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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and DYNEX CAPITAL INC (DX). Click either name above to swap in a different company.
DYNEX CAPITAL INC is the larger business by last-quarter revenue ($43.5M vs $43.2M, roughly 1.0× ADAMAS TRUST, INC.). On growth, DYNEX CAPITAL INC posted the faster year-over-year revenue change (531.3% vs 61.6%). Over the past eight quarters, DYNEX CAPITAL INC's revenue compounded faster (75.8% CAGR vs 55.5%).
Dynex Capital Inc. is a publicly traded real estate investment trust headquartered in the United States. It specializes in investing in and managing a diversified portfolio of mortgage-backed securities, residential and commercial mortgage loans, and other mortgage-related assets. It delivers consistent returns to shareholders via regular dividends and long-term capital growth.
ADAM vs DX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $43.5M |
| Net Profit | $53.5M | — |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 124.0% | — |
| Revenue YoY | 61.6% | 531.3% |
| Net Profit YoY | 270.5% | — |
| EPS (diluted) | $0.45 | $1.59 |
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 | $43.5M | ||
| Q3 25 | $36.6M | $30.6M | ||
| Q2 25 | $36.4M | $23.1M | ||
| Q1 25 | $33.1M | $17.1M | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $20.2M | — | ||
| Q2 24 | $19.0M | — | ||
| Q1 24 | $17.9M | $-3.2M |
| Q4 25 | $53.5M | — | ||
| Q3 25 | $44.8M | $150.4M | ||
| Q2 25 | $8.5M | $-13.6M | ||
| Q1 25 | $42.2M | $-3.1M | ||
| Q4 24 | $-31.4M | — | ||
| Q3 24 | $42.8M | — | ||
| Q2 24 | $-15.6M | — | ||
| Q1 24 | $-57.9M | $40.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -119.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -124.7% | — | ||
| Q1 24 | -448.8% | — |
| Q4 25 | 124.0% | — | ||
| Q3 25 | 122.5% | 491.3% | ||
| Q2 25 | 23.4% | -58.8% | ||
| Q1 25 | 127.4% | -18.0% | ||
| Q4 24 | -117.5% | — | ||
| Q3 24 | 211.7% | — | ||
| Q2 24 | -81.9% | — | ||
| Q1 24 | -324.1% | -1256.8% |
| Q4 25 | $0.45 | $1.59 | ||
| Q3 25 | $0.36 | $1.08 | ||
| Q2 25 | $-0.04 | $-0.14 | ||
| Q1 25 | $0.33 | $-0.06 | ||
| Q4 24 | $-0.46 | — | ||
| Q3 24 | $0.36 | — | ||
| Q2 24 | $-0.29 | — | ||
| Q1 24 | $-0.75 | $0.64 |
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 | $531.0M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $2.5B |
| Total Assets | $12.6B | $17.3B |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $531.0M | ||
| Q3 25 | $185.3M | $491.0M | ||
| Q2 25 | $160.4M | $387.5M | ||
| Q1 25 | $177.1M | $327.4M | ||
| Q4 24 | $167.4M | — | ||
| Q3 24 | $195.1M | — | ||
| Q2 24 | $235.5M | — | ||
| Q1 24 | $226.9M | $295.7M |
| 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 | $2.5B | ||
| Q3 25 | $1.4B | $2.0B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | $958.5M |
| Q4 25 | $12.6B | $17.3B | ||
| Q3 25 | $12.4B | $14.2B | ||
| Q2 25 | $10.6B | $11.3B | ||
| Q1 25 | $10.0B | $9.0B | ||
| Q4 24 | $9.2B | — | ||
| Q3 24 | $8.9B | — | ||
| Q2 24 | $8.2B | — | ||
| Q1 24 | $7.4B | $6.3B |
| 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 | $134.0M | $120.8M |
| 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.
| Q4 25 | $134.0M | $120.8M | ||
| Q3 25 | $6.9M | $68.3M | ||
| Q2 25 | $39.2M | $31.9M | ||
| Q1 25 | $25.8M | $6.4M | ||
| Q4 24 | $14.1M | — | ||
| Q3 24 | $-922.0K | — | ||
| Q2 24 | $-993.0K | — | ||
| Q1 24 | $-13.1M | $-17.1M |
| 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× | — | ||
| Q3 25 | 0.15× | 0.45× | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.43× |
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% |
DX
Segment breakdown not available.
