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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and GRAHAM CORP (GHM). Click either name above to swap in a different company.
GRAHAM CORP is the larger business by last-quarter revenue ($56.7M vs $43.2M, roughly 1.3× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 5.0%, a 119.0% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 20.5%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $2.4M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 7.5%).
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
ADAM vs GHM — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $56.7M |
| Net Profit | $53.5M | $2.8M |
| Gross Margin | — | 23.8% |
| Operating Margin | — | 5.5% |
| Net Margin | 124.0% | 5.0% |
| Revenue YoY | 61.6% | 20.5% |
| Net Profit YoY | 270.5% | 79.2% |
| EPS (diluted) | $0.45 | $0.25 |
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 | $56.7M | ||
| Q3 25 | $36.6M | $66.0M | ||
| Q2 25 | $36.4M | $55.5M | ||
| Q1 25 | $33.1M | $59.3M | ||
| Q4 24 | $26.7M | $47.0M | ||
| Q3 24 | $20.2M | $53.6M | ||
| Q2 24 | $19.0M | $50.0M | ||
| Q1 24 | $17.9M | $49.1M |
| Q4 25 | $53.5M | $2.8M | ||
| Q3 25 | $44.8M | $3.1M | ||
| Q2 25 | $8.5M | $4.6M | ||
| Q1 25 | $42.2M | $4.4M | ||
| Q4 24 | $-31.4M | $1.6M | ||
| Q3 24 | $42.8M | $3.3M | ||
| Q2 24 | $-15.6M | $3.0M | ||
| Q1 24 | $-57.9M | $1.3M |
| Q4 25 | — | 23.8% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 26.5% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 24.8% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 24.8% | ||
| Q1 24 | — | 25.9% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | 11.7% | 8.9% | ||
| Q1 25 | — | 9.3% | ||
| Q4 24 | -119.0% | 4.7% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | -124.7% | 6.5% | ||
| Q1 24 | -448.8% | 3.1% |
| Q4 25 | 124.0% | 5.0% | ||
| Q3 25 | 122.5% | 4.7% | ||
| Q2 25 | 23.4% | 8.3% | ||
| Q1 25 | 127.4% | 7.4% | ||
| Q4 24 | -117.5% | 3.4% | ||
| Q3 24 | 211.7% | 6.1% | ||
| Q2 24 | -81.9% | 5.9% | ||
| Q1 24 | -324.1% | 2.7% |
| Q4 25 | $0.45 | $0.25 | ||
| Q3 25 | $0.36 | $0.28 | ||
| Q2 25 | $-0.04 | $0.42 | ||
| Q1 25 | $0.33 | $0.40 | ||
| Q4 24 | $-0.46 | $0.14 | ||
| Q3 24 | $0.36 | $0.30 | ||
| Q2 24 | $-0.29 | $0.27 | ||
| Q1 24 | $-0.75 | $0.11 |
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 | $22.3M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $131.3M |
| Total Assets | $12.6B | $292.9M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $22.3M | ||
| Q3 25 | $185.3M | $20.6M | ||
| Q2 25 | $160.4M | $10.8M | ||
| Q1 25 | $177.1M | $21.6M | ||
| Q4 24 | $167.4M | $30.0M | ||
| Q3 24 | $195.1M | $32.3M | ||
| Q2 24 | $235.5M | $21.6M | ||
| Q1 24 | $226.9M | $16.9M |
| 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 | $131.3M | ||
| Q3 25 | $1.4B | $127.6M | ||
| Q2 25 | $1.4B | $123.4M | ||
| Q1 25 | $1.4B | $119.6M | ||
| Q4 24 | $1.4B | $114.4M | ||
| Q3 24 | $1.4B | $112.5M | ||
| Q2 24 | $1.4B | $108.2M | ||
| Q1 24 | $1.5B | $105.6M |
| Q4 25 | $12.6B | $292.9M | ||
| Q3 25 | $12.4B | $287.0M | ||
| Q2 25 | $10.6B | $252.3M | ||
| Q1 25 | $10.0B | $264.1M | ||
| Q4 24 | $9.2B | $264.3M | ||
| Q3 24 | $8.9B | $249.5M | ||
| Q2 24 | $8.2B | $244.2M | ||
| Q1 24 | $7.4B | $233.9M |
| 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 | $4.8M |
| Free Cash FlowOCF − Capex | $125.9M | $2.4M |
| FCF MarginFCF / Revenue | 291.6% | 4.3% |
| Capex IntensityCapex / Revenue | 18.9% | 4.1% |
| Cash ConversionOCF / Net Profit | 2.50× | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-6.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $4.8M | ||
| Q3 25 | $6.9M | $13.6M | ||
| Q2 25 | $39.2M | $-2.3M | ||
| Q1 25 | $25.8M | $-3.6M | ||
| Q4 24 | $14.1M | $5.2M | ||
| Q3 24 | $-922.0K | $13.9M | ||
| Q2 24 | $-993.0K | $8.7M | ||
| Q1 24 | $-13.1M | $8.6M |
| Q4 25 | $125.9M | $2.4M | ||
| Q3 25 | — | $9.4M | ||
| Q2 25 | — | $-9.3M | ||
| Q1 25 | — | $-8.7M | ||
| Q4 24 | $-10.6M | $-2.1M | ||
| Q3 24 | $-8.6M | $10.4M | ||
| Q2 24 | $-8.6M | $5.7M | ||
| Q1 24 | $-19.1M | $4.6M |
| Q4 25 | 291.6% | 4.3% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | -16.7% | ||
| Q1 25 | — | -14.7% | ||
| Q4 24 | -39.6% | -4.5% | ||
| Q3 24 | -42.3% | 19.5% | ||
| Q2 24 | -44.9% | 11.5% | ||
| Q1 24 | -107.0% | 9.4% |
| Q4 25 | 18.9% | 4.1% | ||
| Q3 25 | — | 6.3% | ||
| Q2 25 | — | 12.6% | ||
| Q1 25 | — | 8.7% | ||
| Q4 24 | 92.3% | 15.6% | ||
| Q3 24 | 37.7% | 6.5% | ||
| Q2 24 | 39.7% | 6.0% | ||
| Q1 24 | 33.5% | 8.2% |
| Q4 25 | 2.50× | 1.67× | ||
| Q3 25 | 0.15× | 4.40× | ||
| Q2 25 | 4.59× | -0.49× | ||
| Q1 25 | 0.61× | -0.81× | ||
| Q4 24 | — | 3.29× | ||
| Q3 24 | -0.02× | 4.25× | ||
| Q2 24 | — | 2.94× | ||
| Q1 24 | — | 6.45× |
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% |
GHM
| Defense | $35.3M | 62% |
| Energy And Process | $18.3M | 32% |
| Space | $3.1M | 6% |
