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ACACIA RESEARCH CORP（ACTG）与杜比实验室（DLB）财务数据对比。点击上方公司名可切换其他公司
杜比实验室的季度营收约是ACACIA RESEARCH CORP的6.9倍（$346.7M vs $50.1M）。杜比实验室净利率更高（15.4% vs 6.8%，领先8.6%）。ACACIA RESEARCH CORP同比增速更快（2.6% vs -2.9%）。过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs -2.5%）
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。
杜比实验室是一家美国科技企业，专注于音频降噪、音频编码压缩、空间音频及高动态范围（HDR）影像等技术的研发，旗下技术广泛授权给全球各地的消费电子制造商使用，助力终端产品为用户带来更出色的视听体验。
ACTG vs DLB — 直观对比
营收规模更大
DLB
是对方的6.9倍
$50.1M
营收增速更快
ACTG
高出5.5%
-2.9%
净利率更高
DLB
高出8.6%
6.8%
两年增速更快
ACTG
近两年复合增速
-2.5%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $346.7M |
| 净利润 | $3.4M | $53.3M |
| 毛利率 | 12.8% | 87.5% |
| 营业利润率 | -26.1% | 17.9% |
| 净利率 | 6.8% | 15.4% |
| 营收同比 | 2.6% | -2.9% |
| 净利润同比 | 125.5% | -21.4% |
| 每股收益（稀释后） | $0.03 | $0.55 |
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ACTGDLB
| Q4 25 | $50.1M | $346.7M | ||
| Q3 25 | $59.4M | $307.0M | ||
| Q2 25 | $51.2M | $315.5M | ||
| Q1 25 | $124.4M | $369.6M | ||
| Q4 24 | $48.8M | $357.0M | ||
| Q3 24 | $23.3M | $304.8M | ||
| Q2 24 | $25.8M | $288.8M | ||
| Q1 24 | $24.3M | $364.5M |
净利润ACTGDLB
| Q4 25 | $3.4M | $53.3M | ||
| Q3 25 | $-2.7M | $49.3M | ||
| Q2 25 | $-3.3M | $46.1M | ||
| Q1 25 | $24.3M | $91.8M | ||
| Q4 24 | $-13.4M | $67.8M | ||
| Q3 24 | $-14.0M | $58.6M | ||
| Q2 24 | $-8.4M | $38.4M | ||
| Q1 24 | $-186.0K | $97.8M |
毛利率ACTGDLB
| Q4 25 | 12.8% | 87.5% | ||
| Q3 25 | 21.2% | 87.1% | ||
| Q2 25 | 12.8% | 86.1% | ||
| Q1 25 | 47.4% | 90.3% | ||
| Q4 24 | 17.6% | 88.6% | ||
| Q3 24 | 10.1% | 88.8% | ||
| Q2 24 | 26.2% | 87.7% | ||
| Q1 24 | 49.2% | 89.4% |
营业利润率ACTGDLB
| Q4 25 | -26.1% | 17.9% | ||
| Q3 25 | -10.8% | 9.7% | ||
| Q2 25 | -24.2% | 15.1% | ||
| Q1 25 | 30.8% | 29.2% | ||
| Q4 24 | -32.4% | 22.4% | ||
| Q3 24 | -44.1% | 15.2% | ||
| Q2 24 | -18.4% | 12.7% | ||
| Q1 24 | -8.6% | 29.9% |
净利率ACTGDLB
| Q4 25 | 6.8% | 15.4% | ||
| Q3 25 | -4.6% | 16.1% | ||
| Q2 25 | -6.4% | 14.6% | ||
| Q1 25 | 19.5% | 24.8% | ||
| Q4 24 | -27.5% | 19.0% | ||
| Q3 24 | -60.0% | 19.2% | ||
| Q2 24 | -32.7% | 13.3% | ||
| Q1 24 | -0.8% | 26.8% |
每股收益（稀释后）ACTGDLB
| Q4 25 | $0.03 | $0.55 | ||
| Q3 25 | $-0.03 | $0.50 | ||
| Q2 25 | $-0.03 | $0.48 | ||
| Q1 25 | $0.25 | $0.94 | ||
| Q4 24 | $-0.14 | $0.70 | ||
| Q3 24 | $-0.14 | $0.59 | ||
| Q2 24 | $-0.08 | $0.40 | ||
| Q1 24 | $0.00 | $1.01 |
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 | $644.6M |
| 总债务越低越好 | $91.9M | — |
| 股东权益账面价值 | $543.5M | $2.6B |
| 总资产 | $771.0M | $3.2B |
| 负债/权益比越低杠杆越低 | 0.17× | — |
8季度趋势，按日历期对齐
现金及短期投资ACTGDLB
| Q4 25 | $306.7M | $644.6M | ||
