Acacia Research Corporation
ACTG Industrials Business Equipment & Supplies
Acacia Research Corporation’s revenue for fiscal 2025 (year ended December 2025) was $285.2 million, up 133.2% from fiscal 2024. In the quarter to June 2026, revenue grew 123.6%, EPS grew 100.0%, free cash flow fell 104.0% and total debt fell 43.0%, each against the same quarter a year earlier. Dividend growth for three consecutive years, operating cash flow growth for three.
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Acacia Research Corporation (ACTG) Beneish M-score
Acacia Research Corporation's Beneish M-score for fiscal 2025 is −2.16; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.16 | 0.26 |
| FY2024 | −2.42 | (5.13) |
| FY2023 | 2.71 | 5.65 |
| FY2022 | −2.94 | (7.59) |
| FY2021 | 4.64 | 8.24 |
| FY2020 | −3.60 | (95.39) |
| FY2018 | 91.79 | 93.26 |
| FY2017 | −1.47 | 3.13 |
| FY2016 | −4.61 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.42 | — | 0.38 | |
| Gross margin index | 0.82 | — | 0.43 | |
| Asset quality index | 0.94 | — | 0.38 | |
| Sales growth index | 2.33 | — | 2.08 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 0.53 | — | −0.09 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Elevated | −2.16 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| EHGO Eshallgo Inc. compare | −3.7× |
| XRX Xerox Holdings Corporation compare | −2.9× |
| EBF Ennis, Inc. compare | −2.6× |
| ACCO Acco Brands Corporation compare | −2.5× |
| ACTG Acacia Research Corporation | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI