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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $43.2M, roughly 2.0× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 1.4%, a 122.6% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -5.8%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $20.4M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 1.8%).
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
ADAM vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $86.0M |
| Net Profit | $53.5M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | — | -3.1% |
| Net Margin | 124.0% | 1.4% |
| Revenue YoY | 61.6% | -5.8% |
| Net Profit YoY | 270.5% | -68.5% |
| EPS (diluted) | $0.45 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $36.6M | $92.8M | ||
| Q2 25 | $36.4M | $85.8M | ||
| Q1 25 | $33.1M | $65.6M | ||
| Q4 24 | $26.7M | $91.4M | ||
| Q3 24 | $20.2M | $63.2M | ||
| Q2 24 | $19.0M | $73.8M | ||
| Q1 24 | $17.9M | $83.1M |
| Q4 25 | $53.5M | $1.2M | ||
| Q3 25 | $44.8M | $3.0M | ||
| Q2 25 | $8.5M | $21.4M | ||
| Q1 25 | $42.2M | $-24.2M | ||
| Q4 24 | $-31.4M | $3.7M | ||
| Q3 24 | $42.8M | $-98.0K | ||
| Q2 24 | $-15.6M | $-430.0K | ||
| Q1 24 | $-57.9M | $-216.0K |
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | — | 14.2% |
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | 11.7% | -0.1% | ||
| Q1 25 | — | -10.8% | ||
| Q4 24 | -119.0% | 3.9% | ||
| Q3 24 | — | -7.8% | ||
| Q2 24 | -124.7% | 4.8% | ||
| Q1 24 | -448.8% | 0.9% |
| Q4 25 | 124.0% | 1.4% | ||
| Q3 25 | 122.5% | 3.2% | ||
| Q2 25 | 23.4% | 24.9% | ||
| Q1 25 | 127.4% | -37.0% | ||
| Q4 24 | -117.5% | 4.1% | ||
| Q3 24 | 211.7% | -0.2% | ||
| Q2 24 | -81.9% | -0.6% | ||
| Q1 24 | -324.1% | -0.3% |
| Q4 25 | $0.45 | $0.03 | ||
| Q3 25 | $0.36 | $0.08 | ||
| Q2 25 | $-0.04 | $0.54 | ||
| Q1 25 | $0.33 | $-0.62 | ||
| Q4 24 | $-0.46 | $0.10 | ||
| Q3 24 | $0.36 | $0.00 | ||
| Q2 24 | $-0.29 | $-0.01 | ||
| Q1 24 | $-0.75 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | $735.8M | $15.0M |
| Stockholders' EquityBook value | $1.4B | $239.7M |
| Total Assets | $12.6B | $340.0M |
| Debt / EquityLower = less leverage | 0.52× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $22.6M | ||
| Q3 25 | $185.3M | $5.1M | ||
| Q2 25 | $160.4M | $4.3M | ||
| Q1 25 | $177.1M | $5.1M | ||
| Q4 24 | $167.4M | $1.6M | ||
| Q3 24 | $195.1M | $7.2M | ||
| Q2 24 | $235.5M | $6.3M | ||
| Q1 24 | $226.9M | $4.6M |
| Q4 25 | $735.8M | $15.0M | ||
| Q3 25 | $766.6M | $14.3M | ||
| Q2 25 | $653.0M | $23.5M | ||
| Q1 25 | $654.4M | $13.7M | ||
| Q4 24 | $573.2M | $14.7M | ||
| Q3 24 | $699.4M | $15.7M | ||
| Q2 24 | $800.7M | $17.1M | ||
| Q1 24 | $1.0B | $25.5M |
| Q4 25 | $1.4B | $239.7M | ||
| Q3 25 | $1.4B | $239.9M | ||
| Q2 25 | $1.4B | $240.5M | ||
| Q1 25 | $1.4B | $219.9M | ||
| Q4 24 | $1.4B | $243.8M | ||
| Q3 24 | $1.4B | $243.6M | ||
| Q2 24 | $1.4B | $242.9M | ||
| Q1 24 | $1.5B | $242.5M |
| Q4 25 | $12.6B | $340.0M | ||
| Q3 25 | $12.4B | $343.1M | ||
| Q2 25 | $10.6B | $345.8M | ||
| Q1 25 | $10.0B | $326.9M | ||
| Q4 24 | $9.2B | $341.5M | ||
| Q3 24 | $8.9B | $335.8M | ||
| Q2 24 | $8.2B | $341.8M | ||
| Q1 24 | $7.4B | $349.3M |
| Q4 25 | 0.52× | 0.06× | ||
| Q3 25 | 0.55× | 0.06× | ||
| Q2 25 | 0.47× | 0.10× | ||
| Q1 25 | 0.47× | 0.06× | ||
| Q4 24 | 0.41× | 0.06× | ||
| Q3 24 | 0.48× | 0.06× | ||
| Q2 24 | 0.56× | 0.07× | ||
| Q1 24 | 0.67× | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $125.9M | $20.4M |
| FCF MarginFCF / Revenue | 291.6% | 23.7% |
| Capex IntensityCapex / Revenue | 18.9% | 2.3% |
| Cash ConversionOCF / Net Profit | 2.50× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $22.4M | ||
| Q3 25 | $6.9M | $18.2M | ||
| Q2 25 | $39.2M | $-5.1M | ||
| Q1 25 | $25.8M | $8.7M | ||
| Q4 24 | $14.1M | $1.0M | ||
| Q3 24 | $-922.0K | $5.8M | ||
| Q2 24 | $-993.0K | $14.9M | ||
| Q1 24 | $-13.1M | $-3.9M |
| Q4 25 | $125.9M | $20.4M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | $-10.6M | $-840.0K | ||
| Q3 24 | $-8.6M | $3.7M | ||
| Q2 24 | $-8.6M | $13.5M | ||
| Q1 24 | $-19.1M | $-5.5M |
| Q4 25 | 291.6% | 23.7% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | -39.6% | -0.9% | ||
| Q3 24 | -42.3% | 5.8% | ||
| Q2 24 | -44.9% | 18.3% | ||
| Q1 24 | -107.0% | -6.6% |
| Q4 25 | 18.9% | 2.3% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | 92.3% | 2.1% | ||
| Q3 24 | 37.7% | 3.4% | ||
| Q2 24 | 39.7% | 1.8% | ||
| Q1 24 | 33.5% | 2.0% |
| Q4 25 | 2.50× | 18.99× | ||
| Q3 25 | 0.15× | 6.05× | ||
| Q2 25 | 4.59× | -0.24× | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | 0.28× | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
