ACACIA RESEARCH CORP ACTG

Financials SIC 6794 - Patent Owners & Lessors NAICS Real Estate and Rental and Leasing › Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) derived Nasdaq

Acacia Research Corporation (the "Company," "Acacia," "we," "us," or "our") is a disciplined value-oriented acquirer and operator of businesses across public and private markets and industries including but not limited to the industrial, energy and technology sectors. We acquire businesses with a view towards strong free cash flow generation and with an ability to scale where we can tap into our deep industry relationships, significant capital base, and transaction expertise to materially improve performance. We are focused on sourcing, execution, and improvement. We find unique situations, bring a flexible and creative approach to transacting, combining relationships and expertise to drive continual improvement in operating performance. We approach transactions as business owners and operators, rather than purely as financial investors. We believe this differentiates us in creating long-term value for shareholders and partners. We define value through free cash flow generation, book value appreciation, and stock price growth. These are the pillars of the Acacia story.

Last close 4.21 2026-10-23
Market cap $410.8M 2026-06-30 share count
52-week range 3.24 - 5.27

Valuation FY2025 figures against the last close

P/S1.4x
P/E19.1x
P/FCF5.5x
EV/EBITDA3.9x
Dividend yield—
Diluted EPS0.22

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Manufacturing Operations
  • Intellectual property operations
  • Energy operations
  • Industrial operations
Revenue by segment, 4 categories over 2 years. The same figures are in the table below. FY2025 Manufacturing Operations, FY2025: 114.8M (40.2%) 40% Manufacturing Operations Intellectual property operations, FY2025: 78.4M (27.5%) 27% Intellectual property operations Energy operations, FY2025: 63.8M (22.4%) 22% Energy operations Industrial operations, FY2025: 28.3M (9.9%) 10% FY2024 Manufacturing Operations, FY2024: 23.2M (19.0%) 19% Intellectual property operations, FY2024: 19.5M (16.0%) 16% Energy operations, FY2024: 49.2M (40.2%) 40% Industrial operations, FY2024: 30.4M (24.9%) 25%
Segment FY2025FY2024
Manufacturing Operations $114.8M $23.2M
Intellectual property operations $78.4M $19.5M
Energy operations $63.8M $49.2M
Industrial operations $28.3M $30.4M

