Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.84, read 2026-11-01
Ethical does not pass the values gate
Price5.92 USD
Fair value12.03
Ethical score30.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-21Read Distribution7.79-24.0% to today ✓Markdown gives way to Distribution after a 16% slide in 5 weeks
2026-09-19Read Markdown9.31-36.4% to today ✓Markup gives way to Markdown with volume flow in agreement
2026-07-02Read Markup9.31-36.4% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Adamas Trust, Inc. holds its Distribution at $5.92. Elevated stress, defensive posture warranted, held for 2 days.
As held on the ledger · 2026-11-05
Phase
Distribution · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 2 days
Price at the screen
$5.92
Valuation
7.62 trailing · 8.35 forward price to earnings
Values screen
FAIL· score 30.0
Beta
1.25
The Workings
Five Screens, Shown in Full
Does not pass. Prohibited keyword in sector/industry: mortgage
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Prohibited keyword in sector/industry: mortgage
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Adamas Trust, does not clear the screen at the business-activity stage. It operates in an area the screen excludes: mortgage, so the financial ratios are not the deciding factor here.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when ADAM's ethical verdict changes
Today ADAM does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 49% discount to our $12.03 fair value, 10.70% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 50.8% discount to the base estimate.
Where our models see it going: fair-value estimate $12.03, with a range of $12.03 to $12.36, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
A 11%-growth business trading at just 8.4x forward earnings. That is a 49% discount to our $12.03 fair value: the market is pricing it cautiously while the fundamentals argue otherwise.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ADAM trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Distribution$5.73-26.4%Entry 19
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 26.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12.
2026-10-28Distribution$7.79+0.0%Entry 18
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Distribution$7.79+0.0%Entry 17
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Distribution$7.79+0.0%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Distribution$7.79+0.0%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Distribution$7.79+0.0%Entry 14
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Distribution$7.79+0.0%Entry 13
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Distribution$7.79+0.0%Entry 12
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Markdown$7.79+1.8%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 48%. Our forward projection puts the odds of a 10% gain over the next month near 31%. The street (6 analysts) rates it hold, with a mean price target of $12.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$8.66
+4.7%
·
$1,047
+4.7%
2 months
$7.59
+19.5%
·
$1,195
+19.5%
3 months
$7.66
+18.4%
$0.23
$1,214
+21.4%
6 months
$6.68
+35.7%
$0.46
$1,426
+42.6%
1 year
$6.14
+47.8%
$0.89
$1,623
+62.3%
2 years
$4.52
+100.5%
$1.69
$2,379
+137.9%
3 years
$6.88
+31.8%
$2.69
$1,709
+70.9%
5 years
$10.17
-10.8%
$5.89
$1,471
+47.1%
Historical returns from market close data. Past performance does not guarantee future results.
The Ledger's Promise
This entry now belongs to the ledger. Whatever ADAM does next, these words stay.
Adamas Trust, Inc. · ADAM · Distribution · $5.92
Recorded 2026-11-05 · before the outcome · scored mechanically