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Data-driven stock valuation

New York Mortgage Trust, Inc. (ADAM) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of New York Mortgage Trust, Inc. stock $14.33, price $5.69, upside +151.8%, quality 55 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.

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Real Estate US

NY New York Mortgage Trust, Inc. logo Some data Nov 4, 2026

New York Mortgage Trust, Inc.

ADAM · US
Meets all rules: undervalued, solid quality, uptrend

The stock costs 60% less than our calculation considers fair.

Fair value $14.33 · Strongly undervalued (60%)
Highly profitable · 53.0% net margin (TTM)
Ranks above peers (9/14)
Revenue last quarter +130% vs. a year ago.
Quality 55/100
Mixed Growth (revenue YoY +44.1 %/yr in USD)
16.9% dividend yield · Payout strained
Moderate moat 63/100 · thin data
Some data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$10.23 $4.32 Fair Value $14.33 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range $4.32 – $10.23 · fair‑value band $8.97 – $20.22 · the $5.69 price screens below the $14.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

Adamas Trust, Inc. acquires, invests in, finances, and manages mortgage-related single-family and multifamily residential assets in the United States. The company operates through two segments: Investment Portfolio and Constructive.

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The Investment Portfolio segment manages a diversified portfolio primarily consisting of mortgage-related single-family and multifamily residential investments, including agency residential mortgage-backed securities (RMBS), non-agency RMBS, residential loans, such as business purpose loans, performing, re-performing, non-performing, and seasoned performing, multifamily loans, preferred equity investments, joint venture equity investments, multifamily investments, mezzanine lending, cross-collateralized mezzanine lending, and single-family rental.

The Constructive segment is a business purpose loan lender specializing in rental and transitional loans for real estate investors; and origination and sale of loans.

The company provides structured multi-family property investments; other mortgage-, residential housing- and credit-related assets and strategic investments; and commercial mortgage-backed securities (CMBS). It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.

Adamas Trust, Inc. was formerly known as New York Mortgage Trust, Inc. and changed its name to Adamas Trust, Inc. in September 2025. Adamas Trust, Inc. was incorporated in 2003 and is headquartered in New York, New York.

Stock analysis

New York Mortgage Trust, Inc. (ADAM) currently trades at $5.69, while our model-based Fair Value estimate is $14.33, implying the stock looks roughly 60% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of $31.35 per share, and 10 of the 13 models we run sit above the $5.69 price.

Bear case: the Asset-Based group reads lowest at $10.30, and 3 of the 13 models stay below the price. Data coverage for this calculation is medium.

Scenario range: $8.97 (bear) to $20.22 (bull), the price of $5.69 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 55/100 (solid quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

New York Mortgage Trust, Inc. reported revenue of $806M in FY2025 versus $380M in FY2021, a compound +20.6%/yr. Reported net income was $149M in FY2025, compounding −6.3%/yr from FY2021.

Key figures

Market cap $645M Small · P/S ratio 1.69 · EPS (TTM) $−0.5600 · Net margin 18.5% · Return on equity 16.4% · Return on assets (EBIT) −0.6% (5-year average) · Operating margin 51.7% · Revenue (TTM) $382M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).

What moves the price

The share trades about 44% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 56% fair-value upside, at 152%, ADAM screens cheaper than that median.

