What is Acacia Research's operating income?

Acacia Research's total operating income in 2025 was $6.41 million, based on the following breakdown: Total Gross Profit: $84.48 million Total Operating Expenses: $78.07 million

Acacia Research (ACTG) Financials

$4.54 0.00 (0.00%)

Closing price 07/2/2026 04:00 PM Eastern

Extended Trading

$4.54 +0.00 (+0.11%)

As of 07/2/2026 04:10 PM Eastern

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Annual Income Statements for Acacia Research

This table shows Acacia Research's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-160	-54	22	-105	-35	172	149	-125	67	-36	22
Consolidated Net Income / (Loss)	-157	-55	-72	-105	-17	109	150	-111	69	-35	24
Net Income / (Loss) Continuing Operations	-157	-55	-72	-105	-17	109	150	-111	69	-35	24
Total Pre-Tax Income	-153	-37	25	-104	-19	108	175	-127	67	-38	31
Total Operating Income	-153	-37	-0.05	-25	-23	-20	15	-40	21	-33	6.41
Total Gross Profit	107	130	26	52	-7.04	4.96	12	35	72	30	84
Total Revenue	125	153	65	132	11	30	48	72	125	122	285
Operating Revenue	125	153	65	132	11	30	88	59	125	122	285
Total Cost of Revenue	18	23	40	80	18	25	36	37	53	93	201
Operating Cost of Revenue	18	23	40	80	18	25	36	37	53	93	201
Total Operating Expenses	259	167	26	77	16	24	37	62	51	63	78
Selling, General & Admin Expense	42	33	1.20	21	16	24	36	53	44	55	65
Marketing Expense	-	-	-	-	-	0.00	1.54	8.62	6.91	7.22	13
Total Other Income / (Expense), net	-0.11	0.80	-69	-79	4.47	128	201	-100	46	-5.22	25
Interest Expense	0.00	0.00	-	-	0.00	-166	7.92	6.43	2.06	6.46	8.99
Interest & Investment Income	-0.06	0.00	52	-0.78	-12	9.03	3.59	-	-	18	11
Other Income / (Expense), net	-0.06	0.80	-27	-78	16	-47	205	-94	49	-16	23
Income Tax Expense	4.80	18	2.96	1.18	-1.82	-1.16	24	-16	-1.50	-3.45	6.84
Net Income / (Loss) Attributable to Noncontrolling Interest	2.56	-0.73	-0.50	0.18	-17	0.00	1.17	14	1.87	1.36	2.79
Basic Earnings per Share	($3.25)	($1.08)	$0.44	($2.10)	($0.35)	$1.78	$2.43	($3.13)	$0.73	($0.36)	$0.23
Weighted Average Basic Shares Outstanding	49.51M	50.08M	50.50M	49.97M	49.76M	48.84M	48.80M	42.46M	75.30M	99.21M	96.29M
Diluted Earnings per Share	($3.25)	($1.08)	$0.44	($2.10)	($0.40)	$1.48	$1.91	($3.13)	$0.58	($0.36)	$0.22
Weighted Average Diluted Shares Outstanding	49.51M	50.08M	50.69M	49.97M	50.90M	57.44M	46.47M	58.57M	99.90M	96.09M	96.48M
Weighted Average Basic & Diluted Shares Outstanding	49.51M	50.08M	50.64M	49.65M	50.39M	49.28M	46.47M	58.57M	99.90M	96.09M	96.48M

This table shows Acacia Research's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1.64	69	-0.19	-8.45	-14	-13	24	-3.29	-2.73	3.42	-16
Consolidated Net Income / (Loss)	2.76	76	-0.19	-8.83	-12	-14	24	-1.44	-2.39	4.77	-18
Net Income / (Loss) Continuing Operations	2.76	76	-0.19	-8.83	-12	-14	24	-1.44	-2.39	4.77	-18
Total Pre-Tax Income	2.57	73	-1.30	-16	-6.16	-15	30	-0.89	-3.36	5.95	-20
Total Operating Income	-13	56	-2.09	-4.76	-10	-16	38	-12	-6.43	-13	-8.36
Total Gross Profit	1.76	77	12	6.76	2.35	8.59	59	6.54	13	6.40	12
Total Revenue	12	101	24	26	23	49	124	51	59	50	54
Operating Revenue	10	92	24	26	23	49	124	51	59	50	54
Total Cost of Revenue	9.85	24	12	19	21	40	65	45	47	44	42
Operating Cost of Revenue	9.85	24	12	19	21	40	65	45	47	44	42
Total Operating Expenses	13	12	14	12	13	24	21	19	19	19	20
Selling, General & Admin Expense	12	11	12	10	11	22	17	16	16	16	17
Marketing Expense	1.61	1.52	1.56	1.39	1.39	2.88	3.31	3.38	3.08	3.18	3.12
Total Other Income / (Expense), net	14	9.00	0.79	-11	4.11	1.01	-8.70	11	3.06	19	-12
Interest Expense	0.13	0.13	0.33	1.81	1.95	6.44	2.45	2.33	2.23	1.98	1.89
Interest & Investment Income	-	-	-	4.99	4.54	-	2.51	2.94	3.00	-	2.82
Other Income / (Expense), net	14	7.78	1.12	-14	1.52	36	-8.76	11	2.29	16	-13
Income Tax Expense	-0.20	-2.15	-1.11	-7.06	5.50	-0.78	6.08	0.55	-0.97	1.18	-2.56
Net Income / (Loss) Attributable to Noncontrolling Interest	1.13	10	-0.00	-0.38	2.34	-0.78	-0.76	1.86	0.34	1.36	-1.86
Basic Earnings per Share	($0.02)	$0.99	$0.00	($0.08)	($0.14)	($0.14)	$0.25	($0.03)	($0.03)	$0.04	($0.16)
Weighted Average Basic Shares Outstanding	94.33M	75.30M	99.75M	100.08M	99.85M	99.21M	96.02M	96.24M	96.45M	96.29M	96.49M
Diluted Earnings per Share	($0.03)	$1.04	$0.00	($0.08)	($0.14)	($0.14)	$0.25	($0.03)	($0.03)	$0.03	($0.16)
Weighted Average Diluted Shares Outstanding	99.89M	99.90M	100.02M	100.38M	97.37M	96.09M	96.17M	96.44M	96.46M	96.48M	96.59M
Weighted Average Basic & Diluted Shares Outstanding	99.89M	99.90M	100.02M	100.38M	97.37M	96.09M	96.17M	96.44M	96.46M	96.48M	96.59M

