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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and Canopy Growth Corp (CGC). Click either name above to swap in a different company.
Canopy Growth Corp is the larger business by last-quarter revenue ($54.4M vs $50.1M, roughly 1.1× ACACIA RESEARCH CORP). ACACIA RESEARCH CORP runs the higher net margin — 6.8% vs -84.0%, a 90.8% gap on every dollar of revenue. On growth, ACACIA RESEARCH CORP posted the faster year-over-year revenue change (2.6% vs -0.3%). Over the past eight quarters, ACACIA RESEARCH CORP's revenue compounded faster (43.6% CAGR vs 1.2%).
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.
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
ACTG vs CGC — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $54.4M |
| Net Profit | $3.4M | $-45.7M |
| Gross Margin | 12.8% | 28.8% |
| Operating Margin | -26.1% | -35.3% |
| Net Margin | 6.8% | -84.0% |
| Revenue YoY | 2.6% | -0.3% |
| Net Profit YoY | 125.5% | 48.6% |
| EPS (diluted) | $0.03 | — |
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 | $54.4M | ||
| Q3 25 | $59.4M | $48.7M | ||
| Q2 25 | $51.2M | $52.7M | ||
| Q1 25 | $124.4M | $47.5M | ||
| Q4 24 | $48.8M | $54.6M | ||
| Q3 24 | $23.3M | $46.0M | ||
| Q2 24 | $25.8M | $48.3M | ||
| Q1 24 | $24.3M | $53.1M |
| Q4 25 | $3.4M | $-45.7M | ||
| Q3 25 | $-2.7M | $-1.2M | ||
| Q2 25 | $-3.3M | $-30.3M | ||
| Q1 25 | $24.3M | — | ||
| Q4 24 | $-13.4M | $-89.0M | ||
| Q3 24 | $-14.0M | $-93.7M | ||
| Q2 24 | $-8.4M | $-92.8M | ||
| Q1 24 | $-186.0K | — |
| Q4 25 | 12.8% | 28.8% | ||
| Q3 25 | 21.2% | 32.8% | ||
| Q2 25 | 12.8% | 25.0% | ||
| Q1 25 | 47.4% | 16.2% | ||
| Q4 24 | 17.6% | 32.2% | ||
| Q3 24 | 10.1% | 34.7% | ||
| Q2 24 | 26.2% | 34.8% | ||
| Q1 24 | 49.2% | 21.3% |
| Q4 25 | -26.1% | -35.3% | ||
| Q3 25 | -10.8% | -25.3% | ||
| Q2 25 | -24.2% | -31.4% | ||
| Q1 25 | 30.8% | — | ||
| Q4 24 | -32.4% | -31.9% | ||
| Q3 24 | -44.1% | -72.9% | ||
| Q2 24 | -18.4% | -44.0% | ||
| Q1 24 | -8.6% | — |
| Q4 25 | 6.8% | -84.0% | ||
| Q3 25 | -4.6% | -2.5% | ||
| Q2 25 | -6.4% | -57.6% | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | -27.5% | -163.0% | ||
| Q3 24 | -60.0% | -203.7% | ||
| Q2 24 | -32.7% | -192.0% | ||
| Q1 24 | -0.8% | — |
| Q4 25 | $0.03 | — | ||
| Q3 25 | $-0.03 | — | ||
| Q2 25 | $-0.03 | — | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.14 | — | ||
| Q3 24 | $-0.14 | — | ||
| Q2 24 | $-0.08 | — | ||
| Q1 24 | $0.00 | — |
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 | $271.1M |
| Total DebtLower is stronger | $91.9M | — |
| Stockholders' EquityBook value | $543.5M | $553.5M |
| Total Assets | $771.0M | $807.5M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $271.1M | ||
| Q3 25 | $301.8M | $217.6M | ||
| Q2 25 | $316.7M | $104.8M | ||
| Q1 25 | $272.0M | $96.0M | ||
| Q4 24 | $273.9M | $130.2M | ||
| Q3 24 | $410.9M | $168.8M | ||
| Q2 24 | $441.9M | $142.3M | ||
| Q1 24 | $498.4M | $148.5M |
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $543.5M | $553.5M | ||
| Q3 25 | $537.6M | $537.3M | ||
| Q2 25 | $538.6M | $357.0M | ||
| Q1 25 | $540.2M | $355.7M | ||
| Q4 24 | $514.8M | $431.8M | ||
| Q3 24 | $540.2M | $372.1M | ||
| Q2 24 | $560.7M | $389.0M | ||
| Q1 24 | $568.3M | $365.3M |
| Q4 25 | $771.0M | $807.5M | ||
| Q3 25 | $768.9M | $781.0M | ||
| Q2 25 | $775.5M | $660.4M | ||
| Q1 25 | $801.6M | $669.9M | ||
| Q4 24 | $756.4M | $849.9M | ||
| Q3 24 | $707.6M | $899.6M | ||
| Q2 24 | $753.6M | $938.9M | ||
| Q1 24 | $631.7M | $949.2M |
| 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 | — |
| 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.
| Q4 25 | $75.2M | — | ||
| Q3 25 | $9.5M | — | ||
| Q2 25 | $50.1M | $-7.5M | ||
| Q1 25 | $2.4M | $-121.0M | ||
| Q4 24 | $50.1M | — | ||
| Q3 24 | $-593.0K | — | ||
| Q2 24 | $16.1M | $-37.8M | ||
| Q1 24 | $54.8M | $-205.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-8.5M | ||
| Q1 25 | $335.0K | $-128.9M | ||
| Q4 24 | $-98.5M | — | ||
| Q3 24 | $-2.8M | — | ||
| Q2 24 | $-126.7M | $-40.7M | ||
| Q1 24 | $54.6M | $-208.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -16.1% | ||
| Q1 25 | 0.3% | -271.5% | ||
| Q4 24 | -201.8% | — | ||
| Q3 24 | -12.1% | — | ||
| Q2 24 | -490.5% | -84.1% | ||
| Q1 24 | 224.4% | -392.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | 1.7% | 16.6% | ||
| Q4 24 | 304.4% | — | ||
| Q3 24 | 9.6% | — | ||
| Q2 24 | 553.0% | 5.9% | ||
| Q1 24 | 1.1% | 4.7% |
| Q4 25 | 22.01× | — | ||
| 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% |
CGC
| Other | $24.0M | 44% |
| Canadian Adult Use Cannabis | $22.9M | 42% |
| International Markets Cannabis | $6.2M | 11% |
| Other Geographical Area | $1.2M | 2% |
