Adeia (ADEA)
Market Price (11/2/2026): $0 | Market Cap: $-Sector: Information Technology | Industry: IT Consulting & Other Services
Adeia (ADEA)
Market Price (11/2/2026): $0Market Cap: $-Sector: Information TechnologyIndustry: IT Consulting & Other Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, FCF Yield is 7.3% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 47% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36% Megatrend and thematic driversMegatrends include Digital Content & Streaming, and 5G & Advanced Connectivity. Themes include Video Streaming, Music Streaming, Show more. | Key risksADEA key risks include [1] revenue dependence on costly and uncertain patent litigation, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, FCF Yield is 7.3% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 47% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and 5G & Advanced Connectivity. Themes include Video Streaming, Music Streaming, Show more. |
| Key risksADEA key risks include [1] revenue dependence on costly and uncertain patent litigation, Show more. |
Qualitative Assessment
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Adeia (ADEA) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Adeia reported a substantial revenue miss for fiscal Q3 2026 (ended September 30, 2026). The company announced revenue of $80.2 million, falling significantly short of Wall Street's consensus estimate of $98.88 million, representing a 23.17% shortfall. This performance immediately led to a sharp market selloff, with shares plunging 24.77% in after-hours trading following the announcement on November 2, 2026.
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Adeia (ADEA) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Adeia reported a substantial revenue miss for fiscal Q3 2026 (ended September 30, 2026). The company announced revenue of $80.2 million, falling significantly short of Wall Street's consensus estimate of $98.88 million, representing a 23.17% shortfall. This performance immediately led to a sharp market selloff, with shares plunging 24.77% in after-hours trading following the announcement on November 2, 2026.
2. The company issued a reduced full-year 2026 revenue guidance. Alongside the fiscal Q3 2026 revenue miss, Adeia lowered its full-year revenue outlook to a range of $375.0–415.0 million. This downward revision, attributed to uncertainty over the timing of licensing deals, signaled continued challenges and dampened investor confidence in the company's near-term financial prospects.
3. Adeia missed earnings per share (EPS) estimates for fiscal Q3 2026. The company reported non-GAAP diluted EPS of $0.21, which was below analysts' consensus estimate of $0.2955 per share for the quarter.
4. Delayed closing of large media licensing deals directly impacted financial results. Adeia specifically cited that the significant revenue shortfall in fiscal Q3 2026 and the subsequent reduction in full-year guidance were due to the timing of several large media licensing deals, with some potentially closing beyond year-end. This indicates company-specific execution challenges in securing anticipated contracts within the expected timeframe.
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Stock Movement Drivers
Fundamental Drivers
The -19.4% change in ADEA stock from 7/31/2026 to 10/31/2026 was primarily driven by a -19.3% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.60 | 21.44 | -19.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 460 | 471 | 2.3% |
| Net Income Margin (%) | 26.5% | 26.1% | -1.7% |
| P/E Multiple | 23.9 | 19.3 | -19.3% |
| Shares Outstanding (Mil) | 110 | 110 | -0.7% |
| Cumulative Contribution | -19.4% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| ADEA | -19.4% | |
| Market (SPY) | 1.2% | 63.3% |
| Sector (XLK) | 2.4% | 73.0% |
Fundamental Drivers
The -32.4% change in ADEA stock from 4/30/2026 to 10/31/2026 was primarily driven by a -38.2% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.73 | 21.44 | -32.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 443 | 471 | 6.2% |
| Net Income Margin (%) | 25.1% | 26.1% | 4.0% |
| P/E Multiple | 31.2 | 19.3 | -38.2% |
| Shares Outstanding (Mil) | 109 | 110 | -1.0% |
| Cumulative Contribution | -32.4% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| ADEA | -32.4% | |
| Market (SPY) | 5.4% | 53.2% |
| Sector (XLK) | 12.7% | 64.6% |
Fundamental Drivers
The 27.1% change in ADEA stock from 10/31/2025 to 10/31/2026 was primarily driven by a 24.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.87 | 21.44 | 27.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 379 | 471 | 24.3% |
| Net Income Margin (%) | 22.2% | 26.1% | 17.6% |
| P/E Multiple | 21.9 | 19.3 | -12.0% |
