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ACACIA RESEARCH CORP（ACTG）与Ranpak Holdings Corp.（PACK）财务数据对比。点击上方公司名可切换其他公司
Ranpak Holdings Corp.的季度营收约是ACACIA RESEARCH CORP的1.9倍（$93.7M vs $50.1M），ACACIA RESEARCH CORP同比增速更快（2.6% vs 2.3%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs 13.7%）
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。
Ranpak Holdings Corp.主营生产防护纸质包装设备与纸制品，可为电商及各行业货品运输提供纸质缓冲包装方案，同时也供应自动化包装解决方案。公司总部位于美国俄亥俄州康科德，在美国本土多个州、捷克、荷兰、中国上海及新加坡均设有生产基地与办公室，产品可用于包裹缠绕、缓冲填隙、冷链运输等多种场景。
ACTG vs PACK — 直观对比
营收规模更大
PACK
是对方的1.9倍
$50.1M
营收增速更快
ACTG
高出0.3%
2.3%
两年增速更快
ACTG
近两年复合增速
13.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $93.7M |
| 净利润 | $3.4M | — |
| 毛利率 | 12.8% | 39.0% |
| 营业利润率 | -26.1% | -1.0% |
| 净利率 | 6.8% | — |
| 营收同比 | 2.6% | 2.3% |
| 净利润同比 | 125.5% | — |
| 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ACTGPACK
| Q4 25 | $50.1M | $93.7M | ||
| Q3 25 | $59.4M | $83.6M | ||
| Q2 25 | $51.2M | $77.8M | ||
| Q1 25 | $124.4M | $77.6M | ||
| Q4 24 | $48.8M | $91.6M | ||
| Q3 24 | $23.3M | $78.6M | ||
| Q2 24 | $25.8M | $72.8M | ||
| Q1 24 | $24.3M | $72.5M |
净利润ACTGPACK
| Q4 25 | $3.4M | — | ||
| Q3 25 | $-2.7M | $-10.4M | ||
| Q2 25 | $-3.3M | $-7.5M | ||
| Q1 25 | $24.3M | $-10.9M | ||
| Q4 24 | $-13.4M | — | ||
| Q3 24 | $-14.0M | $-8.1M | ||
| Q2 24 | $-8.4M | $5.5M | ||
| Q1 24 | $-186.0K | $-8.1M |
毛利率ACTGPACK
| Q4 25 | 12.8% | 39.0% | ||
| Q3 25 | 21.2% | 41.1% | ||
| Q2 25 | 12.8% | 37.1% | ||
| Q1 25 | 47.4% | 39.8% | ||
| Q4 24 | 17.6% | 45.2% | ||
| Q3 24 | 10.1% | 43.8% | ||
| Q2 24 | 26.2% | 43.5% | ||
| Q1 24 | 49.2% | 44.6% |
营业利润率ACTGPACK
| Q4 25 | -26.1% | -1.0% | ||
| Q3 25 | -10.8% | -6.8% | ||
| Q2 25 | -24.2% | -12.5% | ||
| Q1 25 | 30.8% | -10.3% | ||
| Q4 24 | -32.4% | 1.5% | ||
| Q3 24 | -44.1% | -5.3% | ||
| Q2 24 | -18.4% | -7.1% | ||
| Q1 24 | -8.6% | -6.6% |
净利率ACTGPACK
| Q4 25 | 6.8% | — | ||
| Q3 25 | -4.6% | -12.4% | ||
| Q2 25 | -6.4% | -9.6% | ||
| Q1 25 | 19.5% | -14.0% | ||
| Q4 24 | -27.5% | — | ||
| Q3 24 | -60.0% | -10.3% | ||
| Q2 24 | -32.7% | 7.6% | ||
| Q1 24 | -0.8% | -11.2% |
每股收益（稀释后）ACTGPACK
| Q4 25 | $0.03 | $-0.11 | ||
| Q3 25 | $-0.03 | $-0.12 | ||
| Q2 25 | $-0.03 | $-0.09 | ||
| Q1 25 | $0.25 | $-0.13 | ||
| Q4 24 | $-0.14 | $-0.13 | ||
| Q3 24 | $-0.14 | $-0.10 | ||
| Q2 24 | $-0.08 | $0.07 | ||
| Q1 24 | $0.00 | $-0.10 |
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 | $63.0M |
| 总债务越低越好 | $91.9M | $401.9M |
| 股东权益账面价值 | $543.5M | $534.9M |
| 总资产 | $771.0M | $1.1B |
| 负债/权益比越低杠杆越低 | 0.17× | 0.75× |
8季度趋势，按日历期对齐
现金及短期投资ACTGPACK
| Q4 25 | $306.7M | $63.0M | ||
| Q3 25 | $301.8M | $49.9M | ||
| Q2 25 | $316.7M | $49.2M | ||
| Q1 25 | $272.0M | $65.5M | ||
| Q4 24 | $273.9M | $76.1M | ||
| Q3 24 | $410.9M | $69.5M | ||
| Q2 24 | $441.9M | $65.1M | ||
| Q1 24 | $498.4M | $55.1M |
总债务ACTGPACK
| Q4 25 | $91.9M | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
股东权益ACTGPACK
| Q4 25 | $543.5M | $534.9M | ||
| Q3 25 | $537.6M | $537.8M | ||
| Q2 25 | $538.6M | $539.0M | ||
| Q1 25 | $540.2M | $544.1M | ||
| Q4 24 | $514.8M | $548.1M | ||
| Q3 24 | $540.2M | $564.3M | ||
| Q2 24 | $560.7M | $566.2M | ||
| Q1 24 | $568.3M | $560.0M |
总资产ACTGPACK
| Q4 25 | $771.0M | $1.1B | ||
| Q3 25 | $768.9M | $1.1B | ||
| Q2 25 | $775.5M | $1.1B | ||
| Q1 25 | $801.6M | $1.1B | ||
| Q4 24 | $756.4M | $1.1B | ||
| Q3 24 | $707.6M | $1.1B | ||
| Q2 24 | $753.6M | $1.1B | ||
| Q1 24 | $631.7M | $1.1B |
负债/权益比ACTGPACK
| Q4 25 | 0.17× | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.71× |
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 | $19.5M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流ACTGPACK
| Q4 25 | $75.2M | $19.5M | ||
| Q3 25 | $9.5M | $8.5M | ||
| Q2 25 | $50.1M | $-3.6M | ||
| Q1 25 | $2.4M | $-1.3M | ||
| Q4 24 | $50.1M | $6.5M | ||
| Q3 24 | $-593.0K | $10.1M | ||
| Q2 24 | $16.1M | $19.6M | ||
| Q1 24 | $54.8M | $5.2M |
自由现金流ACTGPACK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $335.0K | — | ||
| Q4 24 | $-98.5M | — | ||
| Q3 24 | $-2.8M | — | ||
| Q2 24 | $-126.7M | — | ||
| Q1 24 | $54.6M | — |
自由现金流率ACTGPACK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | -201.8% | — | ||
| Q3 24 | -12.1% | — | ||
| Q2 24 | -490.5% | — | ||
| Q1 24 | 224.4% | — |
资本支出强度ACTGPACK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 304.4% | — | ||
| Q3 24 | 9.6% | — | ||
| Q2 24 | 553.0% | — | ||
| Q1 24 | 1.1% | — |
现金转化率ACTGPACK
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| 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% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