This table details how cash moves in and out of Acacia Research's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.76	-7.68	-2.45	-7.80	-36	108	109	-22	52	-66	33
Net Cash From Operating Activities	-9.95	34	13	21	-2.31	-20	13	-37	-23	50	75
Net Cash From Continuing Operating Activities	39	19	54	21	-2.31	-20	13	-37	-23	50	75
Net Income / (Loss) Continuing Operations	-157	-55	22	-105	-17	109	150	-111	69	-35	24
Consolidated Net Income / (Loss)	-157	-55	22	-	-17	109	150	-111	69	-35	24
Depreciation Expense	53	34	22	27	3.23	4.80	11	14	15	34	43
Non-Cash Adjustments To Reconcile Net Income	106	50	-51	126	-19	-133	-173	90	-30	3.97	3.75
Changes in Operating Assets and Liabilities, net	-11	4.86	20	-28	31	-7.86	25	-30	-76	47	3.67
Net Cash From Investing Activities	39	-41	-16	-24	-68	19	36	184	16	-213	-21
Net Cash From Continuing Investing Activities	39	-41	-16	-24	-68	19	36	184	16	-213	-21
Purchase of Property, Plant & Equipment	-0.01	-0.00	-0.00	-0.03	-0.18	-0.20	-0.09	-0.73	-0.19	-149	-17
Acquisitions	-20	-1.23	-	0.00	-4.42	-294	-54	-5.00	-15	-102	1.23
Purchase of Investments	-23	-63	-480	-103	-147	-46	-67	-112	-13	-20	-25
Sale and/or Maturity of Investments	82	43	468	86	84	360	161	302	35	58	34
Other Investing Activities, net	0.00	-20	-4.00	-7.00	0.00	-0.41	-4.02	-	9.97	0.00	-15
Net Cash From Financing Activities	-29	-1.11	0.70	-4.61	34	109	60	-166	59	98	-23
Net Cash From Continuing Financing Activities	-29	-1.11	0.70	-4.61	34	109	60	-166	59	98	-23
Repayment of Debt	-	-	-	-	0.00	-0.50	-50	-120	-68	56	-22
Repurchase of Common Equity	0.00	-0.08	-0.05	-4.86	0.00	-4.00	-4.01	-51	0.00	-20	0.00
Issuance of Debt	-	-	-	-	0.00	110	115	-	0.00	47	0.00
Issuance of Common Equity	0.00	0.00	-	0.00	0.00	4.60	-	-	0.00	15	0.00
Other Financing Activities, net	0.94	0.33	0.75	0.26	0.08	0.05	0.20	7.65	128	-0.87	-0.65
Effect of Exchange Rate Changes	-	-	-	-	-	-	0.00	-2.57	0.00	-0.93	1.34
Cash Interest Paid	-	-	-	-	-	1.26	7.34	7.23	2.51	5.06	8.30
Cash Income Taxes Paid	-	-	-	-	-	-3.48	0.03	0.38	0.83	1.05	2.30

This table details how cash moves in and out of Acacia Research's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-10	-4.64	99	-52	-27	-85	-1.92	45	-15	4.94	0.79
Net Cash From Operating Activities	1.16	-4.54	55	16	-0.57	-20	2.43	50	9.55	13	3.40
Net Cash From Continuing Operating Activities	1.16	-4.54	55	16	-0.94	-20	2.43	50	9.55	13	3.40
Net Income / (Loss) Continuing Operations	2.76	76	-0.19	-8.83	-12	-14	24	-1.44	-2.39	4.77	-18
Consolidated Net Income / (Loss)	2.76	76	-0.19	-8.83	-12	-14	24	-1.44	-2.39	4.77	-18
Depreciation Expense	3.36	4.58	4.57	7.41	9.76	12	11	11	11	10	8.49
Non-Cash Adjustments To Reconcile Net Income	-12	-12	-8.47	10	-1.16	3.23	31	-30	2.03	0.93	13
Changes in Operating Assets and Liabilities, net	7.00	-73	59	6.92	2.11	-21	-62	70	-0.83	-3.01	-0.27
Net Cash From Investing Activities	-0.60	7.56	42	-152	-7.23	-96	1.04	-1.49	-14	-6.31	-0.98
Net Cash From Continuing Investing Activities	-0.60	7.56	42	-152	-7.23	-96	1.04	-1.49	-14	-6.31	-0.98
Purchase of Property, Plant & Equipment	-0.02	-0.04	-0.27	-143	-2.23	-3.29	-2.09	-2.21	-6.06	-6.33	-9.19
Acquisitions	-	-15	0.00	-	-5.00	-88	1.23	-	-	-	-1.75
Purchase of Investments	-2.84	-4.39	-16	-	-	-4.93	-4.83	-7.72	-4.83	-7.34	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	-	-	-	1.58
Sale and/or Maturity of Investments	2.25	17	58	-	-	-	6.73	8.44	-	19	8.38
Net Cash From Financing Activities	-11	-7.72	1.83	84	-19	31	-6.07	-4.27	-10	-1.99	-1.90
Net Cash From Continuing Financing Activities	-11	-7.72	1.83	84	-19	31	-6.07	-4.27	-10	-1.99	-1.90
Repayment of Debt	-	-7.70	0.00	-	-	-18	-5.60	-4.10	-14	2.01	-1.58
Other Financing Activities, net	49	-0.02	-0.67	-0.17	-	-0.02	-0.47	-0.17	-	-0.01	-0.32
Effect of Exchange Rate Changes	-0.04	0.06	-0.03	-	0.17	-	0.69	0.40	0.16	0.09	0.27

This table presents Acacia Research's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	348	296	309	224	218	511	799	483	634	756	771
Total Current Assets	184	188	140	201	173	458	731	428	555	420	450
Cash & Equivalents	135	128	137	129	57	166	309	288	340	274	307
Short-Term Investments	0.00	19	0.00	37	111	286	399	98	100	60	54
Note & Lease Receivable	-	-	-	-	-	-	-	-	-	0.00	15
Accounts Receivable	34	27	0.15	33	0.51	0.51	9.52	8.23	81	27	26
Inventories, net	-	-	-	-	-	0.00	8.93	14	11	27	27
Prepaid Expenses	4.22	3.25	2.94	3.13	2.91	5.83	4.76	19	23	32	21
Plant, Property, & Equipment, net	0.27	0.00	0.00	0.00	0.00	0.27	4.18	3.54	2.36	24	21
Total Noncurrent Assets	164	108	169	22	45	53	64	51	77	312	300
Goodwill	-	-	-	-	-	0.00	7.47	7.54	8.99	29	26
Intangible Assets	-	-	-	6.59	7.81	17	49	37	34	55	48
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	0.00	2.92	20	15
Other Noncurrent Operating Assets	164	89	167	7.70	2.08	1.46	7.31	7.21	31	207	211
Total Liabilities & Shareholders' Equity	348	296	309	224	218	511	799	483	634	756	771
Total Liabilities	34	29	13	33	35	212	354	194	44	204	187
Total Current Liabilities	33	28	9.56	31	12	125	200	87	28	50	49
Accounts Payable	17	14	7.96	8.00	9.03	4.73	12	20	12	33	33
Current Deferred Revenue	-	-	-	-	-	0.00	1.11	1.23	0.98	1.32	0.95
Current Employee Benefit Liabilities	-	-	-	0.35	0.51	2.27	3.70	4.74	4.21	6.28	6.73
Other Current Liabilities	15	14	1.60	23	2.18	2.16	2.46	0.70	11	6.99	8.35
Total Noncurrent Liabilities	0.52	0.37	3.55	1.67	23	87	153	106	16	154	138
Long-Term Debt	-	-	-	-	-	-	-	0.00	11	112	92
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	-	-	-	0.29	31	33
Noncurrent Deferred & Payable Income Tax Liabilities	0.21	0.00	-	-	-	0.00	19	0.74	0.00	2.61	2.15
Other Noncurrent Operating Liabilities	0.31	0.37	3.55	1.67	23	87	134	105	5.48	8.87	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	314	267	296	191	175	288	430	269	590	553	584
Total Preferred & Common Equity	310	266	294	189	173	277	419	258	568	515	543
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	310	266	294	189	173	277	419	258	568	515	543
Common Stock	633	643	649	651	652	651	648	663	906	910	915
Retained Earnings	-288	-342	-320	-423	-440	-331	-182	-307	-240	-276	-254
Treasury Stock	-35	-35	-35	-39	-39	-43	-47	-98	-98	-119	-119
Accumulated Other Comprehensive Income / (Loss)	-0.22	-0.08	-0.09	-	-	-	-	-	0.00	-1.18	0.67
Noncontrolling Interest	3.94	1.85	1.36	1.85	1.83	11	11	11	21	38	41

