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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and GLADSTONE COMMERCIAL CORP (GOOD). Click either name above to swap in a different company.
GLADSTONE COMMERCIAL CORP is the larger business by last-quarter revenue ($43.5M vs $43.2M, roughly 1.0× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 12.4%, a 111.6% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 16.3%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 10.3%).
Gladstone Commercial Corp is a publicly traded US real estate investment trust focused on acquiring, owning, and operating diversified industrial and commercial properties. It offers long-term net lease agreements to tenants across manufacturing, logistics, healthcare and professional services sectors, mainly serving small to mid-sized business clients.
ADAM vs GOOD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $43.5M |
| Net Profit | $53.5M | $5.4M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 124.0% | 12.4% |
| Revenue YoY | 61.6% | 16.3% |
| Net Profit YoY | 270.5% | -25.1% |
| EPS (diluted) | $0.45 | $0.05 |
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 | $43.5M | ||
| Q3 25 | $36.6M | $40.8M | ||
| Q2 25 | $36.4M | $39.5M | ||
| Q1 25 | $33.1M | $37.5M | ||
| Q4 24 | $26.7M | $37.4M | ||
| Q3 24 | $20.2M | $39.2M | ||
| Q2 24 | $19.0M | $37.1M | ||
| Q1 24 | $17.9M | $35.7M |
| Q4 25 | $53.5M | $5.4M | ||
| Q3 25 | $44.8M | $4.1M | ||
| Q2 25 | $8.5M | $4.6M | ||
| Q1 25 | $42.2M | $5.1M | ||
| Q4 24 | $-31.4M | $7.2M | ||
| Q3 24 | $42.8M | $11.7M | ||
| Q2 24 | $-15.6M | $1.6M | ||
| Q1 24 | $-57.9M | $3.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -119.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -124.7% | — | ||
| Q1 24 | -448.8% | — |
| Q4 25 | 124.0% | 12.4% | ||
| Q3 25 | 122.5% | 10.1% | ||
| Q2 25 | 23.4% | 11.7% | ||
| Q1 25 | 127.4% | 13.7% | ||
| Q4 24 | -117.5% | 19.2% | ||
| Q3 24 | 211.7% | 29.8% | ||
| Q2 24 | -81.9% | 4.3% | ||
| Q1 24 | -324.1% | 9.9% |
| Q4 25 | $0.45 | $0.05 | ||
| Q3 25 | $0.36 | $0.02 | ||
| Q2 25 | $-0.04 | $0.03 | ||
| Q1 25 | $0.33 | $0.04 | ||
| Q4 24 | $-0.46 | $0.10 | ||
| Q3 24 | $0.36 | $0.20 | ||
| Q2 24 | $-0.29 | $-0.04 | ||
| Q1 24 | $-0.75 | $0.01 |
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 | $10.8M |
| Total DebtLower is stronger | $735.8M | $843.5M |
| Stockholders' EquityBook value | $1.4B | $171.8M |
| Total Assets | $12.6B | $1.2B |
| Debt / EquityLower = less leverage | 0.52× | 4.91× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $10.8M | ||
| Q3 25 | $185.3M | $18.4M | ||
| Q2 25 | $160.4M | $11.7M | ||
| Q1 25 | $177.1M | $10.4M | ||
| Q4 24 | $167.4M | $11.0M | ||
| Q3 24 | $195.1M | $10.5M | ||
| Q2 24 | $235.5M | $10.4M | ||
| Q1 24 | $226.9M | $10.5M |
| Q4 25 | $735.8M | $843.5M | ||
| Q3 25 | $766.6M | $843.3M | ||
| Q2 25 | $653.0M | $794.4M | ||
| Q1 25 | $654.4M | $740.7M | ||
| Q4 24 | $573.2M | $693.4M | ||
| Q3 24 | $699.4M | $692.6M | ||
| Q2 24 | $800.7M | $722.5M | ||
| Q1 24 | $1.0B | $719.4M |
| Q4 25 | $1.4B | $171.8M | ||
| Q3 25 | $1.4B | $184.8M | ||
| Q2 25 | $1.4B | $177.2M | ||
| Q1 25 | $1.4B | $183.2M | ||
| Q4 24 | $1.4B | $171.2M | ||
| Q3 24 | $1.4B | $168.9M | ||
| Q2 24 | $1.4B | $145.7M | ||
| Q1 24 | $1.5B | $147.3M |
| Q4 25 | $12.6B | $1.2B | ||
| Q3 25 | $12.4B | $1.3B | ||
| Q2 25 | $10.6B | $1.2B | ||
| Q1 25 | $10.0B | $1.2B | ||
| Q4 24 | $9.2B | $1.1B | ||
| Q3 24 | $8.9B | $1.1B | ||
| Q2 24 | $8.2B | $1.1B | ||
| Q1 24 | $7.4B | $1.1B |
| Q4 25 | 0.52× | 4.91× | ||
| Q3 25 | 0.55× | 4.56× | ||
| Q2 25 | 0.47× | 4.48× | ||
| Q1 25 | 0.47× | 4.04× | ||
| Q4 24 | 0.41× | 4.05× | ||
| Q3 24 | 0.48× | 4.10× | ||
| Q2 24 | 0.56× | 4.96× | ||
| Q1 24 | 0.67× | 4.88× |
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 | $88.2M |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | — |
| Cash ConversionOCF / Net Profit | 2.50× | 16.38× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $88.2M | ||
| Q3 25 | $6.9M | $18.9M | ||
| Q2 25 | $39.2M | $35.8M | ||
| Q1 25 | $25.8M | $17.7M | ||
| Q4 24 | $14.1M | $57.0M | ||
| Q3 24 | $-922.0K | $5.5M | ||
| Q2 24 | $-993.0K | $13.6M | ||
| Q1 24 | $-13.1M | $15.0M |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | — | ||
| 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 | — | — | ||
| 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 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | 16.38× | ||
| Q3 25 | 0.15× | 4.57× | ||
| Q2 25 | 4.59× | 7.74× | ||
| Q1 25 | 0.61× | 3.44× | ||
| Q4 24 | — | 7.93× | ||
| Q3 24 | -0.02× | 0.47× | ||
| Q2 24 | — | 8.44× | ||
| Q1 24 | — | 4.26× |
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% |
GOOD
Segment breakdown not available.
