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ACACIA RESEARCH CORP（ACTG）与微宏控股（MVST）财务数据对比。点击上方公司名可切换其他公司
微宏控股的季度营收约是ACACIA RESEARCH CORP的1.9倍（$96.4M vs $50.1M），微宏控股净利率更高（17.2% vs 6.8%，领先10.3%），ACACIA RESEARCH CORP同比增速更快（2.6% vs -15.0%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs 8.9%）
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。
微宏控股是一家电池科技企业，总部位于美国得克萨斯州斯塔福德，在纳斯达克上市。公司主要面向商用电动汽车与并网储能系统，设计、研发并生产电池组件及电池系统，目前在美国、中国、德国均设有生产基地。
ACTG vs MVST — 直观对比
营收规模更大
MVST
是对方的1.9倍
$50.1M
营收增速更快
ACTG
高出17.6%
-15.0%
净利率更高
MVST
高出10.3%
6.8%
两年增速更快
ACTG
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $96.4M |
| 净利润 | $3.4M | $16.5M |
| 毛利率 | 12.8% | 1.0% |
| 营业利润率 | -26.1% | -42.7% |
| 净利率 | 6.8% | 17.2% |
| 营收同比 | 2.6% | -15.0% |
| 净利润同比 | 125.5% | 120.1% |
| 每股收益（稀释后） | $0.03 | $0.19 |
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ACTGMVST
| Q4 25 | $50.1M | $96.4M | ||
| Q3 25 | $59.4M | $123.3M | ||
| Q2 25 | $51.2M | $91.3M | ||
| Q1 25 | $124.4M | $116.5M | ||
| Q4 24 | $48.8M | $113.4M | ||
| Q3 24 | $23.3M | $101.4M | ||
| Q2 24 | $25.8M | $83.7M | ||
| Q1 24 | $24.3M | $81.4M |
净利润ACTGMVST
| Q4 25 | $3.4M | $16.5M | ||
| Q3 25 | $-2.7M | $-1.5M | ||
| Q2 25 | $-3.3M | $-106.1M | ||
| Q1 25 | $24.3M | $61.8M | ||
| Q4 24 | $-13.4M | $-82.3M | ||
| Q3 24 | $-14.0M | $13.2M | ||
| Q2 24 | $-8.4M | $-101.6M | ||
| Q1 24 | $-186.0K | $-24.8M |
毛利率ACTGMVST
| Q4 25 | 12.8% | 1.0% | ||
| Q3 25 | 21.2% | 37.6% | ||
| Q2 25 | 12.8% | 34.7% | ||
| Q1 25 | 47.4% | 36.9% | ||
| Q4 24 | 17.6% | 36.6% | ||
| Q3 24 | 10.1% | 33.2% | ||
| Q2 24 | 26.2% | 32.5% | ||
| Q1 24 | 49.2% | 21.2% |
营业利润率ACTGMVST
| Q4 25 | -26.1% | -42.7% | ||
| Q3 25 | -10.8% | 10.5% | ||
| Q2 25 | -24.2% | 17.8% | ||
| Q1 25 | 30.8% | 16.3% | ||
| Q4 24 | -32.4% | -1.2% | ||
| Q3 24 | -44.1% | 7.1% | ||
| Q2 24 | -18.4% | -118.0% | ||
| Q1 24 | -8.6% | -28.4% |
净利率ACTGMVST
| Q4 25 | 6.8% | 17.2% | ||
| Q3 25 | -4.6% | -1.2% | ||
| Q2 25 | -6.4% | -116.1% | ||
| Q1 25 | 19.5% | 53.0% | ||
| Q4 24 | -27.5% | -72.6% | ||
| Q3 24 | -60.0% | 13.1% | ||
| Q2 24 | -32.7% | -121.4% | ||
| Q1 24 | -0.8% | -30.5% |
每股收益（稀释后）ACTGMVST
| Q4 25 | $0.03 | $0.19 | ||
| Q3 25 | $-0.03 | $0.00 | ||
| Q2 25 | $-0.03 | $-0.33 | ||
| Q1 25 | $0.25 | $0.05 | ||
| Q4 24 | $-0.14 | $-0.24 | ||
| Q3 24 | $-0.14 | $0.03 | ||
| 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 | $105.0M |
| 总债务越低越好 | $91.9M | $13.2M |
| 股东权益账面价值 | $543.5M | $410.5M |
| 总资产 | $771.0M | $1.0B |
| 负债/权益比越低杠杆越低 | 0.17× | 0.03× |
8季度趋势，按日历期对齐
现金及短期投资ACTGMVST
| Q4 25 | $306.7M | $105.0M | ||
| Q3 25 | $301.8M | $90.7M | ||
| Q2 25 | $316.7M | $99.7M | ||
| Q1 25 | $272.0M | $90.9M | ||
