ACACIA RESEARCH CORP ACTG
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.36 | 0.73 | -3.13 | 2.43 | 1.78 | -0.35 | -2.10 | — | — |
| EPS, diluted | 0.22 | -0.36 | 0.58 | -3.13 | 1.91 | 1.48 | -0.40 | -2.10 | 0.44 | -1.08 |
| Shares, diluted (wtd. avg.) | $97.2M | $99.2M | $92.4M | $42.5M | $98.5M | $57.4M | $50.9M | $50.0M | $50.7M | $50.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6794
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| IDCC | InterDigital, Inc. | $8.72B | 28.6x | -4.0% |
| DLB | Dolby Laboratories, Inc. | $5.84B | 23.6x | 5.9% |
| APPS | Digital Turbine, Inc. | $1.30B | — | 15.2% |
| JYNT | JOINT Corp | $117.7M | 43.8x | 5.2% |
| VHC | VirnetX Holding Corp | $49.1M | — | 3,140.0% |
| RMCO | Royalty Management Holding Corp | $43.1M | — | 513.3% |
| NTIP | NETWORK-1 TECHNOLOGIES, INC. | $36.6M | — | 50.0% |
| REFR | RESEARCH FRONTIERS INC | $14.5M | — | -16.0% |