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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and Energy Recovery, Inc. (ERII). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $50.1M, roughly 1.3× ACACIA RESEARCH CORP). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 6.8%, a 33.4% 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 8.1%).
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.
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
ACTG vs ERII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $66.9M |
| Net Profit | $3.4M | $26.9M |
| Gross Margin | 12.8% | 67.2% |
| Operating Margin | -26.1% | 46.8% |
| Net Margin | 6.8% | 40.2% |
| Revenue YoY | 2.6% | -0.3% |
| Net Profit YoY | 125.5% | 14.7% |
| EPS (diluted) | $0.03 | $0.49 |
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 | $66.9M | ||
| Q3 25 | $59.4M | $32.0M | ||
| Q2 25 | $51.2M | $28.1M | ||
| Q1 25 | $124.4M | — | ||
| Q4 24 | $48.8M | $67.1M | ||
| Q3 24 | $23.3M | $38.6M | ||
| Q2 24 | $25.8M | $27.2M | ||
| Q1 24 | $24.3M | $12.1M |
| Q4 25 | $3.4M | $26.9M | ||
| Q3 25 | $-2.7M | $3.9M | ||
| Q2 25 | $-3.3M | $2.1M | ||
| Q1 25 | $24.3M | — | ||
| Q4 24 | $-13.4M | $23.5M | ||
| Q3 24 | $-14.0M | $8.5M | ||
| Q2 24 | $-8.4M | $-642.0K | ||
| Q1 24 | $-186.0K | $-8.3M |
| Q4 25 | 12.8% | 67.2% | ||
| Q3 25 | 21.2% | 64.2% | ||
| Q2 25 | 12.8% | 64.0% | ||
| Q1 25 | 47.4% | — | ||
| Q4 24 | 17.6% | 70.2% | ||
| Q3 24 | 10.1% | 65.1% | ||
| Q2 24 | 26.2% | 64.6% | ||
| Q1 24 | 49.2% | 59.0% |
| Q4 25 | -26.1% | 46.8% | ||
| Q3 25 | -10.8% | 11.4% | ||
| Q2 25 | -24.2% | 5.3% | ||
| Q1 25 | 30.8% | — | ||
| Q4 24 | -32.4% | 38.2% | ||
| Q3 24 | -44.1% | 18.3% | ||
| Q2 24 | -18.4% | -7.4% | ||
| Q1 24 | -8.6% | -90.4% |
| Q4 25 | 6.8% | 40.2% | ||
| Q3 25 | -4.6% | 12.1% | ||
| Q2 25 | -6.4% | 7.3% | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | -27.5% | 35.0% | ||
| Q3 24 | -60.0% | 22.0% | ||
| Q2 24 | -32.7% | -2.4% | ||
| Q1 24 | -0.8% | -68.3% |
| Q4 25 | $0.03 | $0.49 | ||
| Q3 25 | $-0.03 | $0.07 | ||
| Q2 25 | $-0.03 | $0.04 | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.14 | $0.40 | ||
| Q3 24 | $-0.14 | $0.15 | ||
| Q2 24 | $-0.08 | $-0.01 | ||
| Q1 24 | $0.00 | $-0.14 |
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 | $75.2M |
| Total DebtLower is stronger | $91.9M | — |
| Stockholders' EquityBook value | $543.5M | $206.2M |
| Total Assets | $771.0M | $231.5M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $75.2M | ||
| Q3 25 | $301.8M | $70.4M | ||
| Q2 25 | $316.7M | $79.5M | ||
| Q1 25 | $272.0M | — | ||
| Q4 24 | $273.9M | $78.0M | ||
| Q3 24 | $410.9M | $118.6M | ||
| Q2 24 | $441.9M | $101.0M | ||
| Q1 24 | $498.4M | $117.4M |
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $543.5M | $206.2M | ||
| Q3 25 | $537.6M | $180.8M | ||
| Q2 25 | $538.6M | $185.2M | ||
| Q1 25 | $540.2M | — | ||
| Q4 24 | $514.8M | $210.0M | ||
| Q3 24 | $540.2M | $233.9M | ||
| Q2 24 | $560.7M | $218.5M | ||
| Q1 24 | $568.3M | $216.0M |
| Q4 25 | $771.0M | $231.5M | ||
| Q3 25 | $768.9M | $209.6M | ||
| Q2 25 | $775.5M | $212.3M | ||
| Q1 25 | $801.6M | — | ||
| Q4 24 | $756.4M | $242.8M | ||
| Q3 24 | $707.6M | $262.7M | ||
| Q2 24 | $753.6M | $249.0M | ||
| Q1 24 | $631.7M | $244.3M |
| 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 | $7.1M |
| Free Cash FlowOCF − Capex | — | $6.4M |
| FCF MarginFCF / Revenue | — | 9.6% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 22.01× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $15.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $7.1M | ||
| Q3 25 | $9.5M | $-3.1M | ||
| Q2 25 | $50.1M | $4.1M | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | $50.1M | $9.0M | ||
| Q3 24 | $-593.0K | $-3.0M | ||
| Q2 24 | $16.1M | $8.1M | ||
| Q1 24 | $54.8M | $6.5M |
| Q4 25 | — | $6.4M | ||
| Q3 25 | — | $-3.5M | ||
| Q2 25 | — | $4.0M | ||
| Q1 25 | $335.0K | — | ||
| Q4 24 | $-98.5M | $8.9M | ||
| Q3 24 | $-2.8M | $-3.2M | ||
| Q2 24 | $-126.7M | $7.9M | ||
| Q1 24 | $54.6M | $5.7M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | -10.9% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | -201.8% | 13.2% | ||
| Q3 24 | -12.1% | -8.2% | ||
| Q2 24 | -490.5% | 28.9% | ||
| Q1 24 | 224.4% | 46.9% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 304.4% | 0.2% | ||
| Q3 24 | 9.6% | 0.4% | ||
| Q2 24 | 553.0% | 0.7% | ||
| Q1 24 | 1.1% | 6.8% |
| Q4 25 | 22.01× | 0.26× | ||
| Q3 25 | — | -0.81× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | — | -0.35× | ||
| 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% |
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
