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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $50.1M, roughly 1.7× ACACIA RESEARCH CORP). ACACIA RESEARCH CORP runs the higher net margin — 6.8% vs 1.4%, a 5.4% gap on every dollar of revenue. On growth, ACACIA RESEARCH CORP posted the faster year-over-year revenue change (2.6% vs -5.8%). Over the past eight quarters, ACACIA RESEARCH CORP's revenue compounded faster (43.6% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
ACTG vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $86.0M |
| Net Profit | $3.4M | $1.2M |
| Gross Margin | 12.8% | 13.0% |
| Operating Margin | -26.1% | -3.1% |
| Net Margin | 6.8% | 1.4% |
| Revenue YoY | 2.6% | -5.8% |
| Net Profit YoY | 125.5% | -68.5% |
| EPS (diluted) | $0.03 | $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 | $86.0M | ||
| Q3 25 | $59.4M | $92.8M | ||
| Q2 25 | $51.2M | $85.8M | ||
| Q1 25 | $124.4M | $65.6M | ||
| Q4 24 | $48.8M | $91.4M | ||
| Q3 24 | $23.3M | $63.2M | ||
| Q2 24 | $25.8M | $73.8M | ||
| Q1 24 | $24.3M | $83.1M |
| Q4 25 | $3.4M | $1.2M | ||
| Q3 25 | $-2.7M | $3.0M | ||
| Q2 25 | $-3.3M | $21.4M | ||
| Q1 25 | $24.3M | $-24.2M | ||
| Q4 24 | $-13.4M | $3.7M | ||
| Q3 24 | $-14.0M | $-98.0K | ||
| Q2 24 | $-8.4M | $-430.0K | ||
| Q1 24 | $-186.0K | $-216.0K |
| Q4 25 | 12.8% | 13.0% | ||
| Q3 25 | 21.2% | 16.1% | ||
| Q2 25 | 12.8% | 10.4% | ||
| Q1 25 | 47.4% | 4.2% | ||
| Q4 24 | 17.6% | 14.7% | ||
| Q3 24 | 10.1% | 10.3% | ||
| Q2 24 | 26.2% | 17.7% | ||
| Q1 24 | 49.2% | 14.2% |
| Q4 25 | -26.1% | -3.1% | ||
| Q3 25 | -10.8% | 5.8% | ||
| Q2 25 | -24.2% | -0.1% | ||
| Q1 25 | 30.8% | -10.8% | ||
| Q4 24 | -32.4% | 3.9% | ||
| Q3 24 | -44.1% | -7.8% | ||
| Q2 24 | -18.4% | 4.8% | ||
| Q1 24 | -8.6% | 0.9% |
| Q4 25 | 6.8% | 1.4% | ||
| Q3 25 | -4.6% | 3.2% | ||
| Q2 25 | -6.4% | 24.9% | ||
| Q1 25 | 19.5% | -37.0% | ||
| Q4 24 | -27.5% | 4.1% | ||
| Q3 24 | -60.0% | -0.2% | ||
| Q2 24 | -32.7% | -0.6% | ||
| Q1 24 | -0.8% | -0.3% |
| Q4 25 | $0.03 | $0.03 | ||
| Q3 25 | $-0.03 | $0.08 | ||
| Q2 25 | $-0.03 | $0.54 | ||
| Q1 25 | $0.25 | $-0.62 | ||
| Q4 24 | $-0.14 | $0.10 | ||
| Q3 24 | $-0.14 | $0.00 | ||
| Q2 24 | $-0.08 | $-0.01 | ||
| Q1 24 | $0.00 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | $91.9M | $15.0M |
| Stockholders' EquityBook value | $543.5M | $239.7M |
| Total Assets | $771.0M | $340.0M |
| Debt / EquityLower = less leverage | 0.17× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $22.6M | ||
| Q3 25 | $301.8M | $5.1M | ||
| Q2 25 | $316.7M | $4.3M | ||
| Q1 25 | $272.0M | $5.1M | ||
| Q4 24 | $273.9M | $1.6M | ||
| Q3 24 | $410.9M | $7.2M | ||
| Q2 24 | $441.9M | $6.3M | ||
| Q1 24 | $498.4M | $4.6M |
| Q4 25 | $91.9M | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $543.5M | $239.7M | ||
| Q3 25 | $537.6M | $239.9M | ||
| Q2 25 | $538.6M | $240.5M | ||
| Q1 25 | $540.2M | $219.9M | ||
| Q4 24 | $514.8M | $243.8M | ||
| Q3 24 | $540.2M | $243.6M | ||
| Q2 24 | $560.7M | $242.9M | ||
| Q1 24 | $568.3M | $242.5M |
| Q4 25 | $771.0M | $340.0M | ||
| Q3 25 | $768.9M | $343.1M | ||
| Q2 25 | $775.5M | $345.8M | ||
| Q1 25 | $801.6M | $326.9M | ||
| Q4 24 | $756.4M | $341.5M | ||
| Q3 24 | $707.6M | $335.8M | ||
| Q2 24 | $753.6M | $341.8M | ||
| Q1 24 | $631.7M | $349.3M |
| Q4 25 | 0.17× | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | 22.01× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $22.4M | ||
| Q3 25 | $9.5M | $18.2M | ||
| Q2 25 | $50.1M | $-5.1M | ||
| Q1 25 | $2.4M | $8.7M | ||
| Q4 24 | $50.1M | $1.0M | ||
| Q3 24 | $-593.0K | $5.8M | ||
| Q2 24 | $16.1M | $14.9M | ||
| Q1 24 | $54.8M | $-3.9M |
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | $335.0K | $5.2M | ||
| Q4 24 | $-98.5M | $-840.0K | ||
| Q3 24 | $-2.8M | $3.7M | ||
| Q2 24 | $-126.7M | $13.5M | ||
| Q1 24 | $54.6M | $-5.5M |
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | 0.3% | 7.9% | ||
| Q4 24 | -201.8% | -0.9% | ||
| Q3 24 | -12.1% | 5.8% | ||
| Q2 24 | -490.5% | 18.3% | ||
| Q1 24 | 224.4% | -6.6% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | 1.7% | 5.4% | ||
| Q4 24 | 304.4% | 2.1% | ||
| Q3 24 | 9.6% | 3.4% | ||
| Q2 24 | 553.0% | 1.8% | ||
| Q1 24 | 1.1% | 2.0% |
| Q4 25 | 22.01× | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | 0.28× | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
