ACACIA RESEARCH CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ACACIA RESEARCH CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		65.4	132	11.2	29.8	88	59.2	125	122	285
Cost of revenue			109	18.3	24.8	36.1	37.4	52.8	92.7	201
Gross profit			22.2	-7.04	4.96	51.9	21.8	72.3	29.7	84.5
Research and development					0	0.2	0.63	0.74
Selling and marketing					0	1.54	8.62	6.91	7.22	13
General and administrative	32.9	27.2	18.7	16.4	24.5	35.7	52.7	44.4	55.4	65.1
Operating income	-37.4	-27.3	-24.7	-23.4	-19.5	14.5	-40.1	20.9	-32.9	6.41
Interest expense				0	10.1	7.92	6.43	2.06	6.46	8.99
Interest income	0.8	1.61	0.97			0.07	0.29	0.15	17.7	11.3
Other non-operating income	0.8	1	-79	4.47	128	160	-87.1	46.5	-5.22	24.9
Pre-tax income	-36.6	24.6	-104	-19	108	175	-127	67.4	-38.1	31.3
Income tax	18.2	2.96	1.18	-1.82	-1.16	24.3	-16.2	-1.5	-3.45	6.84
Net income to minority interests	-0.73	-0.5	0.18	-0.01	0	1.17	14.1	1.87	1.36	2.79
Net income	-54.1	22.2	-105	-17.1	109	149	-125	67.1	-36.1	21.7
EBITDA	-3.05	-5.03	2.46	-20.2	-14.7	25.2	-26.6	35.7	0.65	49.8
EPS, basic	-1.08	0.44	-2.10	-0.35	1.78	2.43	-3.13	0.73	-0.36	0.23
EPS, diluted	-1.08	0.44	-2.10	-0.40	1.48	1.91	-3.13	0.58	-0.36	0.22
Shares, basic (weighted)	50.1	50.5	50	49.8	48.8	48.8	42.5	75.3	99.2	96.3
Shares, diluted (weighted)	50.1	50.7	50	50.9	57.4	98.5	42.5	92.4	99.2	97.2
Dividend per share	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	139	137	129	57.4	166	309	288	340	274	307
Short-term investments	19.4	0	37	111	0	399	98.4	99.8
Receivables	26.8	0.15	32.9	0.51	0.51	9.52	8.23	80.6	26.9	26.2
Inventory					0	8.93	14.2	10.9	27.5	26.6
Other current assets	3.25	2.94	3.13	2.91	5.83	4.76	19.4	23.1	32	21.1
Total current assets	188	140	201	173	458	731	428	555	420	450
Property, plant and equipment	0.13				0.27	4.18	3.54	2.36	23.9	21.3
Lease right-of-use assets			0	1.26	0.95	2.03	2.01	1.87	9.29	11.5
Goodwill					0	7.47	7.54	8.99	29.3	25.8
Intangible assets			6.59	7.81	16.9	48.8	36.7	33.6	55.4	48.1
Other non-current assets	0.62	0.21	0.24	0.82	0.51	5.28	5.2	4.23	6.42	8.59
Total assets	296	309	224	218	511	799	483	634	756	771
Accounts payable	14.3	7.96	3.7	1.77	1.02	5.44	6.04	3.26	12.1	13.4
Accrued liabilities	1.59	0.47	0.35	0.51	2.27	3.7	4.74	4.21	6.28	6.73
Deferred revenue					0	1.11	1.23	0.98	1.32	0.95
Short-term debt									2.4	0
Total current liabilities	28.2	9.56	31	11.7	125	200	87.2	27.6	49.6	49
Lease liabilities			0	1.26	0.95	2.03	1.87	1.74	6.78	8.42
Other non-current liabilities	0.37	3.55	1.67	0.59	0.59	6.16	1.68	3.75	2.09	2.66
Total liabilities	28.6	13.1	32.7	35.1	212	354	194	43.9	204	187
Total debt									2.4	91.9
Paid-in capital	642	649	651	652	651	648	663	906	910	915
Retained earnings	-342	-320	-423	-440	-331	-182	-307	-240	-276	-254
Treasury stock	-34.6	-34.6	-39.3	-39.3	-43.3	-47.3	-98.3	-98.3	-119	-119
Other comprehensive income	-0.08	-0.09	0					0	-1.18	0.67
Shareholders' equity	266	294	189	173	277	419	258	568	515	543
Minority interests	1.85	1.36	1.85	1.83	11	11	11	21.3	37.8	40.6
Total equity	267	296	191	175	288	430	269	590	553	584
Total liabilities and equity	296	309	224	218	511	799	483	634	756	771
Shares outstanding	50.5	50.6	49.6	50.4	49.3	48.8	43.5	99.9	96	96.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-54.8	21.7	-105	-17.1	109	150	-111	68.9	-34.7	24.5
Depreciation and amortization	34.4	22.2	27.1	3.23	4.8	10.7	13.5	14.7	33.6	43.3
Stock-based compensation	9.06	8.89	-0.32	1.08	1.66	2.05	3.82	3.3	4.8	5.74
Deferred income tax	0	0	0	0	0	-52.3	25	-14.4	1.72	-8.62
Change in receivables	-6.75	-26.6	-28.2	32.4	0.01	-0.75	1	-70.3	69.2	0.66
Change in inventory					0	1.91	-5.29	3.3	1.05	0.21
Change in payables	-3.01	-6.35	0.96	0.11	-2.55	0.76	-0.14	-4.65	-8.12	3.14
Cash from operations	34.1	13	20.9	-2.31	-19.6	13.3	-37.3	-22.5	50.1	75.2
Capital expenditures	-0	-0	-0.03	-0.18	-0.2	-0.09	-0.73	-0.19	-149
Acquisitions					0	-33.3	0	-9.41	-87.7	1.23
Purchases of investments	-20		-103	-147	-46.5	-66.6	-112	-13.1	-20.5	-24.7
Sales and maturities of investments	43.2	468	65.1		119
