Acacia Research Corporation
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About the company
Acacia Research Corporation, together with its associated entities, primarily concentrates on acquiring intellectual property and related high-yield assets. A core aspect of its business strategy involves the commercialization and defense of patented technologies through licensing. The enterprise operates through a dual-segment structure: Intellectual Property Operations and Industrial Operations.
- CEO
- Martin D. McNulty Jr.
- IPO
- 2002
- Employees
- 986
- HQ
- New York City, NY, US
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- Market Cap
- $435.62M
- P/E
- -17.15
- PEG
- 0.02
- P/S
- 1.56
- P/B
- 0.83
- EV/EBITDA
- 4.34
- Div Yield
- 0.00%
- Gross Margin
- 61.19%
- Op Margin
- -6.95%
- Net Margin
- -5.39%
- ROE
- -2.81%
- ROIC
- -2.40%
Latest fiscal year · YoY change
- Revenue
- $285.23M+133.2%
- Gross Profit
- $235.22M+693.2%
- Op Income
- $6.41M
- Net Income
- $21.68M+160.1%
- EPS
- $0.23+163.9%
- OCF Growth
- +50.1%
- FCF Growth
- +152.0%
- 52W High
- $5.27
- 52W Low
- $3.13
- 50D MA
- $4.61
- 200D MA
- $4.34
- Beta
- 0.44
- RSI (14)
- 45
- Avg Volume
- 260.90K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Acacia delivered a strong quarter led by record Benchmark performance and a large IP settlement, while maintaining a cash-rich balance sheet and active acquisition pipeline.· August 5, 2026
- Total revenue was $114.6 million versus $51.2 million a year ago; total company adjusted EBITDA was $17.3 million and GAAP net income was $47,000, or $0.00 per diluted share.
- Benchmark posted another record quarter with $20.5 million of revenue, $9.8 million of adjusted EBITDA and $6.5 million of free cash flow.
- The IP platform generated about $60.6 million of licensing revenue, mainly from the Wi-Fi 6 portfolio, but management said results are episodic and not a clean proxy for cash.
- Acacia ended the quarter with $334.6 million of cash, securities and loans receivable and no parent company debt.
- Management said the deal pipeline is active and remains patient and disciplined on acquisitions, especially in bilateral situations rather than broad auction processes.
Total revenue was $114.6 million, up from $51.2 million in the prior-year period. Total company adjusted EBITDA was $17.3 million, operated segment adjusted EBITDA was $22.8 million, and GAAP net income attributable to Acacia was $47,000, or $0.00 per diluted share; adjusted net income was $12.8 million, or $0.13 per diluted share. Segment revenue included Benchmark at $20.5 million, Deflecto at $27.1 million, Printronix at $6 million, and Intellectual Property licensing and related revenue at $60.9 million. The company ended with $334.6 million of cash, cash equivalents, equity securities measured at fair value and loans receivable, and no parent company debt; book value was $557 million, or $5.71 per share. Management did not provide formal next-quarter or full-year guidance on the call.
MJ McNulty framed the quarter as another example of disciplined capital allocation and diversified execution. He emphasized that Acacia is focused on compounding long-term intrinsic value per share, not maximizing near-term earnings, and said the company is evaluating a broad range of acquisition opportunities but will remain patient and selective. He also highlighted stronger IP monetization, active cost reduction in the platform, and encouraging regulatory progress at AMO Pharma, while reiterating that the Mycovia/VIVJOA investment was fully written down.
Michael Zambito said the quarter’s results reflected continued disciplined execution across the portfolio and the benefits of diversification. He cited $114.6 million of total revenue, $19.6 million of consolidated G&A expense, $8.5 million of operating income, and $17.3 million of adjusted EBITDA. He also pointed to $334.6 million of liquidity, no parent company debt, and total gross indebtedness of $90.4 million, consisting of $59.5 million at Benchmark and $30.9 million at Deflecto. He noted that book value declined slightly to $557 million from $567.2 million, with gains in operating income and the public equity portfolio offset by parent expenses and the MalinJ1 write-off.
Analysts focused on Benchmark well performance and whether additional wells could match the Cherokee well; management said the current quarter included a full period from the new well and that future wells are being underwritten to type curves similar to that performance. On Deflecto, management said trucking and OEM inventory trends are encouraging but the benefit has not yet fully shown up in results. On deal flow, McNulty said the pipeline is the strongest it has been, with particular interest in stressed situations tied to private credit and in bilateral private equity situations rather than auction processes. On the IP settlement, he said the $10.9 million IP EBITDA is not the best proxy for the TP-Link recovery, and the cash from that settlement was received in Q3 rather than included in the quarter-end cash balance.
The quarter showed that Acacia can generate meaningful earnings and cash from multiple parts of the portfolio at once, with Benchmark, Printronix and IP all contributing. Management sounded constructive on acquisition opportunities, said the deal flow is strong, and believes the balance sheet gives the company flexibility to act when opportunities meet its underwriting standards.
Results remain dependent on episodic IP monetization, and management noted that licensing settlements can be uneven and are not a clean proxy for cash flow. Deflecto still faces softer end-market conditions, the Mycovia/VIVJOA investment was fully impaired due to liquidity and timing risk, and management acknowledged that future biotech outcomes and litigation recoveries remain uncertain.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 98.3%
- Shares Outstanding
- 96.59M
- Float Shares
- 94.93M
of shares held by institutions
97 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 2.09M | ▼ 193.70K |
| Nj State Employees Deferred Compensation Plan | 20.00K | 0 |
| Cwm, LLC | 4.64K | ▲ 1.48K |
| California State Teachers Retirement System | 1.85K | ▼ 252 |
Held by 102 ETFs
Biggest fund positions in ACTG by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 12, 26 | Kohlberg Isaac T. | sell | 32,188 |
| Jun 30, 26 | Molinelli Gavin | other | 6,438 |
| Jun 23, 26 | Sundar Ajay | other | 4,175 |
| Jun 23, 26 | Molinelli Gavin | other | 25,052 |
| Jun 23, 26 | Kohlberg Isaac T. | other | 25,052 |
| Jun 23, 26 | OCONNELL MAUREEN | other | 25,052 |
| Jun 23, 26 | FELMAN MICHELLE | other | 25,052 |
| Jun 5, 26 | Soncini Jason W. | other | 93,049 |
| Jun 8, 26 | Soncini Jason W. | other | 48,985 |
| Jun 5, 26 | Rasamny Robert | other | 60,285 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our ACTG coverage
Recent articles, reports, and earnings notes.
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Generate ACTG report →Acacia Research Corporation (ACTG) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 5
Acacia Research Q2 Earnings Call Highlights
marketbeat.com · Aug 5
Acacia Research Corporation Reports Second Quarter 2026 Financial Results
businesswire.com · Aug 5
Acacia Research to Release Second Quarter 2026 Financial Results on August 5, 2026
gurufocus.com · Jul 22
Acacia Research to Release Second Quarter 2026 Financial Results on August 5, 2026
businesswire.com · Jul 22
Acacia Research Corporation (ACTG) Q1 2026 Earnings Call Transcript
seekingalpha.com · May 7
Acacia Research Corporation Reports First Quarter 2026 Financial Results
businesswire.com · May 7
Acacia Research to Release First Quarter 2026 Financial Results on May 7, 2026
businesswire.com · Apr 23
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