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Adamas Trust, Inc. (ADAM)
NASDAQReal EstateReit - MortgageSnapshot 2026-06-16
Intact
$9.36+0.86%
Close 2026-06-16 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is strong, but earnings quality is fragile, indicating that reported profits are not well supported by cash. Management's recent track record is neutral, and risk is moderate, while the sector backdrop is a headwind, suggesting challenges in the broader market. Peer multiples imply a price about 4% below where it trades (it looks expensive on this basis); the read is fair, but weakening. Key factors to watch include any potential guidance cuts from ADAM and the performance of sector bellwethers. This read is provisional.
as of 2026-06-16
Quick facts
- Exchange
- NASDAQ
- Sector
- Real Estate
- Industry
- Reit - Mortgage
- Market cap
- $836.61M
- Employees
- 221
- IPO date
- 2004-08-16
- Next earnings
- 2026-07-29
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 7 valuation methods, at three horizons. Current price $9.36. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryfair
$9.63consensus
Range $8.91 – $13.54
vs price: -3% below
Method agreement — · 7 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearfair
$11.67consensus
Range $7.22 – $16.26
vs price: -20% below
Method agreement — · 4 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Aligned with peershigh confidence
At $9.28 ADAM trades at 11× p/e, in line with its 10× p/e peer median. Our $9.09 fair value reflects that, high confidence. Not investment advice.
Multiple (P/E)
11.0x
peer 9.7x · own history 10.8x
Premium
1.1x peer
1.0x its own history
Growth the price needs
2%
our forecast 30%
Our fair value
$9.09
range $8.02 – $11.24
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
fair12-month view
What's priced inJustified
The market is pricing in roughly 2% near-term growth, below our forecast of about 30%. This describes what's priced in, not a forecast of the move.
Low fragilityrisk posture, not a price call
Only weak execution quality, a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Compared to peers
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
strongOperating income rose in 3 of the last 3 quarter-over-quarter moves. Historically, Real Estate names rated strong grew net income 57% of the time over the next year (vs 54% for the rest of the cohort, n=1506).
98th pctl · Real Estate
Earnings quality
fragileOver the trailing year it converted 0.59x of net income into operating cash flow. Historically, Real Estate names rated fragile grew net income 35% of the time over the next year (vs 60% for the rest of the cohort, n=1399).
14th pctl · Real Estate
Macro sensitivity
Most sensitive to the broad stock market and real (inflation-adjusted) rates.
- the broad stock market: This stock moves with the broad market (high beta).
- real (inflation-adjusted) rates: This stock behaves like a long-duration asset — tends to fall when real rates rise.
- long-term interest rates: This stock tends to fall when long-term rates rise.
Earnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Neutral4 analysts, 29% Buyfor period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $0.24 → $0.24 (-0.7% / 30d). 1 raised, 1 cut, 4 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d. 29% of analysts rate Buy.
Material events
0 positive, 0 negative / 30d.
Sector context
Intermediate · WeeklySector phase: real estate is in maturing, with decelerating (~1.2 years in phase).
Sector regime (90d momentum): headwind.Secular epoch: Mature by revenue growth.Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: neutral
- Capital allocation
- strong
- Earnings discipline
- weak
- Margin discipline
- neutral
- Balance sheet
- neutral
- Post-call reaction
- strong
Met or beat guidance 0% of the last 1 guided quarters · -36.1% avg surprise
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$123.
How much price usually moves either way.
On a bad day, this stock has moved -$268.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $2,193.
Deepest peak-to-trough drop in the last year.
moderateas of 2026-06-16
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- risk change · total_stock_risk_scoresmall change
Total stock risk rose by 11.1 points (from 37.2 to 48.3).
As of June 15, 2026, the valuation changed and rose to "full." The sector backdrop fell, indicating a headwind for the company. Risk remained moderate, while recent financial performance was strong. The management score remained neutral, and earnings quality was described as fragile.
as of 2026-06-16
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- UpsideHigh confidenceMonthsactive 4d
Watch for the Q2 common stock dividend of $0.27 per share
Why it matters: This dividend shows the company cares about its shareholders. A steady or growing dividend means good financial health.
What confirms / what disproves
Confirms:The company pays the declared dividend of $0.27 per share on July 28, 2026.
Disproves:The company cuts or stops the dividend payment.
Material event
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for ADAM yet.
This sector is also watching
- Watch for revenue growth speeding up in the Real Estate sector.
- Watch for FOMC decisions that change interest rates.
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
No upside scenarios in the latest snapshot.
Downside triggers
No downside scenarios in the latest snapshot.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-06-116d agoItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Third Amendment to the 2017 Equity Incentive Plan As described below in
Executive changeneutral
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
About the same as last weeklatest as of 2026-06-16
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.