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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and DYNAVAX TECHNOLOGIES CORP (DVAX). Click either name above to swap in a different company.
DYNAVAX TECHNOLOGIES CORP is the larger business by last-quarter revenue ($94.9M vs $50.1M, roughly 1.9× ACACIA RESEARCH CORP). DYNAVAX TECHNOLOGIES CORP runs the higher net margin — 28.4% vs 6.8%, a 21.6% gap on every dollar of revenue. On growth, DYNAVAX TECHNOLOGIES CORP posted the faster year-over-year revenue change (17.7% vs 2.6%). Over the past eight quarters, ACACIA RESEARCH CORP's revenue compounded faster (43.6% CAGR vs 30.6%).
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.
Dynavax Technologies Corp is a commercial-stage biopharmaceutical company specializing in the research, development, and production of innovative vaccines and immunotherapies for infectious diseases. Its lead approved product is Heplisav-B, an adult hepatitis B vaccine, with core markets in North America and Europe, alongside a pipeline of candidates addressing unmet public health needs.
ACTG vs DVAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $94.9M |
| Net Profit | $3.4M | $26.9M |
| Gross Margin | 12.8% | — |
| Operating Margin | -26.1% | 22.4% |
| Net Margin | 6.8% | 28.4% |
| Revenue YoY | 2.6% | 17.7% |
| Net Profit YoY | 125.5% | 53.0% |
| EPS (diluted) | $0.03 | $0.21 |
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 | — | ||
| Q3 25 | $59.4M | $94.9M | ||
| Q2 25 | $51.2M | $95.4M | ||
| Q1 25 | $124.4M | $68.2M | ||
| Q4 24 | $48.8M | $72.0M | ||
| Q3 24 | $23.3M | $80.6M | ||
| Q2 24 | $25.8M | $73.8M | ||
| Q1 24 | $24.3M | $50.8M |
| Q4 25 | $3.4M | — | ||
| Q3 25 | $-2.7M | $26.9M | ||
| Q2 25 | $-3.3M | $18.7M | ||
| Q1 25 | $24.3M | $-96.1M | ||
| Q4 24 | $-13.4M | $7.0M | ||
| Q3 24 | $-14.0M | $17.6M | ||
| Q2 24 | $-8.4M | $11.4M | ||
| Q1 24 | $-186.0K | $-8.7M |
| Q4 25 | 12.8% | — | ||
| Q3 25 | 21.2% | — | ||
| Q2 25 | 12.8% | — | ||
| Q1 25 | 47.4% | — | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 26.2% | — | ||
| Q1 24 | 49.2% | — |
| Q4 25 | -26.1% | — | ||
| Q3 25 | -10.8% | 22.4% | ||
| Q2 25 | -24.2% | 15.1% | ||
| Q1 25 | 30.8% | -34.7% | ||
| Q4 24 | -32.4% | -2.3% | ||
| Q3 24 | -44.1% | 12.5% | ||
| Q2 24 | -18.4% | 7.0% | ||
| Q1 24 | -8.6% | -35.0% |
| Q4 25 | 6.8% | — | ||
| Q3 25 | -4.6% | 28.4% | ||
| Q2 25 | -6.4% | 19.6% | ||
| Q1 25 | 19.5% | -141.0% | ||
| Q4 24 | -27.5% | 9.8% | ||
| Q3 24 | -60.0% | 21.8% | ||
| Q2 24 | -32.7% | 15.4% | ||
| Q1 24 | -0.8% | -17.2% |
| Q4 25 | $0.03 | — | ||
| Q3 25 | $-0.03 | $0.21 | ||
| Q2 25 | $-0.03 | $0.14 | ||
| Q1 25 | $0.25 | $-0.77 | ||
| Q4 24 | $-0.14 | $0.07 | ||
| Q3 24 | $-0.14 | $0.12 | ||
| Q2 24 | $-0.08 | $0.08 | ||
| Q1 24 | $0.00 | $-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 | $160.2M |
| Total DebtLower is stronger | $91.9M | — |
| Stockholders' EquityBook value | $543.5M | $534.1M |
| Total Assets | $771.0M | $946.5M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | — | ||
| Q3 25 | $301.8M | $160.2M | ||
| Q2 25 | $316.7M | $99.1M | ||
| Q1 25 | $272.0M | $51.7M | ||
| Q4 24 | $273.9M | $95.9M | ||
| Q3 24 | $410.9M | $119.3M | ||
| Q2 24 | $441.9M | $112.5M | ||
| Q1 24 | $498.4M | $132.0M |
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $543.5M | — | ||
| Q3 25 | $537.6M | $534.1M | ||
| Q2 25 | $538.6M | $494.2M | ||
| Q1 25 | $540.2M | $530.9M | ||
| Q4 24 | $514.8M | $596.8M | ||
| Q3 24 | $540.2M | $681.4M | ||
| Q2 24 | $560.7M | $642.8M | ||
| Q1 24 | $568.3M | $618.5M |
| Q4 25 | $771.0M | — | ||
| Q3 25 | $768.9M | $946.5M | ||
| Q2 25 | $775.5M | $918.4M | ||
| Q1 25 | $801.6M | $945.9M | ||
| Q4 24 | $756.4M | $986.3M | ||
| Q3 24 | $707.6M | $1.1B | ||
| Q2 24 | $753.6M | $1.0B | ||
| Q1 24 | $631.7M | $986.6M |
| 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 | $33.8M |
| Free Cash FlowOCF − Capex | — | $32.6M |
| FCF MarginFCF / Revenue | — | 34.4% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 22.01× | 1.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $80.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | — | ||
| Q3 25 | $9.5M | $33.8M | ||
| Q2 25 | $50.1M | $23.4M | ||
| Q1 25 | $2.4M | $-19.6M | ||
| Q4 24 | $50.1M | $53.0M | ||
| Q3 24 | $-593.0K | $19.5M | ||
| Q2 24 | $16.1M | $10.7M | ||
| Q1 24 | $54.8M | $-16.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $32.6M | ||
| Q2 25 | — | $22.0M | ||
| Q1 25 | $335.0K | $-23.6M | ||
| Q4 24 | $-98.5M | $49.5M | ||
| Q3 24 | $-2.8M | $18.1M | ||
| Q2 24 | $-126.7M | $9.9M | ||
| Q1 24 | $54.6M | $-17.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | 34.4% | ||
| Q2 25 | — | 23.0% | ||
| Q1 25 | 0.3% | -34.6% | ||
| Q4 24 | -201.8% | 68.8% | ||
| Q3 24 | -12.1% | 22.5% | ||
| Q2 24 | -490.5% | 13.5% | ||
| Q1 24 | 224.4% | -34.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | 1.7% | 5.8% | ||
| Q4 24 | 304.4% | 4.8% | ||
| Q3 24 | 9.6% | 1.7% | ||
| Q2 24 | 553.0% | 1.1% | ||
| Q1 24 | 1.1% | 1.5% |
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | 1.26× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | 7.52× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.94× | ||
| 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% |
DVAX
| HEPLISAVB | $90.0M | 95% |
| US Department Of Defense | $4.7M | 5% |