| Q3 25 | $301.8M | $702.6M | ||
| Q2 25 | $316.7M | $699.3M | ||
| Q1 25 | $272.0M | $626.6M | ||
| Q4 24 | $273.9M | $520.8M | ||
| Q3 24 | $410.9M | $482.0M | ||
| Q2 24 | $441.9M | $869.0M | ||
| Q1 24 | $498.4M | $825.4M |
总债务ACTGDLB
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ACTGDLB
| Q4 25 | $543.5M | $2.6B | ||
| Q3 25 | $537.6M | $2.6B | ||
| Q2 25 | $538.6M | $2.6B | ||
| Q1 25 | $540.2M | $2.6B | ||
| Q4 24 | $514.8M | $2.5B | ||
| Q3 24 | $540.2M | $2.5B | ||
| Q2 24 | $560.7M | $2.4B | ||
| Q1 24 | $568.3M | $2.4B |
总资产ACTGDLB
| Q4 25 | $771.0M | $3.2B | ||
| Q3 25 | $768.9M | $3.2B | ||
| Q2 25 | $775.5M | $3.2B | ||
| Q1 25 | $801.6M | $3.2B | ||
| Q4 24 | $756.4M | $3.2B | ||
| Q3 24 | $707.6M | $3.1B | ||
| Q2 24 | $753.6M | $3.0B | ||
| Q1 24 | $631.7M | $3.0B |
负债/权益比ACTGDLB
| Q4 25 | 0.17× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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 | $13.2M | $54.8M |
| 自由现金流经营现金流 - 资本支出 | — | $50.2M |
| 自由现金流率自由现金流/营收 | — | 14.5% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | 3.85× | 1.03× |
| 过去12个月自由现金流最近4个季度 | — | $386.0M |
8季度趋势，按日历期对齐
经营现金流ACTGDLB
| Q4 25 | $13.2M | $54.8M | ||
| Q3 25 | $9.5M | $122.8M | ||
| Q2 25 | $50.1M | $67.7M | ||
| Q1 25 | $2.4M | $174.9M | ||
| Q4 24 | $-20.3M | $106.8M | ||
| Q3 24 | $-593.0K | $116.2M | ||
| Q2 24 | $16.1M | $21.3M | ||
| Q1 24 | $54.8M | $181.4M |
自由现金流ACTGDLB
| Q4 25 | — | $50.2M | ||
| Q3 25 | — | $106.6M | ||
| Q2 25 | — | $61.3M | ||
| Q1 25 | $335.0K | $168.0M | ||
| Q4 24 | $-23.6M | $100.0M | ||
| Q3 24 | $-2.8M | $108.8M | ||
| Q2 24 | $-126.7M | $13.7M | ||
| Q1 24 | $54.6M | $172.5M |
自由现金流率ACTGDLB
| Q4 25 | — | 14.5% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | 19.4% | ||
| Q1 25 | 0.3% | 45.5% | ||
| Q4 24 | -48.2% | 28.0% | ||
| Q3 24 | -12.1% | 35.7% | ||
| Q2 24 | -490.5% | 4.7% | ||
| Q1 24 | 224.4% | 47.3% |
资本支出强度ACTGDLB
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | 1.7% | 1.9% | ||
| Q4 24 | 6.7% | 1.9% | ||
| Q3 24 | 9.6% | 2.4% | ||
| Q2 24 | 553.0% | 2.6% | ||
| Q1 24 | 1.1% | 2.4% |
现金转化率ACTGDLB
| Q4 25 | 3.85× | 1.03× | ||
| Q3 25 | — | 2.49× | ||
| Q2 25 | — | 1.47× | ||
| Q1 25 | 0.10× | 1.91× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 1.85× |
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% |
DLB
| Licensing Brodcast Revenue | $100.3M | 29% |
| Licensing Mobile Revenue | $74.9M | 22% |
| Licensing Other Revenue | $70.2M | 20% |
| Licensing CE Revenue | $45.6M | 13% |
| Licensing PC Revenue | $28.7M | 8% |
| Products And Services | $26.9M | 8% |
