ACTG on Nasdaq

Acacia Research

Logo: Acacia Research, Public domain, via Wikimedia Commons⁴

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Last updated Oct 16, 2026.

Overview

1993Founded¹

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TickerACTG on Nasdaq¹
IndustryPatent Owners & Lessors¹
HeadquartersNewport Beach¹
Websitewww.acaciaresearch.com
Incorporated inDE⁵
Business address777 3Rd Avenue, Suite 2602, New York, Ny 10017⁵
Filer categoryAccelerated filer, Smaller reporting company⁵

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Acacia Research Corporation is a publicly traded American company based in New York City. It acquires and operates businesses in industries including the technology, energy, and industrial/manufacturing sectors. Acacia has a strategic relationship with Starboard Value, LP, the company's controlling shareholder. The company has been characterized as a patent troll.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

29.6%Gross margin⁷

2.2%Operating margin⁷

7.6%Net margin⁷

133.2%Revenue growth, 2025⁷

4.0%Return on equity⁷

0.17×Debt to equity⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Paid-up Revenue Agreements brought in 23% of the revenue Acacia Research broke down this way in fiscal 2025.

Paid-up Revenue Agreements$76.9M⁷23%up 346% from 2024
Transportation Safety$42.6M⁷13%up 434% from 2024
Air Distribution$37.6M⁷11%up 383% from 2024
Office, Storage and Display Solutions$34.6M⁷10%up 367% from 2024
Oil$28.5M⁷8%up 8% from 2024
Industrial Operations$28.3M⁷8%down 7% from 2024
Printers and parts$28.3M⁷8%down 7% from 2024
Printers, consumables and parts$25.1M⁷7%down 7% from 2024
Natural Gas$18.2M⁷5%up 98% from 2024
Natural Gas Liquids (NGL)$15.1M⁷4%up 16% from 2024
Recurring Revenue Agreements$1.5M⁷0%down 34% from 2024

Products and services by year

Products and services	2024	2025
Paid-up Revenue Agreements	$17.3M	$76.9M
Transportation Safety	$8.0M	$42.6M
Air Distribution	$7.8M	$37.6M
Office, Storage and Display Solutions	$7.4M	$34.6M
Oil	$26.5M	$28.5M
Industrial Operations	$30.4M	$28.3M
Printers and parts	$30.4M	$28.3M
Printers, consumables and parts	$27.1M	$25.1M
Natural Gas	$9.2M	$18.2M
Natural Gas Liquids (NGL)	$13.0M	$15.1M
Recurring Revenue Agreements	$2.3M	$1.5M

Business segments

Manufacturing Operations brought in 40% of the revenue Acacia Research broke down this way in fiscal 2025.

Manufacturing Operations$114.8M⁷40%up 395% from 2024
Intellectual Property Operations$78.4M⁷27%up 301% from 2024
Energy Operations$63.8M⁷22%up 30% from 2024
Industrial Operations$28.3M⁷10%down 7% from 2024

Business segments by year

Business segments	2024	2025
Manufacturing Operations	$23.2M	$114.8M
Intellectual Property Operations	$19.5M	$78.4M
Energy Operations	$49.2M	$63.8M
Industrial Operations	$30.4M	$28.3M

Regions

United States brought in 76% of the revenue Acacia Research broke down this way in fiscal 2025.

United States$216.5M⁷76%up 160% from 2024
Canada and Latin America$24.1M⁷8%up 444% from 2024
[Canada]$23.0M⁷8%up 129% from 2024
EMEA$15.1M⁷5%up 58% from 2024
Asia-Pacific, excluding China and India$4.5M⁷2%down 63% from 2024
India$2.0M⁷1%down 27% from 2024

Regions by year

Regions	2024	2025
United States	$83.4M	$216.5M
Canada and Latin America	$4.4M	$24.1M
[Canada]	$10.1M	$23.0M
EMEA	$9.5M	$15.1M
Asia-Pacific, excluding China and India	$12.2M	$4.5M
India	$2.7M	$2.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueOther costs

