 | 211.7% | -4.4% | ||
| Q2 24 | -81.9% | 2.7% | ||
| Q1 24 | -324.1% | 11.1% |
| Q4 25 | $0.45 | $0.00 | ||
| Q3 25 | $0.36 | $-0.04 | ||
| Q2 25 | $-0.04 | $0.04 | ||
| Q1 25 | $0.33 | $-0.07 | ||
| Q4 24 | $-0.46 | $0.28 | ||
| Q3 24 | $0.36 | $-0.11 | ||
| Q2 24 | $-0.29 | $0.00 | ||
| Q1 24 | $-0.75 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $49.1M |
| Total DebtLower is stronger | $735.8M | $1.5B |
| Stockholders' EquityBook value | $1.4B | $627.8M |
| Total Assets | $12.6B | $2.6B |
| Debt / EquityLower = less leverage | 0.52× | 2.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $49.1M | ||
| Q3 25 | $185.3M | $46.5M | ||
| Q2 25 | $160.4M | $52.1M | ||
| Q1 25 | $177.1M | $45.7M | ||
| Q4 24 | $167.4M | $31.9M | ||
| Q3 24 | $195.1M | $43.9M | ||
| Q2 24 | $235.5M | $20.3M | ||
| Q1 24 | $226.9M | $41.9M |
| Q4 25 | $735.8M | $1.5B | ||
| Q3 25 | $766.6M | $1.5B | ||
| Q2 25 | $653.0M | $1.4B | ||
| Q1 25 | $654.4M | $1.3B | ||
| Q4 24 | $573.2M | $1.3B | ||
| Q3 24 | $699.4M | $1.3B | ||
| Q2 24 | $800.7M | $1.4B | ||
| Q1 24 | $1.0B | $1.4B |
| Q4 25 | $1.4B | $627.8M | ||
| Q3 25 | $1.4B | $638.8M | ||
| Q2 25 | $1.4B | $652.0M | ||
| Q1 25 | $1.4B | $657.4M | ||
| Q4 24 | $1.4B | $670.6M | ||
| Q3 24 | $1.4B | $663.9M | ||
| Q2 24 | $1.4B | $562.7M | ||
| Q1 24 | $1.5B | $571.4M |
| Q4 25 | $12.6B | $2.6B | ||
| Q3 25 | $12.4B | $2.6B | ||
| Q2 25 | $10.6B | $2.6B | ||
| Q1 25 | $10.0B | $2.5B | ||
| Q4 24 | $9.2B | $2.5B | ||
| Q3 24 | $8.9B | $2.6B | ||
| Q2 24 | $8.2B | $2.6B | ||
| Q1 24 | $7.4B | $2.6B |
| Q4 25 | 0.52× | 2.43× | ||
| Q3 25 | 0.55× | 2.33× | ||
| Q2 25 | 0.47× | 2.22× | ||
| Q1 25 | 0.47× | 2.01× | ||
| Q4 24 | 0.41× | 1.93× | ||
| Q3 24 | 0.48× | 2.00× | ||
| Q2 24 | 0.56× | 2.52× | ||
| Q1 24 | 0.67× | 2.50× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $64.2M |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | — |
| Cash ConversionOCF / Net Profit | 2.50× | 26.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $64.2M | ||
| Q3 25 | $6.9M | $26.3M | ||
| Q2 25 | $39.2M | $11.1M | ||
| Q1 25 | $25.8M | $107.0K | ||
| Q4 24 | $14.1M | $112.0M | ||
| Q3 24 | $-922.0K | $27.3M | ||
| Q2 24 | $-993.0K | $17.4M | ||
| Q1 24 | $-13.1M | $46.5M |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-10.6M | — | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-8.6M | — | ||
| Q1 24 | $-19.1M | — |
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -39.6% | — | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | 26.99× | ||
| Q3 25 | 0.15× | 328.63× | ||
| Q2 25 | 4.59× | 1.87× | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | 4.78× | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | 5.48× | ||
| Q1 24 | — | 3.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
