ACTG

MKT CAP:$468M

Acacia Research Corporation

Market Cap

$468M

Industrials·Specialty Business Services·🇺🇸 United States·NASDAQ

Industrials·Specialty·🇺🇸·NASDAQ

Stock Price

$4.84+$1.10 (+29.55%)

Apr 24, 2026

Company Details

Acacia Research Corporation, together with its subsidiaries, invests in intellectual property and related absolute return assets; and engages in the licensing and enforcement of patented technologies. The company operates through two segmen...

CEO

Martin D. McNulty Jr.

IPO Date

Dec 16, 2002

Website

www.acaciaresearch.com

Key Metrics TTM

Revenue

$232M

+149.5% YoY

Net Income

-$11M

EPS (Diluted)

-$0.14

Free Cash Flow

$10M

Revenue / Share

$2.40

Gross Margin

64.0%

Operating Margin

-1.0%

Net Margin

-4.8%

FCF Margin

4.2%

P/S

2.0x

P/E

—

Earnings Reports

Q3 2025

May 7, 2026

PENDING

FY 2025

Mar 12, 2026

$285MEPS $0.22

Q2 2025

Aug 7, 2025

$51MEPS -$0.03

Q1 2025

May 9, 2025

$124MEPS $0.25

Q4 2024

Mar 17, 2025

$49MEPS -$0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$2M	-$475.0K	-$5M
Q4 19	$688.0K	-$3M	-$7M
Q1 20	$4M	$1M	-$4M
Q2 20	$2M	-$1M	-$7M
Q3 20	$19M	$5M	-$3M
Q4 20	$4M	-$32.0K	-$6M
Q1 21	$6M	$490.0K	-$6M
Q2 21	$17M	$8M	$2M
Q3 21	$2M	-$2M	-$13M
Q4 21	$63M	$46M	$31M
Q1 22	$14M	$5M	-$9M
Q1 23	$15M	$5M	-$9M
Q2 23	$8M	-$1M	-$13M
Q4 24	$49M	$9M	-$16M
Q1 25	$124M	$59M	$38M
Q2 25	$51M	$82M	-$12M

Valuation

Quarter	P/S	P/E
Q3 19	2.2x	—
Q4 19	11.8x	—
Q1 20	9.9x	—
Q2 20	23.6x	—
Q3 20	6.5x	5.0x
Q4 20	6.7x	1.8x
Q1 21	9.2x	—
Q2 21	6.6x	—
Q3 21	11.9x	13.7x
Q4 21	2.8x	1.7x
Q1 22	1.9x	0.7x
Q1 23	2.5x	1.0x
Q2 23	3.9x	3.2x
Q4 24	5.1x	—
Q1 25	1.6x	208.0x
Q2 25	1.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$278.0K	$159.0K
Q4 19	$63M	$63M
Q1 20	-$2M	-$8M
Q2 20	-$5M	-$13M
Q3 20	$13M	$13M
Q4 20	-$25M	-$25M
Q1 21	-$6M	-$17M
Q2 21	-$2M	-$2M
Q3 21	-$1M	-$3M
Q4 21	$21M	$13M
Q1 22	-$3M	-$3M
Q1 23	-$4M	-$4M
Q2 23	-$15M	-$15M
Q4 24	-$20M	-$24M
Q1 25	$2M	$335.0K
Q2 25	$50M	$48M

