Acacia Research Corporation

NASDAQ•ACTG

CEO: Mr. Martin D. McNulty Jr.

Sector: Industrials

Industry: Specialty Business Services

Listing Date: 2002-12-16

Acacia Research Corporation focuses on acquiring and managing companies across technology, energy, and industrials verticals. The company operates through three segments, Intellectual Property Operations, Industrial Operations, and Energy Operations. The Intellectual Property Operations segment invests in IP and related absolute return assets; and engages in the licensing and enforcement of patented technologies. The Industrial Operations segment designs and manufactures printers and consumable products for various industrial printing applications. The Energy Operations segment engages in the acquisition, exploration, development, and production of oil and natural gas resources located in Texas and Oklahoma. Acacia Research Corporation was incorporated in 1993 and is headquartered in New York, New York.

Contact Information

767 Third Avenue, 6th Floor, New York, NY, 10017, United States

332-236-8500

www.acaciaresearch.com

Market Cap

$452.04M

P/E (TTM)

-24.6

Dividend Yield

52W High

$5.27

52W Low

$3.12

52W Range

73%

Rank46Top 59.5%

3.5

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 3.5 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q1 2026 Data

Revenue

$54.24M+0.00%

4-Quarter Trend

EPS

-$0.16+0.00%

4-Quarter Trend

FCF

-$5.79M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Significant Revenue and Profit Turnaround Total revenues surged 133% to $285.2M in 2025; achieved net income of $21.7M, reversing prior $36.1M loss.

Intellectual Property Revenue Milestone Generated cumulative gross licensing revenue of approximately $1.9B; returned $898.2M to patent partners through 2025.

Energy Reserves Increased 31% Benchmark proved reserves grew 31% to 33,003 MBoe by year-end 2025, driven by development plan adoption.

Manufacturing Revenue Boost Manufacturing operations revenue increased $91.6M due to full year impact from Deflecto acquisition in Q4 2024.

Risk Factors

Acquisition Integration Challenges Remain Success depends on timely integration and realizing synergies; integration costs could exceed anticipated benefits materially.

Energy Price Volatility Exposure Declining oil/gas prices could render assets uneconomic, leading to asset write-downs and impacting borrowing base capacity.

Patent Litigation Cost Uncertainty Patent enforcement is costly and complex; adverse rulings or appeals could exhaust resources and impair asset monetization.

Starboard Voting Power Concentration Starboard controls 63.4% voting power, potentially conflicting with other stockholders' interests regarding corporate decisions.

Outlook

Focus on Value-Oriented Acquisitions Continue disciplined strategy focusing on acquiring undervalued businesses across industrial, energy, and technology sectors.

Benchmark Development Plan Execution Benchmark adopted 2026 development plan; first horizontal well spud in December 2025 expected to produce in Q1 2026.

Opportunistic IP Capital Deployment Remain open to deploying additional capital into the IP business as attractive patent portfolio opportunities become available.

Internal Control Weakness Remediation Material weakness related to Benchmark ITGCs was remediated by year-end 2025; controls deemed effective as of 12/31/2025.

Peer Comparison

Revenue (TTM)

QUAD

$2.37B

-10.4%

WNC

$1.47B

-19.2%

KODK

$1.09B

+4.4%

Gross Margin (Latest Quarter)

ACTG

91.1%

+75.9pp

SBC

69.8%

-12.5pp

SPIR

39.8%

-7.9pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
KODK	$941.84M	-6.3	-18.3%	12.7%
SPIR	$593.14M	12.5	0.2%	4.3%
PANL	$502.39M	14.2	8.1%	37.9%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

1.9%

Moderate Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data