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ACACIA RESEARCH CORP（ACTG）与Hyperscale Data, Inc.（GPUS）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Hyperscale Data, Inc.的1.9倍（$50.1M vs $26.9M），ACACIA RESEARCH CORP净利率更高（6.8% vs -112.0%，领先118.8%），Hyperscale Data, Inc.同比增速更快（38.4% vs 2.6%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs -16.3%）
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。
Hyperscale Data, Inc.主要提供GPU加速计算基础设施及云解决方案，服务于AI开发、大数据处理、高性能计算领域，客户覆盖北美及亚太地区的AI初创企业、大型科技公司与云服务提供商，为复杂数据处理需求交付可扩展的高效计算资源。
ACTG vs GPUS — 直观对比
营收规模更大
ACTG
是对方的1.9倍
$26.9M
营收增速更快
GPUS
高出35.8%
2.6%
净利率更高
ACTG
高出118.8%
-112.0%
两年增速更快
ACTG
近两年复合增速
-16.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $26.9M |
| 净利润 | $3.4M | $-30.1M |
| 毛利率 | 12.8% | 14.5% |
| 营业利润率 | -26.1% | -117.8% |
| 净利率 | 6.8% | -112.0% |
| 营收同比 | 2.6% | 38.4% |
| 净利润同比 | 125.5% | -6670.3% |
| 每股收益（稀释后） | $0.03 | — |
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ACTGGPUS
| Q4 25 | $50.1M | $26.9M | ||
| Q3 25 | $59.4M | $24.3M | ||
| Q2 25 | $51.2M | $25.9M | ||
| Q1 25 | $124.4M | $25.0M | ||
| Q4 24 | $48.8M | $19.4M | ||
| Q3 24 | $23.3M | $31.1M | ||
| Q2 24 | $25.8M | $17.8M | ||
| Q1 24 | $24.3M | $38.4M |
净利润ACTGGPUS
| Q4 25 | $3.4M | $-30.1M | ||
| Q3 25 | $-2.7M | $-13.0M | ||
| Q2 25 | $-3.3M | $-19.1M | ||
| Q1 25 | $24.3M | $-4.2M | ||
| Q4 24 | $-13.4M | $-445.0K | ||
| Q3 24 | $-14.0M | $-25.5M | ||
| Q2 24 | $-8.4M | $-33.9M | ||
| Q1 24 | $-186.0K | $3.7M |
毛利率ACTGGPUS
| Q4 25 | 12.8% | 14.5% | ||
| Q3 25 | 21.2% | 25.8% | ||
| Q2 25 | 12.8% | 23.7% | ||
| Q1 25 | 47.4% | 21.1% | ||
| Q4 24 | 17.6% | 6.5% | ||
| Q3 24 | 10.1% | 27.5% | ||
| Q2 24 | 26.2% | -21.3% | ||
| Q1 24 | 49.2% | 47.4% |
营业利润率ACTGGPUS
| Q4 25 | -26.1% | -117.8% | ||
| Q3 25 | -10.8% | -57.8% | ||
| Q2 25 | -24.2% | -39.2% | ||
| Q1 25 | 30.8% | -25.5% | ||
| Q4 24 | -32.4% | -46.8% | ||
| Q3 24 | -44.1% | -79.2% | ||
| Q2 24 | -18.4% | -151.4% | ||
| Q1 24 | -8.6% | 9.5% |
净利率ACTGGPUS
| Q4 25 | 6.8% | -112.0% | ||
| Q3 25 | -4.6% | -53.5% | ||
| Q2 25 | -6.4% | -73.7% | ||
| Q1 25 | 19.5% | -16.8% | ||
| Q4 24 | -27.5% | -2.3% | ||
| Q3 24 | -60.0% | -82.3% | ||
| Q2 24 | -32.7% | -190.7% | ||
| Q1 24 | -0.8% | 9.7% |
每股收益（稀释后）ACTGGPUS
| Q4 25 | $0.03 | — | ||
| Q3 25 | $-0.03 | $-0.39 | ||
| Q2 25 | $-0.03 | $-2.66 | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.14 | $-8.78 | ||
| Q3 24 | $-0.14 | $-24.82 | ||
| Q2 24 | $-0.08 | $-37.81 | ||
| Q1 24 | $0.00 | $3.32 |
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 | $13.1M |
| 总债务越低越好 | $91.9M | $83.1M |
| 股东权益账面价值 | $543.5M | $119.8M |
| 总资产 | $771.0M | $313.7M |
| 负债/权益比越低杠杆越低 | 0.17× | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资ACTGGPUS
| Q4 25 | $306.7M | $13.1M | ||
| Q3 25 | $301.8M | $24.8M | ||
