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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and AGENUS INC (AGEN). Click either name above to swap in a different company.
ACACIA RESEARCH CORP is the larger business by last-quarter revenue ($50.1M vs $34.2M, roughly 1.5× AGENUS INC). ACACIA RESEARCH CORP runs the higher net margin — 6.8% vs -31.0%, a 37.8% gap on every dollar of revenue. On growth, AGENUS INC posted the faster year-over-year revenue change (27.5% vs 2.6%). Over the past eight quarters, ACACIA RESEARCH CORP's revenue compounded faster (43.6% CAGR vs 10.5%).
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.
Agenus Inc. is a Lexington, Massachusetts-based biotechnology company focused on immunotherapy including immuno-oncology, a field that uses the immune system to control or cure cancer. The company is developing checkpoint modulators (CPMs), patient-specific anti-cancer vaccines, and adjuvants designed for use with various vaccines. CPM development is a particularly fast-moving field, since early products have produced unprecedented clinical benefits for patients.
ACTG vs AGEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $34.2M |
| Net Profit | $3.4M | $-10.6M |
| Gross Margin | 12.8% | — |
| Operating Margin | -26.1% | 42.1% |
| Net Margin | 6.8% | -31.0% |
| Revenue YoY | 2.6% | 27.5% |
| Net Profit YoY | 125.5% | 77.3% |
| EPS (diluted) | $0.03 | $0.09 |
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 | $34.2M | ||
| Q3 25 | $59.4M | $30.2M | ||
| Q2 25 | $51.2M | $25.7M | ||
| Q1 25 | $124.4M | $24.1M | ||
| Q4 24 | $48.8M | $26.8M | ||
| Q3 24 | $23.3M | $25.1M | ||
| Q2 24 | $25.8M | $23.5M | ||
| Q1 24 | $24.3M | $28.0M |
| Q4 25 | $3.4M | $-10.6M | ||
| Q3 25 | $-2.7M | $63.9M | ||
| Q2 25 | $-3.3M | $-30.0M | ||
| Q1 25 | $24.3M | $-26.4M | ||
| Q4 24 | $-13.4M | $-46.8M | ||
| Q3 24 | $-14.0M | $-67.2M | ||
| Q2 24 | $-8.4M | $-54.8M | ||
| Q1 24 | $-186.0K | $-63.5M |
| Q4 25 | 12.8% | — | ||
| Q3 25 | 21.2% | 97.9% | ||
| Q2 25 | 12.8% | 99.1% | ||
| Q1 25 | 47.4% | 99.4% | ||
| Q4 24 | 17.6% | 99.6% | ||
| Q3 24 | 10.1% | 99.4% | ||
| Q2 24 | 26.2% | 99.5% | ||
| Q1 24 | 49.2% | 99.6% |
| Q4 25 | -26.1% | 42.1% | ||
| Q3 25 | -10.8% | -15.0% | ||
| Q2 25 | -24.2% | -65.0% | ||
| Q1 25 | 30.8% | -55.3% | ||
| Q4 24 | -32.4% | -96.5% | ||
| Q3 24 | -44.1% | -125.5% | ||
| Q2 24 | -18.4% | -128.4% | ||
| Q1 24 | -8.6% | -117.4% |
| Q4 25 | 6.8% | -31.0% | ||
| Q3 25 | -4.6% | 211.4% | ||
| Q2 25 | -6.4% | -116.8% | ||
| Q1 25 | 19.5% | -109.6% | ||
| Q4 24 | -27.5% | -174.4% | ||
| Q3 24 | -60.0% | -267.7% | ||
| Q2 24 | -32.7% | -233.1% | ||
| Q1 24 | -0.8% | -226.6% |
| Q4 25 | $0.03 | $0.09 | ||
| Q3 25 | $-0.03 | $1.94 | ||
| Q2 25 | $-0.03 | $-1.00 | ||
| Q1 25 | $0.25 | $-1.03 | ||
| Q4 24 | $-0.14 | $-1.95 | ||
| Q3 24 | $-0.14 | $-3.08 | ||
| Q2 24 | $-0.08 | $-2.52 | ||
| Q1 24 | $0.00 | $-3.04 |
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 | $3.0M |
| Total DebtLower is stronger | $91.9M | $44.7M |
| Stockholders' EquityBook value | $543.5M | $-271.1M |
| Total Assets | $771.0M | $226.8M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $3.0M | ||
| Q3 25 | $301.8M | $3.5M | ||
| Q2 25 | $316.7M | $9.5M | ||
| Q1 25 | $272.0M | $18.5M | ||
| Q4 24 | $273.9M | $40.4M | ||
| Q3 24 | $410.9M | $44.8M | ||
| Q2 24 | $441.9M | $93.7M | ||
| Q1 24 | $498.4M | $52.9M |
| Q4 25 | $91.9M | $44.7M | ||
| Q3 25 | — | $34.2M | ||
| Q2 25 | — | $33.9M | ||
| Q1 25 | — | $33.6M | ||
| Q4 24 | — | $33.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $543.5M | $-271.1M | ||
| Q3 25 | $537.6M | $-274.1M | ||
| Q2 25 | $538.6M | $-354.6M | ||
| Q1 25 | $540.2M | $-341.8M | ||
| Q4 24 | $514.8M | $-326.4M | ||
| Q3 24 | $540.2M | $-292.3M | ||
| Q2 24 | $560.7M | $-241.3M | ||
| Q1 24 | $568.3M | $-201.4M |
| Q4 25 | $771.0M | $226.8M | ||
| Q3 25 | $768.9M | $233.9M | ||
| Q2 25 | $775.5M | $185.2M | ||
| Q1 25 | $801.6M | $200.2M | ||
| Q4 24 | $756.4M | $226.3M | ||
| Q3 24 | $707.6M | $238.5M | ||
| Q2 24 | $753.6M | $292.4M | ||
| Q1 24 | $631.7M | $256.6M |
| 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 | $-16.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 22.01× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $-16.6M | ||
| Q3 25 | $9.5M | $-14.7M | ||
| Q2 25 | $50.1M | $-20.2M | ||
| Q1 25 | $2.4M | $-25.6M | ||
| Q4 24 | $50.1M | $-28.7M | ||
| Q3 24 | $-593.0K | $-53.3M | ||
| Q2 24 | $16.1M | $-38.2M | ||
| Q1 24 | $54.8M | $-38.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-20.2M | ||
| Q1 25 | $335.0K | $-25.6M | ||
| Q4 24 | $-98.5M | $-28.7M | ||
| Q3 24 | $-2.8M | $-53.3M | ||
| Q2 24 | $-126.7M | $-38.6M | ||
| Q1 24 | $54.6M | $-38.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -78.7% | ||
| Q1 25 | 0.3% | -106.5% | ||
| Q4 24 | -201.8% | -107.0% | ||
| Q3 24 | -12.1% | -212.2% | ||
| Q2 24 | -490.5% | -164.4% | ||
| Q1 24 | 224.4% | -136.5% |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | 1.7% | 0.0% | ||
| Q4 24 | 304.4% | 0.3% | ||
| Q3 24 | 9.6% | 0.0% | ||
| Q2 24 | 553.0% | 2.0% | ||
| Q1 24 | 1.1% | 0.1% |
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | -0.23× | ||
| 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% |
AGEN
| Non Cash Royalty Revenue | $31.1M | 91% |
| Other | $3.2M | 9% |
