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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and Butterfly Network, Inc. (BFLY). Click either name above to swap in a different company.
ACACIA RESEARCH CORP is the larger business by last-quarter revenue ($50.1M vs $26.5M, roughly 1.9× Butterfly Network, Inc.). ACACIA RESEARCH CORP runs the higher net margin — 6.8% vs -47.8%, a 54.6% gap on every dollar of revenue. On growth, Butterfly Network, Inc. posted the faster year-over-year revenue change (25.0% vs 2.6%). Over the past eight quarters, ACACIA RESEARCH CORP's revenue compounded faster (43.6% CAGR vs 11.1%).
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.
Butterfly Network, Inc. is a digital health company that develops, manufactures and sells affordable, portable whole-body ultrasound devices powered by proprietary semiconductor technology. It serves clinical professionals, healthcare facilities, and home care users across global markets, with a core mission to expand access to medical imaging for underserved communities.
ACTG vs BFLY — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $26.5M |
| Net Profit | $3.4M | $-12.7M |
| Gross Margin | 12.8% | 68.9% |
| Operating Margin | -26.1% | -21.2% |
| Net Margin | 6.8% | -47.8% |
| Revenue YoY | 2.6% | 25.0% |
| Net Profit YoY | 125.5% | — |
| EPS (diluted) | $0.03 | $-0.05 |
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.
| Q1 26 | — | $26.5M | ||
| Q4 25 | $50.1M | $31.5M | ||
| Q3 25 | $59.4M | $21.5M | ||
| Q2 25 | $51.2M | $23.4M | ||
| Q1 25 | $124.4M | $21.2M | ||
| Q4 24 | $48.8M | $22.4M | ||
| Q3 24 | $23.3M | $20.6M | ||
| Q2 24 | $25.8M | $21.5M |
| Q1 26 | — | $-12.7M | ||
| Q4 25 | $3.4M | $-15.3M | ||
| Q3 25 | $-2.7M | $-34.0M | ||
| Q2 25 | $-3.3M | $-13.8M | ||
| Q1 25 | $24.3M | $-14.0M | ||
| Q4 24 | $-13.4M | $-18.1M | ||
| Q3 24 | $-14.0M | $-16.9M | ||
| Q2 24 | $-8.4M | $-15.7M |
| Q1 26 | — | 68.9% | ||
| Q4 25 | 12.8% | 67.3% | ||
| Q3 25 | 21.2% | -17.5% | ||
| Q2 25 | 12.8% | 63.7% | ||
| Q1 25 | 47.4% | 63.0% | ||
| Q4 24 | 17.6% | 61.5% | ||
| Q3 24 | 10.1% | 59.5% | ||
| Q2 24 | 26.2% | 58.6% |
| Q1 26 | — | -21.2% | ||
| Q4 25 | -26.1% | -53.0% | ||
| Q3 25 | -10.8% | -163.5% | ||
| Q2 25 | -24.2% | -68.9% | ||
| Q1 25 | 30.8% | -87.0% | ||
| Q4 24 | -32.4% | -77.5% | ||
| Q3 24 | -44.1% | -83.9% | ||
| Q2 24 | -18.4% | -80.2% |
| Q1 26 | — | -47.8% | ||
| Q4 25 | 6.8% | -48.5% | ||
| Q3 25 | -4.6% | -158.1% | ||
| Q2 25 | -6.4% | -59.2% | ||
| Q1 25 | 19.5% | -65.8% | ||
| Q4 24 | -27.5% | -81.0% | ||
| Q3 24 | -60.0% | -82.3% | ||
| Q2 24 | -32.7% | -73.1% |
| Q1 26 | — | $-0.05 | ||
| Q4 25 | $0.03 | $-0.06 | ||
| Q3 25 | $-0.03 | $-0.13 | ||
| Q2 25 | $-0.03 | $-0.06 | ||
| Q1 25 | $0.25 | $-0.06 | ||
| Q4 24 | $-0.14 | $-0.09 | ||
| Q3 24 | $-0.14 | $-0.08 | ||
| Q2 24 | $-0.08 | $-0.07 |
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 | $138.0M |
| Total DebtLower is stronger | $91.9M | — |
| Stockholders' EquityBook value | $543.5M | $191.2M |
| Total Assets | $771.0M | $285.9M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $138.0M | ||
| Q4 25 | $306.7M | $150.5M | ||
| Q3 25 | $301.8M | $144.2M | ||
| Q2 25 | $316.7M | $148.1M | ||
| Q1 25 | $272.0M | $155.2M | ||
| Q4 24 | $273.9M | $88.8M | ||
| Q3 24 | $410.9M | $93.8M | ||
| Q2 24 | $441.9M | $102.1M |
| Q1 26 | — | — | ||
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $191.2M | ||
| Q4 25 | $543.5M | $196.0M | ||
| Q3 25 | $537.6M | $203.8M | ||
| Q2 25 | $538.6M | $232.8M | ||
| Q1 25 | $540.2M | $239.7M | ||
| Q4 24 | $514.8M | $168.8M | ||
| Q3 24 | $540.2M | $181.8M | ||
| Q2 24 | $560.7M | $194.3M |
| Q1 26 | — | $285.9M | ||
| Q4 25 | $771.0M | $296.5M | ||
| Q3 25 | $768.9M | $290.0M | ||
| Q2 25 | $775.5M | $313.3M | ||
| Q1 25 | $801.6M | $318.4M | ||
| Q4 24 | $756.4M | $256.1M | ||
| Q3 24 | $707.6M | $265.3M | ||
| Q2 24 | $753.6M | $273.1M |
| Q1 26 | — | — | ||
| Q4 25 | 0.17× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $-13.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 22.01× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-13.9M | ||
| Q4 25 | $75.2M | $9.0M | ||
| Q3 25 | $9.5M | $-2.9M | ||
| Q2 25 | $50.1M | $-7.2M | ||
| Q1 25 | $2.4M | $-11.7M | ||
| Q4 24 | $50.1M | $-3.1M | ||
| Q3 24 | $-593.0K | $-7.9M | ||
| Q2 24 | $16.1M | $-10.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $7.9M | ||
| Q3 25 | — | $-3.9M | ||
| Q2 25 | — | $-8.1M | ||
| Q1 25 | $335.0K | $-12.0M | ||
| Q4 24 | $-98.5M | $-3.5M | ||
| Q3 24 | $-2.8M | $-8.3M | ||
| Q2 24 | $-126.7M | $-10.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 25.2% | ||
| Q3 25 | — | -18.2% | ||
| Q2 25 | — | -34.5% | ||
| Q1 25 | 0.3% | -56.7% | ||
| Q4 24 | -201.8% | -15.8% | ||
| Q3 24 | -12.1% | -40.5% | ||
| Q2 24 | -490.5% | -50.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | 1.7% | 1.7% | ||
| Q4 24 | 304.4% | 1.8% | ||
| Q3 24 | 9.6% | 2.0% | ||
| Q2 24 | 553.0% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
BFLY
| Product | $14.7M | 55% |
| Software and other services | $11.9M | 45% |
