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ACACIA RESEARCH CORP（ACTG）与Target Hospitality Corp.（TH）财务数据对比。点击上方公司名可切换其他公司
Target Hospitality Corp.的季度营收约是ACACIA RESEARCH CORP的1.5倍（$73.5M vs $50.1M），ACACIA RESEARCH CORP净利率更高（6.8% vs -20.3%，领先27.2%），Target Hospitality Corp.同比增速更快（22.0% vs 2.6%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs 0.7%）
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。
Target Hospitality是一家专业住宿服务提供商，主营石油、天然气及矿业项目用工住宿，也提供大型活动、灾后救援所需的临时模块化住宿，总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
ACTG vs TH — 直观对比
营收规模更大
TH
是对方的1.5倍
$50.1M
营收增速更快
TH
高出19.4%
2.6%
净利率更高
ACTG
高出27.2%
-20.3%
两年增速更快
ACTG
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $73.5M |
| 净利润 | $3.4M | $-14.9M |
| 毛利率 | 12.8% | 9.6% |
| 营业利润率 | -26.1% | -22.9% |
| 净利率 | 6.8% | -20.3% |
| 营收同比 | 2.6% | 22.0% |
| 净利润同比 | 125.5% | -219.1% |
| 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ACTGTH
| Q4 25 | $50.1M | $73.5M | ||
| Q3 25 | $59.4M | $91.6M | ||
| Q2 25 | $51.2M | $54.9M | ||
| Q1 25 | $124.4M | $54.9M | ||
| Q4 24 | $48.8M | $60.2M | ||
| Q3 24 | $23.3M | $65.8M | ||
| Q2 24 | $25.8M | $67.5M | ||
| Q1 24 | $24.3M | $72.4M |
净利润ACTGTH
| Q4 25 | $3.4M | $-14.9M | ||
| Q3 25 | $-2.7M | $-795.0K | ||
| Q2 25 | $-3.3M | $-14.9M | ||
| Q1 25 | $24.3M | $-6.5M | ||
| Q4 24 | $-13.4M | $12.5M | ||
| Q3 24 | $-14.0M | $20.0M | ||
| Q2 24 | $-8.4M | $18.4M | ||
| Q1 24 | $-186.0K | $20.4M |
毛利率ACTGTH
| Q4 25 | 12.8% | 9.6% | ||
| Q3 25 | 21.2% | 19.6% | ||
| Q2 25 | 12.8% | -0.6% | ||
| Q1 25 | 47.4% | 32.7% | ||
| Q4 24 | 17.6% | 61.5% | ||
| Q3 24 | 10.1% | 68.7% | ||
| Q2 24 | 26.2% | 69.4% | ||
| Q1 24 | 49.2% | 67.8% |
营业利润率ACTGTH
| Q4 25 | -26.1% | -22.9% | ||
| Q3 25 | -10.8% | 0.1% | ||
| Q2 25 | -24.2% | -30.8% | ||
| Q1 25 | 30.8% | -2.0% | ||
| Q4 24 | -32.4% | 34.5% | ||
| Q3 24 | -44.1% | 42.5% | ||
| Q2 24 | -18.4% | 43.8% | ||
| Q1 24 | -8.6% | 42.0% |
净利率ACTGTH
| Q4 25 | 6.8% | -20.3% | ||
| Q3 25 | -4.6% | -0.9% | ||
| Q2 25 | -6.4% | -27.2% | ||
| Q1 25 | 19.5% | -11.8% | ||
| Q4 24 | -27.5% | 20.8% | ||
| Q3 24 | -60.0% | 30.4% | ||
| Q2 24 | -32.7% | 27.2% | ||
| Q1 24 | -0.8% | 28.2% |
每股收益（稀释后）ACTGTH
| Q4 25 | $0.03 | $-0.14 | ||
| Q3 25 | $-0.03 | $-0.01 | ||
| Q2 25 | $-0.03 | $-0.15 | ||
| Q1 25 | $0.25 | $-0.07 | ||
| Q4 24 | $-0.14 | $0.12 | ||
| Q3 24 | $-0.14 | $0.20 | ||
| Q2 24 | $-0.08 | $0.18 | ||
| Q1 24 | $0.00 | $0.20 |
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 | $8.3M |
| 总债务越低越好 | $91.9M | $1.7M |
| 股东权益账面价值 | $543.5M | $389.3M |
| 总资产 | $771.0M | $530.2M |
| 负债/权益比越低杠杆越低 | 0.17× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资ACTGTH
| Q4 25 | $306.7M | $8.3M | ||
| Q3 25 | $301.8M | $30.4M | ||
| Q2 25 | $316.7M | $19.2M | ||
| Q1 25 | $272.0M | $34.5M | ||
| Q4 24 | $273.9M | $190.7M | ||
| Q3 24 | $410.9M | $177.7M | ||
| Q2 24 | $441.9M | $154.3M | ||
| Q1 24 | $498.4M | $124.3M |
总债务ACTGTH
| Q4 25 | $91.9M | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
股东权益ACTGTH
| Q4 25 | $543.5M | $389.3M | ||
| Q3 25 | $537.6M | $402.4M | ||
| Q2 25 | $538.6M | $401.3M | ||
| Q1 25 | $540.2M | $415.3M | ||
| Q4 24 | $514.8M | $421.1M | ||
| Q3 24 | $540.2M | $417.6M | ||
| Q2 24 | $560.7M | $397.2M | ||
| Q1 24 | $568.3M | $375.5M |
总资产ACTGTH
| Q4 25 | $771.0M | $530.2M | ||
| Q3 25 | $768.9M | $541.2M | ||
| Q2 25 | $775.5M | $533.7M | ||
| Q1 25 | $801.6M | $562.5M | ||
| Q4 24 | $756.4M | $725.8M | ||
| Q3 24 | $707.6M | $709.8M | ||
| Q2 24 | $753.6M | $697.0M | ||
| Q1 24 | $631.7M | $687.2M |
负债/权益比ACTGTH
| Q4 25 | 0.17× | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| 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ACTGTH
| Q4 25 | $75.2M | $5.7M | ||
| Q3 25 | $9.5M | $53.4M | ||
| Q2 25 | $50.1M | $11.1M | ||
| Q1 25 | $2.4M | $3.9M | ||
| Q4 24 | $50.1M | $30.6M | ||
| Q3 24 | $-593.0K | $31.4M | ||
| Q2 24 | $16.1M | $39.1M | ||
| Q1 24 | $54.8M | $50.6M |
自由现金流ACTGTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $335.0K | $-11.6M | ||
| Q4 24 | $-98.5M | — | ||
| Q3 24 | $-2.8M | — | ||
| Q2 24 | $-126.7M | — | ||
| Q1 24 | $54.6M | — |
自由现金流率ACTGTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.3% | -21.1% | ||
| Q4 24 | -201.8% | — | ||
| Q3 24 | -12.1% | — | ||
| Q2 24 | -490.5% | — | ||
| Q1 24 | 224.4% | — |
资本支出强度ACTGTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.7% | 28.2% | ||
| Q4 24 | 304.4% | — | ||
| Q3 24 | 9.6% | — | ||
| Q2 24 | 553.0% | — | ||
| Q1 24 | 1.1% | — |
现金转化率ACTGTH
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
