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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and NATIONAL RESEARCH CORP (NRC). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $35.2M, roughly 1.2× NATIONAL RESEARCH CORP). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 5.1%, a 118.9% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -4.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $6.1M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -0.2%).
National Research Corporation, doing business as NRC Health, is an American healthcare company which provides healthcare products and subscription-based solutions in United States and Canada. It was founded in 1981, and is based in Lincoln, Nebraska.
ADAM vs NRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $35.2M |
| Net Profit | $53.5M | $1.8M |
| Gross Margin | — | — |
| Operating Margin | — | 13.3% |
| Net Margin | 124.0% | 5.1% |
| Revenue YoY | 61.6% | -4.6% |
| Net Profit YoY | 270.5% | -72.6% |
| EPS (diluted) | $0.45 | $49.58 |
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 | $35.2M | ||
| Q3 25 | $36.6M | $34.6M | ||
| Q2 25 | $36.4M | $34.0M | ||
| Q1 25 | $33.1M | $33.6M | ||
| Q4 24 | $26.7M | $36.9M | ||
| Q3 24 | $20.2M | $35.8M | ||
| Q2 24 | $19.0M | $35.0M | ||
| Q1 24 | $17.9M | $35.3M |
| Q4 25 | $53.5M | $1.8M | ||
| Q3 25 | $44.8M | $4.1M | ||
| Q2 25 | $8.5M | $-106.0K | ||
| Q1 25 | $42.2M | $5.8M | ||
| Q4 24 | $-31.4M | $6.6M | ||
| Q3 24 | $42.8M | $5.7M | ||
| Q2 24 | $-15.6M | $6.2M | ||
| Q1 24 | $-57.9M | $6.4M |
| Q4 25 | — | 13.3% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | 11.7% | 4.7% | ||
| Q1 25 | — | 25.6% | ||
| Q4 24 | -119.0% | 26.0% | ||
| Q3 24 | — | 22.3% | ||
| Q2 24 | -124.7% | 25.3% | ||
| Q1 24 | -448.8% | 24.8% |
| Q4 25 | 124.0% | 5.1% | ||
| Q3 25 | 122.5% | 11.9% | ||
| Q2 25 | 23.4% | -0.3% | ||
| Q1 25 | 127.4% | 17.2% | ||
| Q4 24 | -117.5% | 17.8% | ||
| Q3 24 | 211.7% | 15.9% | ||
| Q2 24 | -81.9% | 17.6% | ||
| Q1 24 | -324.1% | 18.0% |
| Q4 25 | $0.45 | $49.58 | ||
| Q3 25 | $0.36 | $0.18 | ||
| Q2 25 | $-0.04 | $-0.01 | ||
| Q1 25 | $0.33 | $0.25 | ||
| Q4 24 | $-0.46 | $0.27 | ||
| Q3 24 | $0.36 | $0.24 | ||
| Q2 24 | $-0.29 | $0.26 | ||
| Q1 24 | $-0.75 | $0.27 |
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 | $4.1M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $14.0M |
| Total Assets | $12.6B | $134.9M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $4.1M | ||
| Q3 25 | $185.3M | $2.2M | ||
| Q2 25 | $160.4M | $5.3M | ||
| Q1 25 | $177.1M | $2.5M | ||
| Q4 24 | $167.4M | $4.2M | ||
| Q3 24 | $195.1M | $3.5M | ||
| Q2 24 | $235.5M | $485.0K | ||
| Q1 24 | $226.9M | $1.7M |
| Q4 25 | $735.8M | — | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | — | ||
| Q3 24 | $699.4M | $48.7M | ||
| Q2 24 | $800.7M | $33.3M | ||
| Q1 24 | $1.0B | $35.2M |
| Q4 25 | $1.4B | $14.0M | ||
| Q3 25 | $1.4B | $14.3M | ||
| Q2 25 | $1.4B | $21.3M | ||
| Q1 25 | $1.4B | $29.7M | ||
| Q4 24 | $1.4B | $31.3M | ||
| Q3 24 | $1.4B | $34.6M | ||
| Q2 24 | $1.4B | $40.2M | ||
| Q1 24 | $1.5B | $36.9M |
| Q4 25 | $12.6B | $134.9M | ||
| Q3 25 | $12.4B | $135.7M | ||
| Q2 25 | $10.6B | $141.4M | ||
| Q1 25 | $10.0B | $135.2M | ||
| Q4 24 | $9.2B | $132.5M | ||
| Q3 24 | $8.9B | $131.8M | ||
| Q2 24 | $8.2B | $119.1M | ||
| Q1 24 | $7.4B | $120.9M |
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | 1.41× | ||
| Q2 24 | 0.56× | 0.83× | ||
| Q1 24 | 0.67× | 0.95× |
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 | $7.2M |
| Free Cash FlowOCF − Capex | $125.9M | $6.1M |
| FCF MarginFCF / Revenue | 291.6% | 17.2% |
| Capex IntensityCapex / Revenue | 18.9% | 3.2% |
| Cash ConversionOCF / Net Profit | 2.50× | 3.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $15.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $7.2M | ||
| Q3 25 | $6.9M | $13.8M | ||
| Q2 25 | $39.2M | $-1.1M | ||
| Q1 25 | $25.8M | $6.6M | ||
| Q4 24 | $14.1M | $6.4M | ||
| Q3 24 | $-922.0K | $9.4M | ||
| Q2 24 | $-993.0K | $6.8M | ||
| Q1 24 | $-13.1M | $12.0M |
| Q4 25 | $125.9M | $6.1M | ||
| Q3 25 | — | $10.2M | ||
| Q2 25 | — | $-4.1M | ||
| Q1 25 | — | $3.7M | ||
| Q4 24 | $-10.6M | $1.9M | ||
| Q3 24 | $-8.6M | $7.8M | ||
| Q2 24 | $-8.6M | $1.5M | ||
| Q1 24 | $-19.1M | $7.9M |
| Q4 25 | 291.6% | 17.2% | ||
| Q3 25 | — | 29.4% | ||
| Q2 25 | — | -12.2% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | -39.6% | 5.2% | ||
| Q3 24 | -42.3% | 21.8% | ||
| Q2 24 | -44.9% | 4.3% | ||
| Q1 24 | -107.0% | 22.4% |
| Q4 25 | 18.9% | 3.2% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 8.8% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | 92.3% | 12.0% | ||
| Q3 24 | 37.7% | 4.5% | ||
| Q2 24 | 39.7% | 15.0% | ||
| Q1 24 | 33.5% | 11.7% |
| Q4 25 | 2.50× | 3.99× | ||
| Q3 25 | 0.15× | 3.34× | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | 1.15× | ||
| Q4 24 | — | 0.97× | ||
| Q3 24 | -0.02× | 1.66× | ||
| Q2 24 | — | 1.10× | ||
| Q1 24 | — | 1.89× |
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% |
NRC
Segment breakdown not available.
