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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ACACIA RESEARCH CORP is the larger business by last-quarter revenue ($50.1M vs $28.1M, roughly 1.8× ARS Pharmaceuticals, Inc.). ACACIA RESEARCH CORP runs the higher net margin — 6.8% vs -147.1%, a 153.9% gap on every dollar of revenue. On growth, ACACIA RESEARCH CORP posted the faster year-over-year revenue change (2.6% vs -67.6%).
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.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
ACTG vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $28.1M |
| Net Profit | $3.4M | $-41.3M |
| Gross Margin | 12.8% | — |
| Operating Margin | -26.1% | -147.6% |
| Net Margin | 6.8% | -147.1% |
| Revenue YoY | 2.6% | -67.6% |
| Net Profit YoY | 125.5% | -182.8% |
| EPS (diluted) | $0.03 | $-0.41 |
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 | $28.1M | ||
| Q3 25 | $59.4M | $32.5M | ||
| Q2 25 | $51.2M | $15.7M | ||
| Q1 25 | $124.4M | $8.0M | ||
| Q4 24 | $48.8M | $86.6M | ||
| Q3 24 | $23.3M | $2.1M | ||
| Q2 24 | $25.8M | $500.0K | ||
| Q1 24 | $24.3M | $0 |
| Q4 25 | $3.4M | $-41.3M | ||
| Q3 25 | $-2.7M | $-51.2M | ||
| Q2 25 | $-3.3M | $-44.9M | ||
| Q1 25 | $24.3M | $-33.9M | ||
| Q4 24 | $-13.4M | $49.9M | ||
| Q3 24 | $-14.0M | $-19.1M | ||
| Q2 24 | $-8.4M | $-12.5M | ||
| Q1 24 | $-186.0K | $-10.3M |
| 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% | -147.6% | ||
| Q3 25 | -10.8% | -163.7% | ||
| Q2 25 | -24.2% | -302.9% | ||
| Q1 25 | 30.8% | -466.3% | ||
| Q4 24 | -32.4% | 54.5% | ||
| Q3 24 | -44.1% | -1051.6% | ||
| Q2 24 | -18.4% | -3068.0% | ||
| Q1 24 | -8.6% | — |
| Q4 25 | 6.8% | -147.1% | ||
| Q3 25 | -4.6% | -157.4% | ||
| Q2 25 | -6.4% | -285.6% | ||
| Q1 25 | 19.5% | -425.7% | ||
| Q4 24 | -27.5% | 57.7% | ||
| Q3 24 | -60.0% | -925.0% | ||
| Q2 24 | -32.7% | -2503.2% | ||
| Q1 24 | -0.8% | — |
| Q4 25 | $0.03 | $-0.41 | ||
| Q3 25 | $-0.03 | $-0.52 | ||
| Q2 25 | $-0.03 | $-0.46 | ||
| Q1 25 | $0.25 | $-0.35 | ||
| Q4 24 | $-0.14 | $0.52 | ||
| Q3 24 | $-0.14 | $-0.20 | ||
| Q2 24 | $-0.08 | $-0.13 | ||
| Q1 24 | $0.00 | $-0.11 |
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 | $245.0M |
| Total DebtLower is stronger | $91.9M | $96.4M |
| Stockholders' EquityBook value | $543.5M | $114.3M |
| Total Assets | $771.0M | $327.7M |
| Debt / EquityLower = less leverage | 0.17× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $245.0M | ||
| Q3 25 | $301.8M | $288.2M | ||
| Q2 25 | $316.7M | $240.1M | ||
| Q1 25 | $272.0M | $275.7M | ||
| Q4 24 | $273.9M | $314.0M | ||
| Q3 24 | $410.9M | $204.6M | ||
| Q2 24 | $441.9M | $218.7M | ||
| Q1 24 | $498.4M | $223.6M |
| Q4 25 | $91.9M | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $543.5M | $114.3M | ||
| Q3 25 | $537.6M | $147.7M | ||
| Q2 25 | $538.6M | $192.3M | ||
| Q1 25 | $540.2M | $229.0M | ||
| Q4 24 | $514.8M | $256.8M | ||
| Q3 24 | $540.2M | $201.0M | ||
| Q2 24 | $560.7M | $215.2M | ||
| Q1 24 | $568.3M | $223.9M |
| Q4 25 | $771.0M | $327.7M | ||
| Q3 25 | $768.9M | $372.8M | ||
| Q2 25 | $775.5M | $313.5M | ||
| Q1 25 | $801.6M | $327.3M | ||
| Q4 24 | $756.4M | $351.2M | ||
| Q3 24 | $707.6M | $217.6M | ||
| Q2 24 | $753.6M | $222.0M | ||
| Q1 24 | $631.7M | $227.6M |
| Q4 25 | 0.17× | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| 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 | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 22.01× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $-43.5M | ||
| Q3 25 | $9.5M | $-47.0M | ||
| Q2 25 | $50.1M | $-39.6M | ||
| Q1 25 | $2.4M | $-40.7M | ||
| Q4 24 | $50.1M | $42.0M | ||
| Q3 24 | $-593.0K | $-14.5M | ||
| Q2 24 | $16.1M | $-7.3M | ||
| Q1 24 | $54.8M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | $335.0K | $-40.8M | ||
| Q4 24 | $-98.5M | $41.7M | ||
| Q3 24 | $-2.8M | $-14.6M | ||
| Q2 24 | $-126.7M | $-7.3M | ||
| Q1 24 | $54.6M | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | 0.3% | -512.1% | ||
| Q4 24 | -201.8% | 48.2% | ||
| Q3 24 | -12.1% | -706.3% | ||
| Q2 24 | -490.5% | -1463.4% | ||
| Q1 24 | 224.4% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | 1.7% | 1.1% | ||
| Q4 24 | 304.4% | 0.3% | ||
| Q3 24 | 9.6% | 6.8% | ||
| Q2 24 | 553.0% | 7.6% | ||
| Q1 24 | 1.1% | — |
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | 0.84× | ||
| 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% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