| Shares Outstanding (Mil) | 109 | 110 | -1.3% |
| Cumulative Contribution | 27.1% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| ADEA | 27.1% | |
| Market (SPY) | 11.7% | 47.9% |
| Sector (XLK) | 19.9% | 53.8% |
Fundamental Drivers
The 165.4% change in ADEA stock from 10/31/2023 to 10/31/2026 was primarily driven by a 129.4% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.08 | 21.44 | 165.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 393 | 471 | 19.8% |
| P/S Multiple | 2.2 | 5.0 | 129.4% |
| Shares Outstanding (Mil) | 106 | 110 | -3.4% |
| Cumulative Contribution | 165.4% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| ADEA | 165.4% | |
| Market (SPY) | 86.9% | 46.7% |
| Sector (XLK) | 122.8% | 48.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADEA Return | -9% | 1% | 34% | 15% | 25% | 25% | 121% |
| Peers Return | -6% | 30% | 0% | 5% | 21% | 75631% | 117141% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| ADEA Win Rate | 58% | 42% | 58% | 42% | 58% | 60% | |
| Peers Win Rate | 31% | 33% | 42% | 33% | 39% | 26% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ADEA Max Drawdown | -28% | -31% | -36% | -25% | -35% | -39% | |
| Peers Max Drawdown | -21% | -13% | -22% | -16% | -17% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GIB, CHRN, HLSQ, IBEX, OPNW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | ADEA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.3% | -18.8% |
| % Gain to Breakeven | 45.5% | 23.1% |
| Time to Breakeven | 167 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.1% | -7.8% |
| % Gain to Breakeven | 13.8% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.0% | -9.5% |
| % Gain to Breakeven | 40.9% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.6% | -6.7% |
| % Gain to Breakeven | 53.0% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.3% | -24.5% |
| % Gain to Breakeven | 43.5% | 32.4% |
| Time to Breakeven | 119 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.4% | -33.7% |
| % Gain to Breakeven | 73.6% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
In The Past
Adeia's stock fell -31.3% during the 2025 US Tariff Shock. Such a loss loss requires a 45.5% gain to breakeven.
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| Event | ADEA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.3% | -18.8% |
| % Gain to Breakeven | 45.5% | 23.1% |
| Time to Breakeven | 167 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.0% | -9.5% |
| % Gain to Breakeven | 40.9% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.6% | -6.7% |
| % Gain to Breakeven | 53.0% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.3% | -24.5% |
| % Gain to Breakeven | 43.5% | 32.4% |
| Time to Breakeven | 119 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.4% | -33.7% |
| % Gain to Breakeven | 73.6% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.0% | -3.7% |
| % Gain to Breakeven | 35.1% | 3.9% |
| Time to Breakeven | 2802 days | 6 days |
In The Past
Adeia's stock fell -31.3% during the 2025 US Tariff Shock. Such a loss loss requires a 45.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Adeia (ADEA)
Adeia (ADEA) is an intellectual property (IP) licensing company that invents and develops foundational technologies, subsequently licensing these patented innovations to a broad range of global businesses. The company focuses on fostering innovation and generating revenue by providing access to its extensive patent portfolio, primarily in media and entertainment, rather than manufacturing end-user products itself.
Adeia's core offerings revolve around its proprietary technologies essential for media and entertainment delivery and discovery. This includes innovations critical for content discovery, such as interactive program guides, search functionalities, and personalized recommendations, alongside fundamental technologies for media transmission and consumption in various devices.
The primary customers and markets served by Adeia encompass leading players in the consumer electronics and entertainment industries. This includes major service providers like cable, satellite, and telecommunications companies, as well as streaming services and manufacturers of smart televisions, set-top boxes, and other media devices that integrate Adeia's patented technologies into their products and services.
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Here are a few analogies for Adeia:
Dolby for video and media technology patents
Qualcomm for media technology licensing
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- Semiconductor IP Licensing: Adeia licenses its intellectual property, including advanced hybrid bonding and packaging technologies, to semiconductor manufacturers and foundries.