This table presents Acacia Research's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	485	557	535	529	632	754	708	802	776	769	756
Total Current Assets	427	505	486	484	553	494	458	465	444	441	431
Cash & Equivalents	242	364	355	345	439	387	360	272	317	302	308
Short-Term Investments	159	97	90	101	60	55	51	55	58	64	51
Note & Lease Receivable	-	-	-	-	-	-	-	-	-	3.39	8.14
Accounts Receivable	7.04	8.67	6.27	5.90	15	19	11	96	23	27	29
Inventories, net	14	15	14	12	9.88	12	12	26	26	26	23
Prepaid Expenses	5.17	20	21	20	29	21	24	16	20	18	12
Plant, Property, & Equipment, net	3.70	3.28	2.95	2.65	2.09	2.32	2.37	23	23	22	20
Total Noncurrent Assets	54	48	46	42	76	257	248	314	309	306	305
Goodwill	7.47	7.54	7.54	7.54	8.99	8.99	8.99	26	26	26	26
Intangible Assets	40	34	31	28	30	36	31	68	62	55	45
Noncurrent Deferred & Refundable Income Taxes	-	-	-	0.32	6.57	14	8.42	17	17	17	18
Other Noncurrent Operating Assets	7.21	6.97	7.84	6.63	31	198	199	203	204	208	215
Total Liabilities & Shareholders' Equity	485	557	535	529	632	754	708	802	776	769	756
Total Liabilities	184	179	176	26	42	157	129	224	198	192	189
Total Current Liabilities	85	90	78	21	26	44	28	75	50	51	50
Accounts Payable	14	21	10	14	8.69	18	14	37	34	34	35
Current Deferred Revenue	1.40	1.21	1.02	1.15	1.07	0.91	1.27	1.40	0.73	0.85	1.26
Current Employee Benefit Liabilities	5.07	5.49	5.51	5.20	4.62	3.98	4.97	6.88	6.39	7.99	5.96
Other Current Liabilities	3.26	1.06	0.58	1.30	3.01	6.41	7.76	28	7.27	8.55	8.24
Total Noncurrent Liabilities	99	89	98	4.12	16	113	101	149	148	141	138
Long-Term Debt	-	-	-	-	13	82	70	106	102	94	91
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	28	28	31	32	32	33
Noncurrent Deferred & Payable Income Tax Liabilities	2.71	0.50	0.13	0.00	-	-	-	2.70	2.70	2.61	2.18
Other Noncurrent Operating Liabilities	95	88	98	3.62	2.89	2.93	3.02	8.77	11	12	13
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	282	356	335	504	590	597	579	577	577	577	567
Total Preferred & Common Equity	258	345	324	493	568	561	540	540	539	538	529
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	258	345	324	493	568	561	540	540	539	538	529
Common Stock	644	740	739	905	906	907	908	911	912	913	916
Retained Earnings	-288	-297	-316	-314	-240	-248	-262	-251	-255	-258	-270
Treasury Stock	-98	-98	-98	-98	-98	-98	-106	-119	-119	-119	-119
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-0.52	0.35	0.23	0.78
Noncontrolling Interest	25	11	11	11	21	36	38	37	39	39	39

