vs
Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and FGI Industries Ltd. (FGI). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $30.5M, roughly 1.4× FGI Industries Ltd.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -8.6%, a 132.6% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -14.4%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $2.3M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -0.5%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
ADAM vs FGI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $30.5M |
| Net Profit | $53.5M | $-2.6M |
| Gross Margin | — | 26.7% |
| Operating Margin | — | -2.2% |
| Net Margin | 124.0% | -8.6% |
| Revenue YoY | 61.6% | -14.4% |
| Net Profit YoY | 270.5% | -553.1% |
| EPS (diluted) | $0.45 | $-1.63 |
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 | $30.5M | ||
| Q3 25 | $36.6M | $35.8M | ||
| Q2 25 | $36.4M | $31.0M | ||
| Q1 25 | $33.1M | $33.2M | ||
| Q4 24 | $26.7M | $35.6M | ||
| Q3 24 | $20.2M | $36.1M | ||
| Q2 24 | $19.0M | $29.4M | ||
| Q1 24 | $17.9M | $30.8M |
| Q4 25 | $53.5M | $-2.6M | ||
| Q3 25 | $44.8M | $-1.7M | ||
| Q2 25 | $8.5M | $-1.2M | ||
| Q1 25 | $42.2M | $-629.1K | ||
| Q4 24 | $-31.4M | $-402.3K | ||
| Q3 24 | $42.8M | $-550.1K | ||
| Q2 24 | $-15.6M | $163.6K | ||
| Q1 24 | $-57.9M | $-412.2K |
| Q4 25 | — | 26.7% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 28.1% | ||
| Q1 25 | — | 26.8% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 25.8% | ||
| Q2 24 | — | 30.5% | ||
| Q1 24 | — | 27.4% |
| Q4 25 | — | -2.2% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | 11.7% | -2.7% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | -119.0% | -3.5% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | -124.7% | -1.5% | ||
| Q1 24 | -448.8% | -1.0% |
| Q4 25 | 124.0% | -8.6% | ||
| Q3 25 | 122.5% | -4.6% | ||
| Q2 25 | 23.4% | -4.0% | ||
| Q1 25 | 127.4% | -1.9% | ||
| Q4 24 | -117.5% | -1.1% | ||
| Q3 24 | 211.7% | -1.5% | ||
| Q2 24 | -81.9% | 0.6% | ||
| Q1 24 | -324.1% | -1.3% |
| Q4 25 | $0.45 | $-1.63 | ||
| Q3 25 | $0.36 | $-0.86 | ||
| Q2 25 | $-0.04 | $-0.64 | ||
| Q1 25 | $0.33 | $-0.07 | ||
| Q4 24 | $-0.46 | $-0.38 | ||
| Q3 24 | $0.36 | $-0.29 | ||
| Q2 24 | $-0.29 | $0.08 | ||
| Q1 24 | $-0.75 | $-0.04 |
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 | $1.9M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $17.3M |
| Total Assets | $12.6B | $69.5M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $1.9M | ||
| Q3 25 | $185.3M | $1.9M | ||
| Q2 25 | $160.4M | $2.5M | ||
| Q1 25 | $177.1M | $1.2M | ||
| Q4 24 | $167.4M | $4.6M | ||
| Q3 24 | $195.1M | $3.0M | ||
| Q2 24 | $235.5M | $1.3M | ||
| Q1 24 | $226.9M | $3.3M |
| 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 | $17.3M | ||
| Q3 25 | $1.4B | $19.7M | ||
| Q2 25 | $1.4B | $21.3M | ||
| Q1 25 | $1.4B | $21.8M | ||
| Q4 24 | $1.4B | $22.3M | ||
| Q3 24 | $1.4B | $23.5M | ||
| Q2 24 | $1.4B | $23.8M | ||
| Q1 24 | $1.5B | $23.9M |
| Q4 25 | $12.6B | $69.5M | ||
| Q3 25 | $12.4B | $73.0M | ||
| Q2 25 | $10.6B | $71.7M | ||
| Q1 25 | $10.0B | $68.5M | ||
| Q4 24 | $9.2B | $75.5M | ||
| Q3 24 | $8.9B | $74.7M | ||
| Q2 24 | $8.2B | $69.9M | ||
| Q1 24 | $7.4B | $68.6M |
| 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 | $2.3M |
| Free Cash FlowOCF − Capex | $125.9M | $2.3M |
| FCF MarginFCF / Revenue | 291.6% | 7.5% |
| Capex IntensityCapex / Revenue | 18.9% | 0.2% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-212.5K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $2.3M | ||
| Q3 25 | $6.9M | $-1.9M | ||
| Q2 25 | $39.2M | $7.6M | ||
| Q1 25 | $25.8M | $-7.4M | ||
| Q4 24 | $14.1M | $617.4K | ||
| Q3 24 | $-922.0K | $-915.0K | ||
| Q2 24 | $-993.0K | $862.1K | ||
| Q1 24 | $-13.1M | $-8.0M |
| Q4 25 | $125.9M | $2.3M | ||
| Q3 25 | — | $-2.1M | ||
| Q2 25 | — | $7.4M | ||
| Q1 25 | — | $-7.7M | ||
| Q4 24 | $-10.6M | $-214.1K | ||
| Q3 24 | $-8.6M | $-1.1M | ||
| Q2 24 | $-8.6M | $281.5K | ||
| Q1 24 | $-19.1M | $-8.6M |
| Q4 25 | 291.6% | 7.5% | ||
| Q3 25 | — | -5.9% | ||
| Q2 25 | — | 23.8% | ||
| Q1 25 | — | -23.3% | ||
| Q4 24 | -39.6% | -0.6% | ||
| Q3 24 | -42.3% | -3.0% | ||
| Q2 24 | -44.9% | 1.0% | ||
| Q1 24 | -107.0% | -28.0% |
| Q4 25 | 18.9% | 0.2% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | 92.3% | 2.3% | ||
| Q3 24 | 37.7% | 0.5% | ||
| Q2 24 | 39.7% | 2.0% | ||
| Q1 24 | 33.5% | 2.0% |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | 5.27× | ||
| 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% |
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