| Q2 25 | $316.7M | $5.9M | ||
| Q1 25 | $272.0M | $4.2M | ||
| Q4 24 | $273.9M | $4.5M | ||
| Q3 24 | $410.9M | $7.9M | ||
| Q2 24 | $441.9M | $9.6M | ||
| Q1 24 | $498.4M | $18.9M |
总债务ACTGGPUS
| Q4 25 | $91.9M | $83.1M | ||
| Q3 25 | — | $80.0M | ||
| Q2 25 | — | $88.5M | ||
| Q1 25 | — | $92.8M | ||
| Q4 24 | — | $96.7M | ||
| Q3 24 | — | $104.8M | ||
| Q2 24 | — | $106.8M | ||
| Q1 24 | — | $30.0M |
股东权益ACTGGPUS
| Q4 25 | $543.5M | $119.8M | ||
| Q3 25 | $537.6M | $55.9M | ||
| Q2 25 | $538.6M | $5.5M | ||
| Q1 25 | $540.2M | $6.3M | ||
| Q4 24 | $514.8M | $8.6M | ||
| Q3 24 | $540.2M | $2.7M | ||
| Q2 24 | $560.7M | $26.7M | ||
| Q1 24 | $568.3M | $59.0M |
总资产ACTGGPUS
| Q4 25 | $771.0M | $313.7M | ||
| Q3 25 | $768.9M | $242.4M | ||
| Q2 25 | $775.5M | $213.5M | ||
| Q1 25 | $801.6M | $218.5M | ||
| Q4 24 | $756.4M | $220.8M | ||
| Q3 24 | $707.6M | $231.5M | ||
| Q2 24 | $753.6M | $270.8M | ||
| Q1 24 | $631.7M | $299.8M |
负债/权益比ACTGGPUS
| Q4 25 | 0.17× | 0.69× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 16.06× | ||
| Q1 25 | — | 14.71× | ||
| Q4 24 | — | 11.19× | ||
| Q3 24 | — | 38.41× | ||
| Q2 24 | — | 4.00× | ||
| Q1 24 | — | 0.51× |
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 | $-37.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-56.2M |
| 自由现金流率自由现金流/营收 | — | -208.7% |
| 资本支出强度资本支出/营收 | — | 68.6% |
| 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 | — | $-87.1M |
8季度趋势，按日历期对齐
经营现金流ACTGGPUS
| Q4 25 | $75.2M | $-37.7M | ||
| Q3 25 | $9.5M | $-17.8M | ||
| Q2 25 | $50.1M | $-3.1M | ||
| Q1 25 | $2.4M | $-4.0M | ||
| Q4 24 | $50.1M | $-9.2M | ||
| Q3 24 | $-593.0K | $3.7M | ||
| Q2 24 | $16.1M | $-3.7M | ||
| Q1 24 | $54.8M | $-10.2M |
自由现金流ACTGGPUS
| Q4 25 | — | $-56.2M | ||
| Q3 25 | — | $-20.6M | ||
| Q2 25 | — | $-3.5M | ||
| Q1 25 | $335.0K | $-6.8M | ||
| Q4 24 | $-98.5M | $-9.3M | ||
| Q3 24 | $-2.8M | $2.6M | ||
| Q2 24 | $-126.7M | $-5.9M | ||
| Q1 24 | $54.6M | $-11.6M |
自由现金流率ACTGGPUS
| Q4 25 | — | -208.7% | ||
| Q3 25 | — | -84.5% | ||
| Q2 25 | — | -13.5% | ||
| Q1 25 | 0.3% | -27.3% | ||
| Q4 24 | -201.8% | -47.6% | ||
| Q3 24 | -12.1% | 8.4% | ||
| Q2 24 | -490.5% | -33.4% | ||
| Q1 24 | 224.4% | -30.3% |
资本支出强度ACTGGPUS
| Q4 25 | — | 68.6% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | 1.7% | 11.5% | ||
| Q4 24 | 304.4% | 0.3% | ||
| Q3 24 | 9.6% | 3.6% | ||
| Q2 24 | 553.0% | 12.6% | ||
| Q1 24 | 1.1% | 3.7% |
现金转化率ACTGGPUS
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -2.75× |
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% |
GPUS
| Transferred Over Time | $10.4M | 39% |
| Revenue From Mined Crypto Assets At Sentinum Owned And Operated Facilities | $5.8M | 21% |
| Hotel And Real Estate Operations | $4.8M | 18% |
| Other | $4.0M | 15% |
| Turn On Green | $2.0M | 7% |
