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ACACIA RESEARCH CORP（ACTG）与i3 Verticals, Inc.（IIIV）财务数据对比。点击上方公司名可切换其他公司
i3 Verticals, Inc.的季度营收约是ACACIA RESEARCH CORP的1.1倍（$52.7M vs $50.1M），ACACIA RESEARCH CORP净利率更高（6.8% vs 0.9%，领先5.9%），ACACIA RESEARCH CORP同比增速更快（2.6% vs -14.6%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs -4.7%）
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。
Prusa i3是捷克Prusa Research公司生产的熔融沉积成型3D打印机系列，以Original Prusa i3为注册商标推出，同时也是RepRap项目的组成部分。2016年该系列就被评为全球使用率最高的3D打印机，最早由Josef Průša在2012年完成设计，2015年正式推出商用套件版本，目前最新型号同时提供散件套件和原厂组装版本，具备性价比高、易操作的优势。
ACTG vs IIIV — 直观对比
营收规模更大
IIIV
是对方的1.1倍
$50.1M
营收增速更快
ACTG
高出17.2%
-14.6%
净利率更高
ACTG
高出5.9%
0.9%
两年增速更快
ACTG
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $52.7M |
| 净利润 | $3.4M | $484.0K |
| 毛利率 | 12.8% | — |
| 营业利润率 | -26.1% | 3.1% |
| 净利率 | 6.8% | 0.9% |
| 营收同比 | 2.6% | -14.6% |
| 净利润同比 | 125.5% | -76.5% |
| 每股收益（稀释后） | $0.03 | $0.02 |
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ACTGIIIV
| Q4 25 | $50.1M | $52.7M | ||
| Q3 25 | $59.4M | $46.0M | ||
| Q2 25 | $51.2M | $51.9M | ||
| Q1 25 | $124.4M | $63.1M | ||
| Q4 24 | $48.8M | $52.2M | ||
| Q3 24 | $23.3M | $32.0M | ||
| Q2 24 | $25.8M | $46.2M | ||
| Q1 24 | $24.3M | $58.0M |
净利润ACTGIIIV
| Q4 25 | $3.4M | $484.0K | ||
| Q3 25 | $-2.7M | $3.1M | ||
| Q2 25 | $-3.3M | $12.9M | ||
| Q1 25 | $24.3M | $-154.0K | ||
| Q4 24 | $-13.4M | $2.1M | ||
| Q3 24 | $-14.0M | $117.9M | ||
| Q2 24 | $-8.4M | $-7.5M | ||
| Q1 24 | $-186.0K | $1.9M |
毛利率ACTGIIIV
| 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% | — |
营业利润率ACTGIIIV
| Q4 25 | -26.1% | 3.1% | ||
| Q3 25 | -10.8% | 3.2% | ||
| Q2 25 | -24.2% | -9.3% | ||
| Q1 25 | 30.8% | 8.0% | ||
| Q4 24 | -32.4% | 3.9% | ||
| Q3 24 | -44.1% | 10.6% | ||
| Q2 24 | -18.4% | -2.8% | ||
| Q1 24 | -8.6% | 3.4% |
净利率ACTGIIIV
| Q4 25 | 6.8% | 0.9% | ||
| Q3 25 | -4.6% | 6.7% | ||
| Q2 25 | -6.4% | 24.8% | ||
| Q1 25 | 19.5% | -0.2% | ||
| Q4 24 | -27.5% | 3.9% | ||
| Q3 24 | -60.0% | 368.2% | ||
| Q2 24 | -32.7% | -16.3% | ||
| Q1 24 | -0.8% | 3.2% |
每股收益（稀释后）ACTGIIIV
| Q4 25 | $0.03 | $0.02 | ||
| Q3 25 | $-0.03 | $0.14 | ||
| Q2 25 | $-0.03 | $0.50 | ||
| Q1 25 | $0.25 | $0.00 | ||
| Q4 24 | $-0.14 | $0.08 | ||
| Q3 24 | $-0.14 | $4.93 | ||
| Q2 24 | $-0.08 | $-0.32 | ||
| 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 | $37.5M |
| 总债务越低越好 | $91.9M | — |
| 股东权益账面价值 | $543.5M | $358.5M |
| 总资产 | $771.0M | $595.9M |
| 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ACTGIIIV
| Q4 25 | $306.7M | $37.5M | ||
| Q3 25 | $301.8M | $66.7M | ||
| Q2 25 | $316.7M | $55.5M | ||
