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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Whitestone REIT (WSR). Click either name above to swap in a different company.
Whitestone REIT is the larger business by last-quarter revenue ($43.9M vs $43.2M, roughly 1.0× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 52.0%, a 72.0% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 7.5%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $50.5M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 8.7%).
Whitestone REIT is a publicly traded real estate investment trust that acquires, owns, manages and redevelops open-air community shopping centers, primarily located in high-growth metropolitan areas across the southwestern and southeastern United States. Its property portfolio is largely anchored by daily necessity, service-focused retail tenants that cater to regular local consumer demand.
ADAM vs WSR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $43.9M |
| Net Profit | $53.5M | $22.8M |
| Gross Margin | — | — |
| Operating Margin | — | 53.0% |
| Net Margin | 124.0% | 52.0% |
| Revenue YoY | 61.6% | 7.5% |
| Net Profit YoY | 270.5% | 31.7% |
| EPS (diluted) | $0.45 | $0.43 |
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 | $43.9M | ||
| Q3 25 | $36.6M | $41.0M | ||
| Q2 25 | $36.4M | $37.9M | ||
| Q1 25 | $33.1M | $38.0M | ||
| Q4 24 | $26.7M | $40.8M | ||
| Q3 24 | $20.2M | $38.6M | ||
| Q2 24 | $19.0M | $37.6M | ||
| Q1 24 | $17.9M | $37.2M |
| Q4 25 | $53.5M | $22.8M | ||
| Q3 25 | $44.8M | $18.3M | ||
| Q2 25 | $8.5M | $5.1M | ||
| Q1 25 | $42.2M | $3.7M | ||
| Q4 24 | $-31.4M | $17.3M | ||
| Q3 24 | $42.8M | $7.6M | ||
| Q2 24 | $-15.6M | $2.6M | ||
| Q1 24 | $-57.9M | $9.3M |
| Q4 25 | — | 53.0% | ||
| Q3 25 | — | 45.5% | ||
| Q2 25 | 11.7% | 13.8% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | -119.0% | 43.3% | ||
| Q3 24 | — | 20.3% | ||
| Q2 24 | -124.7% | 7.2% | ||
| Q1 24 | -448.8% | 25.9% |
| Q4 25 | 124.0% | 52.0% | ||
| Q3 25 | 122.5% | 44.7% | ||
| Q2 25 | 23.4% | 13.3% | ||
| Q1 25 | 127.4% | 9.7% | ||
| Q4 24 | -117.5% | 42.5% | ||
| Q3 24 | 211.7% | 19.7% | ||
| Q2 24 | -81.9% | 6.9% | ||
| Q1 24 | -324.1% | 25.1% |
| Q4 25 | $0.45 | $0.43 | ||
| Q3 25 | $0.36 | $0.35 | ||
| Q2 25 | $-0.04 | $0.10 | ||
| Q1 25 | $0.33 | $0.07 | ||
| Q4 24 | $-0.46 | $0.34 | ||
| Q3 24 | $0.36 | $0.15 | ||
| Q2 24 | $-0.29 | $0.05 | ||
| Q1 24 | $-0.75 | $0.18 |
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 | $4.9M |
| Total DebtLower is stronger | $735.8M | $649.4M |
| Stockholders' EquityBook value | $1.4B | $458.1M |
| Total Assets | $12.6B | $1.2B |
| Debt / EquityLower = less leverage | 0.52× | 1.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $4.9M | ||
| Q3 25 | $185.3M | $6.8M | ||
| Q2 25 | $160.4M | $5.3M | ||
| Q1 25 | $177.1M | $5.6M | ||
| Q4 24 | $167.4M | $5.2M | ||
| Q3 24 | $195.1M | $2.5M | ||
| Q2 24 | $235.5M | $3.2M | ||
| Q1 24 | $226.9M | $6.2M |
| Q4 25 | $735.8M | $649.4M | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | $632.5M | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $458.1M | ||
| Q3 25 | $1.4B | $439.5M | ||
| Q2 25 | $1.4B | $427.5M | ||
| Q1 25 | $1.4B | $431.0M | ||
| Q4 24 | $1.4B | $438.2M | ||
| Q3 24 | $1.4B | $419.5M | ||
| Q2 24 | $1.4B | $418.3M | ||
| Q1 24 | $1.5B | $421.6M |
| Q4 25 | $12.6B | $1.2B | ||
| Q3 25 | $12.4B | $1.1B | ||
| Q2 25 | $10.6B | $1.2B | ||
| Q1 25 | $10.0B | $1.1B | ||
| Q4 24 | $9.2B | $1.1B | ||
| Q3 24 | $8.9B | $1.1B | ||
| Q2 24 | $8.2B | $1.1B | ||
| Q1 24 | $7.4B | $1.1B |
| Q4 25 | 0.52× | 1.42× | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | 1.44× | ||
| 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 | $50.8M |
| Free Cash FlowOCF − Capex | $125.9M | $50.5M |
| FCF MarginFCF / Revenue | 291.6% | 114.9% |
| Capex IntensityCapex / Revenue | 18.9% | 0.7% |
| Cash ConversionOCF / Net Profit | 2.50× | 2.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $50.8M | ||
| Q3 25 | $6.9M | $18.0M | ||
| Q2 25 | $39.2M | $13.8M | ||
| Q1 25 | $25.8M | $3.1M | ||
| Q4 24 | $14.1M | $58.2M | ||
| Q3 24 | $-922.0K | $16.4M | ||
| Q2 24 | $-993.0K | $12.3M | ||
| Q1 24 | $-13.1M | $11.5M |
| Q4 25 | $125.9M | $50.5M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-10.6M | $58.0M | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-8.6M | — | ||
| Q1 24 | $-19.1M | — |
| Q4 25 | 291.6% | 114.9% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -39.6% | 142.1% | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | 0.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | 0.5% | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | 2.22× | ||
| Q3 25 | 0.15× | 0.98× | ||
| Q2 25 | 4.59× | 2.74× | ||
| Q1 25 | 0.61× | 0.83× | ||
| Q4 24 | — | 3.36× | ||
| Q3 24 | -0.02× | 2.15× | ||
| Q2 24 | — | 4.73× | ||
| Q1 24 | — | 1.23× |
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% |
WSR
Segment breakdown not available.
