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ADAMAS TRUST, INC.（ADAM）与i3 Verticals, Inc.（IIIV）财务数据对比。点击上方公司名可切换其他公司
i3 Verticals, Inc.的季度营收约是ADAMAS TRUST, INC.的1.2倍（$52.7M vs $43.2M），ADAMAS TRUST, INC.净利率更高（124.0% vs 0.9%，领先123.1%），ADAMAS TRUST, INC.同比增速更快（61.6% vs -14.6%），ADAMAS TRUST, INC.自由现金流更多（$125.9M vs $13.8M），过去两年ADAMAS TRUST, INC.的营收复合增速更高（55.5% vs -4.7%）
Prusa i3是捷克Prusa Research公司生产的熔融沉积成型3D打印机系列，以Original Prusa i3为注册商标推出，同时也是RepRap项目的组成部分。2016年该系列就被评为全球使用率最高的3D打印机，最早由Josef Průša在2012年完成设计，2015年正式推出商用套件版本，目前最新型号同时提供散件套件和原厂组装版本，具备性价比高、易操作的优势。
ADAM vs IIIV — 直观对比
营收规模更大
IIIV
是对方的1.2倍
$43.2M
营收增速更快
ADAM
高出76.2%
-14.6%
净利率更高
ADAM
高出123.1%
0.9%
自由现金流更多
ADAM
多$112.1M
$13.8M
两年增速更快
ADAM
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $43.2M | $52.7M |
| 净利润 | $53.5M | $484.0K |
| 毛利率 | — | — |
| 营业利润率 | — | 3.1% |
| 净利率 | 124.0% | 0.9% |
| 营收同比 | 61.6% | -14.6% |
| 净利润同比 | 270.5% | -76.5% |
| 每股收益（稀释后） | $0.45 | $0.02 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ADAMIIIV
| Q4 25 | $43.2M | $52.7M | ||
| Q3 25 | $36.6M | $46.0M | ||
| Q2 25 | $36.4M | $51.9M | ||
| Q1 25 | $33.1M | $63.1M | ||
| Q4 24 | $26.7M | $52.2M | ||
| Q3 24 | $20.2M | $32.0M | ||
| Q2 24 | $19.0M | $46.2M | ||
| Q1 24 | $17.9M | $58.0M |
净利润ADAMIIIV
| Q4 25 | $53.5M | $484.0K | ||
| Q3 25 | $44.8M | $3.1M | ||
| Q2 25 | $8.5M | $12.9M | ||
| Q1 25 | $42.2M | $-154.0K | ||
| Q4 24 | $-31.4M | $2.1M | ||
| Q3 24 | $42.8M | $117.9M | ||
| Q2 24 | $-15.6M | $-7.5M | ||
| Q1 24 | $-57.9M | $1.9M |
营业利润率ADAMIIIV
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | 11.7% | -9.3% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | -119.0% | 3.9% | ||
| Q3 24 | — | 10.6% | ||
| Q2 24 | -124.7% | -2.8% | ||
| Q1 24 | -448.8% | 3.4% |
净利率ADAMIIIV
| Q4 25 | 124.0% | 0.9% | ||
| Q3 25 | 122.5% | 6.7% | ||
| Q2 25 | 23.4% | 24.8% | ||
| Q1 25 | 127.4% | -0.2% | ||
| Q4 24 | -117.5% | 3.9% | ||
| Q3 24 | 211.7% | 368.2% | ||
| Q2 24 | -81.9% | -16.3% | ||
| Q1 24 | -324.1% | 3.2% |
每股收益（稀释后）ADAMIIIV
| Q4 25 | $0.45 | $0.02 | ||
| Q3 25 | $0.36 | $0.14 | ||
| Q2 25 | $-0.04 | $0.50 | ||
| Q1 25 | $0.33 | $0.00 | ||
| Q4 24 | $-0.46 | $0.08 | ||
| Q3 24 | $0.36 | $4.93 | ||
| Q2 24 | $-0.29 | $-0.32 | ||
| Q1 24 | $-0.75 | $0.08 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $210.3M | $37.5M |
| 总债务越低越好 | $735.8M | — |
| 股东权益账面价值 | $1.4B | $358.5M |
| 总资产 | $12.6B | $595.9M |
| 负债/权益比越低杠杆越低 | 0.52× | — |
8季度趋势，按日历期对齐
现金及短期投资ADAMIIIV
| Q4 25 | $210.3M | $37.5M | ||
| Q3 25 | $185.3M | $66.7M | ||
| Q2 25 | $160.4M | $55.5M | ||
| Q1 25 | $177.1M | $7.7M | ||
| Q4 24 | $167.4M | $85.6M | ||
| Q3 24 | $195.1M | $86.5M | ||
| Q2 24 | $235.5M | $9.7M | ||