Cost of revenue70¢$200.8M
Other costs20¢$56.0M
Income tax2¢$6.8M
Profit8¢$21.7M

Out of $285.2M in revenue.⁷

Where each dollar of operating cash went, fiscal 2025

Kept or used elsewhere

Kept or used elsewhere100¢$75.2M

Out of $75.2M of cash from operations.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹¹²⁷$285.2M in 2025+2436% since 2019

Gross profit¹⁰¹¹¹²⁷$84.5M in 2025+63% since 2021

Operating income⁸⁹¹⁰¹¹¹²⁷$6.4M in 2025

Net income⁸⁹¹⁰¹¹¹²⁷$21.7M in 2025

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31
Total revenues	$285.2M	$122.3M
Cost of revenues - intellectual property operations	$200.8M	$92.7M
Sales and marketing expenses - industrial and manufacturing operations	$13.0M	$7.2M
General and administrative expenses	$65.1M	$55.4M
Total costs and expenses	$278.8M	$155.2M
Operating income (loss)	$6.4M	-$32.9M
Change in fair value of equity securities	$1.1M	-$31.4M
(Loss) gain on sale of equity securities	-$25.0K	$28.9M
Net realized and unrealized gain (loss)	$1.1M	-$2.6M
Non-recurring legacy legal expense	$0	-$14.9M
Service provider settlement, net	$15.8M	$0
Gain on derivatives - energy operations	$7.4M	$2.0M
Gain (loss) on foreign currency exchange	$414.0K	-$370.0K
Interest expense	-$9.0M	-$6.5M
Interest income	$11.3M	$17.7M
Other expense, net	-$2.0M	-$677.0K
Total other income (expense)	$24.9M	-$5.2M
Income (loss) before income taxes	$31.3M	-$38.1M
Income tax (expense) benefit	-$6.8M	$3.4M
Net income (loss) including noncontrolling interests in subsidiaries	$24.5M	-$34.7M
Net income attributable to noncontrolling interests in subsidiaries	-$2.8M	-$1.4M
Net income (loss) attributable to Acacia Research Corporation	$21.7M	-$36.1M
Net income (loss) attributable to common stockholders - Basic	$21.7M	-$36.1M
Weighted average number of shares outstanding - Basic	96.3M shares	99.2M shares
Basic net income (loss) per common share (in usd per share)	$0.23	-$0.36
Net income (loss) attributable to common stockholders - Diluted	$21.7M	-$36.1M
Weighted average number of shares outstanding - Diluted	97.2M shares	99.2M shares
Diluted net income (loss) per common share (in usd per share)	$0.22	-$0.36
Foreign currency translation	$1.9M	-$1.2M
Other comprehensive income	$1.9M	-$1.2M
Total comprehensive income (loss)	$26.3M	-$35.9M
Comprehensive income attributable to noncontrolling interests	-$2.8M	-$1.4M
Comprehensive income (loss) attributable to Acacia Research Corporation	$23.5M	-$37.2M

