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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $33.9M, roughly 1.3× Spok Holdings, Inc). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 8.7%, a 115.3% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -0.1%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $10.1M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs -1.5%).
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
ADAM vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $33.9M |
| Net Profit | $53.5M | $2.9M |
| Gross Margin | — | 76.7% |
| Operating Margin | — | 11.6% |
| Net Margin | 124.0% | 8.7% |
| Revenue YoY | 61.6% | -0.1% |
| Net Profit YoY | 270.5% | -19.6% |
| EPS (diluted) | $0.45 | $0.13 |
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 | $33.9M | ||
| Q3 25 | $36.6M | $33.9M | ||
| Q2 25 | $36.4M | $35.7M | ||
| Q1 25 | $33.1M | $36.3M | ||
| Q4 24 | $26.7M | $33.9M | ||
| Q3 24 | $20.2M | $34.9M | ||
| Q2 24 | $19.0M | $34.0M | ||
| Q1 24 | $17.9M | $34.9M |
| Q4 25 | $53.5M | $2.9M | ||
| Q3 25 | $44.8M | $3.2M | ||
| Q2 25 | $8.5M | $4.6M | ||
| Q1 25 | $42.2M | $5.2M | ||
| Q4 24 | $-31.4M | $3.6M | ||
| Q3 24 | $42.8M | $3.7M | ||
| Q2 24 | $-15.6M | $3.4M | ||
| Q1 24 | $-57.9M | $4.2M |
| Q4 25 | — | 76.7% | ||
| Q3 25 | — | 78.3% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 80.1% | ||
| Q4 24 | — | 78.5% | ||
| Q3 24 | — | 79.5% | ||
| Q2 24 | — | 78.9% | ||
| Q1 24 | — | 79.5% |
| Q4 25 | — | 11.6% | ||
| Q3 25 | — | 12.9% | ||
| Q2 25 | 11.7% | 15.1% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | -119.0% | 13.7% | ||
| Q3 24 | — | 14.2% | ||
| Q2 24 | -124.7% | 13.2% | ||
| Q1 24 | -448.8% | 14.0% |
| Q4 25 | 124.0% | 8.7% | ||
| Q3 25 | 122.5% | 9.5% | ||
| Q2 25 | 23.4% | 12.8% | ||
| Q1 25 | 127.4% | 14.3% | ||
| Q4 24 | -117.5% | 10.8% | ||
| Q3 24 | 211.7% | 10.5% | ||
| Q2 24 | -81.9% | 10.1% | ||
| Q1 24 | -324.1% | 12.1% |
| Q4 25 | $0.45 | $0.13 | ||
| Q3 25 | $0.36 | $0.15 | ||
| Q2 25 | $-0.04 | $0.22 | ||
| Q1 25 | $0.33 | $0.25 | ||
| Q4 24 | $-0.46 | $0.17 | ||
| Q3 24 | $0.36 | $0.18 | ||
| Q2 24 | $-0.29 | $0.17 | ||
| Q1 24 | $-0.75 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $146.4M |
| Total Assets | $12.6B | $206.1M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $25.3M | ||
| Q3 25 | $185.3M | $21.4M | ||
| Q2 25 | $160.4M | $20.2M | ||
| Q1 25 | $177.1M | $19.9M | ||
| Q4 24 | $167.4M | $29.1M | ||
| Q3 24 | $195.1M | $27.8M | ||
| Q2 24 | $235.5M | $23.9M | ||
| Q1 24 | $226.9M | $23.3M |
| 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 | $146.4M | ||
| Q3 25 | $1.4B | $148.7M | ||
| Q2 25 | $1.4B | $150.9M | ||
| Q1 25 | $1.4B | $151.7M | ||
| Q4 24 | $1.4B | $154.7M | ||
| Q3 24 | $1.4B | $156.3M | ||
| Q2 24 | $1.4B | $158.2M | ||
| Q1 24 | $1.5B | $160.2M |
| Q4 25 | $12.6B | $206.1M | ||
| Q3 25 | $12.4B | $209.7M | ||
| Q2 25 | $10.6B | $208.7M | ||
| Q1 25 | $10.0B | $204.5M | ||
| Q4 24 | $9.2B | $217.1M | ||
| Q3 24 | $8.9B | $216.8M | ||
| Q2 24 | $8.2B | $216.4M | ||
| Q1 24 | $7.4B | $215.0M |
| 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 | $11.5M |
| Free Cash FlowOCF − Capex | $125.9M | $10.1M |
| FCF MarginFCF / Revenue | 291.6% | 29.9% |
| Capex IntensityCapex / Revenue | 18.9% | 4.1% |
| Cash ConversionOCF / Net Profit | 2.50× | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $11.5M | ||
| Q3 25 | $6.9M | $8.1M | ||
| Q2 25 | $39.2M | $7.0M | ||
| Q1 25 | $25.8M | $2.3M | ||
| Q4 24 | $14.1M | $8.4M | ||
| Q3 24 | $-922.0K | $11.1M | ||
| Q2 24 | $-993.0K | $7.4M | ||
| Q1 24 | $-13.1M | $2.0M |
| Q4 25 | $125.9M | $10.1M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | — | $6.0M | ||
| Q1 25 | — | $1.5M | ||
| Q4 24 | $-10.6M | $7.5M | ||
| Q3 24 | $-8.6M | $10.3M | ||
| Q2 24 | $-8.6M | $6.8M | ||
| Q1 24 | $-19.1M | $1.1M |
| Q4 25 | 291.6% | 29.9% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | -39.6% | 22.3% | ||
| Q3 24 | -42.3% | 29.4% | ||
| Q2 24 | -44.9% | 20.0% | ||
| Q1 24 | -107.0% | 3.2% |
| Q4 25 | 18.9% | 4.1% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | 92.3% | 2.5% | ||
| Q3 24 | 37.7% | 2.4% | ||
| Q2 24 | 39.7% | 1.9% | ||
| Q1 24 | 33.5% | 2.5% |
| Q4 25 | 2.50× | 3.93× | ||
| Q3 25 | 0.15× | 2.54× | ||
| Q2 25 | 4.59× | 1.55× | ||
| Q1 25 | 0.61× | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | -0.02× | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.47× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
