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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and National CineMedia, Inc. (NCMI). Click either name above to swap in a different company.
National CineMedia, Inc. is the larger business by last-quarter revenue ($63.4M vs $43.2M, roughly 1.5× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 2.5%, a 121.5% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 1.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-2.0M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -16.4%).
National CineMedia, Inc. (NCM) is an American cinema advertising company. NCM displays ads to U.S. consumers in movie theaters, online and through mobile technology. NCM presents cinema advertising across a digital in-theater network, consisting of theaters owned by AMC Theatres, Cinemark Theatres, Regal Cinemas and other regional theater circuits.
ADAM vs NCMI — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $63.4M |
| Net Profit | $53.5M | $1.6M |
| Gross Margin | — | 95.0% |
| Operating Margin | — | -2.8% |
| Net Margin | 124.0% | 2.5% |
| Revenue YoY | 61.6% | 1.6% |
| Net Profit YoY | 270.5% | 144.4% |
| EPS (diluted) | $0.45 | $0.02 |
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 | $63.4M | ||
| Q2 25 | $36.4M | $51.8M | ||
| Q1 25 | $33.1M | $34.9M | ||
| Q4 24 | $26.7M | $86.3M | ||
| Q3 24 | $20.2M | $62.4M | ||
| Q2 24 | $19.0M | $54.7M | ||
| Q1 24 | $17.9M | $37.4M |
| Q4 25 | $53.5M | — | ||
| Q3 25 | $44.8M | $1.6M | ||
| Q2 25 | $8.5M | $-10.7M | ||
| Q1 25 | $42.2M | $-30.7M | ||
| Q4 24 | $-31.4M | $24.7M | ||
| Q3 24 | $42.8M | $-3.6M | ||
| Q2 24 | $-15.6M | $-8.7M | ||
| Q1 24 | $-57.9M | $-34.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 95.0% | ||
| Q2 25 | — | 93.8% | ||
| Q1 25 | — | 91.1% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | — | 94.7% | ||
| Q2 24 | — | 93.2% | ||
| Q1 24 | — | 90.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -2.8% | ||
| Q2 25 | 11.7% | -23.2% | ||
| Q1 25 | — | -68.5% | ||
| Q4 24 | -119.0% | 23.2% | ||
| Q3 24 | — | -12.0% | ||
| Q2 24 | -124.7% | -17.0% | ||
| Q1 24 | -448.8% | -60.7% |
| Q4 25 | 124.0% | — | ||
| Q3 25 | 122.5% | 2.5% | ||
| Q2 25 | 23.4% | -20.7% | ||
| Q1 25 | 127.4% | -88.0% | ||
| Q4 24 | -117.5% | 28.6% | ||
| Q3 24 | 211.7% | -5.8% | ||
| Q2 24 | -81.9% | -15.9% | ||
| Q1 24 | -324.1% | -92.8% |
| Q4 25 | $0.45 | — | ||
| Q3 25 | $0.36 | $0.02 | ||
| Q2 25 | $-0.04 | $-0.11 | ||
| Q1 25 | $0.33 | $-0.32 | ||
| Q4 24 | $-0.46 | $0.26 | ||
| Q3 24 | $0.36 | $-0.04 | ||
| Q2 24 | $-0.29 | $-0.09 | ||
| Q1 24 | $-0.75 | $-0.36 |
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 | $29.9M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $350.5M |
| Total Assets | $12.6B | $451.9M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | — | ||
| Q3 25 | $185.3M | $29.9M | ||
| Q2 25 | $160.4M | $37.2M | ||
| Q1 25 | $177.1M | $59.8M | ||
| Q4 24 | $167.4M | $75.2M | ||
| Q3 24 | $195.1M | $49.5M | ||
| Q2 24 | $235.5M | $53.8M | ||
| Q1 24 | $226.9M | $57.1M |
| 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 | $350.5M | ||
| Q2 25 | $1.4B | $350.0M | ||
| Q1 25 | $1.4B | $370.8M | ||
| Q4 24 | $1.4B | $411.2M | ||
| Q3 24 | $1.4B | $385.5M | ||
| Q2 24 | $1.4B | $387.9M | ||
| Q1 24 | $1.5B | $402.3M |
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.4B | $451.9M | ||
| Q2 25 | $10.6B | $462.0M | ||
| Q1 25 | $10.0B | $503.8M | ||
| Q4 24 | $9.2B | $568.6M | ||
| Q3 24 | $8.9B | $526.1M | ||
| Q2 24 | $8.2B | $527.2M | ||
| Q1 24 | $7.4B | $538.6M |
| 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 | $-1.0M |
| Free Cash FlowOCF − Capex | $125.9M | $-2.0M |
| FCF MarginFCF / Revenue | 291.6% | -3.2% |
| Capex IntensityCapex / Revenue | 18.9% | 1.6% |
| Cash ConversionOCF / Net Profit | 2.50× | -0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | — | ||
| Q3 25 | $6.9M | $-1.0M | ||
| Q2 25 | $39.2M | $-4.9M | ||
| Q1 25 | $25.8M | $6.0M | ||
| Q4 24 | $14.1M | $30.5M | ||
| Q3 24 | $-922.0K | $-2.0M | ||
| Q2 24 | $-993.0K | $7.7M | ||
| Q1 24 | $-13.1M | $24.1M |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | $-2.0M | ||
| Q2 25 | — | $-6.6M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | $-10.6M | $28.1M | ||
| Q3 24 | $-8.6M | $-2.6M | ||
| Q2 24 | $-8.6M | $6.4M | ||
| Q1 24 | $-19.1M | $22.6M |
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | -3.2% | ||
| Q2 25 | — | -12.7% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | -39.6% | 32.6% | ||
| Q3 24 | -42.3% | -4.2% | ||
| Q2 24 | -44.9% | 11.7% | ||
| Q1 24 | -107.0% | 60.4% |
| Q4 25 | 18.9% | — | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | 92.3% | 2.8% | ||
| Q3 24 | 37.7% | 1.0% | ||
| Q2 24 | 39.7% | 2.4% | ||
| Q1 24 | 33.5% | 4.0% |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | -0.63× | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | 1.23× | ||
| 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% |
NCMI
| National Advertising Revenue | $49.9M | 79% |
| Local Advertising Revenue | $9.6M | 15% |
| Founding Member Advertising Revenue From Beverage Concessionaire Agreements | $3.9M | 6% |
