Acacia Research Corp. (ACTG) intrinsic value & 10-year financials
Acacia Research Corp. (ACTG) has a Graham intrinsic value of $1.64 per share. At $4.23 on Oct 17, 2026, the stock trades 158% above that value. Over the last 10 fiscal years revenue grew 7.2% a year to $285.2M, with an average return on invested capital of -16.7%.
- Graham intrinsic value
- $1.64
- Share price (Oct 17, 2026)
- $4.23
- Price vs Graham value
- 158% above
- Market cap
- $411.0M
- Revenue (FY2025)
- $285.2M
- Revenue growth (10-yr CAGR)
- 7.2%
- ROIC (10-yr avg)
- -16.7%
- Free cash flow (FY2025)
- —
ACTG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $285.2M | $21.7M | $0.22 | — | 2.2% | 1.7% |
| FY2024 | $122.3M | -$36.1M | -$0.36 | -$98.5M | -26.9% | -12.5% |
| FY2023 | $125.1M | $67.1M | $0.58 | -$22.7M | 16.7% | 20.7% |
| FY2022 | $59.2M | -$125.1M | -$3.13 | -$38.1M | -67.7% | -83.6% |
| FY2021 | $88.0M | $149.2M | $1.91 | $13.2M | 16.5% | 10.9% |
| FY2020 | $29.8M | $113.4M | $1.54 | -$19.8M | -65.5% | -16.7% |
| FY2019 | $11.2M | -$17.1M | -$0.40 | -$2.5M | -208.2% | -23.8% |
| FY2018 | $131.5M | -$105.0M | -$2.10 | $20.8M | -18.9% | -41.0% |
| FY2017 | $65.4M | $22.2M | — | $24.5M | -41.7% | -8.6% |
| FY2016 | $152.7M | -$54.1M | — | $34.1M | -24.5% | -14.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ACACIA RESEARCH CORP has demonstrated mature, steady growth, with revenue compounding at 7.2% annually over the past decade.
ACACIA RESEARCH CORP has historically struggled to out-earn its cost of capital, averaging just -18.0% ROIC.
ACACIA RESEARCH CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ACACIA RESEARCH CORP is modeled at 0.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.64 per share.