- Media IP Licensing: The company licenses its intellectual property related to digital media, entertainment, and content delivery solutions to consumer electronics companies and media service providers.
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Adeia (symbol: ADEA) is a leading research and development company that licenses its foundational intellectual property (IP) to customers across various industries, primarily in semiconductor, memory, data storage, and media & entertainment. As such, Adeia sells primarily to other companies.
While specific IP licensing agreements are often confidential, Adeia's customer base includes global leaders in these sectors. Based on Adeia's focus areas and public statements about its licensees, its major customers are expected to be:
- Major semiconductor manufacturers and foundries: These companies license Adeia's advanced semiconductor packaging and processing technologies, such as hybrid bonding. Examples include:
- Samsung (publicly traded on Korea Exchange: 005930.KS)
- SK Hynix (publicly traded on Korea Exchange: 000660.KS)
- Micron Technology, Inc. (publicly traded on NASDAQ: MU)
- Intel Corporation (publicly traded on NASDAQ: INTC)
- Taiwan Semiconductor Manufacturing Company (TSMC) (publicly traded on NYSE: TSM)
- Major pay-TV operators and consumer electronics companies: These companies license Adeia's media technologies, which can include interactive program guides, content discovery, and video recording solutions. Examples include:
- Comcast Corporation (publicly traded on NASDAQ: CMCSA)
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Paul E. Davis, Chief Executive Officer & Director
Paul E. Davis was appointed CEO in October 2022 following the separation of Adeia from Xperi. Prior to this, he served as Chief Legal Officer and President of IP Licensing, and earlier, General Counsel at Xperi/Tessera. Before joining the company in 2011, Mr. Davis was an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, where his practice focused on mergers and acquisitions, corporate securities matters, and corporate governance. He has led the IP licensing business and, post-separation, focuses on legal and IP strategy.
Keith Jones, Chief Financial Officer
Keith Jones was appointed Chief Financial Officer of Adeia (the intellectual property business of Xperi) in August 2022, prior to the spin-off. His recent activities include equity awards vesting and related share withholdings for taxes in March 2026.
Dr. Mark Kokes, Chief Revenue Officer
Dr. Mark Kokes was appointed Chief Revenue Officer in January 2026, where he oversees global sales and go-to-market strategy, including managing Adeia's intellectual property portfolio and revenue-generation activities. He successfully led Adeia's Media Sales and Strategy team since the company's separation and previously held senior IP officer roles at NantWorks, BlackBerry, and Intertrust Technologies Corporation. He is a 15-year industry veteran in the mobile and connected device industries.
Craig Mitchell, Chief Semiconductor Officer
Craig Mitchell rejoined Adeia in January 2026 to lead the company's semiconductor technology research and development organization. He previously served as CEO of AKHAN Semiconductor and has a 30-year history across numerous leadership roles within Adeia's predecessor companies, including Invensas and Tessera.
Bill Thomas, Chief Strategy Officer
Bill Thomas was named Chief Strategy Officer in January 2026, responsible for leading corporate strategy, long-term planning, market analysis, and growth initiatives. He has a proven track record of driving growth opportunities in the multimedia and tech sectors and is an expert in developing licensing programs, structuring complex licensing deals, and forming strategic partnerships. His prior experience includes senior IP licensing and business development leadership positions at VideoLabs, NAGRA, and Intellectual Ventures.
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The key risks to Adeia's business are primarily centered around its intellectual property (IP) licensing model, the inherent legal challenges in enforcing these rights, and the dynamic nature of the technology markets in which it operates.
- Dependence on IP Licensing and Patent Portfolio Management: Adeia's core business relies on developing, acquiring, and licensing its extensive intellectual property portfolio across the media and semiconductor industries. This model exposes the company to risks associated with a potentially maturing patent portfolio, which could make it challenging to consistently generate new, high-value patents. Furthermore, the timing and successful negotiation of new and renewal license agreements are critical, and any delays or unfavorable terms can lead to significant revenue and earnings volatility.
