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ACACIA RESEARCH CORP（ACTG）与IMPINJ INC（PI）财务数据对比。点击上方公司名可切换其他公司
IMPINJ INC的季度营收约是ACACIA RESEARCH CORP的1.5倍（$74.3M vs $50.1M），IMPINJ INC净利率更高（11.2% vs 6.8%，领先4.4%），ACACIA RESEARCH CORP同比增速更快（2.6% vs -0.0%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs -14.9%）
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。
Impinj Inc.是一家美国射频识别（RFID）设备及软件提供商，成立于2000年，总部位于华盛顿州西雅图，源自加州理工学院Carver Mead与Chris Diorio的研究成果。公司主营EPC Class 1 Gen 2无源超高频RFID芯片、读写器、读写器芯片、天线，以及芯片编码、业务数据采集相关的软件应用，为各行业RFID应用提供全链路产品支持。
ACTG vs PI — 直观对比
营收规模更大
PI
是对方的1.5倍
$50.1M
营收增速更快
ACTG
高出2.7%
-0.0%
净利率更高
PI
高出4.4%
6.8%
两年增速更快
ACTG
近两年复合增速
-14.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $74.3M |
| 净利润 | $3.4M | $8.3M |
| 毛利率 | 12.8% | 49.1% |
| 营业利润率 | -26.1% | 30.5% |
| 净利率 | 6.8% | 11.2% |
| 营收同比 | 2.6% | -0.0% |
| 净利润同比 | 125.5% | — |
| 每股收益（稀释后） | $0.03 | $0.14 |
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ACTGPI
| Q1 26 | — | $74.3M | ||
| Q4 25 | $50.1M | $92.8M | ||
| Q3 25 | $59.4M | $96.1M | ||
| Q2 25 | $51.2M | $97.9M | ||
| Q1 25 | $124.4M | $74.3M | ||
| Q4 24 | $48.8M | $91.6M | ||
| Q3 24 | $23.3M | $95.2M | ||
| Q2 24 | $25.8M | $102.5M |
净利润ACTGPI
| Q1 26 | — | $8.3M | ||
| Q4 25 | $3.4M | $-1.1M | ||
| Q3 25 | $-2.7M | $-12.8M | ||
| Q2 25 | $-3.3M | $11.6M | ||
| Q1 25 | $24.3M | $-8.5M | ||
| Q4 24 | $-13.4M | $-2.7M | ||
| Q3 24 | $-14.0M | $221.0K | ||
| Q2 24 | $-8.4M | $10.0M |
毛利率ACTGPI
| Q1 26 | — | 49.1% | ||
| Q4 25 | 12.8% | 51.8% | ||
| Q3 25 | 21.2% | 50.3% | ||
| Q2 25 | 12.8% | 57.8% | ||
| Q1 25 | 47.4% | 49.4% | ||
| Q4 24 | 17.6% | 50.5% | ||
| Q3 24 | 10.1% | 50.0% | ||
| Q2 24 | 26.2% | 56.1% |
营业利润率ACTGPI
| Q1 26 | — | 30.5% | ||
| Q4 25 | -26.1% | -2.9% | ||
| Q3 25 | -10.8% | 0.7% | ||
| Q2 25 | -24.2% | 11.1% | ||
| Q1 25 | 30.8% | -12.9% | ||
| Q4 24 | -32.4% | -3.9% | ||
| Q3 24 | -44.1% | -0.8% | ||
| Q2 24 | -18.4% | 8.8% |
净利率ACTGPI
| Q1 26 | — | 11.2% | ||
| Q4 25 | 6.8% | -1.2% | ||
| Q3 25 | -4.6% | -13.3% | ||
| Q2 25 | -6.4% | 11.8% | ||
| Q1 25 | 19.5% | -11.4% | ||
| Q4 24 | -27.5% | -2.9% | ||
| Q3 24 | -60.0% | 0.2% | ||
| Q2 24 | -32.7% | 9.7% |
每股收益（稀释后）ACTGPI
| Q1 26 | — | $0.14 | ||
| Q4 25 | $0.03 | $-0.02 | ||
| Q3 25 | $-0.03 | $-0.44 | ||
| Q2 25 | $-0.03 | $0.39 | ||
| Q1 25 | $0.25 | $-0.30 | ||
| Q4 24 | $-0.14 | $-0.06 | ||
| Q3 24 | $-0.14 | $0.01 | ||
| Q2 24 | $-0.08 | $0.34 |
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 | $131.8M |
| 总债务越低越好 | $91.9M | $241.5M |
| 股东权益账面价值 | $543.5M | — |
