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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and PubMatic, Inc. (PUBM). Click either name above to swap in a different company.
PubMatic, Inc. is the larger business by last-quarter revenue ($80.0M vs $43.2M, roughly 1.9× ADAMAS TRUST, INC.). On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -6.4%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $11.3M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 9.5%).
PubMatic, Inc. develops and implements online advertising software and strategies for the digital publishing and advertising industry. PubMatic's sell-side, real-time programmatic ad transaction advertising software puts publishers of websites, videos, and mobile apps into contact with ad buyers by using automated systems, while allowing users to opt-out of having their personal information collected on internet searches. PubMatic has a number of offices in countries around the world.
ADAM vs PUBM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $80.0M |
| Net Profit | $53.5M | — |
| Gross Margin | — | 68.2% |
| Operating Margin | — | 10.6% |
| Net Margin | 124.0% | — |
| Revenue YoY | 61.6% | -6.4% |
| Net Profit YoY | 270.5% | — |
| EPS (diluted) | $0.45 | $0.14 |
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 | $80.0M | ||
| Q3 25 | $36.6M | $68.0M | ||
| Q2 25 | $36.4M | $71.1M | ||
| Q1 25 | $33.1M | $63.8M | ||
| Q4 24 | $26.7M | $85.5M | ||
| Q3 24 | $20.2M | $71.8M | ||
| Q2 24 | $19.0M | $67.3M | ||
| Q1 24 | $17.9M | $66.7M |
| Q4 25 | $53.5M | — | ||
| Q3 25 | $44.8M | $-6.5M | ||
| Q2 25 | $8.5M | $-5.2M | ||
| Q1 25 | $42.2M | $-9.5M | ||
| Q4 24 | $-31.4M | — | ||
| Q3 24 | $42.8M | $-912.0K | ||
| Q2 24 | $-15.6M | $2.0M | ||
| Q1 24 | $-57.9M | $-2.5M |
| Q4 25 | — | 68.2% | ||
| Q3 25 | — | 62.6% | ||
| Q2 25 | — | 62.6% | ||
| Q1 25 | — | 59.9% | ||
| Q4 24 | — | 70.8% | ||
| Q3 24 | — | 64.5% | ||
| Q2 24 | — | 62.6% | ||
| Q1 24 | — | 61.9% |
| Q4 25 | — | 10.6% | ||
| Q3 25 | — | -12.4% | ||
| Q2 25 | 11.7% | -7.7% | ||
| Q1 25 | — | -18.6% | ||
| Q4 24 | -119.0% | 17.3% | ||
| Q3 24 | — | -1.9% | ||
| Q2 24 | -124.7% | -5.9% | ||
| Q1 24 | -448.8% | -8.3% |
| Q4 25 | 124.0% | — | ||
| Q3 25 | 122.5% | -9.5% | ||
| Q2 25 | 23.4% | -7.3% | ||
| Q1 25 | 127.4% | -14.9% | ||
| Q4 24 | -117.5% | — | ||
| Q3 24 | 211.7% | -1.3% | ||
| Q2 24 | -81.9% | 2.9% | ||
| Q1 24 | -324.1% | -3.7% |
| Q4 25 | $0.45 | $0.14 | ||
| Q3 25 | $0.36 | $-0.14 | ||
| Q2 25 | $-0.04 | $-0.11 | ||
| Q1 25 | $0.33 | $-0.20 | ||
| Q4 24 | $-0.46 | $0.26 | ||
| Q3 24 | $0.36 | $-0.02 | ||
| Q2 24 | $-0.29 | $0.04 | ||
| Q1 24 | $-0.75 | $-0.05 |
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 | $145.5M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $262.6M |
| Total Assets | $12.6B | $680.2M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $145.5M | ||
| Q3 25 | $185.3M | $136.5M | ||
| Q2 25 | $160.4M | $90.5M | ||
| Q1 25 | $177.1M | $101.8M | ||
| Q4 24 | $167.4M | $100.5M | ||
| Q3 24 | $195.1M | $78.9M | ||
| Q2 24 | $235.5M | $73.5M | ||
| Q1 24 | $226.9M | $80.2M |
| 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 | $262.6M | ||
| Q3 25 | $1.4B | $245.1M | ||
| Q2 25 | $1.4B | $243.3M | ||
| Q1 25 | $1.4B | $275.6M | ||
| Q4 24 | $1.4B | $277.3M | ||
| Q3 24 | $1.4B | $263.2M | ||
| Q2 24 | $1.4B | $282.7M | ||
| Q1 24 | $1.5B | $288.7M |
| Q4 25 | $12.6B | $680.2M | ||
| Q3 25 | $12.4B | $676.2M | ||
| Q2 25 | $10.6B | $675.2M | ||
| Q1 25 | $10.0B | $668.6M | ||
| Q4 24 | $9.2B | $739.5M | ||
| Q3 24 | $8.9B | $689.1M | ||
| Q2 24 | $8.2B | $673.1M | ||
| Q1 24 | $7.4B | $626.2M |
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | $125.9M | $11.3M |
| FCF MarginFCF / Revenue | 291.6% | 14.1% |
| Capex IntensityCapex / Revenue | 18.9% | 8.6% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $66.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $18.2M | ||
| Q3 25 | $6.9M | $32.4M | ||
| Q2 25 | $39.2M | $14.9M | ||
| Q1 25 | $25.8M | $15.6M | ||
| Q4 24 | $14.1M | $18.0M | ||
| Q3 24 | $-922.0K | $19.1M | ||
| Q2 24 | $-993.0K | $11.9M | ||
| Q1 24 | $-13.1M | $24.3M |
| Q4 25 | $125.9M | $11.3M | ||
| Q3 25 | — | $27.7M | ||
| Q2 25 | — | $13.6M | ||
| Q1 25 | — | $14.2M | ||
| Q4 24 | $-10.6M | $13.7M | ||
| Q3 24 | $-8.6M | $7.4M | ||
| Q2 24 | $-8.6M | $11.2M | ||
| Q1 24 | $-19.1M | $23.5M |
| Q4 25 | 291.6% | 14.1% | ||
| Q3 25 | — | 40.8% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 22.2% | ||
| Q4 24 | -39.6% | 16.1% | ||
| Q3 24 | -42.3% | 10.3% | ||
| Q2 24 | -44.9% | 16.7% | ||
| Q1 24 | -107.0% | 35.2% |
| Q4 25 | 18.9% | 8.6% | ||
| Q3 25 | — | 6.9% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | 92.3% | 5.1% | ||
| Q3 24 | 37.7% | 16.3% | ||
| Q2 24 | 39.7% | 1.1% | ||
| Q1 24 | 33.5% | 1.2% |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | 6.06× | ||
| 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% |
PUBM
Segment breakdown not available.