Fair Value models

Bear $8.97 Fair Value $14.33 Bull $20.22
Price $5.69 · Upside +151.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $13.04 $14.15 $15.85 76
5Y EBITDA Exit n/a $0.0300 >$0.1200 72
Growth DCF $17.74 $58.05 $121.08 72
All 13 models by family
DCF Models
FCF DCF $21.99 $49.89 $131.76 71
5Y Revenue Exit n/a $0.0500 >$0.2000 69
5Y EBITDA Exit n/a $0.0300 >$0.1200 72
10Y Revenue Exit n/a $28.34 $39.97 64
10Y EBITDA Exit n/a $28.32 $70.43 65
Dividend Discount
Gordon GGM $9.74 $16.63 $21.91 68
DDM Multi-Stage $9.74 $15.63 $17.86 67
Multiples
P/S Multiple $16.80 $22.41 $28.01 58
P/B Multiple $16.15 $21.53 $26.91 55
Asset-Based
NCAV (Graham) $7.69 $10.30 $15.38 54
Growth DCF
Growth DCF $17.74 $58.05 $121.08 72
Rev-Margin DCF n/a $4.65 >$18.60 69
Economic Profit
Residual Income $13.04 $14.15 $15.85 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 55/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 31
How much profit the company makes from its sales and capital
Quality Growth 76
Are margins and returns getting better?
Cashflow 64
Do the profits arrive as real cash?
Financial strength 6
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 45
How calm the share price moves, does not count
Price momentum 17
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 11
Distance to the 52-week high, does not count
New shares 75
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+44.1%
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.4%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−19.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−5.7% vs −5.4%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−45% → 17%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 7.7%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Mortgage · 31 stocks

Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 55 · Top 25%
Fair Value upside +151.8% · Top 25%
Profitability
Return on equity (12 months) 16.4% · Top 25%
Return on assets 1.2% · Below median
Net margin (12 months) 53.0% · Above median
Operating margin (12 months) 51.7% · Below median
Growth and dividend
Revenue growth (quarter YoY) 129.8% · Top 25%
Dividend yield (12 months) 16.9% · Above median
Balance sheet
Debt / equity 2.98× · Above median

Valuation Multiplesvs REIT - Mortgage median · lower = cheaper

P/B 0.45× · Cheaper than median
P/S (12 months) 1.69× · Cheapest 25%
Price / free cash flow (fiscal year) 5.1× · Cheapest 25%
EV/EBITDA 26.4× · Priciest 25%
PEG 2.50× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 100
FUTURE (revenue growth)100 · sector 97
PAST (return on equity)66 · sector 17
HEALTH (low debt)–
DIVIDEND (yield)100 · sector 100

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Mortgage stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
MFA Financial, Inc MFA $6.21 $14.69 +137% vs ADAM
AGNC Investment Corp AGNC $8.78 $18.66 +113% vs ADAM
Starwood Property Trust, Inc STWD $12.05 $25.00 +107% vs ADAM
Orchid Island Capital, Inc ORC $4.94 $8.77 +78% vs ADAM
ARMOUR Residential REIT, Inc ARR $12.60 $19.59 +56% vs ADAM
Rithm Capital Corp RITM $9.23 $13.14 +42% vs ADAM
Annaly Capital Management, Inc NLY $18.75 $19.24 +3% vs ADAM
Ellington Financial Inc EFC $11.26 $11.12 −1% vs ADAM
Dynex Capital, Inc DX $10.68 $9.12 −15% vs ADAM
Ladder Capital Corp LADR $8.91 $7.56 −15% vs ADAM

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New York Mortgage Trust, Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "New York Mortgage Trust, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/ADAM

