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ACACIA RESEARCH CORP（ACTG）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
Vericel Corp的季度营收约是ACACIA RESEARCH CORP的1.9倍（$92.9M vs $50.1M），Vericel Corp净利率更高（25.0% vs 6.8%，领先18.2%），Vericel Corp同比增速更快（23.3% vs 2.6%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs 34.6%）
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。
Vericel Corp是一家美国上市生物制药企业，前身为1989年在密歇根州安娜堡成立的Aastrom Bio，2014年10月正式更为现名，专注于生物制药相关领域的研发与商业化运营。
ACTG vs VCEL — 直观对比
营收规模更大
VCEL
是对方的1.9倍
$50.1M
营收增速更快
VCEL
高出20.6%
2.6%
净利率更高
VCEL
高出18.2%
6.8%
两年增速更快
ACTG
近两年复合增速
34.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $92.9M |
| 净利润 | $3.4M | $23.2M |
| 毛利率 | 12.8% | 78.7% |
| 营业利润率 | -26.1% | 24.1% |
| 净利率 | 6.8% | 25.0% |
| 营收同比 | 2.6% | 23.3% |
| 净利润同比 | 125.5% | 17.3% |
| 每股收益（稀释后） | $0.03 | $0.46 |
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ACTGVCEL
| Q4 25 | $50.1M | $92.9M | ||
| Q3 25 | $59.4M | $67.5M | ||
| Q2 25 | $51.2M | $63.2M | ||
| Q1 25 | $124.4M | $52.6M | ||
| Q4 24 | $48.8M | $75.4M | ||
| Q3 24 | $23.3M | $57.9M | ||
| Q2 24 | $25.8M | $52.7M | ||
| Q1 24 | $24.3M | $51.3M |
净利润ACTGVCEL
| Q4 25 | $3.4M | $23.2M | ||
| Q3 25 | $-2.7M | $5.1M | ||
| Q2 25 | $-3.3M | $-553.0K | ||
| Q1 25 | $24.3M | $-11.2M | ||
| Q4 24 | $-13.4M | $19.8M | ||
| Q3 24 | $-14.0M | $-901.0K | ||
| Q2 24 | $-8.4M | $-4.7M | ||
| Q1 24 | $-186.0K | $-3.9M |
毛利率ACTGVCEL
| Q4 25 | 12.8% | 78.7% | ||
| Q3 25 | 21.2% | 73.5% | ||
| Q2 25 | 12.8% | 73.7% | ||
| Q1 25 | 47.4% | 69.0% | ||
| Q4 24 | 17.6% | 77.6% | ||
| Q3 24 | 10.1% | 71.9% | ||
| Q2 24 | 26.2% | 69.5% | ||
| Q1 24 | 49.2% | 68.9% |
营业利润率ACTGVCEL
| Q4 25 | -26.1% | 24.1% | ||
| Q3 25 | -10.8% | 5.1% | ||
| Q2 25 | -24.2% | -3.2% | ||
| Q1 25 | 30.8% | -24.3% | ||
| Q4 24 | -32.4% | 24.5% | ||
| Q3 24 | -44.1% | -4.3% | ||
| Q2 24 | -18.4% | -11.5% | ||
| Q1 24 | -8.6% | -10.7% |
净利率ACTGVCEL
| Q4 25 | 6.8% | 25.0% | ||
| Q3 25 | -4.6% | 7.5% | ||
| Q2 25 | -6.4% | -0.9% | ||
| Q1 25 | 19.5% | -21.4% | ||
| Q4 24 | -27.5% | 26.3% | ||
| Q3 24 | -60.0% | -1.6% | ||
| Q2 24 | -32.7% | -8.9% | ||
| Q1 24 | -0.8% | -7.5% |
每股收益（稀释后）ACTGVCEL
| Q4 25 | $0.03 | $0.46 | ||
| Q3 25 | $-0.03 | $0.10 | ||
| Q2 25 | $-0.03 | $-0.01 | ||
| Q1 25 | $0.25 | $-0.23 | ||
| Q4 24 | $-0.14 | $0.40 | ||
| Q3 24 | $-0.14 | $-0.02 | ||