| Q1 24 | $226.9M | $3.1M |
总债务ADAMIIIV
| Q4 25 | $735.8M | — | ||
| Q3 25 | $766.6M | $0 | ||
| Q2 25 | $653.0M | $0 | ||
| Q1 25 | $654.4M | $12.0M | ||
| Q4 24 | $573.2M | $26.2M | ||
| Q3 24 | $699.4M | $26.2M | ||
| Q2 24 | $800.7M | $374.1M | ||
| Q1 24 | $1.0B | $369.6M |
股东权益ADAMIIIV
| Q4 25 | $1.4B | $358.5M | ||
| Q3 25 | $1.4B | $389.6M | ||
| Q2 25 | $1.4B | $383.3M | ||
| Q1 25 | $1.4B | $385.2M | ||
| Q4 24 | $1.4B | $375.0M | ||
| Q3 24 | $1.4B | $379.7M | ||
| Q2 24 | $1.4B | $249.7M | ||
| Q1 24 | $1.5B | $249.3M |
总资产ADAMIIIV
| Q4 25 | $12.6B | $595.9M | ||
| Q3 25 | $12.4B | $638.4M | ||
| Q2 25 | $10.6B | $623.3M | ||
| Q1 25 | $10.0B | $646.4M | ||
| Q4 24 | $9.2B | $726.2M | ||
| Q3 24 | $8.9B | $730.7M | ||
| Q2 24 | $8.2B | $861.7M | ||
| Q1 24 | $7.4B | $625.8M |
负债/权益比ADAMIIIV
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | 0.00× | ||
| Q2 25 | 0.47× | 0.00× | ||
| Q1 25 | 0.47× | 0.03× | ||
| Q4 24 | 0.41× | 0.07× | ||
| Q3 24 | 0.48× | 0.07× | ||
| Q2 24 | 0.56× | 1.50× | ||
| Q1 24 | 0.67× | 1.48× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $134.0M | $14.1M |
| 自由现金流经营现金流 - 资本支出 | $125.9M | $13.8M |
| 自由现金流率自由现金流/营收 | 291.6% | 26.2% |
| 资本支出强度资本支出/营收 | 18.9% | 0.6% |
| 现金转化率经营现金流/净利润 | 2.50× | 29.18× |
| 过去12个月自由现金流最近4个季度 | — | $6.5M |
8季度趋势，按日历期对齐
经营现金流ADAMIIIV
| Q4 25 | $134.0M | $14.1M | ||
| Q3 25 | $6.9M | $14.0M | ||
| Q2 25 | $39.2M | $7.4M | ||
| Q1 25 | $25.8M | $-27.1M | ||
| Q4 24 | $14.1M | $11.5M | ||
| Q3 24 | $-922.0K | $15.1M | ||
| Q2 24 | $-993.0K | $8.1M | ||
| Q1 24 | $-13.1M | $10.7M |
自由现金流ADAMIIIV
| Q4 25 | $125.9M | $13.8M | ||
| Q3 25 | — | $13.5M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $-27.6M | ||
| Q4 24 | $-10.6M | $11.0M | ||
| Q3 24 | $-8.6M | $14.6M | ||
| Q2 24 | $-8.6M | $7.2M | ||
| Q1 24 | $-19.1M | $9.9M |
自由现金流率ADAMIIIV
| Q4 25 | 291.6% | 26.2% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | — | -43.8% | ||
| Q4 24 | -39.6% | 21.1% | ||
| Q3 24 | -42.3% | 45.6% | ||
| Q2 24 | -44.9% | 15.6% | ||
| Q1 24 | -107.0% | 17.1% |
资本支出强度ADAMIIIV
| Q4 25 | 18.9% | 0.6% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | 92.3% | 0.9% | ||
| Q3 24 | 37.7% | 1.7% | ||
| Q2 24 | 39.7% | 1.9% | ||
| Q1 24 | 33.5% | 1.4% |
现金转化率ADAMIIIV
| Q4 25 | 2.50× | 29.18× | ||
| Q3 25 | 0.15× | 4.52× | ||
| Q2 25 | 4.59× | 0.57× | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | 5.59× | ||
| Q3 24 | -0.02× | 0.13× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 5.72× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
IIIV
| License And Service | $35.7M | 68% |
| Proprietary Payments Revenue | $14.5M | 27% |
| Other Revenue | $2.5M | 5% |