This table displays calculated financial ratios and metrics derived from Acacia Research's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	50,736,407.00	50,463,380.00	50,604,782.00	49,639,319.00	50,343,305.00	49,279,453.00	49,591,852.00	-	-	-	96,460,378.00
DEI Adjusted Shares Outstanding	50,736,407.00	50,463,380.00	50,604,782.00	49,639,319.00	50,343,305.00	49,279,453.00	49,591,852.00	-	-	-	96,460,378.00
DEI Earnings Per Adjusted Shares Outstanding	-3.15	-1.07	0.44	-2.12	-0.69	3.49	3.01	-	-	-	0.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.46%	22.12%	-57.17%	101.07%	-91.45%	164.82%	59.96%	51.82%	72.97%	-2.23%	133.20%
EBITDA Growth	-1,042.27%	97.73%	-122.92%	-1,406.10%	95.07%	-1,377.07%	517.47%	-152.22%	170.05%	-97.78%	558.41%
EBIT Growth	-143.31%	76.02%	25.51%	-277.26%	93.24%	-862.50%	427.50%	-161.00%	151.93%	-145.63%	158.83%
NOPAT Growth	-145.55%	75.49%	99.82%	-36,951.81%	5.15%	-20.34%	163.48%	-324.11%	176.26%	-207.69%	121.73%
Net Income Growth	-136.23%	65.20%	-31.44%	-45.57%	83.66%	737.70%	37.66%	-173.78%	162.13%	-150.34%	170.52%
EPS Growth	-137.23%	66.77%	140.74%	-577.27%	80.95%	470.00%	29.05%	-263.87%	118.53%	-162.07%	161.11%
Operating Cash Flow Growth	-337.79%	442.36%	-61.93%	61.01%	-111.06%	-750.09%	167.92%	-380.17%	39.72%	322.71%	50.12%
Free Cash Flow Firm Growth	161.64%	146.35%	-228.80%	283.25%	-82.39%	46.18%	-28.33%	-384.48%	-187.79%	-6.18%	111.64%
Invested Capital Growth	-43.18%	-46.30%	73.65%	-88.79%	-215.43%	-251.95%	-13.98%	44.18%	452.55%	107.73%	-5.34%
Revenue Q/Q Growth	5.45%	-9.23%	-22.06%	53.34%	-81.18%	33.72%	44.44%	-4.14%	183.60%	-32.95%	0.45%
EBITDA Q/Q Growth	-1,984.50%	97.75%	-103.36%	67.57%	55.52%	-258.89%	211.27%	-128.18%	147.31%	-93.66%	6.07%
EBIT Q/Q Growth	-176.63%	74.10%	-121.54%	59.59%	68.79%	-328.99%	199.11%	-132.42%	136.28%	-1,111.74%	23.49%
NOPAT Q/Q Growth	-179.09%	73.57%	99.83%	-65.25%	-300.72%	13.59%	155.59%	-628.25%	161.70%	-154.15%	152.92%
Net Income Q/Q Growth	-179.87%	66.02%	-159.47%	64.76%	41.20%	453.54%	317.87%	-198.92%	374.09%	-163.29%	331.27%
EPS Q/Q Growth	-164.23%	66.46%	-81.67%	48.02%	32.20%	1,038.46%	565.85%	-621.67%	203.57%	-143.90%	340.00%
Operating Cash Flow Q/Q Growth	-31.76%	206.44%	-71.67%	244.40%	-118.42%	-580.06%	138.69%	-514.57%	46.03%	-23.87%	79.88%
Free Cash Flow Firm Q/Q Growth	172.23%	-23.40%	60.24%	-33.37%	-48.19%	125.91%	-93.40%	70.36%	-40.49%	-42.31%	134.77%
Invested Capital Q/Q Growth	-37.93%	-13.50%	-35.74%	-65.21%	-507.69%	-169.12%	68.71%	-16.93%	178.15%	40.05%	3.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	85.23%	85.11%	39.06%	39.52%	-62.62%	16.65%	24.23%	48.31%	57.77%	24.24%	29.62%
EBITDA Margin	-79.49%	-1.48%	-7.69%	-57.60%	-33.19%	-185.14%	483.19%	-166.22%	67.32%	1.53%	25.38%
Operating Margin	-122.06%	-24.50%	-0.08%	-18.77%	-208.23%	-65.54%	30.53%	-55.43%	16.74%	-26.92%	2.25%
EBIT Margin	-122.11%	-23.98%	-41.70%	-78.24%	-61.89%	-224.93%	460.53%	-185.03%	55.55%	-25.92%	10.18%
Profit (Net Income) Margin	-125.95%	-35.89%	-110.13%	-79.73%	-152.31%	366.77%	315.63%	-153.39%	55.10%	-28.37%	8.58%
Tax Burden Percent	103.14%	149.68%	-292.33%	101.14%	90.38%	101.07%	86.09%	87.25%	102.23%	90.96%	78.15%
Interest Burden Percent	100.00%	100.00%	-90.35%	100.76%	272.31%	-161.33%	79.61%	95.02%	97.03%	120.31%	107.82%
Effective Tax Rate	0.00%	0.00%	11.99%	0.00%	0.00%	-1.07%	13.91%	0.00%	-2.23%	0.00%	21.85%
Return on Invested Capital (ROIC)	-46.03%	-20.26%	-0.04%	-19.81%	0.00%	0.00%	0.00%	0.00%	37.29%	-9.35%	1.55%
ROIC Less NNEP Spread (ROIC-NNEP)	-16.15%	-2.54%	45.53%	36.24%	0.00%	0.00%	0.00%	0.00%	24.85%	-5.76%	-6.42%
Return on Net Nonoperating Assets (RNNOA)	6.81%	1.41%	-25.54%	-23.25%	0.00%	0.00%	0.00%	0.00%	-21.61%	3.27%	2.76%
Return on Equity (ROE)	-39.21%	-18.84%	-25.58%	-43.07%	-9.15%	45.30%	40.40%	-30.21%	15.69%	-6.08%	4.31%
Cash Return on Invested Capital (CROIC)	9.04%	39.99%	-53.86%	139.87%	0.00%	0.00%	0.00%	0.00%	-115.01%	-79.37%	7.03%
Operating Return on Assets (OROA)	-34.53%	-11.37%	-9.02%	-38.63%	-3.15%	-18.37%	33.49%	-20.88%	12.45%	-4.56%	3.80%
Return on Assets (ROA)	-35.62%	-17.02%	-23.82%	-39.36%	-7.75%	29.95%	22.95%	-17.31%	12.35%	-4.99%	3.20%
Return on Common Equity (ROCE)	-38.75%	-18.66%	-25.44%	-42.78%	-8.87%	42.30%	37.80%	-27.87%	14.75%	-5.76%	4.01%
Return on Equity Simple (ROE_SIMPLE)	-50.76%	-20.63%	-24.47%	-55.36%	-9.89%	39.39%	35.85%	-42.95%	12.13%	-6.74%	0.00%
Net Operating Profit after Tax (NOPAT)	-107	-26	-0.05	-17	-16	-20	13	-28	21	-23	5.01
NOPAT Margin	-85.44%	-17.15%	-0.07%	-13.14%	-145.76%	-66.24%	26.29%	-38.80%	17.11%	-18.84%	1.76%
Net Nonoperating Expense Percent (NNEP)	-29.88%	-17.71%	-45.57%	-56.05%	-0.39%	44.93%	30.72%	-19.24%	12.44%	-3.59%	7.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	3.57%	-3.46%	0.74%
Cost of Revenue to Revenue	14.77%	14.89%	60.94%	60.48%	162.62%	83.35%	75.77%	51.69%	42.23%	75.76%	70.38%
SG&A Expenses to Revenue	33.84%	21.89%	1.83%	16.22%	145.62%	82.18%	74.87%	72.84%	35.51%	45.26%	22.83%
R&D to Revenue	2.71%	2.02%	0.00%	0.00%	0.00%	0.00%	0.42%	0.87%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	207.30%	109.61%	39.15%	58.29%	145.62%	82.18%	78.52%	85.62%	41.04%	51.16%	27.37%
Earnings before Interest and Taxes (EBIT)	-153	-37	-27	-103	-6.96	-67	219	-134	69	-32	29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-99	-2.26	-5.03	-76	-3.73	-55	230	-120	84	1.87	72
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.70	1.24	0.70	0.78	0.77	0.70	0.61	0.71	0.69	0.82	0.66
Price to Tangible Book Value (P/TBV)	0.70	1.24	0.70	0.81	0.81	0.75	0.70	0.86	0.74	0.98	0.77
Price to Revenue (P/Rev)	1.74	2.15	3.13	1.12	11.91	6.52	5.34	2.53	3.13	3.45	1.26
Price to Earnings (P/E)	0.00	0.00	9.24	0.00	0.00	1.13	1.71	0.00	5.84	0.00	16.64
Dividend Yield	11.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	10.82%	0.00%	0.00%	88.45%	58.65%	0.00%	17.13%	0.00%	6.01%
Enterprise Value to Invested Capital (EV/IC)	0.45	1.69	0.43	0.00	0.00	0.00	0.00	0.00	0.00	0.72	0.42
Enterprise Value to Revenue (EV/Rev)	0.61	1.00	1.03	0.00	0.00	0.00	0.00	0.00	0.00	1.97	0.46
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	128.94	1.83
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.56
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.43
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	4.48	5.21	0.00	0.00	0.00	0.00	0.00	0.00	4.80	1.76
Enterprise Value to Free Cash Flow (EV/FCFF)	3.61	2.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.39	0.41	0.21	0.02	0.21	0.16
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.21	0.16
Financial Leverage	-0.42	-0.56	-0.56	-0.64	-1.01	-1.19	-1.21	-1.17	-0.87	-0.57	-0.43
Leverage Ratio	1.10	1.11	1.07	1.09	1.18	1.51	1.76	1.75	1.27	1.22	1.34
Compound Leverage Factor	1.10	1.11	-0.97	1.10	3.22	-2.44	1.40	1.66	1.23	1.46	1.45
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	27.88%	28.93%	17.29%	1.75%	17.10%	13.62%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	27.88%	28.93%	17.29%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.75%	17.10%	13.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.26%	0.69%	0.46%	0.97%	5.42%	5.29%	4.12%	8.86%	3.56%	5.67%	6.00%
Common Equity to Total Capital	98.74%	99.31%	99.54%	99.03%	94.58%	66.83%	66.95%	73.86%	94.69%	77.23%	80.38%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-2.10	0.79	-0.50	0.13	61.09	1.27
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	6.72	-2.29	2.71	-5.10	-117.78	-3.72
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.13	61.09	1.27
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-5.86	14.47	-2.15	0.49	-4.95	18.38
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	18.79	-42.06	11.61	-20.06	9.54	-53.70
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.49	-4.95	18.38
Altman Z-Score	2.14	6.03	8.36	0.06	0.30	0.05	1.88	-0.24	6.37	1.35	1.82
Noncontrolling Interest Sharing Ratio	1.17%	1.00%	0.57%	0.66%	3.14%	6.61%	6.42%	7.73%	5.95%	5.18%	6.90%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.53	6.69	14.62	6.49	14.79	3.67	3.65	4.91	20.06	8.89	9.18
Quick Ratio	5.08	6.16	14.31	6.39	14.41	3.62	3.58	4.52	18.83	7.64	8.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	21	52	-67	122	21	31	23	-64	-184	-196	23
Operating Cash Flow to CapEx	-124,362.50%	851,525.00%	648,300.00%	61,402.94%	-1,261.20%	-9,859.30%	14,643.96%	-5,100.55%	-11,907.94%	33.71%	450.71%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	2.84	-9.95	-89.32	-30.39	2.53
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	1.68	-5.80	-10.91	7.78	8.37
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	1.67	-5.92	-11.00	-15.30	6.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.47	0.22	0.49	0.05	0.08	0.07	0.11	0.22	0.18	0.37
Accounts Receivable Turnover	4.66	5.07	4.86	7.96	0.67	58.57	9.51	8.15	2.82	2.28	10.75
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.23	4.20	4.83	7.43
Fixed Asset Turnover	323.93	0.00	0.00	0.00	0.00	0.00	21.40	18.74	42.46	9.33	12.63
Accounts Payable Turnover	1.15	1.44	3.58	9.97	2.15	3.61	4.40	2.35	3.33	4.18	6.11
Days Sales Outstanding (DSO)	78.33	72.01	75.07	45.85	541.93	6.23	38.40	44.78	129.52	160.35	33.96
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	113.01	86.86	75.64	49.13
Days Payable Outstanding (DPO)	318.37	253.96	101.84	36.61	169.92	101.13	82.88	155.03	109.72	87.28	59.70
Cash Conversion Cycle (CCC)	-240.04	-181.95	-26.77	9.24	372.02	-94.90	-44.48	2.76	106.66	148.71	23.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	168	90	157	18	-20	-71	-81	-45	160	333	315
Invested Capital Turnover	0.54	1.18	0.53	1.51	-8.29	-0.65	-0.62	-1.14	2.18	0.50	0.88
Increase / (Decrease) in Invested Capital	-128	-78	67	-139	-38	-51	-9.99	36	206	173	-18
Enterprise Value (EV)	76	153	68	-24	-60	-155	-246	-111	-16	241	132
Market Capitalization	218	328	205	148	134	194	254	183	392	423	361
Book Value per Share	$6.11	$5.26	$5.82	$3.82	$3.44	$5.63	$8.46	$6.08	$5.69	$5.29	$5.63
Tangible Book Value per Share	$6.11	$5.26	$5.82	$3.68	$3.28	$5.28	$7.32	$5.04	$5.26	$4.42	$4.87
Total Capital	314	267	296	191	183	415	626	350	600	667	676
Total Debt	0.00	0.00	0.00	0.00	0.00	116	181	60	11	114	92
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11	114	92
Net Debt	-146	-177	-139	-174	-203	-371	-527	-326	-429	-220	-269
Capital Expenditures (CapEx)	0.01	0.00	0.00	0.03	0.18	0.20	0.09	0.73	0.19	149	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.70	1.80	-6.47	4.97	-6.79	-2.82	4.27	15	87	39	40
Debt-free Net Working Capital (DFNWC)	151	160	130	170	162	449	712	401	527	373	401
Net Working Capital (NWC)	151	160	130	170	162	333	530	341	527	373	401
Net Nonoperating Expense (NNE)	51	29	72	88	0.74	-129	-138	83	-48	12	-19
Net Nonoperating Obligations (NNO)	-146	-177	-139	-174	-203	-371	-527	-335	-429	-220	-269
Total Depreciation and Amortization (D&A)	53	34	22	27	3.23	12	11	14	15	34	43
Debt-free, Cash-free Net Working Capital to Revenue	3.76%	1.18%	-9.89%	3.78%	-60.39%	-9.45%	8.96%	20.85%	69.52%	32.00%	14.03%
Debt-free Net Working Capital to Revenue	120.49%	104.98%	198.98%	129.60%	1,436.51%	1,506.00%	1,494.03%	554.75%	421.16%	304.88%	140.61%
Net Working Capital to Revenue	120.49%	104.98%	198.98%	129.60%	1,436.51%	1,117.63%	1,113.57%	471.17%	421.16%	304.88%	140.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.25)	($1.08)	$0.00	($2.10)	($0.35)	$0.00	$2.43	($3.13)	$0.73	($0.36)	$0.23
Adjusted Weighted Average Basic Shares Outstanding	50.46M	50.47M	0.00	49.97M	49.76M	0.00	48.80M	42.46M	75.30M	99.21M	96.29M
Adjusted Diluted Earnings per Share	($3.25)	($1.08)	$0.00	($2.10)	($0.40)	$0.00	$1.91	($3.13)	$0.58	($0.36)	$0.22
Adjusted Weighted Average Diluted Shares Outstanding	50.46M	50.47M	0.00	49.97M	50.90M	0.00	46.47M	58.57M	99.90M	96.09M	96.48M
Adjusted Basic & Diluted Earnings per Share	($3.25)	($1.08)	$0.00	($2.10)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	49.51M	50.08M	0.00	49.65M	50.39M	0.00	46.47M	58.57M	99.90M	96.09M	96.48M
Normalized Net Operating Profit after Tax (NOPAT)	-33	3.45	1.93	2.46	-16	-14	13	-28	15	-23	5.01
Normalized NOPAT Margin	-26.73%	2.26%	2.95%	1.87%	-145.76%	-45.88%	26.29%	-38.80%	11.71%	-18.84%	1.76%
Pre Tax Income Margin	-122.11%	-23.98%	37.67%	-78.83%	-168.53%	362.88%	366.62%	-175.80%	53.90%	-31.19%	10.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	27.69	-20.81	33.68	-4.92	3.23
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	1.58	-4.36	10.37	-3.58	0.56
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	27.68	-20.92	33.59	-28.01	1.37
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	1.57	-4.48	10.28	-26.67	-1.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-18.76%	-2.48%	0.00%	0.00%	0.00%	1.27%	0.97%	-2.52%	2.03%	0.00%	0.00%
Augmented Payout Ratio	-18.76%	-2.63%	-0.06%	-4.64%	0.00%	4.93%	3.63%	-48.48%	2.03%	-58.47%	0.00%