| Q2 24 | $-0.08 | $-0.10 | ||
| 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 | $137.5M |
| 总债务越低越好 | $91.9M | — |
| 股东权益账面价值 | $543.5M | $354.6M |
| 总资产 | $771.0M | $488.0M |
| 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ACTGVCEL
| Q4 25 | $306.7M | $137.5M | ||
| Q3 25 | $301.8M | $135.4M | ||
| Q2 25 | $316.7M | $116.9M | ||
| Q1 25 | $272.0M | $112.9M | ||
| Q4 24 | $273.9M | $116.2M | ||
| Q3 24 | $410.9M | $101.7M | ||
| Q2 24 | $441.9M | $102.5M | ||
| Q1 24 | $498.4M | $110.6M |
总债务ACTGVCEL
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ACTGVCEL
| Q4 25 | $543.5M | $354.6M | ||
| Q3 25 | $537.6M | $321.9M | ||
| Q2 25 | $538.6M | $306.8M | ||
| Q1 25 | $540.2M | $295.5M | ||
| Q4 24 | $514.8M | $292.0M | ||
| Q3 24 | $540.2M | $257.5M | ||
| Q2 24 | $560.7M | $243.0M | ||
| Q1 24 | $568.3M | $233.9M |
总资产ACTGVCEL
| Q4 25 | $771.0M | $488.0M | ||
| Q3 25 | $768.9M | $453.3M | ||
| Q2 25 | $775.5M | $435.6M | ||
| Q1 25 | $801.6M | $424.6M | ||
| Q4 24 | $756.4M | $432.7M | ||
| Q3 24 | $707.6M | $390.4M | ||
| Q2 24 | $753.6M | $376.8M | ||
| Q1 24 | $631.7M | $356.7M |
负债/权益比ACTGVCEL
| Q4 25 | 0.17× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $15.0M |
| 自由现金流经营现金流 - 资本支出 | — | $12.8M |
| 自由现金流率自由现金流/营收 | — | 13.8% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | 22.01× | 0.65× |
| 过去12个月自由现金流最近4个季度 | — | $24.7M |
8季度趋势，按日历期对齐
经营现金流ACTGVCEL
| Q4 25 | $75.2M | $15.0M | ||
| Q3 25 | $9.5M | $22.1M | ||
| Q2 25 | $50.1M | $8.2M | ||
| Q1 25 | $2.4M | $6.6M | ||
| Q4 24 | $50.1M | $22.2M | ||
| Q3 24 | $-593.0K | $10.2M | ||
| Q2 24 | $16.1M | $18.5M | ||
| Q1 24 | $54.8M | $7.2M |
自由现金流ACTGVCEL
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | $335.0K | $-7.6M | ||
| Q4 24 | $-98.5M | $8.5M | ||
| Q3 24 | $-2.8M | $-9.2M | ||
| Q2 24 | $-126.7M | $1.8M | ||
| Q1 24 | $54.6M | $-6.8M |
自由现金流率ACTGVCEL
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | 0.3% | -14.5% | ||
| Q4 24 | -201.8% | 11.2% | ||
| Q3 24 | -12.1% | -15.9% | ||
| Q2 24 | -490.5% | 3.4% | ||
| Q1 24 | 224.4% | -13.3% |
资本支出强度ACTGVCEL
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | 1.7% | 27.0% | ||
| Q4 24 | 304.4% | 18.3% | ||
| Q3 24 | 9.6% | 33.5% | ||
| Q2 24 | 553.0% | 31.8% | ||
| Q1 24 | 1.1% | 27.3% |
现金转化率ACTGVCEL
| Q4 25 | 22.01× | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
