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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and TELOS CORP (TLS). Click either name above to swap in a different company.
TELOS CORP is the larger business by last-quarter revenue ($46.8M vs $43.2M, roughly 1.1× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -34.9%, a 158.9% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 61.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $8.0M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 25.7%).
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
ADAM vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $46.8M |
| Net Profit | $53.5M | $-16.3M |
| Gross Margin | — | 35.0% |
| Operating Margin | — | -39.6% |
| Net Margin | 124.0% | -34.9% |
| Revenue YoY | 61.6% | 77.4% |
| Net Profit YoY | 270.5% | -74.8% |
| EPS (diluted) | $0.45 | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $36.6M | $51.4M | ||
| Q2 25 | $36.4M | $36.0M | ||
| Q1 25 | $33.1M | $30.6M | ||
| Q4 24 | $26.7M | $26.4M | ||
| Q3 24 | $20.2M | $23.8M | ||
| Q2 24 | $19.0M | $28.5M | ||
| Q1 24 | $17.9M | $29.6M |
| Q4 25 | $53.5M | $-16.3M | ||
| Q3 25 | $44.8M | $-2.1M | ||
| Q2 25 | $8.5M | $-9.5M | ||
| Q1 25 | $42.2M | $-8.6M | ||
| Q4 24 | $-31.4M | $-9.3M | ||
| Q3 24 | $42.8M | $-28.1M | ||
| Q2 24 | $-15.6M | $-7.8M | ||
| Q1 24 | $-57.9M | $-7.4M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | — | -39.6% | ||
| Q3 25 | — | -4.8% | ||
| Q2 25 | 11.7% | -27.5% | ||
| Q1 25 | — | -29.5% | ||
| Q4 24 | -119.0% | -37.6% | ||
| Q3 24 | — | -121.4% | ||
| Q2 24 | -124.7% | -30.3% | ||
| Q1 24 | -448.8% | -28.5% |
| Q4 25 | 124.0% | -34.9% | ||
| Q3 25 | 122.5% | -4.1% | ||
| Q2 25 | 23.4% | -26.5% | ||
| Q1 25 | 127.4% | -28.1% | ||
| Q4 24 | -117.5% | -35.4% | ||
| Q3 24 | 211.7% | -118.0% | ||
| Q2 24 | -81.9% | -27.2% | ||
| Q1 24 | -324.1% | -24.9% |
| Q4 25 | $0.45 | $-0.22 | ||
| Q3 25 | $0.36 | $-0.03 | ||
| Q2 25 | $-0.04 | $-0.13 | ||
| Q1 25 | $0.33 | $-0.12 | ||
| Q4 24 | $-0.46 | $-0.13 | ||
| Q3 24 | $0.36 | $-0.39 | ||
| Q2 24 | $-0.29 | $-0.11 | ||
| Q1 24 | $-0.75 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $96.0M |
| Total Assets | $12.6B | $139.9M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $53.2M | ||
| Q3 25 | $185.3M | $59.0M | ||
| Q2 25 | $160.4M | $57.0M | ||
| Q1 25 | $177.1M | $57.8M | ||
| Q4 24 | $167.4M | $54.6M | ||
| Q3 24 | $195.1M | $69.8M | ||
| Q2 24 | $235.5M | $80.1M | ||
| Q1 24 | $226.9M | $93.9M |
| 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 | $96.0M | ||
| Q3 25 | $1.4B | $119.7M | ||
| Q2 25 | $1.4B | $118.4M | ||
| Q1 25 | $1.4B | $126.1M | ||
| Q4 24 | $1.4B | $127.1M | ||
| Q3 24 | $1.4B | $129.5M | ||
| Q2 24 | $1.4B | $149.1M | ||
| Q1 24 | $1.5B | $154.4M |
| Q4 25 | $12.6B | $139.9M | ||
| Q3 25 | $12.4B | $164.3M | ||
| Q2 25 | $10.6B | $165.0M | ||
| Q1 25 | $10.0B | $158.1M | ||
| Q4 24 | $9.2B | $158.2M | ||
| Q3 24 | $8.9B | $166.3M | ||
| Q2 24 | $8.2B | $182.4M | ||
| Q1 24 | $7.4B | $195.4M |
| 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 | $8.0M |
| Free Cash FlowOCF − Capex | $125.9M | $8.0M |
| FCF MarginFCF / Revenue | 291.6% | 17.0% |
| Capex IntensityCapex / Revenue | 18.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $8.0M | ||
| Q3 25 | $6.9M | $9.1M | ||
| Q2 25 | $39.2M | $7.0M | ||
| Q1 25 | $25.8M | $6.1M | ||
| Q4 24 | $14.1M | $-10.5M | ||
| Q3 24 | $-922.0K | $-7.1M | ||
| Q2 24 | $-993.0K | $-8.0M | ||
| Q1 24 | $-13.1M | $-350.0K |
| Q4 25 | $125.9M | $8.0M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | $-10.6M | $-12.4M | ||
| Q3 24 | $-8.6M | $-7.1M | ||
| Q2 24 | $-8.6M | $-8.2M | ||
| Q1 24 | $-19.1M | $-447.0K |
| Q4 25 | 291.6% | 17.0% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 19.5% | ||
| Q4 24 | -39.6% | -47.0% | ||
| Q3 24 | -42.3% | -30.0% | ||
| Q2 24 | -44.9% | -28.9% | ||
| Q1 24 | -107.0% | -1.5% |
| Q4 25 | 18.9% | 0.1% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 92.3% | 7.1% | ||
| Q3 24 | 37.7% | 0.2% | ||
| Q2 24 | 39.7% | 0.8% | ||
| Q1 24 | 33.5% | 0.3% |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| 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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