As the company reported it, from the “SEGMENT REPORTING - Revenue by Geographical Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $285.2M$122.3M$125.1M$59.2M$88.0M$29.8M$11.2M$131.5M$65.4M—
Cost of revenue $200.8M$92.7M$52.8M$37.4M$36.1M$24.8M$18.3M$109.3M——
Gross profit $84.5M$29.7M$72.3M$21.8M$51.9M$5.0M-$7.0M$22.2M——
R&D ——$735.0K$626.0K$200.0K$0————
SG&A $65.1M$55.4M$44.4M$52.7M$35.7M$24.5M$16.4M$18.7M$27.2M$32.9M
Total operating expenses $278.8M$155.2M$104.2M$99.3M$73.5M$49.3M————
Operating income $6.4M-$32.9M$20.9M-$40.1M$14.5M-$19.5M-$23.4M-$24.7M-$27.3M-$37.4M
Pre-tax income $31.3M-$38.1M$67.4M-$127.2M$174.7M$108.1M-$19.0M-$103.7M$24.6M-$36.6M
Income tax $6.8M$3.4M$1.5M$16.2M$24.3M$1.2M$1.8M$1.2M$3.0M$18.2M
Net income $24.5M-$34.7M$68.9M-$125.1M$149.2M$109.2M-$17.1M-$105.0M$22.2M-$54.1M
EPS, basic 0.23-0.360.73-3.132.431.78-0.35-2.10——
EPS, diluted 0.22-0.360.58-3.131.911.48-0.40-2.100.44-1.08
Shares, diluted (wtd. avg.) 97.2M99.2M92.4M42.5M98.5M57.4M50.9M50.0M50.7M50.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $306.7M$273.9M$340.1M$287.8M$309.4M$200.5M$92.4M$128.8M$136.6M$139.1M
Short-term investments ——$99.8M$98.4M$398.5M$0$111.4M$37.0M$0$19.4M
Receivables $26.2M$26.9M$80.6M$8.2M$9.5M$506.0K$511.0K$32.9M$153.0K$26.8M
Inventory $26.6M$27.5M$10.9M$14.2M$8.9M$0————
Total current assets $450.1M$420.1M$554.5M$428.0M$730.7M$457.7M$173.3M$201.5M$139.7M$188.5M
Property, plant and equipment $21.3M$23.9M$2.4M$3.5M$4.2M$270.0K———$127.0K
Goodwill $25.8M$29.3M$9.0M$7.5M$7.5M$0————
Other intangibles $48.1M$55.4M$33.6M$36.7M$48.8M$16.9M$7.8M$6.6M——
Total assets $771.0M$756.4M$633.5M$482.9M$798.9M$511.3M$218.2M$223.9M$308.8M$296.0M
Accounts payable $13.4M$12.1M$3.3M$6.0M$5.4M$1.0M$1.8M$3.7M$8.0M$14.3M
Short-term debt $0$2.4M————————
Total current liabilities $49.0M$49.6M$27.6M$87.2M$200.2M$124.8M$11.7M$31.0M$9.6M$28.2M
Long-term debt $91.9M—————————
Total liabilities $186.9M$203.8M$43.9M$193.7M$353.6M$212.1M$35.1M$32.7M$13.1M$28.6M
Retained earnings -$254.1M-$275.8M-$239.7M-$306.8M-$181.7M-$330.9M-$439.7M-$422.5M-$320.0M-$342.2M
Total equity $543.5M$514.8M$589.6M$269.3M$430.5M$288.3M$175.0M$191.2M$295.7M$267.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $75.2M$50.1M-$22.5M-$37.3M$13.3M-$19.6M-$2.3M$20.9M$13.0M$34.1M
Depreciation and amortisation $43.3M$33.6M$14.7M$13.5M$10.7M$4.8M—$27.1M$22.2M$34.4M
Stock-based compensation $5.7M$4.8M$3.3M$3.8M$2.1M$1.7M$1.1M-$317.0K$8.9M$9.1M
Capital expenditure —$148.7M$189.0K$732.0K$91.0K$199.0K$183.0K$34.0K$2.0K$4.0K
Investing cash flow -$21.0M-$213.0M$16.2M$184.5M$35.8M$18.6M-$68.1M-$24.1M-$16.1M-$40.6M
Financing cash flow -$22.7M$97.6M$58.6M-$166.1M$59.7M$109.2M$33.9M-$4.6M$700.0K-$1.1M
Dividends paid —$0$1.4M$2.8M$1.5M$1.4M$0—$0$0
Buybacks $0$20.3M$0$51.0M$4.0M$4.0M$0$4.6M$0$82.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000934549-26-000016.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M Net income, FY2016: -54.1M Revenue, FY2017: 65.4M Net income, FY2017: 22.2M Revenue, FY2018: 131.5M Gross profit, FY2018: 22.2M Net income, FY2018: -105M Revenue, FY2019: 11.2M Gross profit, FY2019: -7M Net income, FY2019: -17.1M Revenue, FY2020: 29.8M Gross profit, FY2020: 5M Net income, FY2020: 109.2M Revenue, FY2021: 88M Gross profit, FY2021: 51.9M Net income, FY2021: 149.2M Revenue, FY2022: 59.2M Gross profit, FY2022: 21.8M Net income, FY2022: -125.1M Revenue, FY2023: 125.1M Gross profit, FY2023: 72.3M Net income, FY2023: 68.9M Revenue, FY2024: 122.3M Gross profit, FY2024: 29.7M Net income, FY2024: -34.7M Revenue, FY2025: 285.2M Gross profit, FY2025: 84.5M Net income, FY2025: 24.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $65.4M $131.5M $11.2M $29.8M $88.0M $59.2M $125.1M $122.3M $285.2M
Gross profit — — $22.2M -$7.0M $5.0M $51.9M $21.8M $72.3M $29.7M $84.5M
Net income -$54.1M $22.2M -$105.0M -$17.1M $109.2M $149.2M -$125.1M $68.9M -$34.7M $24.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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