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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
ACACIA RESEARCH CORP is the larger business by last-quarter revenue ($50.1M vs $38.9M, roughly 1.3× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs 6.8%, a 17.9% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 2.6%). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 43.6%).
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.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
ACTG vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $38.9M |
| Net Profit | $3.4M | $9.6M |
| Gross Margin | 12.8% | 94.8% |
| Operating Margin | -26.1% | 27.1% |
| Net Margin | 6.8% | 24.7% |
| Revenue YoY | 2.6% | 81.3% |
| Net Profit YoY | 125.5% | 192.5% |
| EPS (diluted) | $0.03 | $0.13 |
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 | $38.9M | ||
| Q3 25 | $59.4M | $8.6M | ||
| Q2 25 | $51.2M | $15.3M | ||
| Q1 25 | $124.4M | $7.5M | ||
| Q4 24 | $48.8M | $21.5M | ||
| Q3 24 | $23.3M | $12.8M | ||
| Q2 24 | $25.8M | $8.0M | ||
| Q1 24 | $24.3M | $17.1M |
| Q4 25 | $3.4M | $9.6M | ||
| Q3 25 | $-2.7M | $-19.6M | ||
| Q2 25 | $-3.3M | $-13.3M | ||
| Q1 25 | $24.3M | $-20.7M | ||
| Q4 24 | $-13.4M | $-10.4M | ||
| Q3 24 | $-14.0M | $-20.6M | ||
| Q2 24 | $-8.4M | $-22.8M | ||
| Q1 24 | $-186.0K | $-11.5M |
| Q4 25 | 12.8% | 94.8% | ||
| Q3 25 | 21.2% | 71.3% | ||
| Q2 25 | 12.8% | 86.3% | ||
| Q1 25 | 47.4% | 63.8% | ||
| Q4 24 | 17.6% | 83.0% | ||
| Q3 24 | 10.1% | 66.4% | ||
| Q2 24 | 26.2% | 56.6% | ||
| Q1 24 | 49.2% | 71.6% |
| Q4 25 | -26.1% | 27.1% | ||
| Q3 25 | -10.8% | -220.3% | ||
| Q2 25 | -24.2% | -83.9% | ||
| Q1 25 | 30.8% | -271.6% | ||
| Q4 24 | -32.4% | -34.2% | ||
| Q3 24 | -44.1% | -129.0% | ||
| Q2 24 | -18.4% | -284.9% | ||
| Q1 24 | -8.6% | -69.6% |
| Q4 25 | 6.8% | 24.7% | ||
| Q3 25 | -4.6% | -228.1% | ||
| Q2 25 | -6.4% | -86.6% | ||
| Q1 25 | 19.5% | -274.3% | ||
| Q4 24 | -27.5% | -48.4% | ||
| Q3 24 | -60.0% | -160.8% | ||
| Q2 24 | -32.7% | -285.2% | ||
| Q1 24 | -0.8% | -67.4% |
| Q4 25 | $0.03 | $0.13 | ||
| Q3 25 | $-0.03 | $-0.22 | ||
| Q2 25 | $-0.03 | $-0.16 | ||
| Q1 25 | $0.25 | $-0.25 | ||
| Q4 24 | $-0.14 | $-0.12 | ||
| Q3 24 | $-0.14 | $-0.29 | ||
| Q2 24 | $-0.08 | $-0.32 | ||
| Q1 24 | $0.00 | $-0.16 |
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 | $78.2M |
| Total DebtLower is stronger | $91.9M | $40.1M |
| Stockholders' EquityBook value | $543.5M | $50.5M |
| Total Assets | $771.0M | $147.8M |
| Debt / EquityLower = less leverage | 0.17× | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $78.2M | ||
| Q3 25 | $301.8M | $58.7M | ||
| Q2 25 | $316.7M | $66.3M | ||
| Q1 25 | $272.0M | $59.8M | ||
| Q4 24 | $273.9M | $73.5M | ||
| Q3 24 | $410.9M | $90.3M | ||
| Q2 24 | $441.9M | $73.2M | ||
| Q1 24 | $498.4M | $85.5M |
| Q4 25 | $91.9M | $40.1M | ||
| Q3 25 | — | $39.7M | ||
| Q2 25 | — | $39.4M | ||
| Q1 25 | — | $29.2M | ||
| Q4 24 | — | $28.9M | ||
| Q3 24 | — | $28.6M | ||
| Q2 24 | — | $28.4M | ||
| Q1 24 | — | $28.1M |
| Q4 25 | $543.5M | $50.5M | ||
| Q3 25 | $537.6M | $38.5M | ||
| Q2 25 | $538.6M | $55.6M | ||
| Q1 25 | $540.2M | $49.6M | ||
| Q4 24 | $514.8M | $66.9M | ||
| Q3 24 | $540.2M | $73.4M | ||
| Q2 24 | $560.7M | $61.4M | ||
| Q1 24 | $568.3M | $79.3M |
| Q4 25 | $771.0M | $147.8M | ||
| Q3 25 | $768.9M | $124.0M | ||
| Q2 25 | $775.5M | $138.2M | ||
| Q1 25 | $801.6M | $128.9M | ||
| Q4 24 | $756.4M | $149.0M | ||
| Q3 24 | $707.6M | $148.2M | ||
| Q2 24 | $753.6M | $132.0M | ||
| Q1 24 | $631.7M | $149.6M |
| Q4 25 | 0.17× | 0.79× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.59× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.35× |
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 | $20.1M |
| Free Cash FlowOCF − Capex | — | $19.6M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 22.01× | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $20.1M | ||
| Q3 25 | $9.5M | $-7.7M | ||
| Q2 25 | $50.1M | $-18.0M | ||
| Q1 25 | $2.4M | $-13.8M | ||
| Q4 24 | $50.1M | $-16.5M | ||
| Q3 24 | $-593.0K | $-13.0M | ||
| Q2 24 | $16.1M | $-12.2M | ||
| Q1 24 | $54.8M | $-7.8M |
| Q4 25 | — | $19.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $-20.5M | ||
| Q1 25 | $335.0K | $-15.1M | ||
| Q4 24 | $-98.5M | $-18.2M | ||
| Q3 24 | $-2.8M | $-14.0M | ||
| Q2 24 | $-126.7M | $-12.6M | ||
| Q1 24 | $54.6M | $-8.9M |
| Q4 25 | — | 50.3% | ||
| Q3 25 | — | -91.7% | ||
| Q2 25 | — | -133.6% | ||
| Q1 25 | 0.3% | -199.6% | ||
| Q4 24 | -201.8% | -85.0% | ||
| Q3 24 | -12.1% | -109.0% | ||
| Q2 24 | -490.5% | -157.5% | ||
| Q1 24 | 224.4% | -52.2% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | 1.7% | 16.7% | ||
| Q4 24 | 304.4% | 8.3% | ||
| Q3 24 | 9.6% | 7.8% | ||
| Q2 24 | 553.0% | 5.0% | ||
| Q1 24 | 1.1% | 6.6% |
| Q4 25 | 22.01× | 2.09× | ||
| Q3 25 | — | — | ||
| 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% |
CDXS
Segment breakdown not available.