Cash from investing	-40.6	-16.1	-24.1	-68.1	18.6	35.8	184	16.2	-213	-21
Debt issued				0	110	115	0
Stock issued	0.33	0.75	0.26	0.08	0.05	0.2	0	0.24	0.22	0.03
Share buybacks	-0.08	0	-4.63	0	-4	-4.01	-51	0	-20.3	0
Dividends paid	0	0		0	-1.38	-1.45	-2.8	-1.4	0
Cash from financing	-1.11	0.7	-4.61	33.9	109	59.7	-166	58.6	97.6	-22.7
Exchange rate effect						0	-2.57	0	-0.93	1.34
Net change in cash	-7.68	-2.45	-7.8	-36.5	108	109	-21.6	52.3	-66.2	32.8
Free cash flow	34.1	13	20.8	-2.49	-19.8	13.2	-38.1	-22.7	-98.5
Interest paid									5.06	8.3
Income taxes paid					-3.48	0.03	0.38	0.83	1.05	2.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.2%	Gross profit / revenue.
Operating margin	-7.0%	Operating income / revenue.
EBITDA margin	6.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-9.8%	Pre-tax income / revenue.
Net margin	-5.4%	Net income / revenue.
Operating cash flow margin	10.8%	Cash from operations / revenue.
Return on equity (ROE)	-2.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.9%	Net income / average total assets.
Return on invested capital (ROIC)	-4.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	13.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	133.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	68.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	57.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	184.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	57.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	76.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7,579.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-27.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-31.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	50.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	5.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	28.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	31.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.77x	Current assets / current liabilities.
Quick ratio	4.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.5%	Total debt / total assets.
Liabilities / assets	29.6%	Total liabilities / total assets.
Net debt	-$216.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-12.8x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-2.44x	Operating income / interest expense.
Working capital	$368.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$458.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	13.7x	Revenue / average property, plant and equipment.
Inventory turnover	8.79x	Cost of revenue / average inventory.
Days inventory	42 days	365 x average inventory / cost of revenue.
Receivables turnover	3.21x	Revenue / average receivables.
Days sales outstanding	114 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	128 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.84	Revenue / diluted weighted shares.
Operating cash flow per share	$0.31	Cash from operations / diluted weighted shares.
Book value per share	$5.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.70	Tangible book value / shares outstanding.
Cash per share	$3.15	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$416.7M	Share price x shares outstanding.
Enterprise value	$199.9M	Market cap + total debt - cash - short-term investments.
P/S	1.50x	Market cap / revenue.
P/B	0.79x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.91x	Market cap / tangible book value, when positive.
P/OCF	13.9x	Market cap / cash from operations, when positive.
EV/Sales	0.72x	Enterprise value / revenue.
EV/EBITDA	11.8x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-3.6%	Net income / market cap (the inverse of P/E).

What was ACACIA RESEARCH CORP's revenue in fiscal 2025?

ACACIA RESEARCH CORP reported revenue of $285.2M for fiscal 2025, 133.2% higher than the year before.

Was ACACIA RESEARCH CORP profitable in fiscal 2025?

Yes. Net income was $21.7M, a net margin of 7.6%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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