vs
Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and American Healthcare REIT, Inc. (AHR). Click either name above to swap in a different company.
American Healthcare REIT, Inc. is the larger business by last-quarter revenue ($564.0M vs $43.2M, roughly 13.1× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 1.9%, a 122.1% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 13.5%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 11.7%).
Medical Properties Trust, Inc. (MPT) is an international real estate investment trust (REIT) based in Birmingham, Alabama that purchases and invests in healthcare facilities and for-profit healthcare holding companies, primarily in the United States and Europe. Their property acquisitions often come in the form of sale-leaseback agreements, in which the original property owner sells the property to MPT and becomes their tenant. MPT's tenants are generally subject to long-term triple net lease...
ADAM vs AHR — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $564.0M |
| Net Profit | $53.5M | $10.8M |
| Gross Margin | — | 14.8% |
| Operating Margin | — | 19.8% |
| Net Margin | 124.0% | 1.9% |
| Revenue YoY | 61.6% | 13.5% |
| Net Profit YoY | 270.5% | 133.9% |
| EPS (diluted) | $0.45 | $0.07 |
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 | $564.0M | ||
| Q3 25 | $36.6M | $532.1M | ||
| Q2 25 | $36.4M | $501.3M | ||
| Q1 25 | $33.1M | $497.2M | ||
| Q4 24 | $26.7M | $496.8M | ||
| Q3 24 | $20.2M | $476.8M | ||
| Q2 24 | $19.0M | $458.0M | ||
| Q1 24 | $17.9M | $452.1M |
| Q4 25 | $53.5M | $10.8M | ||
| Q3 25 | $44.8M | $55.9M | ||
| Q2 25 | $8.5M | $9.9M | ||
| Q1 25 | $42.2M | $-6.8M | ||
| Q4 24 | $-31.4M | $-31.8M | ||
| Q3 24 | $42.8M | $-4.1M | ||
| Q2 24 | $-15.6M | $2.0M | ||
| Q1 24 | $-57.9M | $-3.9M |
| Q4 25 | — | 14.8% | ||
| Q3 25 | — | 14.6% | ||
| Q2 25 | — | 15.0% | ||
| Q1 25 | — | 13.0% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 12.5% | ||
| Q2 24 | — | 12.1% | ||
| Q1 24 | — | 10.7% |
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 19.9% | ||
| Q2 25 | 11.7% | 20.6% | ||
| Q1 25 | — | 19.0% | ||
| Q4 24 | -119.0% | 20.0% | ||
| Q3 24 | — | 19.6% | ||
| Q2 24 | -124.7% | 19.4% | ||
| Q1 24 | -448.8% | 18.2% |
| Q4 25 | 124.0% | 1.9% | ||
| Q3 25 | 122.5% | 10.5% | ||
| Q2 25 | 23.4% | 2.0% | ||
| Q1 25 | 127.4% | -1.4% | ||
| Q4 24 | -117.5% | -6.4% | ||
| Q3 24 | 211.7% | -0.9% | ||
| Q2 24 | -81.9% | 0.4% | ||
| Q1 24 | -324.1% | -0.9% |
| Q4 25 | $0.45 | $0.07 | ||
| Q3 25 | $0.36 | $0.33 | ||
| Q2 25 | $-0.04 | $0.06 | ||
| Q1 25 | $0.33 | $-0.04 | ||
| Q4 24 | $-0.46 | $-0.23 | ||
| Q3 24 | $0.36 | $-0.03 | ||
| Q2 24 | $-0.29 | $0.01 | ||
| Q1 24 | $-0.75 | $-0.04 |
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 | $114.8M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $3.3B |
| Total Assets | $12.6B | $5.4B |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $114.8M | ||
| Q3 25 | $185.3M | $147.4M | ||
| Q2 25 | $160.4M | $133.5M | ||
| Q1 25 | $177.1M | $86.1M | ||
| Q4 24 | $167.4M | $76.7M | ||
| Q3 24 | $195.1M | $67.8M | ||
| Q2 24 | $235.5M | $52.1M | ||
| Q1 24 | $226.9M | $77.0M |
| Q4 25 | $735.8M | — | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | — | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $3.3B | ||
| Q3 25 | $1.4B | $2.7B | ||
| Q2 25 | $1.4B | $2.4B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.4B | $2.3B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.4B | $1.9B | ||
| Q1 24 | $1.5B | $2.0B |
| Q4 25 | $12.6B | $5.4B | ||
| Q3 25 | $12.4B | $4.8B | ||
| Q2 25 | $10.6B | $4.5B | ||
| Q1 25 | $10.0B | $4.5B | ||
| Q4 24 | $9.2B | $4.5B | ||
| Q3 24 | $8.9B | $4.7B | ||
| Q2 24 | $8.2B | $4.6B | ||
| Q1 24 | $7.4B | $4.7B |
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
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 | $62.1M | $55.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.16× | 5.12× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.1M | $55.2M | ||
| Q3 25 | $6.9M | $107.2M | ||
| Q2 25 | $39.2M | $71.5M | ||
| Q1 25 | $25.8M | $60.6M | ||
| Q4 24 | $29.1M | $59.5M | ||
| Q3 24 | $-922.0K | $63.1M | ||
| Q2 24 | $-993.0K | $59.4M | ||
| Q1 24 | $-13.1M | $-6.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $25.7M | — | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-8.6M | — | ||
| Q1 24 | $-19.1M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 96.1% | — | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 1.16× | 5.12× | ||
| Q3 25 | 0.15× | 1.92× | ||
| Q2 25 | 4.59× | 7.21× | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | 30.02× | ||
| Q1 24 | — | — |
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% |
AHR
| Integrated Senior Health Campuses | $467.0M | 83% |
| SHOP | $97.0M | 17% |