| Q4 24 | $273.9M | $73.0M | ||
| Q3 24 | $410.9M | $63.6M | ||
| Q2 24 | $441.9M | $68.2M | ||
| Q1 24 | $498.4M | $39.5M |
总债务ACTGMVST
| Q4 25 | $91.9M | $13.2M | ||
| Q3 25 | — | $34.4M | ||
| Q2 25 | — | $34.2M | ||
| Q1 25 | — | $41.3M | ||
| Q4 24 | — | $41.1M | ||
| Q3 24 | — | $53.4M | ||
| Q2 24 | — | $34.2M | ||
| Q1 24 | — | $43.0M |
股东权益ACTGMVST
| Q4 25 | $543.5M | $410.5M | ||
| Q3 25 | $537.6M | $358.1M | ||
| Q2 25 | $538.6M | $356.1M | ||
| Q1 25 | $540.2M | $454.2M | ||
| Q4 24 | $514.8M | $387.9M | ||
| Q3 24 | $540.2M | $486.1M | ||
| Q2 24 | $560.7M | $455.0M | ||
| Q1 24 | $568.3M | $546.1M |
总资产ACTGMVST
| Q4 25 | $771.0M | $1.0B | ||
| Q3 25 | $768.9M | $1.0B | ||
| Q2 25 | $775.5M | $1.0B | ||
| Q1 25 | $801.6M | $982.9M | ||
| Q4 24 | $756.4M | $951.9M | ||
| Q3 24 | $707.6M | $997.9M | ||
| Q2 24 | $753.6M | $961.4M | ||
| Q1 24 | $631.7M | $1.0B |
负债/权益比ACTGMVST
| Q4 25 | 0.17× | 0.03× | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.09× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.11× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | — | 0.08× |
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 | $16.4M |
| 自由现金流经营现金流 - 资本支出 | — | $15.8M |
| 自由现金流率自由现金流/营收 | — | 16.4% |
| 资本支出强度资本支出/营收 | — | 0.7% |
| 现金转化率经营现金流/净利润 | 22.01× | 0.99× |
| 过去12个月自由现金流最近4个季度 | — | $56.1M |
8季度趋势，按日历期对齐
经营现金流ACTGMVST
| Q4 25 | $75.2M | $16.4M | ||
| Q3 25 | $9.5M | $15.2M | ||
| Q2 25 | $50.1M | $37.2M | ||
| Q1 25 | $2.4M | $7.2M | ||
| Q4 24 | $50.1M | $6.1M | ||
| Q3 24 | $-593.0K | $-5.4M | ||
| Q2 24 | $16.1M | $111.0K | ||
| Q1 24 | $54.8M | $2.0M |
自由现金流ACTGMVST
| Q4 25 | — | $15.8M | ||
| Q3 25 | — | $1.2M | ||
| Q2 25 | — | $34.3M | ||
| Q1 25 | $335.0K | $4.8M | ||
| Q4 24 | $-98.5M | $5.7M | ||
| Q3 24 | $-2.8M | $-19.6M | ||
| Q2 24 | $-126.7M | $-2.8M | ||
| Q1 24 | $54.6M | $-8.2M |
自由现金流率ACTGMVST
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 37.5% | ||
| Q1 25 | 0.3% | 4.1% | ||
| Q4 24 | -201.8% | 5.1% | ||
| Q3 24 | -12.1% | -19.3% | ||
| Q2 24 | -490.5% | -3.4% | ||
| Q1 24 | 224.4% | -10.1% |
资本支出强度ACTGMVST
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 11.3% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | 1.7% | 2.0% | ||
| Q4 24 | 304.4% | 0.3% | ||
| Q3 24 | 9.6% | 14.0% | ||
| Q2 24 | 553.0% | 3.5% | ||
| Q1 24 | 1.1% | 12.6% |
现金转化率ACTGMVST
| Q4 25 | 22.01× | 0.99× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | 0.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.41× | ||
| 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% |
MVST
| Europe | $35.1M | 36% |
| CN | $32.5M | 34% |
| US | $21.5M | 22% |
| Other | $7.2M | 8% |