- Litigation Risks and Costs: As an IP licensing company, Adeia frequently engages in litigation to protect and enforce its patent rights. This strategy, while necessary, carries substantial risks, including significant legal expenses, potential damages, and the inherent uncertainty of legal outcomes. These prolonged legal battles can negatively impact the company's financial performance by compressing margins and diverting valuable resources and management focus from core business operations.
- Rapid Technological Change and Regulatory Environment: Adeia operates in fast-evolving sectors, such as media and semiconductors. Rapid advancements in technology, including AI hardware, advanced packaging, and the adoption of open-source models, pose a risk that Adeia's existing IP could diminish in value or become obsolete. Additionally, global regulatory shifts and potential antitrust reforms concerning intellectual property rights could make the monetization and enforcement of Adeia's IP more difficult, thereby threatening future revenue growth.
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Media Segment:
- Over-the-Top (OTT) Video Services: The global OTT streaming market is projected to see subscriptions grow from approximately 375 million in 2021 to over 600 million by 2029. This market is expected to grow at 7.8% per year over the next three years.
Semiconductor Segment:
- Advanced Packaging Market (APM): The global Advanced Packaging Market sales are forecasted to grow at an average rate of 23.7% per year between 2020 and 2026. This growth is influenced by emerging technologies such as autonomous vehicles, the Internet of Things (IoT), virtual reality (VR), and augmented reality (AR).
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Here are 3-5 expected drivers of future revenue growth for Adeia (ADEA) over the next 2-3 years:
- Growth in Non-Pay-TV (OTT and Streaming) Licensing: Adeia is actively expanding its footprint in the over-the-top (OTT) streaming market through new multi-year licensing agreements with major providers such as Disney and Microsoft. This strategic shift is expected to increase the contribution of OTT market revenue to 30%-35% of total revenue in 2026, as the company diversifies away from traditional Pay-TV licensing. Non-Pay-TV recurring revenue grew by 30% year-over-year in Q4 2025 and over 20% for the full year, indicating strong momentum in this area.
- Expansion in Semiconductor IP Licensing: The semiconductor segment is a significant growth vertical for Adeia. The company's revenue from this sector increased by 40% from 2024 to 2025. Recent multi-year licensing agreements, including one with AMD for access to Adeia's semiconductor intellectual property (IP) portfolio, are anticipated to substantially boost revenue from chipmakers. Adeia is also driving innovation in AI-enabling technologies and semiconductor hybrid bonding, which are identified as key growth areas.
- New Customer Acquisitions and Strategic Partnerships: Adeia is focused on expanding its customer base and forming strategic alliances across various sectors. In 2025, the company signed 26 deals, with a record 12 representing new customer relationships. These new agreements encompass OTT services, consumer electronics, and semiconductors, and, alongside renewals with existing partners like Vodafone and a new agreement with Major League Baseball, contribute to broadening Adeia's licensing base and recurring revenue streams.
- Innovation and IP Portfolio Expansion: Adeia is investing in advanced research and development (R&D) to create new technologies for the entertainment, media, consumer electronics, and semiconductor industries. The company expanded its IP portfolios by 13% in 2025 through internal R&D and strategic tuck-in acquisitions. Notably, its RapidCool™ thermal solution is being evaluated by technology leaders in the AI semiconductor supply chain, highlighting future growth potential from new product innovations.
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Share Repurchases
- Adeia repurchased $20.0 million of common stock in 2025.
- The company repurchased $20 million of its common stock in December 2024.
- As of December 31, 2025, $160.0 million remained available under its stock repurchase plan, which had been increased to a total authorization of $200 million.
Share Issuance
- Common stock issued amounted to $2.404 million in 2025, $3.247 million in 2024, and $2.351 million in 2023.
Capital Expenditures
- Capital expenditures were -$1.806 million in 2025, -$1.821 million in 2024, and -$3.812 million in 2023.
- In Q4 2025, Adeia invested $590K in capital expenditures, primarily funding long-term assets and infrastructure.