Total assets⁸⁹¹⁰¹¹¹²⁷$771.0M in 2025+253% since 2019

Total liabilities⁸⁹¹⁰¹¹¹²⁷$186.9M in 2025+432% since 2019

Shareholders’ equity⁸⁹¹⁰¹¹¹²⁷$543.5M in 2025+214% since 2019

Cash⁸⁹¹⁰¹¹¹²⁷$306.7M in 2025+435% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2024-06-30
Cash and cash equivalents	$306.7M	$273.9M
Equity securities	$17.6M	$23.1M
Equity securities without readily determinable fair value	$5.8M	$5.8M
Equity method investments	$30.9M	$30.9M
Loans receivable	$15.3M	$0
Accounts receivable, net	$26.2M	$26.9M
Inventories	$26.6M	$27.5M
Prepaid expenses and other current assets	$21.1M	$32.0M
Total current assets	$450.1M	$420.1M
Property, plant and equipment, net	$21.3M	$23.9M
Oil and natural gas properties, net	$190.7M	$191.7M
Goodwill	$25.8M	$29.3M
Net Book Value	$48.1M	$55.4M
Operating lease, right-of-use assets	$11.5M	$9.3M
Deferred income tax assets, net	$14.8M	$20.2M
Other non-current assets	$8.6M	$6.4M
Total assets	$771.0M	$756.4M
Accounts payable	$13.4M	$12.1M
Accrued expenses and other current liabilities	$19.7M	$20.6M
Accrued compensation	$6.7M	$6.3M
Current asset retirement obligation	$1.6M	$1.5M
Royalties and contingent legal fees payable	$6.8M	$5.4M
Deferred revenue	$945.0K	$1.3M
Current portion of long-term debt	$0	$2.4M
Total current liabilities	$49.0M	$49.6M
Asset retirement obligation	$32.6M	$31.1M
Long-term lease liabilities	$8.4M	$6.8M
Deferred income tax liabilities, net	$2.2M	$2.6M
Benchmark revolving credit facility	$59.5M	$66.5M
Deflecto facility	$32.6M	$45.1M
Other long-term liabilities	$2.7M	$2.1M
Total liabilities	$186.9M	$203.8M
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued or outstanding	$0	$0
Common stock, par value $0.001 per share; 300,000,000 shares authorized; 96,475,469 and 96,048,999 shares issued and outstanding as of December 31, 2025 and 2024, respectively	$96.0K	$96.0K
Treasury stock, at cost, 20,542,064 shares as of December 31, 2025 and 2024, respectively	-$118.5M	-$118.5M
Accumulated other comprehensive income (loss)	$670.0K	-$1.2M
Additional paid-in capital	$915.3M	$910.2M
Accumulated deficit	-$254.1M	-$275.8M
Total Acacia Research Corporation stockholders' equity	$543.5M	$514.8M
Noncontrolling interests	$40.6M	$37.8M
Total stockholders' equity	$584.0M	$552.6M
Total liabilities and stockholders' equity	$771.0M	$756.4M
Preferred stock, par or stated value (in usd per share)	$0.00	$0.00
Preferred stock, shares authorized	10.0M shares	10.0M shares
Preferred stock, shares outstanding	0 shares	0 shares
Preferred stock, shares issued	0 shares	0 shares
Common stock, par or stated value (in usd per share)	$0.00	$0.00
Common stock, shares authorized	300.0M shares	300.0M shares
Common stock, shares, outstanding	96.5M shares	96.0M shares	99.9M shares
Common stock, shares, issued	96.5M shares	96.0M shares
Treasury stock, common, shares	20.5M shares