| 总资产 | $771.0M | $502.5M |
| 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ACTGPI
| Q1 26 | — | $131.8M | ||
| Q4 25 | $306.7M | $175.3M | ||
| Q3 25 | $301.8M | $190.1M | ||
| Q2 25 | $316.7M | $193.2M | ||
| Q1 25 | $272.0M | $147.9M | ||
| Q4 24 | $273.9M | $164.7M | ||
| Q3 24 | $410.9M | $170.3M | ||
| Q2 24 | $441.9M | $220.2M |
总债务ACTGPI
| Q1 26 | — | $241.5M | ||
| Q4 25 | $91.9M | $280.9M | ||
| Q3 25 | — | $280.4M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $283.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ACTGPI
| Q1 26 | — | — | ||
| Q4 25 | $543.5M | $209.2M | ||
| Q3 25 | $537.6M | $195.0M | ||
| Q2 25 | $538.6M | $187.7M | ||
| Q1 25 | $540.2M | $160.6M | ||
| Q4 24 | $514.8M | $149.9M | ||
| Q3 24 | $540.2M | $136.1M | ||
| Q2 24 | $560.7M | $117.0M |
总资产ACTGPI
| Q1 26 | — | $502.5M | ||
| Q4 25 | $771.0M | $545.2M | ||
| Q3 25 | $768.9M | $516.5M | ||
| Q2 25 | $775.5M | $508.8M | ||
| Q1 25 | $801.6M | $479.8M | ||
| Q4 24 | $756.4M | $489.1M | ||
| Q3 24 | $707.6M | $476.4M | ||
| Q2 24 | $753.6M | $446.1M |
负债/权益比ACTGPI
| Q1 26 | — | — | ||
| Q4 25 | 0.17× | 1.34× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.89× | ||
| Q3 24 | — | — | ||
| Q2 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 | $75.2M | — |
| 自由现金流经营现金流 - 资本支出 | — | $2.2M |
| 自由现金流率自由现金流/营收 | — | 3.0% |
| 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 | — | $61.1M |
8季度趋势，按日历期对齐
经营现金流ACTGPI
| Q1 26 | — | — | ||
| Q4 25 | $75.2M | $15.1M | ||
| Q3 25 | $9.5M | $20.9M | ||
| Q2 25 | $50.1M | $33.9M | ||
| Q1 25 | $2.4M | $-11.1M | ||
| Q4 24 | $50.1M | $12.6M | ||
| Q3 24 | $-593.0K | $10.1M | ||
| Q2 24 | $16.1M | $45.5M |
自由现金流ACTGPI
| Q1 26 | — | $2.2M | ||
| Q4 25 | — | $13.6M | ||
| Q3 25 | — | $18.0M | ||
| Q2 25 | — | $27.3M | ||
| Q1 25 | $335.0K | $-13.0M | ||
| Q4 24 | $-98.5M | $8.5M | ||
| Q3 24 | $-2.8M | $4.7M | ||
| Q2 24 | $-126.7M | $44.1M |
自由现金流率ACTGPI
| Q1 26 | — | 3.0% | ||
| Q4 25 | — | 14.7% | ||
| Q3 25 | — | 18.7% | ||
| Q2 25 | — | 27.9% | ||
| Q1 25 | 0.3% | -17.5% | ||
| Q4 24 | -201.8% | 9.3% | ||
| Q3 24 | -12.1% | 4.9% | ||
| Q2 24 | -490.5% | 43.0% |
资本支出强度ACTGPI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | 1.7% | 2.5% | ||
| Q4 24 | 304.4% | 4.5% | ||
| Q3 24 | 9.6% | 5.7% | ||
| Q2 24 | 553.0% | 1.3% |
现金转化率ACTGPI
| Q1 26 | — | — | ||
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.93× | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 45.56× | ||
| Q2 24 | — | 4.56× |
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% |
PI
暂无分部数据
