vs
ACACIA RESEARCH CORP（ACTG）与ASPEN AEROGELS INC（ASPN）财务数据对比。点击上方公司名可切换其他公司
ACACIA RESEARCH CORP的季度营收约是ASPEN AEROGELS INC的1.2倍（$50.1M vs $41.3M），ACACIA RESEARCH CORP净利率更高（6.8% vs -176.4%，领先183.2%），ACACIA RESEARCH CORP同比增速更快（2.6% vs -66.4%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs -33.9%）
槐亚研究公司是一家总部位于纽约市的美国上市企业，在科技、能源以及工业制造领域开展业务收购与运营工作。该公司与控股股东斯塔博德价值投资合伙企业保持战略伙伴关系，这家企业在业内常被归类为专利流氓。
Aspen Aerogels Inc是全球领先的气凝胶基高性能隔热及热管理材料生产商，产品广泛应用于可再生能源、油气基础设施、航空航天、商业建筑与工业制造领域，核心市场覆盖北美、欧洲及亚太地区，旗下材料以优异的耐热性、防火性能和轻量化特性广受客户认可。
ACTG vs ASPN — 直观对比
营收规模更大
ACTG
是对方的1.2倍
$41.3M
营收增速更快
ACTG
高出69.0%
-66.4%
净利率更高
ACTG
高出183.2%
-176.4%
两年增速更快
ACTG
近两年复合增速
-33.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $41.3M |
| 净利润 | $3.4M | $-72.9M |
| 毛利率 | 12.8% | -55.5% |
| 营业利润率 | -26.1% | -170.3% |
| 净利率 | 6.8% | -176.4% |
| 营收同比 | 2.6% | -66.4% |
| 净利润同比 | 125.5% | -741.7% |
| 每股收益（稀释后） | $0.03 | $-0.87 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ACTGASPN
| Q4 25 | $50.1M | $41.3M | ||
| Q3 25 | $59.4M | $73.0M | ||
| Q2 25 | $51.2M | $78.0M | ||
| Q1 25 | $124.4M | $78.7M | ||
| Q4 24 | $48.8M | $123.1M | ||
| Q3 24 | $23.3M | $117.3M | ||
| Q2 24 | $25.8M | $117.8M | ||
| Q1 24 | $24.3M | $94.5M |
净利润ACTGASPN
| Q4 25 | $3.4M | $-72.9M | ||
| Q3 25 | $-2.7M | $-6.3M | ||
| Q2 25 | $-3.3M | $-9.1M | ||
| Q1 25 | $24.3M | $-301.2M | ||
| Q4 24 | $-13.4M | $11.4M | ||
| Q3 24 | $-14.0M | $-13.0M | ||
| Q2 24 | $-8.4M | $16.8M | ||
| Q1 24 | $-186.0K | $-1.8M |
毛利率ACTGASPN
| Q4 25 | 12.8% | -55.5% | ||
| Q3 25 | 21.2% | 28.5% | ||
| Q2 25 | 12.8% | 32.4% | ||
| Q1 25 | 47.4% | 29.0% | ||
| Q4 24 | 17.6% | 38.3% | ||
| Q3 24 | 10.1% | 41.8% | ||
| Q2 24 | 26.2% | 43.8% | ||
| Q1 24 | 49.2% | 37.2% |
营业利润率ACTGASPN
| Q4 25 | -26.1% | -170.3% | ||
| Q3 25 | -10.8% | -4.6% | ||
| Q2 25 | -24.2% | -6.6% | ||
| Q1 25 | 30.8% | -380.2% | ||
| Q4 24 | -32.4% | 12.0% | ||
| Q3 24 | -44.1% | 14.8% | ||
| Q2 24 | -18.4% | 17.0% | ||
| Q1 24 | -8.6% | 2.6% |
净利率ACTGASPN
| Q4 25 | 6.8% | -176.4% | ||
| Q3 25 | -4.6% | -8.7% | ||
| Q2 25 | -6.4% | -11.6% | ||
| Q1 25 | 19.5% | -382.7% | ||
| Q4 24 | -27.5% | 9.2% | ||
| Q3 24 | -60.0% | -11.1% | ||
| Q2 24 | -32.7% | 14.3% | ||
| Q1 24 | -0.8% | -1.9% |
每股收益（稀释后）ACTGASPN
| Q4 25 | $0.03 | $-0.87 | ||
| Q3 25 | $-0.03 | $-0.08 | ||
| Q2 25 | $-0.03 | $-0.11 | ||
| Q1 25 | $0.25 | $-3.67 | ||
| Q4 24 | $-0.14 | $0.15 | ||
| Q3 24 | $-0.14 | $-0.17 | ||
| Q2 24 | $-0.08 | $0.21 | ||
| Q1 24 | $0.00 | $-0.02 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $306.7M | $156.9M |
| 总债务越低越好 | $91.9M | $65.5M |
| 股东权益账面价值 | $543.5M | $235.5M |
