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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Lulu's Fashion Lounge Holdings, Inc. (LVLU). Click either name above to swap in a different company.
Lulu's Fashion Lounge Holdings, Inc. is the larger business by last-quarter revenue ($66.1M vs $43.2M, roughly 1.5× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -48.2%, a 172.2% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -11.8%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-2.6M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -14.7%).
Lulu's Fashion Lounge Holdings, Inc. is a direct-to-consumer women's fashion retailer offering affordable, trendy apparel, footwear, and accessories. It primarily serves Gen Z and millennial consumers across North America, operating mainly via its e-commerce platform, with limited pop-up physical locations to boost customer engagement.
ADAM vs LVLU — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $66.1M |
| Net Profit | $53.5M | $-31.9M |
| Gross Margin | — | 37.9% |
| Operating Margin | — | -52.8% |
| Net Margin | 124.0% | -48.2% |
| Revenue YoY | 61.6% | -11.8% |
| Net Profit YoY | 270.5% | -340.9% |
| EPS (diluted) | $0.45 | $-13.46 |
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 | — | ||
| Q3 25 | $36.6M | — | ||
| Q2 25 | $36.4M | — | ||
| Q1 25 | $33.1M | — | ||
| Q4 24 | $26.7M | $66.1M | ||
| Q3 24 | $20.2M | $80.5M | ||
| Q2 24 | $19.0M | $92.0M | ||
| Q1 24 | $17.9M | $77.3M |
| Q4 25 | $53.5M | — | ||
| Q3 25 | $44.8M | — | ||
| Q2 25 | $8.5M | — | ||
| Q1 25 | $42.2M | — | ||
| Q4 24 | $-31.4M | $-31.9M | ||
| Q3 24 | $42.8M | $-6.9M | ||
| Q2 24 | $-15.6M | $-10.8M | ||
| Q1 24 | $-57.9M | $-5.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 37.9% | ||
| Q3 24 | — | 38.1% | ||
| Q2 24 | — | 45.5% | ||
| Q1 24 | — | 42.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -119.0% | -52.8% | ||
| Q3 24 | — | -8.5% | ||
| Q2 24 | -124.7% | -4.9% | ||
| Q1 24 | -448.8% | -8.0% |
| Q4 25 | 124.0% | — | ||
| Q3 25 | 122.5% | — | ||
| Q2 25 | 23.4% | — | ||
| Q1 25 | 127.4% | — | ||
| Q4 24 | -117.5% | -48.2% | ||
| Q3 24 | 211.7% | -8.5% | ||
| Q2 24 | -81.9% | -11.7% | ||
| Q1 24 | -324.1% | -7.4% |
| Q4 25 | $0.45 | — | ||
| Q3 25 | $0.36 | — | ||
| Q2 25 | $-0.04 | — | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $-0.46 | $-13.46 | ||
| Q3 24 | $0.36 | $-2.47 | ||
| Q2 24 | $-0.29 | $-3.92 | ||
| Q1 24 | $-0.75 | $-0.15 |
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 | $4.5M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $13.4M |
| Total Assets | $12.6B | $108.2M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | — | ||
| Q3 25 | $185.3M | — | ||
| Q2 25 | $160.4M | — | ||
| Q1 25 | $177.1M | — | ||
| Q4 24 | $167.4M | $4.5M | ||
| Q3 24 | $195.1M | $6.3M | ||
| Q2 24 | $235.5M | $1.8M | ||
| Q1 24 | $226.9M | $5.5M |
| 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 | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $13.4M | ||
| Q3 24 | $1.4B | $43.8M | ||
| Q2 24 | $1.4B | $48.7M | ||
| Q1 24 | $1.5B | $57.7M |
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.4B | — | ||
| Q2 25 | $10.6B | — | ||
| Q1 25 | $10.0B | — | ||
| Q4 24 | $9.2B | $108.2M | ||
| Q3 24 | $8.9B | $153.5M | ||
| Q2 24 | $8.2B | $145.3M | ||
| Q1 24 | $7.4B | $160.6M |
| 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× | — | ||
| 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 | $-2.5M |
| Free Cash FlowOCF − Capex | $125.9M | $-2.6M |
| FCF MarginFCF / Revenue | 291.6% | -3.9% |
| Capex IntensityCapex / Revenue | 18.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | — | ||
| Q3 25 | $6.9M | — | ||
| Q2 25 | $39.2M | — | ||
| Q1 25 | $25.8M | — | ||
| Q4 24 | $14.1M | $-2.5M | ||
| Q3 24 | $-922.0K | $-5.5M | ||
| Q2 24 | $-993.0K | $3.7M | ||
| Q1 24 | $-13.1M | $6.9M |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-10.6M | $-2.6M | ||
| Q3 24 | $-8.6M | $-5.9M | ||
| Q2 24 | $-8.6M | $3.4M | ||
| Q1 24 | $-19.1M | $6.4M |
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -39.6% | -3.9% | ||
| Q3 24 | -42.3% | -7.3% | ||
| Q2 24 | -44.9% | 3.7% | ||
| Q1 24 | -107.0% | 8.3% |
| Q4 25 | 18.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | 0.0% | ||
| Q3 24 | 37.7% | 0.5% | ||
| Q2 24 | 39.7% | 0.4% | ||
| Q1 24 | 33.5% | 0.7% |
| 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% |
LVLU
| Single Reportable Segment | $63.0M | 95% |
| Other | $2.4M | 4% |
| Stored Value Cards | $750.0K | 1% |