Capital Expenditures

Quarter	CapEx
Q3 19	$119.0K
Q4 19	$64.0K
Q1 20	$6M
Q2 20	$8M
Q3 20	$29.0K
Q4 20	$22.0K
Q1 21	$11M
Q2 21	$12.0K
Q3 21	$2M
Q4 21	$8M
Q1 22	$34.0K
Q1 23	$83.0K
Q2 23	$54.0K
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	-73.6%	-85.2%
Q4 19	-98.6%	-79.6%
Q1 20	+12.6%	-28.5%
Q2 20	-61.2%	-6.5%
Q3 20	+1037.7%	+224.5%
Q4 20	+537.1%	+35.1%
Q1 21	+52.1%	+55.5%
Q2 21	+721.5%	+77.7%
Q3 21	-91.9%	-35.7%
Q4 21	+1343.3%	+195.9%
Q1 22	+132.8%	+91.8%
Q1 23	-14.9%	+53.1%
Q2 23	+399.6%	+42.8%
Q4 24	-22.8%	+102.3%
Q1 25	+821.2%	+291.2%
Q2 25	+246.1%	+163.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$300.0K	17.5%
Q4 19	$322.0K	46.8%
Q1 20	$332.0K	8.7%
Q2 20	$423.0K	20.0%
Q3 20	$488.0K	2.5%
Q4 20	$419.0K	9.6%
Q1 21	$450.0K	7.8%
Q2 21	$529.0K	3.0%
Q3 21	$300.0K	19.0%
Q4 21	$774.0K	1.2%
Q1 22	$1M	8.7%
Q1 23	$477.0K	3.2%
Q2 23	$874.0K	11.1%
Q4 24	$2M	4.6%
Q1 25	$922.0K	0.7%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 19	—	$5M	—
Q4 19	—	$4M	—
Q1 20	—	$5M	—
Q2 20	—	$6M	—
Q3 20	—	$8M	—
Q4 20	—	$6M	—
Q1 21	—	$6M	—
Q2 21	—	$7M	—
Q3 21	—	$10M	—
Q4 21	$200.0K	$13M	$2M
Q1 22	$190.0K	$11M	$2M
Q1 23	$216.0K	$12M	$2M
Q2 23	$205.0K	$9M	$2M
Q4 24	—	$22M	$3M
Q1 25	—	$17M	$3M
Q2 25	—	$16M	$3M

Revenue Segments

Quarter	Paid-up Revenue Agreements	Recurring Revenue Agreements	Paid Up Revenue Agreements	Industrial Operations	Intellectual Property Operations
Q3 19	$1M	$508.0K	—	—	—
Q4 19	$276.0K	$412.0K	—	—	—
Q1 20	$3M	$515.0K	—	—	—
Q2 20	—	$326.0K	$2M	—	—
Q3 20	—	$81.0K	$19M	—	—
Q1 21	—	$393.0K	$5M	—	—
Q2 21	—	$800.0K	$17M	—	—
Q3 21	—	$482.0K	$1M	—	—
Q1 23	—	—	—	$11M	$4M
Q2 23	—	—	—	$8M	$394.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$289M	$283M	$573M
Q2 22	$264M	$205M	$469M
Q3 22	$242M	$159M	$401M
Q4 22	$288M	$98M	$386M
Q1 23	$364M	$97M	$462M
Q2 23	$355M	$90M	$445M
Q3 23	$345M	$101M	$446M
Q4 23	$340M	$100M	$440M
Q1 24	$439M	$60M	$498M
Q2 24	$387M	$0	$387M
Q3 24	$360M	$51M	$411M
Q4 24	$274M	$60M	$334M
Q1 25	$272M	$55M	$327M
Q2 25	$317M	$58M	$375M
Q3 25	$302M	$33M	$335M
Q4 25	$307M	$23M	$330M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	50M	+0.3%	-0.5%
Q4 19	54M	+9.2%	+9.6%
Q1 20	50M	-8.3%	+0.4%
Q2 20	49M	-1.7%	-1.3%
Q3 20	53M	+8.6%	+6.8%
Q4 20	49M	-7.5%	-9.5%
Q1 21	49M	-1.3%	-2.6%
Q2 21	83M	+71.0%	+69.4%
Q3 21	93M	+12.0%	+74.9%
Q4 21	94M	+1.0%	+90.8%
Q1 22	92M	-2.6%	+88.3%
Q1 23	89M	-2.7%	+7.2%
Q2 23	94M	+5.6%	+1.1%
Q4 24	97M	+3.3%	+3.4%
Q1 25	97M	-0.2%	+6.0%
Q2 25	97M	-0.0%	+8.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	$131.6K	13
Q4 19	$40.5K	17
Q1 20	$224.4K	17
Q2 20	$124.6K	17
Q3 20	$1M	17
Q4 20	$219.2K	20
Q1 21	$290.1K	20
Q2 21	$870.0K	20
Q3 21	$79.1K	20
Q4 21	$220.4K	287
Q1 22	$47.1K	287
Q1 23	$56.3K	263
Q2 23	$30.1K	263
Q4 24	$47.1K	1K
Q1 25	$120.1K	1K
Q2 25	$49.5K	1K

Revenue / Employee