| Q1 25 | $272.0M | $7.7M | ||
| Q4 24 | $273.9M | $85.6M | ||
| Q3 24 | $410.9M | $86.5M | ||
| Q2 24 | $441.9M | $9.7M | ||
| Q1 24 | $498.4M | $3.1M |
总债务ACTGIIIV
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $12.0M | ||
| Q4 24 | — | $26.2M | ||
| Q3 24 | — | $26.2M | ||
| Q2 24 | — | $374.1M | ||
| Q1 24 | — | $369.6M |
股东权益ACTGIIIV
| Q4 25 | $543.5M | $358.5M | ||
| Q3 25 | $537.6M | $389.6M | ||
| Q2 25 | $538.6M | $383.3M | ||
| Q1 25 | $540.2M | $385.2M | ||
| Q4 24 | $514.8M | $375.0M | ||
| Q3 24 | $540.2M | $379.7M | ||
| Q2 24 | $560.7M | $249.7M | ||
| Q1 24 | $568.3M | $249.3M |
总资产ACTGIIIV
| Q4 25 | $771.0M | $595.9M | ||
| Q3 25 | $768.9M | $638.4M | ||
| Q2 25 | $775.5M | $623.3M | ||
| Q1 25 | $801.6M | $646.4M | ||
| Q4 24 | $756.4M | $726.2M | ||
| Q3 24 | $707.6M | $730.7M | ||
| Q2 24 | $753.6M | $861.7M | ||
| Q1 24 | $631.7M | $625.8M |
负债/权益比ACTGIIIV
| Q4 25 | 0.17× | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.03× | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 1.50× | ||
| Q1 24 | — | 1.48× |
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 | $14.1M |
| 自由现金流经营现金流 - 资本支出 | — | $13.8M |
| 自由现金流率自由现金流/营收 | — | 26.2% |
| 资本支出强度资本支出/营收 | — | 0.6% |
| 现金转化率经营现金流/净利润 | 22.01× | 29.18× |
| 过去12个月自由现金流最近4个季度 | — | $6.5M |
8季度趋势，按日历期对齐
经营现金流ACTGIIIV
| Q4 25 | $75.2M | $14.1M | ||
| Q3 25 | $9.5M | $14.0M | ||
| Q2 25 | $50.1M | $7.4M | ||
| Q1 25 | $2.4M | $-27.1M | ||
| Q4 24 | $50.1M | $11.5M | ||
| Q3 24 | $-593.0K | $15.1M | ||
| Q2 24 | $16.1M | $8.1M | ||
| Q1 24 | $54.8M | $10.7M |
自由现金流ACTGIIIV
| Q4 25 | — | $13.8M | ||
| Q3 25 | — | $13.5M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | $335.0K | $-27.6M | ||
| Q4 24 | $-98.5M | $11.0M | ||
| Q3 24 | $-2.8M | $14.6M | ||
| Q2 24 | $-126.7M | $7.2M | ||
| Q1 24 | $54.6M | $9.9M |
自由现金流率ACTGIIIV
| Q4 25 | — | 26.2% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | 0.3% | -43.8% | ||
| Q4 24 | -201.8% | 21.1% | ||
| Q3 24 | -12.1% | 45.6% | ||
| Q2 24 | -490.5% | 15.6% | ||
| Q1 24 | 224.4% | 17.1% |
资本支出强度ACTGIIIV
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | 1.7% | 0.8% | ||
| Q4 24 | 304.4% | 0.9% | ||
| Q3 24 | 9.6% | 1.7% | ||
| Q2 24 | 553.0% | 1.9% | ||
| Q1 24 | 1.1% | 1.4% |
现金转化率ACTGIIIV
| Q4 25 | 22.01× | 29.18× | ||
| Q3 25 | — | 4.52× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | 5.59× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 5.72× |
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% |
IIIV
| License And Service | $35.7M | 68% |
| Proprietary Payments Revenue | $14.5M | 27% |
| Other Revenue | $2.5M | 5% |
