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ACACIA RESEARCH CORP（ACTG）与Commerce.com, Inc.（CMRC）财务数据对比。点击上方公司名可切换其他公司
Commerce.com, Inc.的季度营收约是ACACIA RESEARCH CORP的1.8倍（$89.5M vs $50.1M），ACACIA RESEARCH CORP净利率更高（6.8% vs -9.3%，领先16.2%），Commerce.com, Inc.同比增速更快（2.9% vs 2.6%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs 5.5%）
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。
SPS Commerce是一家总部位于美国明尼苏达州明尼阿波利斯市的科技企业，核心业务是为客户提供基于云端的供应链管理软件解决方案。公司除在美国本土设有分支机构外，还在阿姆斯特丹、北京、香港、多伦多、悉尼等全球多个城市布局了办公网点。
ACTG vs CMRC — 直观对比
营收规模更大
CMRC
是对方的1.8倍
$50.1M
营收增速更快
CMRC
高出0.2%
2.6%
净利率更高
ACTG
高出16.2%
-9.3%
两年增速更快
ACTG
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $89.5M |
| 净利润 | $3.4M | $-8.4M |
| 毛利率 | 12.8% | 78.3% |
| 营业利润率 | -26.1% | -7.4% |
| 净利率 | 6.8% | -9.3% |
| 营收同比 | 2.6% | 2.9% |
| 净利润同比 | 125.5% | -250.0% |
| 每股收益（稀释后） | $0.03 | $-0.11 |
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ACTGCMRC
| Q4 25 | $50.1M | $89.5M | ||
| Q3 25 | $59.4M | $86.0M | ||
| Q2 25 | $51.2M | $84.4M | ||
| Q1 25 | $124.4M | $82.4M | ||
| Q4 24 | $48.8M | $87.0M | ||
| Q3 24 | $23.3M | $83.7M | ||
| Q2 24 | $25.8M | $81.8M | ||
| Q1 24 | $24.3M | $80.4M |
净利润ACTGCMRC
| Q4 25 | $3.4M | $-8.4M | ||
| Q3 25 | $-2.7M | $-2.2M | ||
| Q2 25 | $-3.3M | $-8.4M | ||
| Q1 25 | $24.3M | $-353.0K | ||
| Q4 24 | $-13.4M | $-2.4M | ||
| Q3 24 | $-14.0M | $-7.0M | ||
| Q2 24 | $-8.4M | $-11.3M | ||
| Q1 24 | $-186.0K | $-6.4M |
毛利率ACTGCMRC
| Q4 25 | 12.8% | 78.3% | ||
| Q3 25 | 21.2% | 78.4% | ||
| Q2 25 | 12.8% | 79.0% | ||
| Q1 25 | 47.4% | 79.4% | ||
| Q4 24 | 17.6% | 77.6% | ||
| Q3 24 | 10.1% | 76.3% | ||
| Q2 24 | 26.2% | 75.8% | ||
| Q1 24 | 49.2% | 77.1% |
营业利润率ACTGCMRC
| Q4 25 | -26.1% | -7.4% | ||
| Q3 25 | -10.8% | -0.5% | ||
| Q2 25 | -24.2% | -8.0% | ||
| Q1 25 | 30.8% | -2.9% | ||
| Q4 24 | -32.4% | -0.9% | ||
| Q3 24 | -44.1% | -23.0% | ||
| Q2 24 | -18.4% | -16.5% | ||
| Q1 24 | -8.6% | -10.2% |
净利率ACTGCMRC
| Q4 25 | 6.8% | -9.3% | ||
| Q3 25 | -4.6% | -2.6% | ||
| Q2 25 | -6.4% | -9.9% | ||
| Q1 25 | 19.5% | -0.4% | ||
| Q4 24 | -27.5% | -2.7% | ||
| Q3 24 | -60.0% | -8.4% | ||
| Q2 24 | -32.7% | -13.8% | ||
| Q1 24 | -0.8% | -8.0% |
每股收益（稀释后）ACTGCMRC
| Q4 25 | $0.03 | $-0.11 | ||
| Q3 25 | $-0.03 | $-0.03 | ||
| Q2 25 | $-0.03 | $-0.10 | ||
| Q1 25 | $0.25 | $0.00 | ||
| Q4 24 | $-0.14 | $-0.03 | ||
| Q3 24 | $-0.14 | $-0.09 | ||
| Q2 24 | $-0.08 | $-0.15 | ||
| Q1 24 | $0.00 | $-0.08 |
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 | $141.1M |
| 总债务越低越好 | $91.9M | $157.0M |
| 股东权益账面价值 | $543.5M | $39.4M |
| 总资产 | $771.0M | $308.8M |