This table displays calculated financial ratios and metrics derived from Acacia Research's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	96,086,040.00	96,171,702.00	96,444,993.00	96,460,378.00	96,475,469.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	96,086,040.00	96,171,702.00	96,444,993.00	96,460,378.00	96,475,469.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.25	-0.03	-0.03	0.04	-0.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-79.82%	410.47%	64.29%	1,372.18%	100.79%	-51.51%	411.60%	98.30%	155.02%	2.63%	-56.41%
EBITDA Growth	156.00%	135.22%	-245.64%	-37.28%	-20.54%	-52.65%	1,016.80%	185.30%	556.21%	249.65%	-131.39%
EBIT Growth	110.18%	132.30%	-312.52%	-65.71%	-626.50%	-67.82%	3,140.12%	92.15%	52.79%	112.69%	-171.38%
NOPAT Growth	-27.60%	665.36%	80.21%	62.02%	49.23%	-119.22%	2,183.51%	-160.30%	37.44%	5.21%	-119.22%
Net Income Growth	-90.27%	506.37%	-102.00%	52.98%	-522.05%	-118.57%	12,548.68%	83.72%	79.46%	134.04%	-174.81%
EPS Growth	-250.00%	1,140.00%	100.00%	77.78%	-366.67%	-113.46%	0.00%	62.50%	78.57%	121.43%	-164.00%
Operating Cash Flow Growth	-70.67%	80.86%	1,360.96%	209.09%	-149.22%	-345.91%	-95.58%	210.57%	1,709.95%	164.90%	40.33%
Free Cash Flow Firm Growth	52.40%	-220.90%	-549.44%	-421.46%	-69.25%	-24.03%	-66.29%	70.38%	61.57%	103.96%	123.96%
Invested Capital Growth	248.21%	452.55%	457.02%	1,019.60%	312.59%	107.73%	244.41%	29.59%	28.39%	-5.34%	-16.60%
Revenue Q/Q Growth	671.59%	767.61%	-77.68%	6.24%	-9.78%	109.54%	154.73%	-58.82%	16.02%	-15.68%	8.20%
EBITDA Q/Q Growth	173.34%	1,406.57%	-142.71%	66.84%	142.45%	797.83%	559.92%	-76.69%	-33.57%	97.75%	-196.48%
EBIT Q/Q Growth	112.20%	5,345.90%	-154.49%	47.31%	61.23%	432.81%	243.65%	-104.67%	-176.09%	163.15%	-908.20%
NOPAT Q/Q Growth	-61.49%	506.53%	-102.44%	-127.98%	-115.89%	-53.90%	375.05%	-128.48%	48.11%	-133.19%	44.23%
Net Income Q/Q Growth	114.71%	2,633.53%	-100.25%	-4,571.43%	-32.03%	-20.30%	267.78%	-106.11%	-66.60%	299.37%	-468.76%
EPS Q/Q Growth	91.67%	3,566.67%	-100.00%	0.00%	-75.00%	0.00%	278.57%	-112.00%	0.00%	200.00%	-633.33%
Operating Cash Flow Q/Q Growth	107.85%	-491.72%	1,306.84%	-70.61%	-103.54%	-3,448.51%	111.97%	1,966.80%	-80.95%	37.74%	-74.12%
Free Cash Flow Firm Q/Q Growth	-116.95%	-33.86%	7.49%	-97.20%	29.58%	1.91%	-22.08%	64.88%	8.62%	110.11%	638.81%
Invested Capital Q/Q Growth	323.67%	178.15%	-34.97%	127.29%	0.35%	40.05%	7.82%	-14.48%	-0.58%	3.26%	-5.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.18%	76.09%	49.16%	26.16%	10.09%	17.59%	47.37%	12.77%	21.20%	12.76%	22.23%
EBITDA Margin	39.05%	67.80%	-105.23%	-32.84%	15.45%	66.21%	32.28%	19.42%	11.12%	26.07%	-23.24%
Operating Margin	-113.30%	55.54%	-8.58%	-18.41%	-44.07%	-32.37%	30.79%	-24.17%	-10.81%	-26.10%	-15.41%
EBIT Margin	10.08%	63.26%	-124.01%	-61.50%	-26.43%	41.97%	23.75%	-2.92%	-6.95%	5.21%	-38.89%
Profit (Net Income) Margin	23.79%	74.96%	-0.78%	-34.17%	-50.01%	-28.71%	18.91%	-2.80%	-4.03%	9.52%	-32.45%
Tax Burden Percent	107.68%	102.92%	14.56%	55.56%	189.24%	94.76%	79.46%	161.46%	71.21%	80.16%	87.28%
Interest Burden Percent	219.23%	115.13%	4.30%	100.00%	100.00%	-72.19%	100.20%	59.45%	81.35%	228.12%	95.60%
Effective Tax Rate	-7.68%	-2.92%	0.00%	0.00%	0.00%	0.00%	20.54%	0.00%	0.00%	19.84%	0.00%
Return on Invested Capital (ROIC)	-574.45%	124.62%	-22.88%	-20.85%	-38.12%	-11.24%	23.50%	-15.42%	-7.92%	-18.42%	-7.05%
ROIC Less NNEP Spread (ROIC-NNEP)	-578.76%	119.93%	-23.17%	-19.37%	-36.98%	-10.33%	25.46%	-17.72%	-8.60%	-24.67%	-2.22%
Return on Net Nonoperating Assets (RNNOA)	565.28%	-104.26%	21.37%	15.09%	26.89%	5.87%	-15.36%	9.51%	4.56%	10.61%	0.94%
Return on Equity (ROE)	-9.17%	20.35%	-1.51%	-5.76%	-11.23%	-5.37%	8.14%	-5.91%	-3.36%	-7.82%	-6.11%
Cash Return on Invested Capital (CROIC)	-227.69%	-115.01%	-98.43%	-92.98%	-93.13%	-79.37%	-107.74%	-25.75%	-24.13%	7.03%	9.54%
Operating Return on Assets (OROA)	0.88%	14.18%	-29.82%	-16.30%	-7.80%	7.39%	7.37%	-0.95%	-2.67%	1.94%	-10.74%
Return on Assets (ROA)	2.07%	16.80%	-0.19%	-9.06%	-14.75%	-5.05%	5.87%	-0.91%	-1.55%	3.56%	-8.96%
Return on Common Equity (ROCE)	-8.55%	19.14%	-1.43%	-5.34%	-10.71%	-5.09%	7.73%	-5.53%	-3.13%	-7.28%	-5.70%
Return on Equity Simple (ROE_SIMPLE)	-5.11%	0.00%	10.43%	12.35%	10.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	58	-1.46	-3.33	-7.19	-11	30	-8.67	-4.50	-10	-5.85
NOPAT Margin	-122.00%	57.17%	-6.01%	-12.89%	-30.85%	-22.66%	24.46%	-16.92%	-7.57%	-20.93%	-10.79%
Net Nonoperating Expense Percent (NNEP)	4.31%	4.69%	0.29%	-1.48%	-1.14%	-0.91%	-1.96%	2.29%	0.69%	6.25%	-4.83%
Return On Investment Capital (ROIC_SIMPLE)	-	9.59%	-	-	-	-1.66%	4.44%	-1.27%	-0.67%	-1.55%	-0.89%
Cost of Revenue to Revenue	84.82%	23.91%	50.84%	73.84%	89.91%	82.41%	52.63%	87.23%	78.80%	87.24%	77.77%
SG&A Expenses to Revenue	99.97%	11.28%	50.79%	38.51%	47.72%	44.91%	13.92%	30.34%	26.83%	32.52%	31.88%
R&D to Revenue	1.48%	-0.59%	0.55%	0.69%	0.46%	-0.86%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	115.34%	12.20%	57.74%	44.57%	54.15%	49.95%	16.58%	36.94%	32.01%	38.87%	37.63%
Earnings before Interest and Taxes (EBIT)	1.17	64	-30	-16	-6.16	21	30	-1.50	-4.13	2.61	-21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.53	68	-26	-8.49	3.60	32	40	9.95	6.61	13	-13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.74	0.69	0.94	0.89	0.87	0.82	0.57	0.64	0.58	0.66	0.88
Price to Tangible Book Value (P/TBV)	0.80	0.74	1.01	0.97	0.93	0.98	0.69	0.76	0.69	0.77	1.01
Price to Revenue (P/Rev)	8.27	3.13	3.73	2.94	2.56	3.45	1.38	1.39	1.10	1.26	2.16
Price to Earnings (P/E)	6.41	5.84	10.38	8.13	10.17	0.00	0.00	0.00	64.83	16.64	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	15.59%	17.13%	9.63%	12.30%	9.83%	0.00%	0.00%	0.00%	1.54%	6.01%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.66	0.75	0.70	0.72	0.35	0.37	0.27	0.42	0.78
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.48	1.04	0.91	1.97	0.57	0.45	0.29	0.46	1.09
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	2.09	5.84	5.61	128.94	6.07	1.80	1.19	1.83	11.97
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	4.08	16.94	52.72	0.00	0.00	5.96	3.44	4.56	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	2.22	4.18	3.88	0.00	24.13	1,512.58	40.89	26.43	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	1.86	2.62	2.51	4.80	0.00	3.55	1.94	1.76	3.08
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.81	7.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.02	0.02	0.14	0.12	0.21	0.19	0.18	0.16	0.16	0.16
Long-Term Debt to Equity	0.00	0.02	0.02	0.14	0.12	0.21	0.18	0.18	0.16	0.16	0.16
Financial Leverage	-0.98	-0.87	-0.92	-0.78	-0.73	-0.57	-0.60	-0.54	-0.53	-0.43	-0.42
