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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Evolus, Inc. (EOLS). Click either name above to swap in a different company.
Evolus, Inc. is the larger business by last-quarter revenue ($73.1M vs $43.2M, roughly 1.7× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -14.6%, a 138.6% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 6.7%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 4.6%).
Evolus, Inc. is a medical aesthetics company focused on developing and commercializing non-surgical cosmetic treatment solutions. Its flagship product is a prescription neuromodulator designed to reduce moderate to severe glabellar frown lines, serving licensed aesthetic healthcare providers and consumers across North America, Europe, and key Asia-Pacific regional markets.
ADAM vs EOLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $73.1M |
| Net Profit | $53.5M | $-10.7M |
| Gross Margin | — | 66.9% |
| Operating Margin | — | 23.8% |
| Net Margin | 124.0% | -14.6% |
| Revenue YoY | 61.6% | 6.7% |
| Net Profit YoY | 270.5% | — |
| EPS (diluted) | $0.45 | $-0.16 |
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 | — | $73.1M | ||
| Q4 25 | $43.2M | $90.3M | ||
| Q3 25 | $36.6M | $69.0M | ||
| Q2 25 | $36.4M | $69.4M | ||
| Q1 25 | $33.1M | $68.5M | ||
| Q4 24 | $26.7M | $78.9M | ||
| Q3 24 | $20.2M | $61.1M | ||
| Q2 24 | $19.0M | $66.9M |
| Q1 26 | — | $-10.7M | ||
| Q4 25 | $53.5M | $130.0K | ||
| Q3 25 | $44.8M | $-15.7M | ||
| Q2 25 | $8.5M | $-17.1M | ||
| Q1 25 | $42.2M | $-18.9M | ||
| Q4 24 | $-31.4M | $-6.8M | ||
| Q3 24 | $42.8M | $-19.2M | ||
| Q2 24 | $-15.6M | $-11.3M |
| Q1 26 | — | 66.9% | ||
| Q4 25 | — | 65.7% | ||
| Q3 25 | — | 66.5% | ||
| Q2 25 | — | 65.3% | ||
| Q1 25 | — | 68.1% | ||
| Q4 24 | — | 66.7% | ||
| Q3 24 | — | 68.9% | ||
| Q2 24 | — | 70.3% |
| Q1 26 | — | 23.8% | ||
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | -16.7% | ||
| Q2 25 | 11.7% | -14.7% | ||
| Q1 25 | — | -22.1% | ||
| Q4 24 | -119.0% | -2.9% | ||
| Q3 24 | — | -25.3% | ||
| Q2 24 | -124.7% | -11.5% |
| Q1 26 | — | -14.6% | ||
| Q4 25 | 124.0% | 0.1% | ||
| Q3 25 | 122.5% | -22.8% | ||
| Q2 25 | 23.4% | -24.7% | ||
| Q1 25 | 127.4% | -27.6% | ||
| Q4 24 | -117.5% | -8.6% | ||
| Q3 24 | 211.7% | -31.4% | ||
| Q2 24 | -81.9% | -17.0% |
| Q1 26 | — | $-0.16 | ||
| Q4 25 | $0.45 | $0.01 | ||
| Q3 25 | $0.36 | $-0.24 | ||
| Q2 25 | $-0.04 | $-0.27 | ||
| Q1 25 | $0.33 | $-0.30 | ||
| Q4 24 | $-0.46 | $-0.11 | ||
| Q3 24 | $0.36 | $-0.30 | ||
| Q2 24 | $-0.29 | $-0.18 |
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 | $49.8M |
| Total DebtLower is stronger | $735.8M | $156.4M |
| Stockholders' EquityBook value | $1.4B | — |
| Total Assets | $12.6B | $220.6M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | $210.3M | $53.8M | ||
| Q3 25 | $185.3M | $43.5M | ||
| Q2 25 | $160.4M | $61.7M | ||
| Q1 25 | $177.1M | $67.9M | ||
| Q4 24 | $167.4M | $87.0M | ||
| Q3 24 | $195.1M | $85.0M | ||
| Q2 24 | $235.5M | $93.7M |
| Q1 26 | — | $156.4M | ||
| Q4 25 | $735.8M | $146.1M | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | $121.8M | ||
| Q4 24 | $573.2M | $121.5M | ||
| Q3 24 | $699.4M | $121.2M | ||
| Q2 24 | $800.7M | $120.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $-23.1M | ||
| Q3 25 | $1.4B | $-28.8M | ||
| Q2 25 | $1.4B | $-18.7M | ||
| Q1 25 | $1.4B | $-6.6M | ||
| Q4 24 | $1.4B | $5.5M | ||
| Q3 24 | $1.4B | $5.9M | ||
| Q2 24 | $1.4B | $19.3M |
| Q1 26 | — | $220.6M | ||
| Q4 25 | $12.6B | $225.9M | ||
| Q3 25 | $12.4B | $219.0M | ||
| Q2 25 | $10.6B | $228.8M | ||
| Q1 25 | $10.0B | $213.4M | ||
| Q4 24 | $9.2B | $232.6M | ||
| Q3 24 | $8.9B | $229.6M | ||
| Q2 24 | $8.2B | $233.8M |
| Q1 26 | — | — | ||
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | 22.00× | ||
| Q3 24 | 0.48× | 20.58× | ||
| Q2 24 | 0.56× | 6.26× |
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 | $12.8M | ||
| Q3 25 | $6.9M | $-14.7M | ||
| Q2 25 | $39.2M | $-24.8M | ||
| Q1 25 | $25.8M | $-15.6M | ||
| Q4 24 | $14.1M | $4.8M | ||
| Q3 24 | $-922.0K | $-5.7M | ||
| Q2 24 | $-993.0K | $-6.5M |
| Q1 26 | — | — | ||
| Q4 25 | $125.9M | $11.3M | ||
| Q3 25 | — | $-15.6M | ||
| Q2 25 | — | $-25.5M | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | $-10.6M | $4.4M | ||
| Q3 24 | $-8.6M | $-6.0M | ||
| Q2 24 | $-8.6M | $-6.9M |
| Q1 26 | — | — | ||
| Q4 25 | 291.6% | 12.6% | ||
| Q3 25 | — | -22.7% | ||
| Q2 25 | — | -36.7% | ||
| Q1 25 | — | -23.3% | ||
| Q4 24 | -39.6% | 5.5% | ||
| Q3 24 | -42.3% | -9.9% | ||
| Q2 24 | -44.9% | -10.4% |
| Q1 26 | — | — | ||
| Q4 25 | 18.9% | 1.6% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | 92.3% | 0.6% | ||
| Q3 24 | 37.7% | 0.5% | ||
| Q2 24 | 39.7% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.50× | 98.67× | ||
| 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% |
EOLS
| Product revenue, net | $72.7M | 99% |
| Service revenue | $390.0K | 1% |