Frequently asked questions

Is New York Mortgage Trust, Inc. (ADAM) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $14.33 versus a price of $5.69, about +152% upside (undervalued).
What is the fair value of ADAM?
Our model-based fair value for New York Mortgage Trust, Inc. is $14.33 (as of Nov 4, 2026), built from audited fundamentals. The current price: $5.69.
What is the quality score of ADAM?
New York Mortgage Trust, Inc. has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for New York Mortgage Trust, Inc. (ADAM)?
Our model-based price target is the fair value of $14.33 (as of Nov 4, 2026) from 13 valuation models. Cautious scenario $8.97, optimistic scenario $20.22. It is a calculation from audited fundamentals, not an analyst target.
What is the New York Mortgage Trust, Inc. stock forecast for 2026?
Our models put fair value at $14.33, about +152% upside versus a price of $5.69 (undervalued). Cautious scenario $8.97, optimistic scenario $20.22. The calculation is refreshed regularly with new filings.
What is the revenue of New York Mortgage Trust, Inc. (ADAM)?
New York Mortgage Trust, Inc. reported trailing-twelve-month revenue of about $382M (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of New York Mortgage Trust, Inc. (ADAM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For New York Mortgage Trust, Inc. it is $14.33 per share (as of Nov 4, 2026), against a price of $5.69. It is the blended result of 13 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is New York Mortgage Trust, Inc. stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ADAM trades below its calculated fair value: price $5.69, fair value $14.33, a gap of about +152% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ADAM?
No. The price is what the market pays today ($5.69); the fair value is what the company's own numbers justify ($14.33). For New York Mortgage Trust, Inc. the two are $8.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is New York Mortgage Trust, Inc. worth?
The market values New York Mortgage Trust, Inc. at about $645M (market capitalisation, as of Nov 4, 2026). Per share that is $5.69; our models calculate a fair value of $14.33 per share.
What do the bullish and bearish scenarios say about ADAM?
Our models span a range for New York Mortgage Trust, Inc.: cautious scenario $8.97, base $14.33, optimistic $20.22 per share (as of Nov 4, 2026, price $5.69). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ADAM?
The PEG ratio of New York Mortgage Trust, Inc. is 2.50 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of New York Mortgage Trust, Inc. (ADAM)?
Balance-sheet figures for New York Mortgage Trust, Inc. (as of Nov 4, 2026): return on equity 16.4%, debt of 2.98 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is ADAM from its 52-week high?
New York Mortgage Trust, Inc. trades at $5.69, about 44% below its 52-week high of $10.23 and at the low of $5.69 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $14.33 is for.
Which stocks are comparable to New York Mortgage Trust, Inc.?
From the same area (Real Estate) we also value Annaly Capital Management, Inc, AGNC Investment Corp, Rithm Capital Corp, Starwood Property Trust, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is New York Mortgage Trust, Inc. stock attractive at the current price?
The data as of Nov 4, 2026: price $5.69, calculated fair value $14.33 (+152%), Quality Score 55/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ADAM calculated?
We run New York Mortgage Trust, Inc. through 13 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $14.33 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. New York Mortgage Trust, Inc. currently trades 60% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of New York Mortgage Trust, Inc. (ADAM)?
The closing price on Nov 6, 2026 was $5.69. Our model-based fair value is $14.33, about +152% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with New York Mortgage Trust, Inc. right now?
The price is below even our cautious bear case ($8.97). The market is more pessimistic than our downside scenario. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($8.97 to $20.22) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of New York Mortgage Trust, Inc.

How large is the market capitalisation of New York Mortgage Trust, Inc. (ADAM)?
The market capitalisation of New York Mortgage Trust, Inc. is $645M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of New York Mortgage Trust, Inc. (ADAM)?
The price-to-sales ratio of New York Mortgage Trust, Inc. is 1.69 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of New York Mortgage Trust, Inc. (ADAM)?
Earnings per share at New York Mortgage Trust, Inc. are $−0.5600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of New York Mortgage Trust, Inc. (ADAM)?
The net margin of New York Mortgage Trust, Inc. is 18.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of New York Mortgage Trust, Inc. (ADAM)?
The return on equity (ROE) of New York Mortgage Trust, Inc. is 16.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of New York Mortgage Trust, Inc. (ADAM)?
On an EBIT basis the return on assets of New York Mortgage Trust, Inc. is −0.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of New York Mortgage Trust, Inc. (ADAM)?
The operating margin of New York Mortgage Trust, Inc. is 51.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at New York Mortgage Trust, Inc. (ADAM)?
Revenue at New York Mortgage Trust, Inc. is growing +130% versus a year earlier (3y avg +80.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at New York Mortgage Trust, Inc. (ADAM)?
Earnings per share at New York Mortgage Trust, Inc. are growing +21.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does New York Mortgage Trust, Inc. (ADAM) generate?
The free cash flow of New York Mortgage Trust, Inc. is $126M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does New York Mortgage Trust, Inc. (ADAM) carry?
The net debt of New York Mortgage Trust, Inc. is $10.8B (fiscal year 2025, ≈ 85.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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