Leverage Ratio	1.26	1.27	1.23	1.35	1.14	1.22	1.23	1.30	1.28	1.34	1.36
Compound Leverage Factor	2.76	1.46	0.05	1.35	1.14	-0.88	1.23	0.77	1.04	3.07	1.30
Debt to Total Capital	0.00%	1.75%	2.16%	12.08%	10.79%	17.10%	15.81%	15.31%	14.01%	13.62%	13.76%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.35%	0.35%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	1.75%	2.16%	12.08%	10.79%	17.10%	15.46%	14.96%	14.01%	13.62%	13.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.19%	3.56%	3.54%	5.31%	5.92%	5.67%	5.40%	5.70%	5.85%	6.00%	5.89%
Common Equity to Total Capital	97.81%	94.69%	94.30%	82.61%	83.29%	77.23%	78.79%	78.99%	80.14%	80.38%	80.35%
Debt to EBITDA	0.00	0.13	0.40	2.70	2.38	61.09	5.22	1.67	1.38	1.27	4.61
Net Debt to EBITDA	0.00	-5.10	-14.85	-11.85	-11.58	-117.78	-10.51	-4.33	-3.98	-3.72	-13.66
Long-Term Debt to EBITDA	0.00	0.13	0.40	2.70	2.38	61.09	5.10	1.63	1.38	1.27	4.61
Debt to NOPAT	0.00	0.49	0.42	1.94	1.64	-4.95	20.74	1,401.82	47.48	18.38	-3.21
Net Debt to NOPAT	0.00	-20.06	-15.75	-8.49	-8.01	9.54	-41.79	-3,633.44	-137.20	-53.70	9.51
Long-Term Debt to NOPAT	0.00	0.49	0.42	1.94	1.64	-4.95	20.28	1,369.59	47.48	18.38	-3.21
Altman Z-Score	8.87	6.34	8.12	2.33	2.61	1.58	1.36	1.51	1.47	1.70	1.77
Noncontrolling Interest Sharing Ratio	6.75%	5.95%	5.57%	7.35%	4.57%	5.18%	5.00%	6.38%	6.72%	6.90%	6.62%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	22.60	20.06	21.40	11.17	16.39	8.89	6.16	8.80	8.63	9.18	8.56
Quick Ratio	21.08	18.83	19.88	10.42	15.10	7.64	5.60	7.90	7.76	8.21	7.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-111	-148	-135	-266	-187	-184	-224	-79	-72	7.27	54
Operating Cash Flow to CapEx	7,733.33%	-12,281.08%	20,310.74%	11.28%	-25.56%	-615.87%	116.03%	2,264.80%	157.57%	207.68%	44.70%
Free Cash Flow to Firm to Interest Expense	-851.03	-1,113.50	0.00	0.00	0.00	-28.53	-91.49	-33.81	-32.27	3.68	28.49
Operating Cash Flow to Interest Expense	8.92	-34.17	0.00	0.00	0.00	-3.15	0.99	21.52	4.28	6.64	1.80
Operating Cash Flow Less CapEx to Interest Expense	8.81	-34.44	0.00	0.00	0.00	-3.66	0.14	20.57	1.56	3.45	-2.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.22	0.24	0.27	0.30	0.18	0.31	0.32	0.38	0.37	0.28
Accounts Receivable Turnover	6.82	2.82	11.89	13.64	21.94	2.28	4.00	11.76	14.99	10.75	3.46
Inventory Turnover	2.25	4.20	4.49	4.97	6.22	4.83	8.07	9.02	10.19	7.43	7.14
Fixed Asset Turnover	13.90	42.46	53.26	64.85	72.78	9.33	17.48	19.77	23.13	12.63	9.87
Accounts Payable Turnover	2.09	3.33	3.71	4.56	5.52	4.18	6.45	6.59	8.29	6.11	4.97
Days Sales Outstanding (DSO)	53.52	129.52	30.71	26.77	16.64	160.35	91.16	31.04	24.34	33.96	105.59
Days Inventory Outstanding (DIO)	162.12	86.86	81.30	73.41	58.68	75.64	45.25	40.48	35.81	49.13	51.09
Days Payable Outstanding (DPO)	174.28	109.72	98.46	79.98	66.12	87.28	56.63	55.42	44.02	59.70	73.49
Cash Conversion Cycle (CCC)	41.36	106.66	13.55	20.20	9.19	148.71	79.78	16.09	16.13	23.39	83.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	58	160	104	237	238	333	359	307	305	315	299
Invested Capital Turnover	4.71	2.18	3.81	1.62	1.24	0.50	0.96	0.91	1.05	0.88	0.65
Increase / (Decrease) in Invested Capital	96	206	133	263	180	173	255	70	67	-18	-60
Enterprise Value (EV)	-70	-16	68	177	165	241	126	113	81	132	235
Market Capitalization	365	392	532	501	468	423	307	344	313	361	464
Book Value per Share	$4.93	$5.69	$5.69	$5.61	$5.38	$5.29	$5.62	$5.60	$5.57	$5.63	$5.48
Tangible Book Value per Share	$4.58	$5.26	$5.30	$5.16	$4.98	$4.42	$4.65	$4.69	$4.73	$4.87	$4.74
Total Capital	504	600	603	679	649	667	686	682	671	676	658
Total Debt	0.00	11	13	82	70	114	108	104	94	92	91
Total Long-Term Debt	0.00	11	13	82	70	114	106	102	94	92	91
Net Debt	-446	-429	-485	-360	-341	-220	-218	-271	-272	-269	-268
Capital Expenditures (CapEx)	0.02	0.04	0.27	143	2.23	3.29	2.09	2.21	6.06	6.33	7.61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	17	87	29	7.82	19	39	65	21	24	40	22
Debt-free Net Working Capital (DFNWC)	463	527	527	450	430	373	392	396	390	401	381
Net Working Capital (NWC)	463	527	527	450	430	373	389	394	390	401	381
Net Nonoperating Expense (NNE)	-17	-18	-1.27	5.50	4.47	2.96	6.91	-7.23	-2.10	-15	12
Net Nonoperating Obligations (NNO)	-446	-429	-485	-360	-341	-220	-218	-271	-272	-269	-268
Total Depreciation and Amortization (D&A)	3.36	4.58	4.57	7.41	9.76	12	11	11	11	10	8.49
Debt-free, Cash-free Net Working Capital to Revenue	38.58%	69.52%	20.21%	4.58%	10.32%	32.00%	29.12%	8.48%	8.41%	14.03%	10.36%
Debt-free Net Working Capital to Revenue	1,049.63%	421.16%	369.10%	263.42%	235.56%	304.88%	176.04%	159.78%	137.20%	140.61%	177.05%
Net Working Capital to Revenue	1,049.63%	421.16%	369.10%	263.42%	235.56%	304.88%	174.96%	158.81%	137.20%	140.61%	177.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.02)	$0.99	$0.00	($0.08)	($0.14)	($0.14)	$0.25	($0.03)	($0.03)	$0.04	($0.16)
Adjusted Weighted Average Basic Shares Outstanding	94.33M	75.30M	99.75M	100.08M	99.85M	99.21M	96.02M	96.24M	96.45M	96.29M	96.49M
Adjusted Diluted Earnings per Share	($0.03)	$1.04	$0.00	($0.08)	($0.14)	($0.14)	$0.25	($0.03)	($0.03)	$0.03	($0.16)
Adjusted Weighted Average Diluted Shares Outstanding	99.89M	99.90M	99.75M	100.38M	97.37M	96.09M	96.17M	96.44M	96.46M	96.48M	96.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	99.89M	99.90M	100.02M	100.38M	97.37M	96.09M	96.17M	96.44M	96.46M	96.48M	96.59M
Normalized Net Operating Profit after Tax (NOPAT)	-9.21	39	-1.46	-3.33	-7.19	-11	30	-8.67	-4.50	-10	-5.85
Normalized NOPAT Margin	-79.31%	38.88%	-6.01%	-12.89%	-30.85%	-22.66%	24.46%	-16.92%	-7.57%	-20.93%	-10.79%
Pre Tax Income Margin	22.09%	72.83%	-5.34%	-61.50%	-26.43%	-30.30%	23.80%	-1.74%	-5.66%	11.88%	-37.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.00	479.08	0.00	0.00	0.00	3.18	12.06	-0.64	-1.85	1.32	-11.18
NOPAT to Interest Expense	-108.95	432.92	0.00	0.00	0.00	-1.72	12.42	-3.72	-2.02	-5.30	-3.10
EBIT Less CapEx to Interest Expense	8.88	478.80	0.00	0.00	0.00	2.67	11.20	-1.59	-4.57	-1.88	-15.22
NOPAT Less CapEx to Interest Expense	-109.06	432.64	0.00	0.00	0.00	-2.23	11.57	-4.67	-4.73	-8.50	-7.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-8.35%	2.03%	1.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-8.35%	2.03%	1.18%	0.00%	13.32%	-58.47%	0.00%	0.00%	228.85%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Acacia Research (NASDAQ: ACTG) shows a mixed but financially resilient picture in Q1 2026. The company generated modest operating cash flow despite a quarterly net loss, and it still ended the quarter with a very large cash and investment position. However, profitability has weakened sharply from the stronger results seen in 2024, and debt remains meaningful.

