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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
Perma-Pipe International Holdings, Inc. is the larger business by last-quarter revenue ($61.1M vs $50.1M, roughly 1.2× ACACIA RESEARCH CORP). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs 6.8%, a 3.5% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 2.6%). Over the past eight quarters, ACACIA RESEARCH CORP's revenue compounded faster (43.6% CAGR vs 23.4%).
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.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
ACTG vs PPIH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $61.1M |
| Net Profit | $3.4M | $6.3M |
| Gross Margin | 12.8% | 34.4% |
| Operating Margin | -26.1% | 18.6% |
| Net Margin | 6.8% | 10.3% |
| Revenue YoY | 2.6% | 47.1% |
| Net Profit YoY | 125.5% | 153.5% |
| EPS (diluted) | $0.03 | $0.77 |
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 | $61.1M | ||
| Q3 25 | $59.4M | $47.9M | ||
| Q2 25 | $51.2M | $46.7M | ||
| Q1 25 | $124.4M | $45.0M | ||
| Q4 24 | $48.8M | $41.6M | ||
| Q3 24 | $23.3M | $37.5M | ||
| Q2 24 | $25.8M | $34.3M | ||
| Q1 24 | $24.3M | $40.2M |
| Q4 25 | $3.4M | $6.3M | ||
| Q3 25 | $-2.7M | $851.0K | ||
| Q2 25 | $-3.3M | $5.0M | ||
| Q1 25 | $24.3M | $1.8M | ||
| Q4 24 | $-13.4M | $2.5M | ||
| Q3 24 | $-14.0M | $3.3M | ||
| Q2 24 | $-8.4M | $1.4M | ||
| Q1 24 | $-186.0K | $8.6M |
| Q4 25 | 12.8% | 34.4% | ||
| Q3 25 | 21.2% | 30.1% | ||
| Q2 25 | 12.8% | 35.8% | ||
| Q1 25 | 47.4% | 33.7% | ||
| Q4 24 | 17.6% | 33.9% | ||
| Q3 24 | 10.1% | 35.9% | ||
| Q2 24 | 26.2% | 30.6% | ||
| Q1 24 | 49.2% | 30.0% |
| Q4 25 | -26.1% | 18.6% | ||
| Q3 25 | -10.8% | 6.7% | ||
| Q2 25 | -24.2% | 16.9% | ||
| Q1 25 | 30.8% | 12.1% | ||
| Q4 24 | -32.4% | 13.4% | ||
| Q3 24 | -44.1% | 16.4% | ||
| Q2 24 | -18.4% | 9.1% | ||
| Q1 24 | -8.6% | 11.3% |
| Q4 25 | 6.8% | 10.3% | ||
| Q3 25 | -4.6% | 1.8% | ||
| Q2 25 | -6.4% | 10.6% | ||
| Q1 25 | 19.5% | 3.9% | ||
| Q4 24 | -27.5% | 6.0% | ||
| Q3 24 | -60.0% | 8.8% | ||
| Q2 24 | -32.7% | 4.2% | ||
| Q1 24 | -0.8% | 21.5% |
| Q4 25 | $0.03 | $0.77 | ||
| Q3 25 | $-0.03 | $0.10 | ||
| Q2 25 | $-0.03 | $0.61 | ||
| Q1 25 | $0.25 | $0.23 | ||
| Q4 24 | $-0.14 | $0.31 | ||
| Q3 24 | $-0.14 | $0.40 | ||
| Q2 24 | $-0.08 | $0.18 | ||
| Q1 24 | $0.00 | $1.07 |
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 | $27.2M |
| Total DebtLower is stronger | $91.9M | $12.7M |
| Stockholders' EquityBook value | $543.5M | $85.8M |
| Total Assets | $771.0M | $217.0M |
| Debt / EquityLower = less leverage | 0.17× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $27.2M | ||
| Q3 25 | $301.8M | $17.3M | ||
| Q2 25 | $316.7M | $18.8M | ||
| Q1 25 | $272.0M | $15.7M | ||
| Q4 24 | $273.9M | $13.3M | ||
| Q3 24 | $410.9M | $9.5M | ||
| Q2 24 | $441.9M | $7.7M | ||
| Q1 24 | $498.4M | $5.8M |
| Q4 25 | $91.9M | $12.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $543.5M | $85.8M | ||
| Q3 25 | $537.6M | $80.2M | ||
| Q2 25 | $538.6M | $77.9M | ||
| Q1 25 | $540.2M | $72.1M | ||
| Q4 24 | $514.8M | $71.2M | ||
| Q3 24 | $540.2M | $68.6M | ||
| Q2 24 | $560.7M | $65.5M | ||
| Q1 24 | $568.3M | $65.7M |
| Q4 25 | $771.0M | $217.0M | ||
| Q3 25 | $768.9M | $189.0M | ||
| Q2 25 | $775.5M | $178.3M | ||
| Q1 25 | $801.6M | $165.2M | ||
| Q4 24 | $756.4M | $160.7M | ||
| Q3 24 | $707.6M | $157.8M | ||
| Q2 24 | $753.6M | $155.7M | ||
| Q1 24 | $631.7M | $155.7M |
| Q4 25 | 0.17× | 0.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.23× |
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 | $17.3M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 8.1% |
| Cash ConversionOCF / Net Profit | 22.01× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $17.3M | ||
| Q3 25 | $9.5M | $-2.0M | ||
| Q2 25 | $50.1M | $733.0K | ||
| Q1 25 | $2.4M | $6.0M | ||
| Q4 24 | $50.1M | $5.2M | ||
| Q3 24 | $-593.0K | $2.8M | ||
| Q2 24 | $16.1M | $-73.0K | ||
| Q1 24 | $54.8M | $7.1M |
| Q4 25 | — | $12.4M | ||
| Q3 25 | — | $-4.6M | ||
| Q2 25 | — | $-194.0K | ||
| Q1 25 | $335.0K | $4.7M | ||
| Q4 24 | $-98.5M | $4.8M | ||
| Q3 24 | $-2.8M | $2.2M | ||
| Q2 24 | $-126.7M | $-662.0K | ||
| Q1 24 | $54.6M | $4.2M |
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | -9.6% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | 0.3% | 10.5% | ||
| Q4 24 | -201.8% | 11.6% | ||
| Q3 24 | -12.1% | 5.8% | ||
| Q2 24 | -490.5% | -1.9% | ||
| Q1 24 | 224.4% | 10.5% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | 1.7% | 2.9% | ||
| Q4 24 | 304.4% | 0.8% | ||
| Q3 24 | 9.6% | 1.7% | ||
| Q2 24 | 553.0% | 1.7% | ||
| Q1 24 | 1.1% | 7.2% |
| Q4 25 | 22.01× | 2.74× | ||
| Q3 25 | — | -2.40× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | 0.10× | 3.42× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | — | 0.82× |
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% |
PPIH
Segment breakdown not available.
