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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and 4D Molecular Therapeutics, Inc. (FDMT). Click either name above to swap in a different company.
4D Molecular Therapeutics, Inc. is the larger business by last-quarter revenue ($85.1M vs $43.2M, roughly 2.0× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 22.8%, a 101.2% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 61.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $28.5M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 55.5%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
ADAM vs FDMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $85.1M |
| Net Profit | $53.5M | $19.4M |
| Gross Margin | — | — |
| Operating Margin | — | 17.3% |
| Net Margin | 124.0% | 22.8% |
| Revenue YoY | 61.6% | 8508900.0% |
| Net Profit YoY | 270.5% | 139.1% |
| EPS (diluted) | $0.45 | $0.43 |
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 | $85.1M | ||
| Q3 25 | $36.6M | $90.0K | ||
| Q2 25 | $36.4M | $15.0K | ||
| Q1 25 | $33.1M | $14.0K | ||
| Q4 24 | $26.7M | $1.0K | ||
| Q3 24 | $20.2M | $3.0K | ||
| Q2 24 | $19.0M | $5.0K | ||
| Q1 24 | $17.9M | $28.0K |
| Q4 25 | $53.5M | $19.4M | ||
| Q3 25 | $44.8M | $-56.9M | ||
| Q2 25 | $8.5M | $-54.7M | ||
| Q1 25 | $42.2M | $-48.0M | ||
| Q4 24 | $-31.4M | — | ||
| Q3 24 | $42.8M | $-43.8M | ||
| Q2 24 | $-15.6M | $-35.0M | ||
| Q1 24 | $-57.9M | $-32.4M |
| Q4 25 | — | 17.3% | ||
| Q3 25 | — | -67983.3% | ||
| Q2 25 | 11.7% | -396373.3% | ||
| Q1 25 | — | -383007.1% | ||
| Q4 24 | -119.0% | — | ||
| Q3 24 | — | -1704400.0% | ||
| Q2 24 | -124.7% | -849120.0% | ||
| Q1 24 | -448.8% | -136200.0% |
| Q4 25 | 124.0% | 22.8% | ||
| Q3 25 | 122.5% | -63195.6% | ||
| Q2 25 | 23.4% | -364386.7% | ||
| Q1 25 | 127.4% | -342657.1% | ||
| Q4 24 | -117.5% | — | ||
| Q3 24 | 211.7% | -1461433.3% | ||
| Q2 24 | -81.9% | -699060.0% | ||
| Q1 24 | -324.1% | -115717.9% |
| Q4 25 | $0.45 | $0.43 | ||
| Q3 25 | $0.36 | $-1.01 | ||
| Q2 25 | $-0.04 | $-0.98 | ||
| Q1 25 | $0.33 | $-0.86 | ||
| Q4 24 | $-0.46 | — | ||
| Q3 24 | $0.36 | $-0.79 | ||
| Q2 24 | $-0.29 | $-0.63 | ||
| Q1 24 | $-0.75 | $-0.66 |
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 | $402.7M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $505.7M |
| Total Assets | $12.6B | $566.7M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $402.7M | ||
| Q3 25 | $185.3M | $305.1M | ||
| Q2 25 | $160.4M | $293.2M | ||
| Q1 25 | $177.1M | $321.4M | ||
| Q4 24 | $167.4M | $424.9M | ||
| Q3 24 | $195.1M | $501.9M | ||
| Q2 24 | $235.5M | $541.9M | ||
| Q1 24 | $226.9M | $525.9M |
| 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 | $505.7M | ||
| Q3 25 | $1.4B | $369.0M | ||
| Q2 25 | $1.4B | $420.9M | ||
| Q1 25 | $1.4B | $469.7M | ||
| Q4 24 | $1.4B | $510.6M | ||
| Q3 24 | $1.4B | $552.9M | ||
| Q2 24 | $1.4B | $588.3M | ||
| Q1 24 | $1.5B | $600.6M |
| Q4 25 | $12.6B | $566.7M | ||
| Q3 25 | $12.4B | $424.0M | ||
| Q2 25 | $10.6B | $473.6M | ||
| Q1 25 | $10.0B | $515.7M | ||
| Q4 24 | $9.2B | $560.4M | ||
| Q3 24 | $8.9B | $604.0M | ||
| Q2 24 | $8.2B | $620.1M | ||
| Q1 24 | $7.4B | $629.9M |
| 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 | $28.6M |
| Free Cash FlowOCF − Capex | $125.9M | $28.5M |
| FCF MarginFCF / Revenue | 291.6% | 33.5% |
| Capex IntensityCapex / Revenue | 18.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.50× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-109.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $28.6M | ||
| Q3 25 | $6.9M | $-46.5M | ||
| Q2 25 | $39.2M | $-43.4M | ||
| Q1 25 | $25.8M | $-47.8M | ||
| Q4 24 | $14.1M | $-134.6M | ||
| Q3 24 | $-922.0K | $-29.4M | ||
| Q2 24 | $-993.0K | $-30.2M | ||
| Q1 24 | $-13.1M | $-29.1M |
| Q4 25 | $125.9M | $28.5M | ||
| Q3 25 | — | $-46.6M | ||
| Q2 25 | — | $-43.4M | ||
| Q1 25 | — | $-48.4M | ||
| Q4 24 | $-10.6M | $-138.4M | ||
| Q3 24 | $-8.6M | $-31.2M | ||
| Q2 24 | $-8.6M | $-30.6M | ||
| Q1 24 | $-19.1M | $-29.8M |
| Q4 25 | 291.6% | 33.5% | ||
| Q3 25 | — | -51765.6% | ||
| Q2 25 | — | -289620.0% | ||
| Q1 25 | — | -345635.7% | ||
| Q4 24 | -39.6% | -13837100.0% | ||
| Q3 24 | -42.3% | -1038966.7% | ||
| Q2 24 | -44.9% | -611840.0% | ||
| Q1 24 | -107.0% | -106421.4% |
| Q4 25 | 18.9% | 0.1% | ||
| Q3 25 | — | 101.1% | ||
| Q2 25 | — | 440.0% | ||
| Q1 25 | — | 4507.1% | ||
| Q4 24 | 92.3% | 378600.0% | ||
| Q3 24 | 37.7% | 59266.7% | ||
| Q2 24 | 39.7% | 6980.0% | ||
| Q1 24 | 33.5% | 2535.7% |
| Q4 25 | 2.50× | 1.47× | ||
| 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% |
FDMT
Segment breakdown not available.
