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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and HYDROFARM HOLDINGS GROUP, INC. (HYFM). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $25.1M, roughly 1.7× HYDROFARM HOLDINGS GROUP, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -963.9%, a 1087.9% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -32.7%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-4.3M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -31.9%).
Hydrofarm Inc. (HYFM) is an American company specializing in the distribution and manufacture of controlled environment agriculture equipment and supplies.
ADAM vs HYFM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $25.1M |
| Net Profit | $53.5M | $-242.2M |
| Gross Margin | — | 8.5% |
| Operating Margin | — | -953.8% |
| Net Margin | 124.0% | -963.9% |
| Revenue YoY | 61.6% | -32.7% |
| Net Profit YoY | 270.5% | -1282.7% |
| EPS (diluted) | $0.45 | $-52.09 |
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 | $25.1M | ||
| Q3 25 | $36.6M | $29.4M | ||
| Q2 25 | $36.4M | $39.2M | ||
| Q1 25 | $33.1M | $40.5M | ||
| Q4 24 | $26.7M | $37.3M | ||
| Q3 24 | $20.2M | $44.0M | ||
| Q2 24 | $19.0M | $54.8M | ||
| Q1 24 | $17.9M | $54.2M |
| Q4 25 | $53.5M | $-242.2M | ||
| Q3 25 | $44.8M | $-16.4M | ||
| Q2 25 | $8.5M | $-16.9M | ||
| Q1 25 | $42.2M | $-14.4M | ||
| Q4 24 | $-31.4M | $-17.5M | ||
| Q3 24 | $42.8M | $-13.1M | ||
| Q2 24 | $-15.6M | $-23.4M | ||
| Q1 24 | $-57.9M | $-12.6M |
| Q4 25 | — | 8.5% | ||
| Q3 25 | — | 11.6% | ||
| Q2 25 | — | 7.1% | ||
| Q1 25 | — | 17.0% | ||
| Q4 24 | — | 4.9% | ||
| Q3 24 | — | 19.4% | ||
| Q2 24 | — | 19.8% | ||
| Q1 24 | — | 20.2% |
| Q4 25 | — | -953.8% | ||
| Q3 25 | — | -44.1% | ||
| Q2 25 | 11.7% | -34.0% | ||
| Q1 25 | — | -27.1% | ||
| Q4 24 | -119.0% | -40.5% | ||
| Q3 24 | — | -20.5% | ||
| Q2 24 | -124.7% | -35.3% | ||
| Q1 24 | -448.8% | -16.1% |
| Q4 25 | 124.0% | -963.9% | ||
| Q3 25 | 122.5% | -55.8% | ||
| Q2 25 | 23.4% | -43.0% | ||
| Q1 25 | 127.4% | -35.5% | ||
| Q4 24 | -117.5% | -46.9% | ||
| Q3 24 | 211.7% | -29.9% | ||
| Q2 24 | -81.9% | -42.8% | ||
| Q1 24 | -324.1% | -23.3% |
| Q4 25 | $0.45 | $-52.09 | ||
| Q3 25 | $0.36 | $-3.51 | ||
| Q2 25 | $-0.04 | $-3.63 | ||
| Q1 25 | $0.33 | $-3.12 | ||
| Q4 24 | $-0.46 | $-3.80 | ||
| Q3 24 | $0.36 | $-2.86 | ||
| Q2 24 | $-0.29 | $-5.10 | ||
| Q1 24 | $-0.75 | $-2.75 |
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 | $6.3M |
| Total DebtLower is stronger | $735.8M | $50.0K |
| Stockholders' EquityBook value | $1.4B | $-63.3M |
| Total Assets | $12.6B | $123.8M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $6.3M | ||
| Q3 25 | $185.3M | $10.7M | ||
| Q2 25 | $160.4M | $11.0M | ||
| Q1 25 | $177.1M | $13.7M | ||
| Q4 24 | $167.4M | $26.1M | ||
| Q3 24 | $195.1M | $24.4M | ||
| Q2 24 | $235.5M | $30.3M | ||
| Q1 24 | $226.9M | $24.2M |
| Q4 25 | $735.8M | $50.0K | ||
| Q3 25 | $766.6M | $111.7M | ||
| Q2 25 | $653.0M | $111.6M | ||
| Q1 25 | $654.4M | $110.0M | ||
| Q4 24 | $573.2M | $114.7M | ||
| Q3 24 | $699.4M | $114.8M | ||
| Q2 24 | $800.7M | $114.9M | ||
| Q1 24 | $1.0B | $115.4M |
| Q4 25 | $1.4B | $-63.3M | ||
| Q3 25 | $1.4B | $178.3M | ||
| Q2 25 | $1.4B | $195.0M | ||
| Q1 25 | $1.4B | $209.9M | ||
| Q4 24 | $1.4B | $223.7M | ||
| Q3 24 | $1.4B | $243.0M | ||
| Q2 24 | $1.4B | $255.0M | ||
| Q1 24 | $1.5B | $278.0M |
| Q4 25 | $12.6B | $123.8M | ||
| Q3 25 | $12.4B | $369.7M | ||
| Q2 25 | $10.6B | $389.9M | ||
| Q1 25 | $10.0B | $410.6M | ||
| Q4 24 | $9.2B | $426.1M | ||
| Q3 24 | $8.9B | $445.9M | ||
| Q2 24 | $8.2B | $463.4M | ||
| Q1 24 | $7.4B | $494.0M |
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | 0.63× | ||
| Q2 25 | 0.47× | 0.57× | ||
| Q1 25 | 0.47× | 0.52× | ||
| Q4 24 | 0.41× | 0.51× | ||
| Q3 24 | 0.48× | 0.47× | ||
| Q2 24 | 0.56× | 0.45× | ||
| Q1 24 | 0.67× | 0.42× |
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 | $-4.0M |
| Free Cash FlowOCF − Capex | $125.9M | $-4.3M |
| FCF MarginFCF / Revenue | 291.6% | -17.1% |
| Capex IntensityCapex / Revenue | 18.9% | 1.3% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-15.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-4.0M | ||
| Q3 25 | $6.9M | $-37.0K | ||
| Q2 25 | $39.2M | $1.7M | ||
| Q1 25 | $25.8M | $-11.8M | ||
| Q4 24 | $14.1M | $2.7M | ||
| Q3 24 | $-922.0K | $-4.5M | ||
| Q2 24 | $-993.0K | $3.8M | ||
| Q1 24 | $-13.1M | $-2.3M |
| Q4 25 | $125.9M | $-4.3M | ||
| Q3 25 | — | $-207.0K | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | $-12.0M | ||
| Q4 24 | $-10.6M | $2.4M | ||
| Q3 24 | $-8.6M | $-5.3M | ||
| Q2 24 | $-8.6M | $3.4M | ||
| Q1 24 | $-19.1M | $-3.7M |
| Q4 25 | 291.6% | -17.1% | ||
| Q3 25 | — | -0.7% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | -29.6% | ||
| Q4 24 | -39.6% | 6.4% | ||
| Q3 24 | -42.3% | -12.0% | ||
| Q2 24 | -44.9% | 6.2% | ||
| Q1 24 | -107.0% | -6.9% |
| Q4 25 | 18.9% | 1.3% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | 92.3% | 0.7% | ||
| Q3 24 | 37.7% | 1.8% | ||
| Q2 24 | 39.7% | 0.7% | ||
| Q1 24 | 33.5% | 2.7% |
| 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% |
HYFM
Segment breakdown not available.
