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Acacia Research vs VirnetX: revenue, profit, margins and growth compared

Acacia Research brought in $285.2M of revenue in fiscal 2025, VirnetX $162K in fiscal 2025. Revenue changed by +133.2% at Acacia Research and +3,140.0% at VirnetX on the year before, so VirnetX grew faster. Acacia Research kept 7.6% of its revenue as net profit, VirnetX -11,250.0%.

Side by side, latest fiscal year

ACTGVHC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$285.2M$162K
Revenue growth+133.2%+3,140.0%
Net income$21.7M-$18.2M
Net margin7.6%-11,250.0%
Free cash flown/a-$15.7M
Free cash flow marginn/a-9,667.3%
Earnings per share (diluted)$0.22-$5.00
Cash$306.7M$15.5M
Debt$91.9Mn/a
Price to earnings19.4n/a
Market value$416.7M$43.7M
Dividend yieldn/an/a
Rank by revenue in sector#18 of 34 · Other#33 of 34 · Other

Over the years

Revenue
ACTG FY2018: $131.5MACTG FY2019: $11.2MACTG FY2020: $29.8MACTG FY2021: $88MACTG FY2022: $59.2MACTG FY2023: $125.1MACTG FY2024: $122.3MACTG FY2025: $285.2MVHC FY2018: $63KVHC FY2019: $85KVHC FY2020: $302.6MVHC FY2021: $35KVHC FY2022: $48KVHC FY2023: $7KVHC FY2024: $5KVHC FY2025: $162KFY18FY19FY20FY21FY22FY23FY24FY25
ACTG $285.2MVHC $162K
Net income
ACTG FY2018: -$105MACTG FY2019: -$17.1MACTG FY2020: $109.2MACTG FY2021: $149.2MACTG FY2022: -$125.1MACTG FY2023: $67.1MACTG FY2024: -$36.1MACTG FY2025: $21.7MVHC FY2018: -$25.4MVHC FY2019: -$19.2MVHC FY2020: $280.4MVHC FY2021: -$42.9MVHC FY2022: -$36.3MVHC FY2023: -$27.9MVHC FY2024: -$18.2MVHC FY2025: -$18.2MFY18FY19FY20FY21FY22FY23FY24FY25
ACTG $21.7MVHC -$18.2M
Net margin
ACTG FY2018: -79.9%ACTG FY2019: -152.2%ACTG FY2020: 366.8%ACTG FY2021: 169.5%ACTG FY2022: -211.2%ACTG FY2023: 53.6%ACTG FY2024: -29.5%ACTG FY2025: 7.6%VHC FY2018: -40,327.0%VHC FY2019: -22,564.7%VHC FY2020: 92.7%VHC FY2021: -122,631.4%VHC FY2022: -75,541.7%VHC FY2023: -398,157.1%VHC FY2024: -363,500.0%VHC FY2025: -11,250.0%FY18FY19FY20FY21FY22FY23FY24FY25
ACTG 7.6%VHC -11,250.0%
Revenue growth
ACTG FY2019: -91.4%ACTG FY2020: +164.8%ACTG FY2021: +195.6%ACTG FY2022: -32.7%ACTG FY2023: +111.2%ACTG FY2024: -2.2%ACTG FY2025: +133.2%VHC FY2019: +34.9%VHC FY2020: +355,942.4%VHC FY2021: -100.0%VHC FY2022: +37.1%VHC FY2023: -85.4%VHC FY2024: -28.6%VHC FY2025: +3,140.0%FY19FY20FY21FY22FY23FY24FY25
ACTG +133.2%VHC +3,140.0%
Free cash flow
ACTG FY2018: $20.8MACTG FY2019: -$2.5MACTG FY2020: -$19.8MACTG FY2021: $13.2MACTG FY2022: -$38.1MACTG FY2023: -$22.7MACTG FY2024: -$98.5MVHC FY2018: -$22.3MVHC FY2019: -$15.1MVHC FY2020: $281.4MVHC FY2021: -$51.7MVHC FY2022: -$16.9MVHC FY2023: -$24.8MVHC FY2024: -$15.3MVHC FY2025: -$15.7MFY18FY19FY20FY21FY22FY23FY24FY25
ACTG -$98.5MVHC -$15.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about Acacia Research and VirnetX

Which is bigger by revenue, Acacia Research or VirnetX?

Acacia Research is bigger by revenue: $285.2M in fiscal 2025, against $162K for VirnetX in fiscal 2025.

Which keeps more of its revenue as profit, Acacia Research or VirnetX?

Acacia Research had a net margin of 7.6% in fiscal 2025; VirnetX had -11,250.0% in fiscal 2025.

Which grew revenue faster, Acacia Research or VirnetX?

In their latest fiscal years revenue changed by +133.2% at Acacia Research and +3,140.0% at VirnetX.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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