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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
Gaming & Leisure Properties, Inc. is the larger business by last-quarter revenue ($420.0M vs $43.2M, roughly 9.7× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 57.0%, a 67.0% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 6.3%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 5.0%).
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
ADAM vs GLPI — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $420.0M |
| Net Profit | $53.5M | $239.4M |
| Gross Margin | — | — |
| Operating Margin | — | 79.4% |
| Net Margin | 124.0% | 57.0% |
| Revenue YoY | 61.6% | 6.3% |
| Net Profit YoY | 270.5% | 40.5% |
| 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.
| Q1 26 | — | $420.0M | ||
| Q4 25 | $43.2M | $407.0M | ||
| Q3 25 | $36.6M | $397.6M | ||
| Q2 25 | $36.4M | $394.9M | ||
| Q1 25 | $33.1M | $395.2M | ||
| Q4 24 | $26.7M | $389.6M | ||
| Q3 24 | $20.2M | $385.3M | ||
| Q2 24 | $19.0M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $53.5M | $267.3M | ||
| Q3 25 | $44.8M | $241.2M | ||
| Q2 25 | $8.5M | $151.4M | ||
| Q1 25 | $42.2M | $165.2M | ||
| Q4 24 | $-31.4M | $217.2M | ||
| Q3 24 | $42.8M | $184.7M | ||
| Q2 24 | $-15.6M | $208.3M |
| Q1 26 | — | 79.4% | ||
| Q4 25 | — | 89.3% | ||
| Q3 25 | — | 84.8% | ||
| Q2 25 | 11.7% | 61.3% | ||
| Q1 25 | — | 65.5% | ||
| Q4 24 | -119.0% | 79.1% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | -124.7% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | 124.0% | 65.7% | ||
| Q3 25 | 122.5% | 60.7% | ||
| Q2 25 | 23.4% | 38.4% | ||
| Q1 25 | 127.4% | 41.8% | ||
| Q4 24 | -117.5% | 55.8% | ||
| Q3 24 | 211.7% | 47.9% | ||
| Q2 24 | -81.9% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.45 | $0.96 | ||
| Q3 25 | $0.36 | $0.85 | ||
| Q2 25 | $-0.04 | $0.54 | ||
| Q1 25 | $0.33 | $0.60 | ||
| Q4 24 | $-0.46 | $0.79 | ||
| Q3 24 | $0.36 | $0.67 | ||
| Q2 24 | $-0.29 | $0.77 |
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 | $274.5M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $5.0B |
| Total Assets | $12.6B | $13.8B |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | $210.3M | — | ||
| Q3 25 | $185.3M | — | ||
| Q2 25 | $160.4M | — | ||
| Q1 25 | $177.1M | — | ||
| Q4 24 | $167.4M | $560.8M | ||
| Q3 24 | $195.1M | $554.1M | ||
| Q2 24 | $235.5M | $347.8M |
| Q1 26 | — | — | ||
| Q4 25 | $735.8M | $7.2B | ||
| Q3 25 | $766.6M | $7.2B | ||
| Q2 25 | $653.0M | $6.9B | ||
| Q1 25 | $654.4M | $6.9B | ||
| Q4 24 | $573.2M | $7.7B | ||
| Q3 24 | $699.4M | $7.4B | ||
| Q2 24 | $800.7M | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $1.4B | $4.6B | ||
| Q3 25 | $1.4B | $4.6B | ||
| Q2 25 | $1.4B | $4.6B | ||
| Q1 25 | $1.4B | $4.2B | ||
| Q4 24 | $1.4B | $4.3B | ||
| Q3 24 | $1.4B | $4.3B | ||
| Q2 24 | $1.4B | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $12.6B | $12.9B | ||
| Q3 25 | $12.4B | $12.8B | ||
| Q2 25 | $10.6B | $12.5B | ||
| Q1 25 | $10.0B | $12.1B | ||
| Q4 24 | $9.2B | $13.1B | ||
| Q3 24 | $8.9B | $12.7B | ||
| Q2 24 | $8.2B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.52× | 1.56× | ||
| Q3 25 | 0.55× | 1.57× | ||
| Q2 25 | 0.47× | 1.51× | ||
| Q1 25 | 0.47× | 1.63× | ||
| Q4 24 | 0.41× | 1.81× | ||
| Q3 24 | 0.48× | 1.74× | ||
| Q2 24 | 0.56× | 1.60× |
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 | $62.1M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.16× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $62.1M | $343.2M | ||
| Q3 25 | $6.9M | $240.3M | ||
| Q2 25 | $39.2M | $293.4M | ||
| Q1 25 | $25.8M | $252.5M | ||
| Q4 24 | $29.1M | $292.4M | ||
| Q3 24 | $-922.0K | $270.4M | ||
| Q2 24 | $-993.0K | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $183.0M | ||
| Q2 25 | — | $272.3M | ||
| Q1 25 | — | $239.6M | ||
| Q4 24 | $25.7M | $276.6M | ||
| Q3 24 | $-8.6M | $261.5M | ||
| Q2 24 | $-8.6M | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 46.0% | ||
| Q2 25 | — | 69.0% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | 96.1% | 71.0% | ||
| Q3 24 | -42.3% | 67.9% | ||
| Q2 24 | -44.9% | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 14.4% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | 12.9% | 4.1% | ||
| Q3 24 | 37.7% | 2.3% | ||
| Q2 24 | 39.7% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.16× | 1.28× | ||
| Q3 25 | 0.15× | 1.00× | ||
| Q2 25 | 4.59× | 1.94× | ||
| Q1 25 | 0.61× | 1.53× | ||
| Q4 24 | — | 1.35× | ||
| Q3 24 | -0.02× | 1.46× | ||
| Q2 24 | — | 1.21× |
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% |
GLPI
Segment breakdown not available.
