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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Anika Therapeutics, Inc. (ANIK). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $29.6M, roughly 1.5× Anika Therapeutics, Inc.). On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 13.2%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -1.8%).
ADAM vs ANIK — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $29.6M |
| Net Profit | $53.5M | — |
| Gross Margin | — | 64.2% |
| Operating Margin | — | 17.3% |
| Net Margin | 124.0% | — |
| Revenue YoY | 61.6% | 13.2% |
| Net Profit YoY | 270.5% | — |
| EPS (diluted) | $0.45 | $0.27 |
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.
| Q1 26 | — | $29.6M | ||
| Q4 25 | $43.2M | $30.6M | ||
| Q3 25 | $36.6M | $27.8M | ||
| Q2 25 | $36.4M | $28.2M | ||
| Q1 25 | $33.1M | $26.2M | ||
| Q4 24 | $26.7M | $30.6M | ||
| Q3 24 | $20.2M | $29.6M | ||
| Q2 24 | $19.0M | $30.7M |
| Q1 26 | — | — | ||
| Q4 25 | $53.5M | $292.0K | ||
| Q3 25 | $44.8M | $-2.3M | ||
| Q2 25 | $8.5M | $-4.0M | ||
| Q1 25 | $42.2M | $-4.9M | ||
| Q4 24 | $-31.4M | $-21.9M | ||
| Q3 24 | $42.8M | $-29.9M | ||
| Q2 24 | $-15.6M | $-88.0K |
| Q1 26 | — | 64.2% | ||
| Q4 25 | — | 62.6% | ||
| Q3 25 | — | 56.0% | ||
| Q2 25 | — | 50.9% | ||
| Q1 25 | — | 56.1% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 65.7% | ||
| Q2 24 | — | 66.7% |
| Q1 26 | — | 17.3% | ||
| Q4 25 | — | 2.1% | ||
| Q3 25 | — | -11.6% | ||
| Q2 25 | 11.7% | -14.8% | ||
| Q1 25 | — | -16.4% | ||
| Q4 24 | -119.0% | -2.3% | ||
| Q3 24 | — | -0.3% | ||
| Q2 24 | -124.7% | -5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 124.0% | 1.0% | ||
| Q3 25 | 122.5% | -8.4% | ||
| Q2 25 | 23.4% | -14.1% | ||
| Q1 25 | 127.4% | -18.6% | ||
| Q4 24 | -117.5% | -71.4% | ||
| Q3 24 | 211.7% | -101.2% | ||
| Q2 24 | -81.9% | -0.3% |
| Q1 26 | — | $0.27 | ||
| Q4 25 | $0.45 | $0.02 | ||
| Q3 25 | $0.36 | $-0.16 | ||
| Q2 25 | $-0.04 | $-0.28 | ||
| Q1 25 | $0.33 | $-0.34 | ||
| Q4 24 | $-0.46 | $-1.49 | ||
| Q3 24 | $0.36 | $-2.03 | ||
| Q2 24 | $-0.29 | $0.00 |
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 | $41.0M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $133.9M |
| Total Assets | $12.6B | $179.4M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $41.0M | ||
| Q4 25 | $210.3M | $81.2M | ||
| Q3 25 | $185.3M | $80.2M | ||
| Q2 25 | $160.4M | $77.1M | ||
| Q1 25 | $177.1M | $75.4M | ||
| Q4 24 | $167.4M | $79.2M | ||
| Q3 24 | $195.1M | $90.7M | ||
| Q2 24 | $235.5M | $96.6M |
| Q1 26 | — | — | ||
| 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 26 | — | $133.9M | ||
| Q4 25 | $1.4B | $143.5M | ||
| Q3 25 | $1.4B | $146.8M | ||
| Q2 25 | $1.4B | $147.7M | ||
| Q1 25 | $1.4B | $148.4M | ||
| Q4 24 | $1.4B | $154.0M | ||
| Q3 24 | $1.4B | $179.9M | ||
| Q2 24 | $1.4B | $210.3M |
| Q1 26 | — | $179.4M | ||
| Q4 25 | $12.6B | $190.3M | ||
| Q3 25 | $12.4B | $189.4M | ||
| Q2 25 | $10.6B | $187.7M | ||
| Q1 25 | $10.0B | $190.6M | ||
| Q4 24 | $9.2B | $202.7M | ||
| Q3 24 | $8.9B | $231.4M | ||
| Q2 24 | $8.2B | $262.7M |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | — |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $134.0M | $4.6M | ||
| Q3 25 | $6.9M | $6.9M | ||
| Q2 25 | $39.2M | $-189.0K | ||
| Q1 25 | $25.8M | $-130.0K | ||
| Q4 24 | $14.1M | $1.6M | ||
| Q3 24 | $-922.0K | $5.0M | ||
| Q2 24 | $-993.0K | $-1.1M |
| Q1 26 | — | — | ||
| Q4 25 | $125.9M | $4.0M | ||
| Q3 25 | — | $5.0M | ||
| Q2 25 | — | $-1.7M | ||
| Q1 25 | — | $-3.0M | ||
| Q4 24 | $-10.6M | $275.0K | ||
| Q3 24 | $-8.6M | $3.8M | ||
| Q2 24 | $-8.6M | $-4.5M |
| Q1 26 | — | — | ||
| Q4 25 | 291.6% | 13.0% | ||
| Q3 25 | — | 17.9% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | — | -11.3% | ||
| Q4 24 | -39.6% | 0.9% | ||
| Q3 24 | -42.3% | 12.9% | ||
| Q2 24 | -44.9% | -14.6% |
| Q1 26 | — | — | ||
| Q4 25 | 18.9% | 2.1% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | 92.3% | 4.3% | ||
| Q3 24 | 37.7% | 4.1% | ||
| Q2 24 | 39.7% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.50× | 15.88× | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 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% |
ANIK
| OEM Channel | $17.0M | 57% |
| Commercial Channel | $12.6M | 43% |
