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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Ellington Financial Inc. (EFC). Click either name above to swap in a different company.
Ellington Financial Inc. is the larger business by last-quarter revenue ($78.2M vs $43.2M, roughly 1.8× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 28.9%, a 95.1% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 8.7%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 1.8%).
Ellington Management Group is an American hedge fund firm. As of June 2019, the firm was reportedly managing $8.5 billion in structured products and other credit instruments.
ADAM vs EFC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $78.2M |
| Net Profit | $53.5M | $22.6M |
| Gross Margin | — | — |
| Operating Margin | — | 7.4% |
| Net Margin | 124.0% | 28.9% |
| Revenue YoY | 61.6% | 8.7% |
| Net Profit YoY | 270.5% | -26.2% |
| EPS (diluted) | $0.45 | $0.10 |
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 | $78.2M | ||
| Q3 25 | $36.6M | $82.8M | ||
| Q2 25 | $36.4M | $92.5M | ||
| Q1 25 | $33.1M | $82.9M | ||
| Q4 24 | $26.7M | $72.0M | ||
| Q3 24 | $20.2M | $67.0M | ||
| Q2 24 | $19.0M | $91.2M | ||
| Q1 24 | $17.9M | $75.5M |
| Q4 25 | $53.5M | $22.6M | ||
| Q3 25 | $44.8M | $29.5M | ||
| Q2 25 | $8.5M | $42.9M | ||
| Q1 25 | $42.2M | $31.6M | ||
| Q4 24 | $-31.4M | $30.7M | ||
| Q3 24 | $42.8M | $16.2M | ||
| Q2 24 | $-15.6M | $52.3M | ||
| Q1 24 | $-57.9M | $26.9M |
| Q4 25 | — | 7.4% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | 11.7% | 38.3% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | -119.0% | 28.0% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | -124.7% | 52.8% | ||
| Q1 24 | -448.8% | 42.2% |
| Q4 25 | 124.0% | 28.9% | ||
| Q3 25 | 122.5% | 35.7% | ||
| Q2 25 | 23.4% | 46.4% | ||
| Q1 25 | 127.4% | 38.2% | ||
| Q4 24 | -117.5% | 42.6% | ||
| Q3 24 | 211.7% | 24.1% | ||
| Q2 24 | -81.9% | 57.4% | ||
| Q1 24 | -324.1% | 35.6% |
| Q4 25 | $0.45 | $0.10 | ||
| Q3 25 | $0.36 | $0.29 | ||
| Q2 25 | $-0.04 | $0.45 | ||
| Q1 25 | $0.33 | $0.35 | ||
| Q4 24 | $-0.46 | $0.23 | ||
| Q3 24 | $0.36 | $0.19 | ||
| Q2 24 | $-0.29 | $0.62 | ||
| Q1 24 | $-0.75 | $0.32 |
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 | $201.9M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $1.8B |
| Total Assets | $12.6B | $19.4B |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $201.9M | ||
| Q3 25 | $185.3M | $184.8M | ||
| Q2 25 | $160.4M | $211.0M | ||
| Q1 25 | $177.1M | $203.3M | ||
| Q4 24 | $167.4M | $192.4M | ||
| Q3 24 | $195.1M | $217.7M | ||
| Q2 24 | $235.5M | $198.5M | ||
| Q1 24 | $226.9M | $187.5M |
| 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 | $1.8B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.5B | $1.5B |
| Q4 25 | $12.6B | $19.4B | ||
| Q3 25 | $12.4B | $17.8B | ||
| Q2 25 | $10.6B | $17.1B | ||
| Q1 25 | $10.0B | $16.6B | ||
| Q4 24 | $9.2B | $16.3B | ||
| Q3 24 | $8.9B | $16.0B | ||
| Q2 24 | $8.2B | $15.1B | ||
| Q1 24 | $7.4B | $15.1B |
| 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 | $-925.5M |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 2.50× | -40.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-925.5M | ||
| Q3 25 | $6.9M | $-290.4M | ||
| Q2 25 | $39.2M | $-210.5M | ||
| Q1 25 | $25.8M | $-126.4M | ||
| Q4 24 | $14.1M | $-430.5M | ||
| Q3 24 | $-922.0K | $-141.7M | ||
| Q2 24 | $-993.0K | $-88.6M | ||
| Q1 24 | $-13.1M | $-59.5M |
| 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% | 0.0% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | 0.0% | ||
| Q3 24 | 37.7% | 0.0% | ||
| Q2 24 | 39.7% | 0.0% | ||
| Q1 24 | 33.5% | 0.0% |
| Q4 25 | 2.50× | -40.92× | ||
| Q3 25 | 0.15× | -9.84× | ||
| Q2 25 | 4.59× | -4.90× | ||
| Q1 25 | 0.61× | -3.99× | ||
| Q4 24 | — | -14.04× | ||
| Q3 24 | -0.02× | -8.76× | ||
| Q2 24 | — | -1.69× | ||
| Q1 24 | — | -2.21× |
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% |
EFC
Segment breakdown not available.
