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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Energy Recovery, Inc. (ERII). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $43.2M, roughly 1.5× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 40.2%, a 83.7% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -0.3%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $6.4M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
ADAM vs ERII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $66.9M |
| Net Profit | $53.5M | $26.9M |
| Gross Margin | — | 67.2% |
| Operating Margin | — | 46.8% |
| Net Margin | 124.0% | 40.2% |
| Revenue YoY | 61.6% | -0.3% |
| Net Profit YoY | 270.5% | 14.7% |
| EPS (diluted) | $0.45 | $0.49 |
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 | $66.9M | ||
| Q3 25 | $36.6M | $32.0M | ||
| Q2 25 | $36.4M | $28.1M | ||
| Q1 25 | $33.1M | — | ||
| Q4 24 | $26.7M | $67.1M | ||
| Q3 24 | $20.2M | $38.6M | ||
| Q2 24 | $19.0M | $27.2M | ||
| Q1 24 | $17.9M | $12.1M |
| Q4 25 | $53.5M | $26.9M | ||
| Q3 25 | $44.8M | $3.9M | ||
| Q2 25 | $8.5M | $2.1M | ||
| Q1 25 | $42.2M | — | ||
| Q4 24 | $-31.4M | $23.5M | ||
| Q3 24 | $42.8M | $8.5M | ||
| Q2 24 | $-15.6M | $-642.0K | ||
| Q1 24 | $-57.9M | $-8.3M |
| Q4 25 | — | 67.2% | ||
| Q3 25 | — | 64.2% | ||
| Q2 25 | — | 64.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 70.2% | ||
| Q3 24 | — | 65.1% | ||
| Q2 24 | — | 64.6% | ||
| Q1 24 | — | 59.0% |
| Q4 25 | — | 46.8% | ||
| Q3 25 | — | 11.4% | ||
| Q2 25 | 11.7% | 5.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | -119.0% | 38.2% | ||
| Q3 24 | — | 18.3% | ||
| Q2 24 | -124.7% | -7.4% | ||
| Q1 24 | -448.8% | -90.4% |
| Q4 25 | 124.0% | 40.2% | ||
| Q3 25 | 122.5% | 12.1% | ||
| Q2 25 | 23.4% | 7.3% | ||
| Q1 25 | 127.4% | — | ||
| Q4 24 | -117.5% | 35.0% | ||
| Q3 24 | 211.7% | 22.0% | ||
| Q2 24 | -81.9% | -2.4% | ||
| Q1 24 | -324.1% | -68.3% |
| Q4 25 | $0.45 | $0.49 | ||
| Q3 25 | $0.36 | $0.07 | ||
| Q2 25 | $-0.04 | $0.04 | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $-0.46 | $0.40 | ||
| Q3 24 | $0.36 | $0.15 | ||
| Q2 24 | $-0.29 | $-0.01 | ||
| Q1 24 | $-0.75 | $-0.14 |
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 | $75.2M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $206.2M |
| Total Assets | $12.6B | $231.5M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $75.2M | ||
| Q3 25 | $185.3M | $70.4M | ||
| Q2 25 | $160.4M | $79.5M | ||
| Q1 25 | $177.1M | — | ||
| Q4 24 | $167.4M | $78.0M | ||
| Q3 24 | $195.1M | $118.6M | ||
| Q2 24 | $235.5M | $101.0M | ||
| Q1 24 | $226.9M | $117.4M |
| 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 | $206.2M | ||
| Q3 25 | $1.4B | $180.8M | ||
| Q2 25 | $1.4B | $185.2M | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $210.0M | ||
| Q3 24 | $1.4B | $233.9M | ||
| Q2 24 | $1.4B | $218.5M | ||
| Q1 24 | $1.5B | $216.0M |
| Q4 25 | $12.6B | $231.5M | ||
| Q3 25 | $12.4B | $209.6M | ||
| Q2 25 | $10.6B | $212.3M | ||
| Q1 25 | $10.0B | — | ||
| Q4 24 | $9.2B | $242.8M | ||
| Q3 24 | $8.9B | $262.7M | ||
| Q2 24 | $8.2B | $249.0M | ||
| Q1 24 | $7.4B | $244.3M |
| 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 | $7.1M |
| Free Cash FlowOCF − Capex | $125.9M | $6.4M |
| FCF MarginFCF / Revenue | 291.6% | 9.6% |
| Capex IntensityCapex / Revenue | 18.9% | 1.0% |
| Cash ConversionOCF / Net Profit | 2.50× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $15.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $7.1M | ||
| Q3 25 | $6.9M | $-3.1M | ||
| Q2 25 | $39.2M | $4.1M | ||
| Q1 25 | $25.8M | — | ||
| Q4 24 | $14.1M | $9.0M | ||
| Q3 24 | $-922.0K | $-3.0M | ||
| Q2 24 | $-993.0K | $8.1M | ||
| Q1 24 | $-13.1M | $6.5M |
| Q4 25 | $125.9M | $6.4M | ||
| Q3 25 | — | $-3.5M | ||
| Q2 25 | — | $4.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | $-10.6M | $8.9M | ||
| Q3 24 | $-8.6M | $-3.2M | ||
| Q2 24 | $-8.6M | $7.9M | ||
| Q1 24 | $-19.1M | $5.7M |
| Q4 25 | 291.6% | 9.6% | ||
| Q3 25 | — | -10.9% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | -39.6% | 13.2% | ||
| Q3 24 | -42.3% | -8.2% | ||
| Q2 24 | -44.9% | 28.9% | ||
| Q1 24 | -107.0% | 46.9% |
| Q4 25 | 18.9% | 1.0% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | 0.2% | ||
| Q3 24 | 37.7% | 0.4% | ||
| Q2 24 | 39.7% | 0.7% | ||
| Q1 24 | 33.5% | 6.8% |
| Q4 25 | 2.50× | 0.26× | ||
| Q3 25 | 0.15× | -0.81× | ||
| Q2 25 | 4.59× | 2.02× | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | -0.02× | -0.35× | ||
| 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% |
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