Cash and short-term investments remained strong at roughly $358.5 million in Q1 2026, giving the company a sizable liquidity cushion.
Operating cash flow was positive at $3.4 million, showing the business still produced cash from core operations despite reporting a loss.
The company also generated a large amount of non-operating cash through investment sales, helping support liquidity.
Quarter-end total equity and noncontrolling interests were $567.2 million, which is a sizable capital base relative to liabilities.
Revenue in Q1 2026 was $54.2 million, up from $50.1 million in Q4 2025 and $51.2 million in Q2 2025, suggesting top-line stability.
Gross profit margin was about 22% in Q1 2026, below the much stronger margin profile the company posted in parts of 2024.
Total assets of $755.9 million were broadly stable versus prior quarters, but the asset mix includes a meaningful amount of goodwill and intangibles.
The company posted a net loss of $17.6 million in Q1 2026, a sharp deterioration from the $4.8 million profit in Q4 2025.
Operating income was negative at $8.4 million, indicating core operations were not profitable in the quarter.
Long-term debt stood at $90.5 million, so leverage is still a factor investors need to watch.

Longer-term trend: Acacia’s results have been volatile over the last four years. The company produced very strong earnings in parts of 2023 and early 2024, but performance weakened materially in 2025 and Q1 2026. The balance sheet still looks liquid, but profitability has clearly cooled.