| 总资产 | $771.0M | $406.7M |
| 负债/权益比越低杠杆越低 | 0.17× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资ACTGASPN
| Q4 25 | $306.7M | $156.9M | ||
| Q3 25 | $301.8M | $150.7M | ||
| Q2 25 | $316.7M | $167.6M | ||
| Q1 25 | $272.0M | $192.0M | ||
| Q4 24 | $273.9M | $220.9M | ||
| Q3 24 | $410.9M | $113.5M | ||
| Q2 24 | $441.9M | $91.4M | ||
| Q1 24 | $498.4M | $101.5M |
总债务ACTGASPN
| Q4 25 | $91.9M | $65.5M | ||
| Q3 25 | — | $70.1M | ||
| Q2 25 | — | $77.3M | ||
| Q1 25 | — | $95.4M | ||
| Q4 24 | — | $95.0M | ||
| Q3 24 | — | $93.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ACTGASPN
| Q4 25 | $543.5M | $235.5M | ||
| Q3 25 | $537.6M | $305.7M | ||
| Q2 25 | $538.6M | $308.8M | ||
| Q1 25 | $540.2M | $314.8M | ||
| Q4 24 | $514.8M | $614.7M | ||
| Q3 24 | $540.2M | $507.6M | ||
| Q2 24 | $560.7M | $517.8M | ||
| Q1 24 | $568.3M | $491.2M |
总资产ACTGASPN
| Q4 25 | $771.0M | $406.7M | ||
| Q3 25 | $768.9M | $491.4M | ||
| Q2 25 | $775.5M | $525.1M | ||
| Q1 25 | $801.6M | $555.0M | ||
| Q4 24 | $756.4M | $895.1M | ||
| Q3 24 | $707.6M | $782.6M | ||
| Q2 24 | $753.6M | $748.6M | ||
| Q1 24 | $631.7M | $698.0M |
负债/权益比ACTGASPN
| Q4 25 | 0.17× | 0.28× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $75.2M | $16.1M |
| 自由现金流经营现金流 - 资本支出 | — | $13.7M |
| 自由现金流率自由现金流/营收 | — | 33.1% |
| 资本支出强度资本支出/营收 | — | 6.0% |
| 现金转化率经营现金流/净利润 | 22.01× | — |
| 过去12个月自由现金流最近4个季度 | — | $-4.6M |
8季度趋势，按日历期对齐
经营现金流ACTGASPN
| Q4 25 | $75.2M | $16.1M | ||
| Q3 25 | $9.5M | $15.0M | ||
| Q2 25 | $50.1M | $-3.9M | ||
| Q1 25 | $2.4M | $5.6M | ||
| Q4 24 | $50.1M | $35.7M | ||
| Q3 24 | $-593.0K | $20.8M | ||
| Q2 24 | $16.1M | $6.8M | ||
| Q1 24 | $54.8M | $-17.7M |
自由现金流ACTGASPN
| Q4 25 | — | $13.7M | ||
| Q3 25 | — | $5.9M | ||
| Q2 25 | — | $-16.8M | ||
| Q1 25 | $335.0K | $-7.4M | ||
| Q4 24 | $-98.5M | $20.9M | ||
| Q3 24 | $-2.8M | $-50.0K | ||
| Q2 24 | $-126.7M | $-18.0M | ||
| Q1 24 | $54.6M | $-43.6M |
自由现金流率ACTGASPN
| Q4 25 | — | 33.1% | ||
| Q3 25 | — | 8.1% | ||
| Q2 25 | — | -21.6% | ||
| Q1 25 | 0.3% | -9.4% | ||
| Q4 24 | -201.8% | 17.0% | ||
| Q3 24 | -12.1% | -0.0% | ||
| Q2 24 | -490.5% | -15.3% | ||
| Q1 24 | 224.4% | -46.1% |
资本支出强度ACTGASPN
| Q4 25 | — | 6.0% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 16.5% | ||
| Q1 25 | 1.7% | 16.5% | ||
| Q4 24 | 304.4% | 12.0% | ||
| Q3 24 | 9.6% | 17.7% | ||
| Q2 24 | 553.0% | 21.1% | ||
| Q1 24 | 1.1% | 27.4% |
现金转化率ACTGASPN
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.41× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
ASPN
| Energy Industrial | $14.5M | 35% |
| Other | $13.9M | 34% |
| Thermal Barrier | $12.9M | 31% |
