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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $38.9M, roughly 1.1× CODEXIS, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 24.7%, a 99.3% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 61.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $19.6M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 51.0%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
ADAM vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $38.9M |
| Net Profit | $53.5M | $9.6M |
| Gross Margin | — | 94.8% |
| Operating Margin | — | 27.1% |
| Net Margin | 124.0% | 24.7% |
| Revenue YoY | 61.6% | 81.3% |
| Net Profit YoY | 270.5% | 192.5% |
| EPS (diluted) | $0.45 | $0.13 |
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 | $38.9M | ||
| Q3 25 | $36.6M | $8.6M | ||
| Q2 25 | $36.4M | $15.3M | ||
| Q1 25 | $33.1M | $7.5M | ||
| Q4 24 | $26.7M | $21.5M | ||
| Q3 24 | $20.2M | $12.8M | ||
| Q2 24 | $19.0M | $8.0M | ||
| Q1 24 | $17.9M | $17.1M |
| Q4 25 | $53.5M | $9.6M | ||
| Q3 25 | $44.8M | $-19.6M | ||
| Q2 25 | $8.5M | $-13.3M | ||
| Q1 25 | $42.2M | $-20.7M | ||
| Q4 24 | $-31.4M | $-10.4M | ||
| Q3 24 | $42.8M | $-20.6M | ||
| Q2 24 | $-15.6M | $-22.8M | ||
| Q1 24 | $-57.9M | $-11.5M |
| Q4 25 | — | 94.8% | ||
| Q3 25 | — | 71.3% | ||
| Q2 25 | — | 86.3% | ||
| Q1 25 | — | 63.8% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | — | 66.4% | ||
| Q2 24 | — | 56.6% | ||
| Q1 24 | — | 71.6% |
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | -220.3% | ||
| Q2 25 | 11.7% | -83.9% | ||
| Q1 25 | — | -271.6% | ||
| Q4 24 | -119.0% | -34.2% | ||
| Q3 24 | — | -129.0% | ||
| Q2 24 | -124.7% | -284.9% | ||
| Q1 24 | -448.8% | -69.6% |
| Q4 25 | 124.0% | 24.7% | ||
| Q3 25 | 122.5% | -228.1% | ||
| Q2 25 | 23.4% | -86.6% | ||
| Q1 25 | 127.4% | -274.3% | ||
| Q4 24 | -117.5% | -48.4% | ||
| Q3 24 | 211.7% | -160.8% | ||
| Q2 24 | -81.9% | -285.2% | ||
| Q1 24 | -324.1% | -67.4% |
| Q4 25 | $0.45 | $0.13 | ||
| Q3 25 | $0.36 | $-0.22 | ||
| Q2 25 | $-0.04 | $-0.16 | ||
| Q1 25 | $0.33 | $-0.25 | ||
| Q4 24 | $-0.46 | $-0.12 | ||
| Q3 24 | $0.36 | $-0.29 | ||
| Q2 24 | $-0.29 | $-0.32 | ||
| Q1 24 | $-0.75 | $-0.16 |
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 | $78.2M |
| Total DebtLower is stronger | $735.8M | $40.1M |
| Stockholders' EquityBook value | $1.4B | $50.5M |
| Total Assets | $12.6B | $147.8M |
| Debt / EquityLower = less leverage | 0.52× | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $78.2M | ||
| Q3 25 | $185.3M | $58.7M | ||
| Q2 25 | $160.4M | $66.3M | ||
| Q1 25 | $177.1M | $59.8M | ||
| Q4 24 | $167.4M | $73.5M | ||
| Q3 24 | $195.1M | $90.3M | ||
| Q2 24 | $235.5M | $73.2M | ||
| Q1 24 | $226.9M | $85.5M |
| Q4 25 | $735.8M | $40.1M | ||
| Q3 25 | $766.6M | $39.7M | ||
| Q2 25 | $653.0M | $39.4M | ||
| Q1 25 | $654.4M | $29.2M | ||
| Q4 24 | $573.2M | $28.9M | ||
| Q3 24 | $699.4M | $28.6M | ||
| Q2 24 | $800.7M | $28.4M | ||
| Q1 24 | $1.0B | $28.1M |
| Q4 25 | $1.4B | $50.5M | ||
| Q3 25 | $1.4B | $38.5M | ||
| Q2 25 | $1.4B | $55.6M | ||
| Q1 25 | $1.4B | $49.6M | ||
| Q4 24 | $1.4B | $66.9M | ||
| Q3 24 | $1.4B | $73.4M | ||
| Q2 24 | $1.4B | $61.4M | ||
| Q1 24 | $1.5B | $79.3M |
| Q4 25 | $12.6B | $147.8M | ||
| Q3 25 | $12.4B | $124.0M | ||
| Q2 25 | $10.6B | $138.2M | ||
| Q1 25 | $10.0B | $128.9M | ||
| Q4 24 | $9.2B | $149.0M | ||
| Q3 24 | $8.9B | $148.2M | ||
| Q2 24 | $8.2B | $132.0M | ||
| Q1 24 | $7.4B | $149.6M |
| Q4 25 | 0.52× | 0.79× | ||
| Q3 25 | 0.55× | 1.03× | ||
| Q2 25 | 0.47× | 0.71× | ||
| Q1 25 | 0.47× | 0.59× | ||
| Q4 24 | 0.41× | 0.43× | ||
| Q3 24 | 0.48× | 0.39× | ||
| Q2 24 | 0.56× | 0.46× | ||
| Q1 24 | 0.67× | 0.35× |
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 | $20.1M |
| Free Cash FlowOCF − Capex | $125.9M | $19.6M |
| FCF MarginFCF / Revenue | 291.6% | 50.3% |
| Capex IntensityCapex / Revenue | 18.9% | 1.3% |
| Cash ConversionOCF / Net Profit | 2.50× | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $20.1M | ||
| Q3 25 | $6.9M | $-7.7M | ||
| Q2 25 | $39.2M | $-18.0M | ||
| Q1 25 | $25.8M | $-13.8M | ||
| Q4 24 | $14.1M | $-16.5M | ||
| Q3 24 | $-922.0K | $-13.0M | ||
| Q2 24 | $-993.0K | $-12.2M | ||
| Q1 24 | $-13.1M | $-7.8M |
| Q4 25 | $125.9M | $19.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $-20.5M | ||
| Q1 25 | — | $-15.1M | ||
| Q4 24 | $-10.6M | $-18.2M | ||
| Q3 24 | $-8.6M | $-14.0M | ||
| Q2 24 | $-8.6M | $-12.6M | ||
| Q1 24 | $-19.1M | $-8.9M |
| Q4 25 | 291.6% | 50.3% | ||
| Q3 25 | — | -91.7% | ||
| Q2 25 | — | -133.6% | ||
| Q1 25 | — | -199.6% | ||
| Q4 24 | -39.6% | -85.0% | ||
| Q3 24 | -42.3% | -109.0% | ||
| Q2 24 | -44.9% | -157.5% | ||
| Q1 24 | -107.0% | -52.2% |
| Q4 25 | 18.9% | 1.3% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 16.7% | ||
| Q4 24 | 92.3% | 8.3% | ||
| Q3 24 | 37.7% | 7.8% | ||
| Q2 24 | 39.7% | 5.0% | ||
| Q1 24 | 33.5% | 6.6% |
| Q4 25 | 2.50× | 2.09× | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| 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% |
CDXS
Segment breakdown not available.
