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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
OneSpan Inc. is the larger business by last-quarter revenue ($62.9M vs $50.1M, roughly 1.3× ACACIA RESEARCH CORP). OneSpan Inc. runs the higher net margin — 69.2% vs 6.8%, a 62.4% gap on every dollar of revenue. On growth, OneSpan Inc. posted the faster year-over-year revenue change (2.9% vs 2.6%). Over the past eight quarters, ACACIA RESEARCH CORP's revenue compounded faster (43.6% CAGR vs -1.5%).
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.
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
ACTG vs OSPN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $62.9M |
| Net Profit | $3.4M | $43.5M |
| Gross Margin | 12.8% | 73.6% |
| Operating Margin | -26.1% | 19.9% |
| Net Margin | 6.8% | 69.2% |
| Revenue YoY | 2.6% | 2.9% |
| Net Profit YoY | 125.5% | 51.3% |
| EPS (diluted) | $0.03 | $1.13 |
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 | $62.9M | ||
| Q3 25 | $59.4M | $57.1M | ||
| Q2 25 | $51.2M | $59.8M | ||
| Q1 25 | $124.4M | $63.4M | ||
| Q4 24 | $48.8M | $61.2M | ||
| Q3 24 | $23.3M | $56.2M | ||
| Q2 24 | $25.8M | $60.9M | ||
| Q1 24 | $24.3M | $64.8M |
| Q4 25 | $3.4M | $43.5M | ||
| Q3 25 | $-2.7M | $6.5M | ||
| Q2 25 | $-3.3M | $8.3M | ||
| Q1 25 | $24.3M | $14.5M | ||
| Q4 24 | $-13.4M | $28.8M | ||
| Q3 24 | $-14.0M | $8.3M | ||
| Q2 24 | $-8.4M | $6.6M | ||
| Q1 24 | $-186.0K | $13.5M |
| Q4 25 | 12.8% | 73.6% | ||
| Q3 25 | 21.2% | 73.6% | ||
| Q2 25 | 12.8% | 73.5% | ||
| Q1 25 | 47.4% | 74.3% | ||
| Q4 24 | 17.6% | 74.0% | ||
| Q3 24 | 10.1% | 73.9% | ||
| Q2 24 | 26.2% | 66.2% | ||
| Q1 24 | 49.2% | 73.1% |
| Q4 25 | -26.1% | 19.9% | ||
| Q3 25 | -10.8% | 14.4% | ||
| Q2 25 | -24.2% | 17.6% | ||
| Q1 25 | 30.8% | 27.1% | ||
| Q4 24 | -32.4% | 19.3% | ||
| Q3 24 | -44.1% | 20.0% | ||
| Q2 24 | -18.4% | 12.5% | ||
| Q1 24 | -8.6% | 21.8% |
| Q4 25 | 6.8% | 69.2% | ||
| Q3 25 | -4.6% | 11.4% | ||
| Q2 25 | -6.4% | 13.9% | ||
| Q1 25 | 19.5% | 22.9% | ||
| Q4 24 | -27.5% | 47.1% | ||
| Q3 24 | -60.0% | 14.7% | ||
| Q2 24 | -32.7% | 10.8% | ||
| Q1 24 | -0.8% | 20.8% |
| Q4 25 | $0.03 | $1.13 | ||
| Q3 25 | $-0.03 | $0.17 | ||
| Q2 25 | $-0.03 | $0.21 | ||
| Q1 25 | $0.25 | $0.37 | ||
| Q4 24 | $-0.14 | $0.73 | ||
| Q3 24 | $-0.14 | $0.21 | ||
| Q2 24 | $-0.08 | $0.17 | ||
| Q1 24 | $0.00 | $0.35 |
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 | $70.5M |
| Total DebtLower is stronger | $91.9M | — |
| Stockholders' EquityBook value | $543.5M | $271.8M |
| Total Assets | $771.0M | $397.7M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $70.5M | ||
| Q3 25 | $301.8M | $85.6M | ||
| Q2 25 | $316.7M | $92.9M | ||
| Q1 25 | $272.0M | $105.2M | ||
| Q4 24 | $273.9M | $83.2M | ||
| Q3 24 | $410.9M | $77.5M | ||
| Q2 24 | $441.9M | $63.8M | ||
| Q1 24 | $498.4M | $63.9M |
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $543.5M | $271.8M | ||
| Q3 25 | $537.6M | $238.3M | ||
| Q2 25 | $538.6M | $242.5M | ||
| Q1 25 | $540.2M | $231.1M | ||
| Q4 24 | $514.8M | $212.5M | ||
| Q3 24 | $540.2M | $194.6M | ||
| Q2 24 | $560.7M | $178.6M | ||
| Q1 24 | $568.3M | $170.9M |
| Q4 25 | $771.0M | $397.7M | ||
| Q3 25 | $768.9M | $343.5M | ||
| Q2 25 | $775.5M | $357.1M | ||
| Q1 25 | $801.6M | $333.8M | ||
| Q4 24 | $756.4M | $338.7M | ||
| Q3 24 | $707.6M | $289.3M | ||
| Q2 24 | $753.6M | $286.9M | ||
| Q1 24 | $631.7M | $277.1M |
| 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 | $12.6M |
| Free Cash FlowOCF − Capex | — | $9.6M |
| FCF MarginFCF / Revenue | — | 15.3% |
| Capex IntensityCapex / Revenue | — | 4.7% |
| Cash ConversionOCF / Net Profit | 22.01× | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | — | $50.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $12.6M | ||
| Q3 25 | $9.5M | $11.3M | ||
| Q2 25 | $50.1M | $6.2M | ||
| Q1 25 | $2.4M | $29.4M | ||
| Q4 24 | $50.1M | $12.4M | ||
| Q3 24 | $-593.0K | $14.0M | ||
| Q2 24 | $16.1M | $2.3M | ||
| Q1 24 | $54.8M | $27.0M |
| Q4 25 | — | $9.6M | ||
| Q3 25 | — | $8.8M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | $335.0K | $27.7M | ||
| Q4 24 | $-98.5M | $10.5M | ||
| Q3 24 | $-2.8M | $12.0M | ||
| Q2 24 | $-126.7M | $26.0K | ||
| Q1 24 | $54.6M | $23.9M |
| Q4 25 | — | 15.3% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 7.3% | ||
| Q1 25 | 0.3% | 43.8% | ||
| Q4 24 | -201.8% | 17.1% | ||
| Q3 24 | -12.1% | 21.4% | ||
| Q2 24 | -490.5% | 0.0% | ||
| Q1 24 | 224.4% | 36.9% |
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | 4.4% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | 1.7% | 2.6% | ||
| Q4 24 | 304.4% | 3.2% | ||
| Q3 24 | 9.6% | 3.5% | ||
| Q2 24 | 553.0% | 3.7% | ||
| Q1 24 | 1.1% | 4.7% |
| Q4 25 | 22.01× | 0.29× | ||
| Q3 25 | — | 1.74× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | 0.10× | 2.02× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | — | 0.35× | ||
| Q1 24 | — | 2.00× |
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% |
OSPN
| Transferred At Point In Time | $32.7M | 52% |
| Subscription | $21.1M | 34% |
| Maintenance Support And Other | $9.2M | 15% |