Bottom line: ACTG appears to have enough cash and investment liquidity to stay flexible, but investors should focus on whether management can restore consistent operating profitability and reduce reliance on one-time gains or investment-related income.

07/05/26 02:45 PM ETAI Generated. May Contain Errors.

Acacia Research Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Acacia Research's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Acacia Research's net income appears to be on a downward trend, with a most recent value of $24.47 million in 2025, falling from -$157.48 million in 2015. The previous period was -$34.70 million in 2024. See Acacia Research's forecast for analyst expectations on what's next for the company.

Acacia Research's total operating income in 2025 was $6.41 million, based on the following breakdown:

Total Gross Profit: $84.48 million
Total Operating Expenses: $78.07 million

Over the last 10 years, Acacia Research's total revenue changed from $125.04 million in 2015 to $285.23 million in 2025, a change of 128.1%.

Acacia Research's total liabilities were at $186.92 million at the end of 2025, a 8.3% decrease from 2024, and a 453.9% increase since 2015.

In the past 10 years, Acacia Research's cash and equivalents has ranged from $57.36 million in 2019 to $340.09 million in 2023, and is currently $306.72 million as of their latest financial filing in 2025.

Over the last 10 years, Acacia Research's book value per share changed from 6.11 in 2015 to 5.63 in 2025, a change of -7.9%.

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Financial statements for NASDAQ:ACTG last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Acacia Research (ACTG) Financials

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Acacia Research (ACTG) Financials

Annual Income Statements for Acacia Research

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Quarterly Cash Flow Statements for Acacia Research

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How has Acacia Research's net income changed over the last 10 years?

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How has Acacia Research's book value per share changed over the last 10 years?

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