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ADAMAS TRUST, INC.（ADAM）与Target Hospitality Corp.（TH）财务数据对比。点击上方公司名可切换其他公司
Target Hospitality Corp.的季度营收约是ADAMAS TRUST, INC.的1.7倍（$73.5M vs $43.2M），ADAMAS TRUST, INC.净利率更高（124.0% vs -20.3%，领先144.3%），ADAMAS TRUST, INC.同比增速更快（61.6% vs 22.0%），过去两年ADAMAS TRUST, INC.的营收复合增速更高（55.5% vs 0.7%）
Target Hospitality是一家专业住宿服务提供商，主营石油、天然气及矿业项目用工住宿，也提供大型活动、灾后救援所需的临时模块化住宿，总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
ADAM vs TH — 直观对比
营收规模更大
TH
是对方的1.7倍
$43.2M
营收增速更快
ADAM
高出39.6%
22.0%
净利率更高
ADAM
高出144.3%
-20.3%
两年增速更快
ADAM
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $43.2M | $73.5M |
| 净利润 | $53.5M | $-14.9M |
| 毛利率 | — | 9.6% |
| 营业利润率 | — | -22.9% |
| 净利率 | 124.0% | -20.3% |
| 营收同比 | 61.6% | 22.0% |
| 净利润同比 | 270.5% | -219.1% |
| 每股收益（稀释后） | $0.45 | $-0.14 |
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ADAMTH
| Q4 25 | $43.2M | $73.5M | ||
| Q3 25 | $36.6M | $91.6M | ||
| Q2 25 | $36.4M | $54.9M | ||
| Q1 25 | $33.1M | $54.9M | ||
| Q4 24 | $26.7M | $60.2M | ||
| Q3 24 | $20.2M | $65.8M | ||
| Q2 24 | $19.0M | $67.5M | ||
| Q1 24 | $17.9M | $72.4M |
净利润ADAMTH
| Q4 25 | $53.5M | $-14.9M | ||
| Q3 25 | $44.8M | $-795.0K | ||
| Q2 25 | $8.5M | $-14.9M | ||
| Q1 25 | $42.2M | $-6.5M | ||
| Q4 24 | $-31.4M | $12.5M | ||
| Q3 24 | $42.8M | $20.0M | ||
| Q2 24 | $-15.6M | $18.4M | ||
| Q1 24 | $-57.9M | $20.4M |
毛利率ADAMTH
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
营业利润率ADAMTH
| Q4 25 | — | -22.9% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | 11.7% | -30.8% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | -119.0% | 34.5% | ||
| Q3 24 | — | 42.5% | ||
| Q2 24 | -124.7% | 43.8% | ||
| Q1 24 | -448.8% | 42.0% |
净利率ADAMTH
| Q4 25 | 124.0% | -20.3% | ||
| Q3 25 | 122.5% | -0.9% | ||
| Q2 25 | 23.4% | -27.2% | ||
| Q1 25 | 127.4% | -11.8% | ||
| Q4 24 | -117.5% | 20.8% | ||
| Q3 24 | 211.7% | 30.4% | ||
| Q2 24 | -81.9% | 27.2% | ||
| Q1 24 | -324.1% | 28.2% |
每股收益（稀释后）ADAMTH
| Q4 25 | $0.45 | $-0.14 | ||
| Q3 25 | $0.36 | $-0.01 | ||
| Q2 25 | $-0.04 | $-0.15 | ||
| Q1 25 | $0.33 | $-0.07 | ||
| Q4 24 | $-0.46 | $0.12 | ||
| Q3 24 | $0.36 | $0.20 | ||
| Q2 24 | $-0.29 | $0.18 | ||
| Q1 24 | $-0.75 | $0.20 |
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 | $8.3M |
| 总债务越低越好 | $735.8M | $1.7M |
| 股东权益账面价值 | $1.4B | $389.3M |
| 总资产 | $12.6B | $530.2M |
| 负债/权益比越低杠杆越低 | 0.52× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资ADAMTH
| Q4 25 | $210.3M | $8.3M | ||
| Q3 25 | $185.3M | $30.4M | ||
| Q2 25 | $160.4M | $19.2M | ||
| Q1 25 | $177.1M | $34.5M | ||
| Q4 24 | $167.4M | $190.7M | ||
| Q3 24 | $195.1M | $177.7M | ||
| Q2 24 | $235.5M | $154.3M | ||
| Q1 24 | $226.9M | $124.3M |
总债务ADAMTH
| Q4 25 | $735.8M | $1.7M | ||
| Q3 25 | $766.6M | $2.0M | ||
| Q2 25 | $653.0M | $26.3M | ||
| Q1 25 | $654.4M | $42.9M | ||
| Q4 24 | $573.2M | $1.5M | ||
| Q3 24 | $699.4M | $994.0K | ||
| Q2 24 | $800.7M | $1.1M | ||
| Q1 24 | $1.0B | $179.9M |
股东权益ADAMTH
| Q4 25 | $1.4B | $389.3M | ||
| Q3 25 | $1.4B | $402.4M | ||
| Q2 25 | $1.4B | $401.3M | ||
| Q1 25 | $1.4B | $415.3M | ||
| Q4 24 | $1.4B | $421.1M | ||
| Q3 24 | $1.4B | $417.6M | ||
| Q2 24 | $1.4B | $397.2M | ||
| Q1 24 | $1.5B | $375.5M |
总资产ADAMTH
| Q4 25 | $12.6B | $530.2M | ||
| Q3 25 | $12.4B | $541.2M | ||
| Q2 25 | $10.6B | $533.7M | ||
| Q1 25 | $10.0B | $562.5M | ||
| Q4 24 | $9.2B | $725.8M | ||
| Q3 24 | $8.9B | $709.8M | ||
| Q2 24 | $8.2B | $697.0M | ||
| Q1 24 | $7.4B | $687.2M |
负债/权益比ADAMTH
| Q4 25 | 0.52× | 0.00× | ||
| Q3 25 | 0.55× | 0.01× | ||
| Q2 25 | 0.47× | 0.07× | ||
| Q1 25 | 0.47× | 0.10× | ||
| Q4 24 | 0.41× | 0.00× | ||
| Q3 24 | 0.48× | 0.00× | ||
| Q2 24 | 0.56× | 0.00× | ||
| Q1 24 | 0.67× | 0.48× |
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 | $5.7M |
| 自由现金流经营现金流 - 资本支出 | $125.9M | — |
| 自由现金流率自由现金流/营收 | 291.6% | — |
| 资本支出强度资本支出/营收 | 18.9% | — |
| 现金转化率经营现金流/净利润 | 2.50× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ADAMTH
| Q4 25 | $134.0M | $5.7M | ||
| Q3 25 | $6.9M | $53.4M | ||
| Q2 25 | $39.2M | $11.1M | ||
| Q1 25 | $25.8M | $3.9M | ||
| Q4 24 | $14.1M | $30.6M | ||
| Q3 24 | $-922.0K | $31.4M | ||
| Q2 24 | $-993.0K | $39.1M | ||
| Q1 24 | $-13.1M | $50.6M |
自由现金流ADAMTH
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | $-10.6M | — | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-8.6M | — | ||
| Q1 24 | $-19.1M | — |
自由现金流率ADAMTH
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | -39.6% | — | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
资本支出强度ADAMTH
| Q4 25 | 18.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | 92.3% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
现金转化率ADAMTH
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | -0.02× | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
