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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Firefly Aerospace Inc. (FLY). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $30.8M, roughly 1.4× Firefly Aerospace Inc.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -433.5%, a 557.5% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 37.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-62.0M).
Firefly Aerospace, Inc. (Firefly) is an American aerospace firm based in Cedar Park, Texas. Firefly develops small- and medium-lift launch vehicles for commercial launches to orbit. Firefly's stated purpose is to increase access to space, similar to other private spaceflight companies.
ADAM vs FLY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $30.8M |
| Net Profit | $53.5M | $-133.4M |
| Gross Margin | — | 27.6% |
| Operating Margin | — | -202.1% |
| Net Margin | 124.0% | -433.5% |
| Revenue YoY | 61.6% | 37.6% |
| Net Profit YoY | 270.5% | -227.1% |
| EPS (diluted) | $0.45 | $-1.50 |
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 | — | ||
| Q3 25 | $36.6M | $30.8M | ||
| Q2 25 | $36.4M | $15.5M | ||
| Q1 25 | $33.1M | — | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $20.2M | $22.4M | ||
| Q2 24 | $19.0M | $21.1M | ||
| Q1 24 | $17.9M | — |
| Q4 25 | $53.5M | — | ||
| Q3 25 | $44.8M | $-133.4M | ||
| Q2 25 | $8.5M | $-63.8M | ||
| Q1 25 | $42.2M | — | ||
| Q4 24 | $-31.4M | — | ||
| Q3 24 | $42.8M | $-40.8M | ||
| Q2 24 | $-15.6M | $-53.5M | ||
| Q1 24 | $-57.9M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 27.6% | ||
| Q2 25 | — | 25.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 14.0% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -202.1% | ||
| Q2 25 | 11.7% | -349.5% | ||
| Q1 25 | — | — | ||
| Q4 24 | -119.0% | — | ||
| Q3 24 | — | -152.9% | ||
| Q2 24 | -124.7% | -232.1% | ||
| Q1 24 | -448.8% | — |
| Q4 25 | 124.0% | — | ||
| Q3 25 | 122.5% | -433.5% | ||
| Q2 25 | 23.4% | -410.2% | ||
| Q1 25 | 127.4% | — | ||
| Q4 24 | -117.5% | — | ||
| Q3 24 | 211.7% | -182.3% | ||
| Q2 24 | -81.9% | -253.7% | ||
| Q1 24 | -324.1% | — |
| Q4 25 | $0.45 | — | ||
| Q3 25 | $0.36 | $-1.50 | ||
| Q2 25 | $-0.04 | $-5.78 | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $-0.46 | — | ||
| Q3 24 | $0.36 | $-3.57 | ||
| Q2 24 | $-0.29 | $-4.60 | ||
| Q1 24 | $-0.75 | — |
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 | $995.2M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $948.8M |
| Total Assets | $12.6B | $1.3B |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | — | ||
| Q3 25 | $185.3M | $995.2M | ||
| Q2 25 | $160.4M | $205.3M | ||
| Q1 25 | $177.1M | — | ||
| Q4 24 | $167.4M | — | ||
| Q3 24 | $195.1M | $26.4M | ||
| Q2 24 | $235.5M | $21.9M | ||
| Q1 24 | $226.9M | — |
| Q4 25 | $735.8M | — | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | $136.1M | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | — | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | $948.8M | ||
| Q2 25 | $1.4B | $-918.0M | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $-665.5M | ||
| Q2 24 | $1.4B | $-620.0M | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.4B | $1.3B | ||
| Q2 25 | $10.6B | $466.8M | ||
| Q1 25 | $10.0B | — | ||
| Q4 24 | $9.2B | — | ||
| Q3 24 | $8.9B | — | ||
| Q2 24 | $8.2B | — | ||
| Q1 24 | $7.4B | — |
| 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 | $-53.0M |
| Free Cash FlowOCF − Capex | $125.9M | $-62.0M |
| FCF MarginFCF / Revenue | 291.6% | -201.3% |
| Capex IntensityCapex / Revenue | 18.9% | 29.0% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | — | ||
| Q3 25 | $6.9M | $-53.0M | ||
| Q2 25 | $39.2M | — | ||
| Q1 25 | $25.8M | — | ||
| Q4 24 | $14.1M | — | ||
| Q3 24 | $-922.0K | — | ||
| Q2 24 | $-993.0K | — | ||
| Q1 24 | $-13.1M | — |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | $-62.0M | ||
| 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 | — | -201.3% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -39.6% | — | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | — | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | — | ||
| 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% |
FLY
| Spacecraft Solutions Revenue | $21.4M | 69% |
| Launch Revenue | $9.4M | 31% |