Cash from operations⁸⁹¹⁰¹¹¹²⁷$75.2M in 2025

Capital spending⁸⁹¹⁰¹¹¹²$148.7M in 2024+81139% since 2019

Free cash flow⁸⁹¹⁰¹¹¹²⁷-$98.5M in 2024+3856% since 2019

Dividends paid⁸⁹¹⁰¹¹¹²$0 in 2024

Share buybacks⁸⁹¹⁰¹¹¹²⁷$0 in 2025

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31
Net income (loss) including noncontrolling interests in subsidiaries	$24.5M	-$34.7M
Depreciation, depletion and amortization	$43.3M	$33.6M
Accretion of asset retirement obligation	$1.7M	$986.0K
Loss on disposal of assets	$169.0K	$0
Compensation expense for share-based awards	$5.7M	$4.8M
(Gain) loss on foreign currency exchange	-$414.0K	$370.0K
Change in fair value of equity securities	-$1.1M	$31.4M
Loss (gain) on sale of equity securities	$25.0K	-$28.9M
Unrealized (gain) loss on derivatives	-$3.7M	$610.0K
Deferred income taxes	$4.8M	-$6.1M
Accounts receivable	$664.0K	$69.2M
Inventories	$212.0K	$1.1M
Prepaid expenses and other assets	-$5.3M	-$9.3M
Accounts payable and accrued expenses	$3.1M	-$8.1M
Royalties and contingent legal fees payable	$1.3M	-$5.3M
Deferred revenue	$98.0K	$497.0K
Net cash provided by operating activities	$75.2M	$50.1M
Acquisition, net of cash acquired and working capital adjustments (Note 3)	$1.2M	-$87.7M
Patent acquisition	$0	-$14.0M
Proceeds from sale of floor mat assets	$3.0M	$0
Purchases of equity securities	-$24.7M	-$20.5M
Sales of equity securities	$31.4M	$57.9M
Purchases of loans receivable	-$15.2M	$0
Purchases of property and equipment	-$2.5M	$0
Net additions to oil and gas properties	-$14.2M	-$148.7M
Net cash used in investing activities	-$21.0M	-$213.0M
Repurchase of common stock	$0	-$20.3M
Contributions from noncontrolling interest	$0	$15.2M
Borrowings on the Benchmark revolving credit facility	$5.0M	$86.0M
Paydown of Benchmark revolving credit facility	-$12.0M	-$30.0M
Borrowings on the Deflecto Facility	$0	$47.5M
Paydown of Deflecto Facility	$15.1M	$0
Taxes paid related to net share settlement of share-based awards	-$675.0K	-$1.1M
Proceeds from exercise of stock options	$30.0K	$223.0K
Net cash (used in) provided by financing activities	-$22.7M	$97.6M
Effect of exchange rates on cash and cash equivalents	$1.3M	-$926.0K
Increase (decrease) in cash and cash equivalents	$32.8M	-$66.2M
Interest paid	$8.3M	$5.1M
Income taxes paid, net	$2.3M	$1.0M
Operating lease right-of-use assets obtained in exchange for lease liabilities	$1.7M	$0
Derecognition of operating lease right-of-use assets upon lease termination	-$608.0K	$0
Derecognition of operating lease liabilities upon lease termination	-$632.0K	$0
Patent acquisition of prepaid option	$15.0M	$0

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The story

Acacia was incorporated in California in January 1993 by Bruce Stewart and reincorporated in Delaware in December 1999. Stewart founded the business with the intention of using investment capital for innovation. In 2000, under the leadership of Paul Ryan and Chip Harris, it moved to concentrate on technology backed by strong patents. Acacia’s operations have since expanded into three verticals: Intellectual Property Operations, which includes patent licensing, enforcement and technologies business; Energy Operations; and Industrial Operations.

As of June 30, 2025, Acacia’s book value was $577.5 million and there were 96.4 million shares of common stock outstanding, for a book value per share of $5.99. In the second quarter of 2025, the company’s total revenues were $51.2 million, up 98% compared to $25.8 million in the same quarter of 2024. This was composed of $0.3 million generated by the company’s Intellectual Property business, $6.6 million by Printronix, $15.3 million by Benchmark Energy and $29.0 million by Deflecto.

The company’s principal executive office is in New York City.

On August 6, 2025 Acacia partnered with Unchained and Build Asset Management to purchase whole loans collateralized by Bitcoin.

From Wikipedia’s article on Acacia Research, shared under CC BY-SA 4.0.⁶

Controversies and legal

Legal issues

Four months after Apple Computer filed an antitrust lawsuit against Acacia for conspiring with Nokia to extort exorbitant revenues from handset manufacturers, in 2017 Acacia sued Apple Computer and some cellular carriers over four patents held by Nokia.

In 2022, an internal investigation by Acacia found that former CEO Clifford Press had possibly abused corporate funds. Press sued Acacia in response, demanding to be put back on Acacia's board and threatening public attacks to gain a lucrative severance package. The misconduct was confirmed in early 2023.