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Side-by-side financial comparison of ACACIA RESEARCH CORP (ACTG) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Vanda Pharmaceuticals Inc. is the larger business by last-quarter revenue ($57.2M vs $50.1M, roughly 1.1× ACACIA RESEARCH CORP). ACACIA RESEARCH CORP runs the higher net margin — 6.8% vs -246.8%, a 253.6% gap on every dollar of revenue. On growth, Vanda Pharmaceuticals Inc. posted the faster year-over-year revenue change (7.6% vs 2.6%). Over the past eight quarters, ACACIA RESEARCH CORP's revenue compounded faster (43.6% CAGR vs 9.8%).
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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
ACTG vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.1M | $57.2M |
| Net Profit | $3.4M | $-141.2M |
| Gross Margin | 12.8% | — |
| Operating Margin | -26.1% | -70.5% |
| Net Margin | 6.8% | -246.8% |
| Revenue YoY | 2.6% | 7.6% |
| Net Profit YoY | 125.5% | -2774.3% |
| EPS (diluted) | $0.03 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $59.4M | $56.3M | ||
| Q2 25 | $51.2M | $52.6M | ||
| Q1 25 | $124.4M | $50.0M | ||
| Q4 24 | $48.8M | $53.2M | ||
| Q3 24 | $23.3M | $47.7M | ||
| Q2 24 | $25.8M | $50.5M | ||
| Q1 24 | $24.3M | $47.5M |
| Q4 25 | $3.4M | $-141.2M | ||
| Q3 25 | $-2.7M | $-22.6M | ||
| Q2 25 | $-3.3M | $-27.2M | ||
| Q1 25 | $24.3M | $-29.5M | ||
| Q4 24 | $-13.4M | $-4.9M | ||
| Q3 24 | $-14.0M | $-5.3M | ||
| Q2 24 | $-8.4M | $-4.5M | ||
| Q1 24 | $-186.0K | $-4.1M |
| 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% | -70.5% | ||
| Q3 25 | -10.8% | -55.6% | ||
| Q2 25 | -24.2% | -73.2% | ||
| Q1 25 | 30.8% | -82.0% | ||
| Q4 24 | -32.4% | -19.3% | ||
| Q3 24 | -44.1% | -23.1% | ||
| Q2 24 | -18.4% | -20.1% | ||
| Q1 24 | -8.6% | -19.5% |
| Q4 25 | 6.8% | -246.8% | ||
| Q3 25 | -4.6% | -40.1% | ||
| Q2 25 | -6.4% | -51.7% | ||
| Q1 25 | 19.5% | -58.9% | ||
| Q4 24 | -27.5% | -9.2% | ||
| Q3 24 | -60.0% | -11.2% | ||
| Q2 24 | -32.7% | -9.0% | ||
| Q1 24 | -0.8% | -8.7% |
| Q4 25 | $0.03 | $-2.40 | ||
| Q3 25 | $-0.03 | $-0.38 | ||
| Q2 25 | $-0.03 | $-0.46 | ||
| Q1 25 | $0.25 | $-0.50 | ||
| Q4 24 | $-0.14 | $-0.09 | ||
| Q3 24 | $-0.14 | $-0.09 | ||
| Q2 24 | $-0.08 | $-0.08 | ||
| Q1 24 | $0.00 | $-0.07 |
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 | $84.9M |
| Total DebtLower is stronger | $91.9M | — |
| Stockholders' EquityBook value | $543.5M | $327.2M |
| Total Assets | $771.0M | $488.9M |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $306.7M | $84.9M | ||
| Q3 25 | $301.8M | $70.0M | ||
| Q2 25 | $316.7M | $81.0M | ||
| Q1 25 | $272.0M | $111.8M | ||
| Q4 24 | $273.9M | $102.3M | ||
| Q3 24 | $410.9M | $100.5M | ||
| Q2 24 | $441.9M | $103.0M | ||
| Q1 24 | $498.4M | $125.2M |
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $543.5M | $327.2M | ||
| Q3 25 | $537.6M | $466.0M | ||
| Q2 25 | $538.6M | $486.3M | ||
| Q1 25 | $540.2M | $511.4M | ||
| Q4 24 | $514.8M | $538.5M | ||
| Q3 24 | $540.2M | $541.2M | ||
| Q2 24 | $560.7M | $542.5M | ||
| Q1 24 | $568.3M | $544.0M |
| Q4 25 | $771.0M | $488.9M | ||
| Q3 25 | $768.9M | $601.1M | ||
| Q2 25 | $775.5M | $624.7M | ||
| Q1 25 | $801.6M | $631.9M | ||
| Q4 24 | $756.4M | $656.2M | ||
| Q3 24 | $707.6M | $645.1M | ||
| Q2 24 | $753.6M | $651.4M | ||
| Q1 24 | $631.7M | $652.7M |
| 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 | $-29.4M |
| Free Cash FlowOCF − Capex | — | $-29.5M |
| FCF MarginFCF / Revenue | — | -51.6% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | 22.01× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $-29.4M | ||
| Q3 25 | $9.5M | $-31.6M | ||
| Q2 25 | $50.1M | $-15.3M | ||
| Q1 25 | $2.4M | $-33.1M | ||
| Q4 24 | $50.1M | $-1.8M | ||
| Q3 24 | $-593.0K | $-14.6M | ||
| Q2 24 | $16.1M | $-6.9M | ||
| Q1 24 | $54.8M | $7.6M |
| Q4 25 | — | $-29.5M | ||
| Q3 25 | — | $-31.8M | ||
| Q2 25 | — | $-15.6M | ||
| Q1 25 | $335.0K | $-33.6M | ||
| Q4 24 | $-98.5M | $-2.0M | ||
| Q3 24 | $-2.8M | $-14.7M | ||
| Q2 24 | $-126.7M | $-7.0M | ||
| Q1 24 | $54.6M | $7.6M |
| Q4 25 | — | -51.6% | ||
| Q3 25 | — | -56.5% | ||
| Q2 25 | — | -29.6% | ||
| Q1 25 | 0.3% | -67.1% | ||
| Q4 24 | -201.8% | -3.8% | ||
| Q3 24 | -12.1% | -30.9% | ||
| Q2 24 | -490.5% | -13.9% | ||
| Q1 24 | 224.4% | 15.9% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | 1.7% | 0.9% | ||
| Q4 24 | 304.4% | 0.4% | ||
| Q3 24 | 9.6% | 0.3% | ||
| Q2 24 | 553.0% | 0.2% | ||
| Q1 24 | 1.1% | 0.0% |
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | — | ||
| 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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
