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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and Adaptive Biotechnologies Corp (ADPT). Click either name above to swap in a different company.
Adaptive Biotechnologies Corp is the larger business by last-quarter revenue ($71.7M vs $50.1M, roughly 1.4× ACACIA RESEARCH CORP). ACACIA RESEARCH CORP runs the higher net margin — 6.8% vs -18.9%, a 25.8% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs 2.6%). Over the past eight quarters, ACACIA RESEARCH CORP's revenue compounded faster (43.6% CAGR vs 30.8%).
Acacia Research Corporation is a publicly traded American company based in New York City. It acquires and operates businesses in industries including the technology, energy, and industrial/manufacturing sectors. Acacia has a strategic relationship with Starboard Value, LP, the company's controlling shareholder. The company has been characterized as a patent troll.
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
ACTG vs ADPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $71.7M |
| Net Profit | $3.4M | $-13.6M |
| Gross Margin | 12.8% | 74.6% |
| Operating Margin | -26.1% | -17.8% |
| Net Margin | 6.8% | -18.9% |
| Revenue YoY | 2.6% | 51.0% |
| Net Profit YoY | 125.5% | 59.7% |
| EPS (diluted) | $0.03 | $-0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $50.1M | $71.7M | ||
| Q3 25 | $59.4M | $94.0M | ||
| Q2 25 | $51.2M | $58.9M | ||
| Q1 25 | $124.4M | $52.4M | ||
| Q4 24 | $48.8M | $47.5M | ||
| Q3 24 | $23.3M | $46.4M | ||
| Q2 24 | $25.8M | $43.2M | ||
| Q1 24 | $24.3M | $41.9M |
| Q4 25 | $3.4M | $-13.6M | ||
| Q3 25 | $-2.7M | $9.5M | ||
| Q2 25 | $-3.3M | $-25.6M | ||
| Q1 25 | $24.3M | $-29.9M | ||
| Q4 24 | $-13.4M | $-33.7M | ||
| Q3 24 | $-14.0M | $-32.1M | ||
| Q2 24 | $-8.4M | $-46.2M | ||
| Q1 24 | $-186.0K | $-47.5M |
| Q4 25 | 12.8% | 74.6% | ||
| Q3 25 | 21.2% | 80.7% | ||
| Q2 25 | 12.8% | 69.4% | ||
| Q1 25 | 47.4% | 67.6% | ||
| Q4 24 | 17.6% | 62.0% | ||
| Q3 24 | 10.1% | 64.1% | ||
| Q2 24 | 26.2% | 55.3% | ||
| Q1 24 | 49.2% | 56.9% |
| Q4 25 | -26.1% | -17.8% | ||
| Q3 25 | -10.8% | 10.9% | ||
| Q2 25 | -24.2% | -42.5% | ||
| Q1 25 | 30.8% | -56.4% | ||
| Q4 24 | -32.4% | -71.3% | ||
| Q3 24 | -44.1% | -70.3% | ||
| Q2 24 | -18.4% | -109.6% | ||
| Q1 24 | -8.6% | -116.5% |
| Q4 25 | 6.8% | -18.9% | ||
| Q3 25 | -4.6% | 10.2% | ||
| Q2 25 | -6.4% | -43.5% | ||
| Q1 25 | 19.5% | -56.9% | ||
| Q4 24 | -27.5% | -71.0% | ||
| Q3 24 | -60.0% | -69.1% | ||
| Q2 24 | -32.7% | -107.0% | ||
| Q1 24 | -0.8% | -113.5% |
| Q4 25 | $0.03 | $-0.08 | ||
| Q3 25 | $-0.03 | $0.06 | ||
| Q2 25 | $-0.03 | $-0.17 | ||
| Q1 25 | $0.25 | $-0.20 | ||
| Q4 24 | $-0.14 | $-0.22 | ||
| Q3 24 | $-0.14 | $-0.22 | ||
| Q2 24 | $-0.08 | $-0.31 | ||
| Q1 24 | $0.00 | $-0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $306.7M | $70.5M |
| Total DebtLower is stronger | $91.9M | — |
| Stockholders' EquityBook value | $543.5M | $218.8M |
| Total Assets | $771.0M | $512.7M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $70.5M | ||
| Q3 25 | $301.8M | $55.0M | ||
| Q2 25 | $316.7M | $43.2M | ||
| Q1 25 | $272.0M | $50.6M | ||
| Q4 24 | $273.9M | $47.9M | ||
| Q3 24 | $410.9M | $38.1M | ||
| Q2 24 | $441.9M | $59.8M | ||
| Q1 24 | $498.4M | $71.2M |
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $543.5M | $218.8M | ||
| Q3 25 | $537.6M | $204.4M | ||
| Q2 25 | $538.6M | $179.7M | ||
| Q1 25 | $540.2M | $190.4M | ||
| Q4 24 | $514.8M | $202.7M | ||
| Q3 24 | $540.2M | $223.8M | ||
| Q2 24 | $560.7M | $241.6M | ||
| Q1 24 | $568.3M | $274.9M |
| Q4 25 | $771.0M | $512.7M | ||
| Q3 25 | $768.9M | $490.6M | ||
| Q2 25 | $775.5M | $496.6M | ||
| Q1 25 | $801.6M | $510.9M | ||
| Q4 24 | $756.4M | $539.4M | ||
| Q3 24 | $707.6M | $558.5M | ||
| Q2 24 | $753.6M | $584.9M | ||
| Q1 24 | $631.7M | $620.3M |
| Q4 25 | 0.17× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $75.2M | $2.1M |
| Free Cash FlowOCF − Capex | — | $1.4M |
| FCF MarginFCF / Revenue | — | 2.0% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | 22.01× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-48.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $2.1M | ||
| Q3 25 | $9.5M | $-7.1M | ||
| Q2 25 | $50.1M | $-12.4M | ||
| Q1 25 | $2.4M | $-28.5M | ||
| Q4 24 | $50.1M | $-12.5M | ||
| Q3 24 | $-593.0K | $-27.1M | ||
| Q2 24 | $16.1M | $-17.3M | ||
| Q1 24 | $54.8M | $-38.4M |
| Q4 25 | — | $1.4M | ||
| Q3 25 | — | $-7.5M | ||
| Q2 25 | — | $-13.1M | ||
| Q1 25 | $335.0K | $-29.7M | ||
| Q4 24 | $-98.5M | $-12.6M | ||
| Q3 24 | $-2.8M | $-27.4M | ||
| Q2 24 | $-126.7M | $-19.0M | ||
| Q1 24 | $54.6M | $-39.9M |
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | -8.0% | ||
| Q2 25 | — | -22.2% | ||
| Q1 25 | 0.3% | -56.7% | ||
| Q4 24 | -201.8% | -26.5% | ||
| Q3 24 | -12.1% | -59.0% | ||
| Q2 24 | -490.5% | -44.1% | ||
| Q1 24 | 224.4% | -95.2% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | 1.7% | 2.4% | ||
| Q4 24 | 304.4% | 0.2% | ||
| Q3 24 | 9.6% | 0.7% | ||
| Q2 24 | 553.0% | 4.0% | ||
| Q1 24 | 1.1% | 3.6% |
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | -0.75× | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACTG
| Energy Operations | $16.0M | 32% |
| Transportation Safety | $10.4M | 21% |
| Office Storage And Display Solutions | $8.4M | 17% |
| Printers Consumables And Parts | $6.5M | 13% |
| Natural Gas Reserves | $5.1M | 10% |
| Natural Gas Liquids Reserves | $3.3M | 7% |
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