Peer Outperformance in IT Consulting & Other Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 23.5% | 116.3% | 232.6% | FLEX 597% · TTMI 526% · JBL 362% |
| Technology Distributors | 9 | 46.6% | 83.2% | 82.4% | AVT 162% · SNX 140% · CNXN 100% |
| Semiconductor Materials & Equipment | 28 | 41.2% | 75.7% | 59.3% | AXTI 574% · LRCX 346% · KLAC 345% |
| Communications Equipment | 36 | 2.6% | 86.8% | 51.0% | LITE 918% · AAOI 803% · ANET 559% |
| Electronic Components | 26 | 0.4% | 67.9% | 46.8% | CLS 2604% · BELFA 1204% · APH 332% |
| Semiconductors | 55 | 1.3% | 55.8% | 16.4% | MU 1211% · NVDA 704% · AVGO 570% |
| Technology Hardware, Storage & Peripherals | 21 | 3.7% | 100.8% | 2.6% | WDC 841% · SMCI 831% · DELL 744% |
| Electronic Equipment & Instruments | 27 | -6.9% | 33.7% | -1.1% | PI 158% · OSIS 114% · MIR 73% |
| Internet Services & Infrastructure | 6 | 5.8% | 60.2% | -10.1% | GDDY 69% · VRSN 40% · DOCN -8% |
| IT Consulting & Other Services ← | 30 | -26.7% | 2.5% | -24.6% | CHRN 378321% · APLD 280% · IBM 160% |
| Application Software | 126 | -17.2% | -2.8% | -49.0% | PLTR 611% · FROG 189% · AGYS 143% |
| Systems Software | 69 | -10.0% | 25.5% | -51.8% | ZETA 277% · CRWD 255% · CVLT 169% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.39 |
| Mkt Cap | 1.9 |
| Rev LTM | 8,456 |
| Op Inc LTM | 1,458 |
| FCF LTM | 1,248 |
| FCF 3Y Avg | 1,111 |
| CFO LTM | 1,391 |
| CFO 3Y Avg | 1,257 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.0% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 7.3% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 28.8% |
| Op Inc Chg 3Y Avg | 13.6% |
| Op Mgn LTM | 31.5% |
| Op Mgn 3Y Avg | 27.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 28.2% |
| CFO/Rev 3Y Avg | 30.2% |
| FCF/Rev LTM | 25.3% |
| FCF/Rev 3Y Avg | 27.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Intellectual Property (IP) Licensing | 443 | 376 | 389 | 439 | 391 |
| Total | 443 | 376 | 389 | 439 | 391 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Intellectual Property (IP) Licensing | 248 | 403 | 37 | 39 | 118 |
| Product segment | 37 | 24 | 12 | 113 | -5 |
| Unallocated operating expenses | -272 | -249 | -118 | -128 | -145 |
| Total | 14 | 178 | -69 | 24 | -32 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Intellectual Property (IP) Licensing | 111 | 65 | 67 |
| Total | 111 | 65 | 67 |
Price Behavior
| Market Price | $21.44 | |
| Market Cap ($ Bil) | 2.4 | |
| First Trading Date | 02/23/2017 | |
| Distance from 52W High | -36.0% | |
| 50 Days | 200 Days | |
| DMA Price | $24.40 | $25.54 |
| DMA Trend | down | up |
| Distance from DMA | -12.1% | -16.1% |
| 3M | 1YR | |
| Volatility | 53.7% | 67.6% |
| Downside Capture | 380.18 | 251.68 |
| Upside Capture | 225.83 | 250.60 |
| Correlation (S&P 500) | 60.1% | 47.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.40 | 2.68 | 3.18 | 2.93 | 2.53 | 1.63 |
| Up Beta | 2.16 | 0.93 | 4.53 | 3.13 | 2.48 | 1.34 |
| Down Beta | 3.37 | 4.23 | 3.75 | 2.53 | 2.21 | 1.64 |
| Up Capture | 222% | 214% | 231% | 305% | 581% | 866% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 20 | 28 | 56 | 123 | 377 |
| Down Capture | 398% | 268% | 289% | 248% | 166% | 111% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 23 | 36 | 68 | 124 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADEA | |
|---|---|---|---|---|
| ADEA | 23.2% | 67.6% | 0.57 | - |
| Sector ETF (XLK) | 18.6% | 27.1% | 0.60 | 53.9% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 48.0% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 16.3% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -16.5% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 1.0% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 22.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADEA | |
