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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and FONAR CORP (FONR). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $25.5M, roughly 1.7× FONAR CORP). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 8.0%, a 115.9% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 2.4%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-227.0K). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -0.3%).
FONAR Corp is a specialized medical technology firm that designs, manufactures, and distributes innovative MRI systems including upright and open models. It primarily serves U.S. hospitals, diagnostic imaging centers, and healthcare providers, delivering high-precision scanning solutions for clinical diagnostic use.
ADAM vs FONR — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $25.5M |
| Net Profit | $53.5M | $2.1M |
| Gross Margin | — | — |
| Operating Margin | — | 13.5% |
| Net Margin | 124.0% | 8.0% |
| Revenue YoY | 61.6% | 2.4% |
| Net Profit YoY | 270.5% | 4.7% |
| EPS (diluted) | $0.45 | — |
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 | $25.5M | ||
| Q3 25 | $36.6M | $26.0M | ||
| Q2 25 | $36.4M | $27.3M | ||
| Q1 25 | $33.1M | $27.2M | ||
| Q4 24 | $26.7M | $24.9M | ||
| Q3 24 | $20.2M | $25.0M | ||
| Q2 24 | $19.0M | $25.9M | ||
| Q1 24 | $17.9M | $25.7M |
| Q4 25 | $53.5M | $2.1M | ||
| Q3 25 | $44.8M | $2.3M | ||
| Q2 25 | $8.5M | $729.3K | ||
| Q1 25 | $42.2M | $2.5M | ||
| Q4 24 | $-31.4M | $2.0M | ||
| Q3 24 | $42.8M | $3.1M | ||
| Q2 24 | $-15.6M | $830.4K | ||
| Q1 24 | $-57.9M | $1.9M |
| Q4 25 | — | 13.5% | ||
| Q3 25 | — | 14.1% | ||
| Q2 25 | 11.7% | 5.3% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | -119.0% | 11.9% | ||
| Q3 24 | — | 21.0% | ||
| Q2 24 | -124.7% | 7.4% | ||
| Q1 24 | -448.8% | 16.8% |
| Q4 25 | 124.0% | 8.0% | ||
| Q3 25 | 122.5% | 8.7% | ||
| Q2 25 | 23.4% | 2.7% | ||
| Q1 25 | 127.4% | 9.2% | ||
| Q4 24 | -117.5% | 7.9% | ||
| Q3 24 | 211.7% | 12.6% | ||
| Q2 24 | -81.9% | 3.2% | ||
| Q1 24 | -324.1% | 7.3% |
| Q4 25 | $0.45 | — | ||
| Q3 25 | $0.36 | — | ||
| Q2 25 | $-0.04 | — | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $-0.46 | — | ||
| Q3 24 | $0.36 | — | ||
| Q2 24 | $-0.29 | — | ||
| 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 | $121.0K |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $176.9M |
| Total Assets | $12.6B | $217.2M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $121.0K | ||
| Q3 25 | $185.3M | $122.0K | ||
| Q2 25 | $160.4M | $56.5M | ||
| Q1 25 | $177.1M | $123.0K | ||
| Q4 24 | $167.4M | $121.0K | ||
| Q3 24 | $195.1M | $136.0K | ||
| Q2 24 | $235.5M | $56.5M | ||
| Q1 24 | $226.9M | $134.0K |
| 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 | $66.9K | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $176.9M | ||
| Q3 25 | $1.4B | $174.9M | ||
| Q2 25 | $1.4B | $172.6M | ||
| Q1 25 | $1.4B | $171.9M | ||
| Q4 24 | $1.4B | $169.8M | ||
| Q3 24 | $1.4B | $168.7M | ||
| Q2 24 | $1.4B | $166.0M | ||
| Q1 24 | $1.5B | $165.8M |
| Q4 25 | $12.6B | $217.2M | ||
| Q3 25 | $12.4B | $218.4M | ||
| Q2 25 | $10.6B | $216.9M | ||
| Q1 25 | $10.0B | $214.9M | ||
| Q4 24 | $9.2B | $208.0M | ||
| Q3 24 | $8.9B | $212.3M | ||
| Q2 24 | $8.2B | $214.2M | ||
| Q1 24 | $7.4B | $209.6M |
| 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× | 0.00× | ||
| 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 | $171.0K |
| Free Cash FlowOCF − Capex | $125.9M | $-227.0K |
| FCF MarginFCF / Revenue | 291.6% | -0.9% |
| Capex IntensityCapex / Revenue | 18.9% | 1.6% |
| Cash ConversionOCF / Net Profit | 2.50× | 0.08× |
| TTM Free Cash FlowTrailing 4 quarters | — | $5.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $171.0K | ||
| Q3 25 | $6.9M | $1.7M | ||
| Q2 25 | $39.2M | $4.2M | ||
| Q1 25 | $25.8M | $3.1M | ||
| Q4 24 | $14.1M | $2.2M | ||
| Q3 24 | $-922.0K | $1.7M | ||
| Q2 24 | $-993.0K | $4.6M | ||
| Q1 24 | $-13.1M | $2.8M |
| Q4 25 | $125.9M | $-227.0K | ||
| Q3 25 | — | $-177.0K | ||
| Q2 25 | — | $3.6M | ||
| Q1 25 | — | $2.6M | ||
| Q4 24 | $-10.6M | $1.5M | ||
| Q3 24 | $-8.6M | $-148.0K | ||
| Q2 24 | $-8.6M | $4.2M | ||
| Q1 24 | $-19.1M | $2.6M |
| Q4 25 | 291.6% | -0.9% | ||
| Q3 25 | — | -0.7% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | -39.6% | 6.0% | ||
| Q3 24 | -42.3% | -0.6% | ||
| Q2 24 | -44.9% | 16.1% | ||
| Q1 24 | -107.0% | 10.2% |
| Q4 25 | 18.9% | 1.6% | ||
| Q3 25 | — | 7.2% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | 92.3% | 3.0% | ||
| Q3 24 | 37.7% | 7.2% | ||
| Q2 24 | 39.7% | 1.6% | ||
| Q1 24 | 33.5% | 0.7% |
| Q4 25 | 2.50× | 0.08× | ||
| Q3 25 | 0.15× | 0.75× | ||
| Q2 25 | 4.59× | 5.79× | ||
| Q1 25 | 0.61× | 1.26× | ||
| Q4 24 | — | 1.14× | ||
| Q3 24 | -0.02× | 0.53× | ||
| Q2 24 | — | 5.54× | ||
| Q1 24 | — | 1.50× |
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% |
FONR
| Managementof Diagnostic Imaging Centers | $23.2M | 91% |
| Manufacturingand Servicingof Medical Equipment | $2.4M | 9% |
