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Business Description

Adeia Inc. is a pure-play intellectual property licensing company based in San Jose, California. The company invents, develops, and licenses foundational technologies for the media and semiconductor industries. Adeia is distinctive for its extensive patent portfolio, which powers content discovery, digital entertainment, and advanced semiconductor packaging solutions globally.

Financial Statements

In thousands, USD

	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	443,386	376,024	388,788	438,933
Gross Profit	443,386	376,024	388,788	438,933
Selling, General & Administrative Expenses	119,534	103,443	95,226	135,630
Depreciation & Amortization Expenses	56,621	70,721	93,735	97,077
Research & Development Expenses	67,519	59,598	54,264	44,579
Other Operating Expenses	24,709	13,653	9,333	8,587
Operating Profit	175,003	128,609	136,230	153,060
Interest Expense	(40,359)	(52,539)	(62,574)	(45,335)
Non-Operating Income	6,279	5,117	6,320	2,047
Total Non-Operating Income	(34,080)	(47,422)	(56,254)	(43,288)
Income Before Provision for Income Taxes	140,923	81,187	79,976	109,772
Provision for Income Taxes	29,848	16,564	12,604	(28,620)
Consolidated Net Income	111,075	64,623	67,372	138,392
Net Income Attributable to Minority Interests and Other	—	—	—	(2,706)
Net Income Attributable to Discontinued Operations	—	—	—	(436,978)
Net Income Attributable to Common Shareholders	111,075	64,623	67,372	(295,880)
Basic EPS	1.02	0.59	0.63	1.33
Diluted EPS	0.99	0.57	0.60	1.29
Basic Weighted Average Shares Outstanding	108,845	108,647	106,554	104,336
Diluted Weighted Average Shares Outstanding	112,747	113,061	112,849	107,580
Shares Outstanding	108,999	108,072	107,384	105,167

	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	73,136	78,825	54,560	114,555
Short-Term Investments	63,597	31,567	29,012	—
Total Cash and Cash Equivalents	136,733	110,392	83,572	114,555
Accounts Receivable	158,460	138,192	114,570	132,234
Total Trade Receivables	158,460	138,192	114,570	132,234
Other Current Assets	8,765	9,792	7,700	11,924
Total Current Assets	303,958	258,376	205,842	258,713
Net Property, Plant & Equipment	14,290	15,600	16,455	10,543
Net Intangible Assets	303,456	301,177	347,172	432,476
Goodwill	313,660	313,660	313,660	313,660
Other Long-Term Assets	103,939	209,148	222,427	195,134
Total Assets	1,039,303	1,097,961	1,105,556	1,210,526
Accounts Payable	4,827	8,045	9,623	8,546
Accrued Expenses	34,250	24,517	19,138	31,277
Current Portion of Long-Term Debt	20,975	21,021	66,145	109,813
Unearned Revenue	19,726	19,523	7,132	17,076
Total Current Liabilities	79,778	73,106	102,038	166,712
Long-Term Debt	397,479	454,435	519,550	619,580
Leases	8,734	9,480	9,730	4,794
Other Long-Term Liabilities	72,771	164,369	117,616	118,028
Total Long-Term Liabilities	478,984	628,284	646,896	742,402
Total Liabilities	558,762	701,390	748,934	909,114
Common Stock	128	125	121	117
Treasury Stock	(297,778)	(255,301)	(222,497)	(211,223)
Additional Paid-in Capital	685,992	648,914	635,331	636,266
Accumulated Other Comprehensive Income	60	(1)	(8)	(51)
Retained Earnings	92,139	2,834	(56,325)	(123,697)
Total Common Shareholders' Equity	480,541	396,571	356,622	301,412
Total Shareholders' Equity	480,541	396,571	356,622	301,412
Total Liabilities and Shareholders' Equity	1,039,303	1,097,961	1,105,556	1,210,526

	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	111,075	64,623	67,372	(298,586)
Depreciation & Amortization	58,581	72,779	95,274	160,387
Share-Based Compensation Expense	34,674	26,641	18,057	52,626
Other Adjustments	36,569	(4,786)	15,442	318,848
Changes in Trade Receivables	(59,698)	(11,796)	(16,035)	(61,781)
Changes in Accounts Payable	(2,457)	(372)	(894)	18,601
Changes in Accrued Expenses	(776)	3,684	(14,604)	(3,614)
Changes in Unearned Revenue	(14,377)	54,274	(7,355)	(215)
Changes in Other Operating Activities	(5,505)	7,414	(4,502)	(3,243)
Cash from Operating Activities	158,086	212,461	152,755	183,023
Capital Expenditure	(1,806)	(1,821)	(3,812)	(12,576)
Proceeds from Sale of Property, Plant & Equipment	—	—	—	86
Purchases of Intangible Assets	(6,950)	(20,476)	(2,531)	(290)
Purchases of Investments	(57,301)	(33,175)	(42,845)	(4,490)
Proceeds from Sale of Investments	25,796	31,450	14,700	64,830
Payments for Business Acquisitions	—	—	—	(50,473)
Cash from Investing Activities	(40,261)	(24,022)	(34,488)	(2,913)
Repayments of Long-Term Debt	(60,356)	(114,167)	(148,000)	(40,500)
Net Issuance / (Repayments) of Long-Term Debt	(60,356)	(114,167)	(148,000)	(40,500)
Issuance of Common Shares	2,404	3,247	2,351	14,260
Repurchases of Common Shares	(43,792)	(31,487)	(11,274)	(33,201)
Net Issuance / (Repurchases) of Common Shares	(41,388)	(28,240)	(8,923)	(18,941)
Common Share Dividends Paid	(21,770)	(21,767)	(21,339)	(20,888)
Other Financing Activities	—	—	—	(182,928)
Cash from Financing Activities	(123,514)	(164,174)	(178,262)	(263,257)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	—	—	—	(3,419)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(5,689)	24,265	(59,995)	(86,566)

Key Metrics & Ratios

Metric	Value
Market Cap	$1.88B
P/E	17.42x
P/S	4.24x
EV/EBITDA	9.29x
Return on Equity	25.3%
Return on Invested Capital	15.5%
Current Ratio	3.81x
Dividend Yield	1.2%
Free Cash Flow Margin	35.2%

Margins

Gross margin

100.0%

Operating margin

39.5%

Net margin

25.1%

Quarterly Trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q2 2026	$96M	+12.1%	26.4%	$25M
Q1 2026	$105M	+19.5%	33.2%	$35M
Q4 2025	$183M	+53.3%	59.5%	$109M
Q3 2025	$87M	+1.4%	30.9%	$27M
Q2 2025	$86M	—	19.1%	$16M
Q1 2025	$88M	—	26.0%	$23M
Q4 2024	$119M	—	48.2%	$57M
Q3 2024	$86M	—	32.7%	$28M

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Adeia Inc. financials