| 负债/权益比越低杠杆越低 | 0.17× | 3.99× |
8季度趋势，按日历期对齐
现金及短期投资ACTGCMRC
| Q4 25 | $306.7M | $141.1M | ||
| Q3 25 | $301.8M | $142.0M | ||
| Q2 25 | $316.7M | $134.5M | ||
| Q1 25 | $272.0M | $120.7M | ||
| Q4 24 | $273.9M | $178.2M | ||
| Q3 24 | $410.9M | $168.4M | ||
| Q2 24 | $441.9M | $275.8M | ||
| Q1 24 | $498.4M | $265.2M |
总债务ACTGCMRC
| Q4 25 | $91.9M | $157.0M | ||
| Q3 25 | — | $157.3M | ||
| Q2 25 | — | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | — | $216.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $340.9M | ||
| Q1 24 | — | $340.5M |
股东权益ACTGCMRC
| Q4 25 | $543.5M | $39.4M | ||
| Q3 25 | $537.6M | $42.8M | ||
| Q2 25 | $538.6M | $38.8M | ||
| Q1 25 | $540.2M | $38.1M | ||
| Q4 24 | $514.8M | $33.4M | ||
| Q3 24 | $540.2M | $29.0M | ||
| Q2 24 | $560.7M | $26.1M | ||
| Q1 24 | $568.3M | $26.9M |
总资产ACTGCMRC
| Q4 25 | $771.0M | $308.8M | ||
| Q3 25 | $768.9M | $309.5M | ||
| Q2 25 | $775.5M | $302.5M | ||
| Q1 25 | $801.6M | $286.3M | ||
| Q4 24 | $756.4M | $340.3M | ||
| Q3 24 | $707.6M | $335.1M | ||
| Q2 24 | $753.6M | $452.5M | ||
| Q1 24 | $631.7M | $442.5M |
负债/权益比ACTGCMRC
| Q4 25 | 0.17× | 3.99× | ||
| Q3 25 | — | 3.67× | ||
| Q2 25 | — | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | — | 6.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 13.06× | ||
| Q1 24 | — | 12.65× |
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 | $980.0K |
| 自由现金流经营现金流 - 资本支出 | — | $-2.2M |
| 自由现金流率自由现金流/营收 | — | -2.4% |
| 资本支出强度资本支出/营收 | — | 3.5% |
| 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 | — | $16.9M |
8季度趋势，按日历期对齐
经营现金流ACTGCMRC
| Q4 25 | $75.2M | $980.0K | ||
| Q3 25 | $9.5M | $10.6M | ||
| Q2 25 | $50.1M | $13.6M | ||
| Q1 25 | $2.4M | $401.0K | ||
| Q4 24 | $50.1M | $12.4M | ||
| Q3 24 | $-593.0K | $5.6M | ||
| Q2 24 | $16.1M | $11.7M | ||
| Q1 24 | $54.8M | $-3.4M |
自由现金流ACTGCMRC
| Q4 25 | — | $-2.2M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | — | $11.9M | ||
| Q1 25 | $335.0K | $-424.0K | ||
| Q4 24 | $-98.5M | $11.6M | ||
| Q3 24 | $-2.8M | $4.5M | ||
| Q2 24 | $-126.7M | $10.7M | ||
| Q1 24 | $54.6M | $-4.2M |
自由现金流率ACTGCMRC
| Q4 25 | — | -2.4% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | 0.3% | -0.5% | ||
| Q4 24 | -201.8% | 13.3% | ||
| Q3 24 | -12.1% | 5.4% | ||
| Q2 24 | -490.5% | 13.0% | ||
| Q1 24 | 224.4% | -5.3% |
资本支出强度ACTGCMRC
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | 1.7% | 1.0% | ||
| Q4 24 | 304.4% | 0.9% | ||
| Q3 24 | 9.6% | 1.3% | ||
| Q2 24 | 553.0% | 1.3% | ||
| Q1 24 | 1.1% | 1.0% |
现金转化率ACTGCMRC
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
