{ "ok": true, "cik": "2006986", "ticker": "ADGM", "name": "ADAGIO MEDICAL HOLDINGS, INC.", "filings": [ { "form": "8-K", "filed": "2026-09-23", "items": [ "2.05 Costs Associated with Exit or Disposal Activities", "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/2006986/000110465926109821/0001104659-26-109821-index.htm" }, { "form": "8-K", "filed": "2026-08-14", "items": [ "3.01 Notice of Delisting or Failure to Satisfy a Listing Rule" ], "url": "https://www.sec.gov/Archives/edgar/data/2006986/000110465926097242/0001104659-26-097242-index.htm" }, { "form": "8-K", "filed": "2026-08-13", "items": [ "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/2006986/000110465926095987/0001104659-26-095987-index.htm" }, { "form": "10-Q", "filed": "2026-08-11", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/2006986/000110465926093790/0001104659-26-093790-index.htm" }, { "form": "8-K", "filed": "2026-08-11", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/2006986/000110465926093791/0001104659-26-093791-index.htm" }, { "form": "8-K", "filed": "2026-06-16", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/2006986/000110465926074709/0001104659-26-074709-index.htm" } ], "events12m": 20, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0002006986.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2006986" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets, no buy or sell views.", "edgar": "🫧 Edgar looked up ADAGIO MEDICAL HOLDINGS, INC. ($ADGM). Last filing: 8-K (2.05 Costs Associated with Exit or Disposal Activities), 2026-09-23. 20 event filings (8-K) in the past twelve months. Non-reliance (8-K Item 4.02) filed 2024-11-01.", "auditor": { "changes": [], "nonReliance": [ { "filed": "2024-11-01", "url": "https://www.sec.gov/Archives/edgar/data/2006986/000155837024014144/0001558370-24-014144-index.htm" } ], "restatedSince": true }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 0, "revenueGrowth1y": -1, "revenueGrowthPerYear": null, "yearsOfData": 2, "operatingMargin": null, "operatingMarginPrior": -93.14, "netMargin": null, "operatingCashFlow": -19014000, "capitalSpending": 374000, "freeCashFlow": -19388000, "researchAndDevelopment": 10639000, "researchShareOfRevenue": null, "cash": 17105000, "longTermDebt": 21040000, "longTermDebtChange": -0.4501933730532037, "revenueHistory": [ { "fiscalYearEnd": "2023-12-31", "revenue": 300000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 0 } ], "totalEquity": 12402000, "totalAssets": 43253000, "equityRatio": 0.286731556192634, "returnOnEquity": -2.0225770037090793, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": 0, "dividendYearsRising": 0, "dividendCut": false, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -1.51, "sharesOutstanding": 16577126, "bookValuePerShare": 0.7481393336818457, "revenuePerShare": 0, "range80": { "low": 0, "high": 0, "baseline": 0, "n": 749, "band": "b00" }, "ifPaceHeld": { "low": 0, "high": 0 } }, "edgarette": "🔖 Exposure: revenue $0K (FY2025), total debt $21.0M. Experience: revenue down 100.0% on the year; operating margin null, down from -9314.0%. Soundness: equity 28.7% of assets, return on equity -202.3%. Credibility: 2 audited years, moderate weight. Range: 80% of past cases like this landed between $0K and $0K next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A range, not a forecast. Against peers (60 filers, $50M+ revenue, surgical & medical instruments & apparatus): operating margin null against a 1.2% median; growth -100.0% against 11.6%.", "peers": { "sic": 3841, "sicDescription": "Surgical & Medical Instruments & Apparatus", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3841", "growth": [ 0.1161, 60 ], "opMargin": [ 0.0124, 60 ], "equityRatio": [ 0.5291, 59 ], "returnOnEquity": [ -0.0233, 55 ], "payoutRatio": [ 0.3812, 8 ] }, "summary": "Adagio Medical Holdings (ADGM) saw revenue fall 100% in FY2025 to $0 million, operating margin null against a 1.2% median for surgical & medical instruments & apparatus, equity 28.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
ADAGIO MEDICAL HOLDINGS, INC. against its own record and its peers
Revenue, on the yearPeer median 11.6%-100.0%Equity of assetsPeer median 52.9%28.7%Return on equityPeer median -2.3%-202.3%Gold tick: the median of 55–59 peers with $50M+ revenue in surgical & medical instruments & apparatus
", "chartHorizon": "
Handed back now, or kept to compound
Of each dollar of profitHanded back per share$0Revenue growth it managed-100.0%last year, for comparison

Gold is paid out to shareholders; navy is kept in the business. Retained profit times return on equity is the pace a company can fund from itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "registry": { "logged": "2026-09-24T14:19:13.628Z", "hash": "c3494ed2c210b200", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Adagio Medical Holdings (ADGM) saw revenue fall 100% in FY2025 to $0 million, operating margin null against a 1.2% median for surgical & medical instruments & apparatus, equity 28.7% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 0, "totalDebt": 21040000, "cash": 17105000 }, "experience": { "revenueGrowth1y": -1, "revenueGrowthPerYear": null, "operatingMargin": null, "operatingMarginPrior": -93.14, "netMargin": null, "freeCashFlow": -19388000 }, "soundness": { "equityRatio": 0.286731556192634, "returnOnEquity": -2.0225770037090793, "payoutRatio": null, "dividendPerShare": 0, "dividendYearsRising": 0, "dividendCut": false, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 3841, "sicDescription": "Surgical & Medical Instruments & Apparatus", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "3841", "growth": [ 0.1161, 60 ], "opMargin": [ 0.0124, 60 ], "equityRatio": [ 0.5291, 59 ], "returnOnEquity": [ -0.0233, 55 ], "payoutRatio": [ 0.3812, 8 ] }, "credibility": { "auditedYears": 2, "weight": "moderate", "standard": "ASOP No. 25", "nonReliance": { "filed": "2024-11-01", "url": "https://www.sec.gov/Archives/edgar/data/2006986/000155837024014144/0001558370-24-014144-index.htm", "restatedSince": true, "markedDown": false }, "auditorChange": null }, "range": { "low": 0, "high": 0, "baseline": 0, "coverage": 0.8, "method": "v3", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); range = 10th to 90th percentile of how SEC company-years of the same size band actually turned out", "calibratedOn": { "companyYears": 749, "sizeBand": "b00" }, "credibility": null, "stress": null, "kind": "a calibrated range, not a forecast; no view on the share price", "track": { "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "registry": { "logged": "2026-09-24T14:19:13.628Z", "hash": "c3494ed2c210b200", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0002006986.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2006986" } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same if-the-pace-held arithmetic applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so." } }