|---|---|---|---|---|
| ADEA | 20.4% | 48.9% | 0.54 | - |
| Sector ETF (XLK) | 18.6% | 26.1% | 0.64 | 44.2% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 43.2% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 7.1% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 2.0% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 22.5% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 19.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADEA | |
|---|---|---|---|---|
| ADEA | 2.9% | 50.0% | 0.24 | - |
| Sector ETF (XLK) | 23.7% | 25.1% | 0.86 | 41.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 42.0% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 6.6% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 10.9% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 26.9% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 15.2% |
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Returns Analyses
Earnings Returns History
Updated 11/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 12.3% | 0.3% | -12.1% |
| 5/4/2026 | -17.3% | -5.3% | -4.5% |
| 2/23/2026 | -2.8% | 8.8% | 29.1% |
| 11/3/2025 | -10.8% | -0.8% | -12.6% |
| 8/5/2025 | 10.3% | 18.3% | 23.8% |
| 5/5/2025 | 7.1% | 13.1% | 6.5% |
| 2/18/2025 | 1.4% | 28.3% | 2.8% |
| 11/7/2024 | 0.3% | -17.9% | -4.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 14 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 2.9% | 8.8% | 8.9% |
| Median Negative | -2.4% | -5.3% | -8.2% |
| Max Positive | 12.3% | 35.1% | 47.6% |
| Max Negative | -17.3% | -17.9% | -20.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 12.3% | 0.3% | -12.1% |
| 5/4/2026 | -17.3% | -5.3% | -4.5% |
| 2/23/2026 | -2.8% | 8.8% | 29.1% |
| 11/3/2025 | -10.8% | -0.8% | -12.6% |
| 8/5/2025 | 10.3% | 18.3% | 23.8% |
| 5/5/2025 | 7.1% | 13.1% | 6.5% |
| 2/18/2025 | 1.4% | 28.3% | 2.8% |
| 11/7/2024 | 0.3% | -17.9% | -4.5% |
| 8/6/2024 | 6.8% | 15.1% | 21.9% |
| 5/6/2024 | 10.4% | 11.4% | 19.5% |
| 2/20/2024 | -2.1% | -7.2% | -9.6% |
| 11/6/2023 | -1.9% | 2.1% | 6.0% |
| 8/7/2023 | -14.1% | -14.0% | -17.2% |
| 5/8/2023 | 10.6% | 27.7% | 46.7% |
| 2/22/2023 | 2.3% | -3.1% | -20.0% |
| 11/9/2022 | 0.4% | -7.6% | -4.8% |
| 8/8/2022 | -2.7% | 0.5% | -6.8% |
| 5/9/2022 | -1.7% | 3.6% | 5.4% |
| 2/23/2022 | -1.3% | 1.4% | 2.4% |
| 11/8/2021 | 0.5% | 1.8% | 4.1% |
| 8/3/2021 | -1.5% | -3.9% | -0.1% |
| 5/5/2021 | 1.4% | 0.4% | 11.3% |
| 2/23/2021 | 1.4% | -2.9% | 5.4% |
| 11/9/2020 | 3.5% | 35.1% | 47.6% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 14 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 2.9% | 8.8% | 8.9% |
| Median Negative | -2.4% | -5.3% | -8.2% |
| Max Positive | 12.3% | 35.1% | 47.6% |
| Max Negative | -17.3% | -17.9% | -20.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/18/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Insider Activity
Updated 10/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tanji, Kevin | Chief Legal Officer | Direct | Sell | 5152026 | 31.75 | 99,342 | 3,154,108 | 9,934,988 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tanji, Kevin | Chief Legal Officer | Direct | Sell | 5152026 | 31.75 | 99,342 | 3,154,108 | 9,934,988 | Form |
Investor Activity (13F)
Updated Nov 2, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| IT Consulting & Other Services Resources |
| IDC |
| Forrester |
| Consultancy.org |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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