InterDigital (IDCC)
Market Price (5/12/2026): $269.64 | Market Cap: $6.9 BilSector: Industrials | Industry: Trading Companies & Distributors
InterDigital (IDCC)
Market Price (5/12/2026): $269.64Market Cap: $6.9 BilSector: IndustrialsIndustry: Trading Companies & Distributors
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 6.3%, FCF Yield is 7.5% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 50% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 63% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Digital Content & Streaming. Themes include Telecom Infrastructure, Wireless Services, Show more. | Expensive valuation multiplesP/SPrice/Sales ratio is 8.4x Weak revenue growthRev Chg QQuarterly Revenue Change % is -2.4% Key risksIDCC key risks include [1] a heavy dependence on lumpy patent licensing renewals and associated litigation, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 7.5% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 50% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 63% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Digital Content & Streaming. Themes include Telecom Infrastructure, Wireless Services, Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 8.4x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -2.4% |
| Key risksIDCC key risks include [1] a heavy dependence on lumpy patent licensing renewals and associated litigation, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. InterDigital's Q2 2026 guidance fell significantly below analyst expectations, raising concerns about near-term revenue and earnings. The company projected Q2 2026 revenue between $139 million and $143 million, substantially missing the consensus estimate of $158.5 million. Additionally, the Q2 2026 diluted earnings per share (EPS) guidance of $1.41 to $1.60 was notably lower than analysts' forecasts of $2.03. This softer outlook for the upcoming quarter contributed to a significant stock price decline on April 30, 2026.
2. Increased operating expenses and a year-over-year decline in catch-up revenue impacted profitability despite Q1 2026 earnings beating estimates. While InterDigital reported Q1 2026 non-GAAP EPS of $2.57, exceeding analyst estimates, GAAP diluted EPS decreased to $2.14 from $3.45 in Q1 2025. This was partly due to an increase in operating expenses by $44.5 million, primarily driven by higher revenue-share costs related to new agreements and intellectual property enforcement. Moreover, Q1 2026 revenue included $63.6 million in catch-up revenue, a decrease from $84.8 million in Q1 2025, contributing to a 2.4% year-over-year total revenue decline.
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Stock Movement Drivers
Fundamental Drivers
The -17.2% change in IDCC stock from 1/31/2026 to 5/11/2026 was primarily driven by a -17.4% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 325.72 | 269.57 | -17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 929 | 829 | -10.7% |
| Net Income Margin (%) | 53.5% | 44.2% | -17.4% |
| P/E Multiple | 16.9 | 18.9 | 11.9% |
| Shares Outstanding (Mil) | 26 | 26 | 0.3% |
| Cumulative Contribution | -17.2% |
Market Drivers
1/31/2026 to 5/11/2026| Return | Correlation | |
|---|---|---|
| IDCC | -17.2% | |
| Market (SPY) | 3.6% | 45.9% |
| Sector (XLI) | 6.1% | 13.5% |
Fundamental Drivers
The -25.2% change in IDCC stock from 10/31/2025 to 5/11/2026 was primarily driven by a -17.4% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 360.35 | 269.57 | -25.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 929 | 829 | -10.7% |
| Net Income Margin (%) | 53.5% | 44.2% | -17.4% |
| P/E Multiple | 18.7 | 18.9 | 1.1% |
| Shares Outstanding (Mil) | 26 | 26 | 0.3% |
| Cumulative Contribution | -25.2% |
Market Drivers
10/31/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| IDCC | -25.2% | |
| Market (SPY) | 5.5% | 38.6% |
| Sector (XLI) | 13.6% | 14.0% |
Fundamental Drivers
The 35.4% change in IDCC stock from 4/30/2025 to 5/11/2026 was primarily driven by a 33.9% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 199.16 | 269.57 | 35.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 869 | 829 | -4.6% |
| Net Income Margin (%) | 41.3% | 44.2% | 7.0% |
| P/E Multiple | 14.1 | 18.9 | 33.9% |
| Shares Outstanding (Mil) | 25 | 26 | -1.1% |
| Cumulative Contribution | 35.4% |
Market Drivers
4/30/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| IDCC | 35.4% | |
| Market (SPY) | 30.4% | 35.6% |
| Sector (XLI) | 35.2% | 20.1% |
Fundamental Drivers
The 313.3% change in IDCC stock from 4/30/2023 to 5/11/2026 was primarily driven by a 116.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.23 | 269.57 | 313.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 458 | 829 | 81.1% |
| Net Income Margin (%) | 20.5% | 44.2% | 116.0% |
| P/E Multiple | 20.6 | 18.9 | -8.3% |
| Shares Outstanding (Mil) | 30 | 26 | 15.3% |
| Cumulative Contribution | 313.3% |
Market Drivers
4/30/2023 to 5/11/2026| Return | Correlation | |
|---|---|---|
| IDCC | 313.3% | |
| Market (SPY) | 78.7% | 40.4% |
| Sector (XLI) | 83.0% | 31.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IDCC Return | 20% | -29% | 124% | 81% | 66% | -12% | 406% |
| Peers Return | 53% | -24% | 37% | 41% | 10% | 21% | 199% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| IDCC Win Rate | 58% | 33% | 50% | 67% | 58% | 40% | |
| Peers Win Rate | 70% | 37% | 57% | 68% | 58% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| IDCC Max Drawdown | 0% | -43% | 0% | -11% | -11% | -14% | |
| Peers Max Drawdown | -6% | -38% | -6% | -5% | -20% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSCO, QCOM, MSI, FFIV, ANET. See IDCC Returns vs. Peers.
[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 5/11/2026 (YTD)
How Low Can It Go
| Event | IDCC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.3% | -18.8% |
| % Gain to Breakeven | 18.1% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.4% | -9.5% |
| % Gain to Breakeven | 22.6% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.8% | -24.5% |
| % Gain to Breakeven | 77.8% | 32.4% |
| Time to Breakeven | 124 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.9% | 50.9% |
| Time to Breakeven | 42 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.7% | -19.2% |
| % Gain to Breakeven | 23.0% | 23.7% |
| Time to Breakeven | 844 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.9% | -3.7% |
| % Gain to Breakeven | 13.5% | 3.9% |
| Time to Breakeven | 19 days | 6 days |
In The Past
InterDigital's stock fell -15.3% during the 2025 US Tariff Shock. Such a loss loss requires a 18.1% gain to breakeven.
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Asset Allocation
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| Event | IDCC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.8% | -24.5% |
| % Gain to Breakeven | 77.8% | 32.4% |
| Time to Breakeven | 124 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.9% | 50.9% |
| Time to Breakeven | 42 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -38.6% | -0.2% |
| % Gain to Breakeven | 62.7% | 0.2% |
| Time to Breakeven | 118 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -39.3% | -17.9% |
| % Gain to Breakeven | 64.7% | 21.8% |
| Time to Breakeven | 1747 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -30.2% | -53.4% |
| % Gain to Breakeven | 43.3% | 114.4% |
| Time to Breakeven | 77 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -36.1% | -8.6% |
| % Gain to Breakeven | 56.5% | 9.5% |
| Time to Breakeven | 538 days | 47 days |
In The Past
InterDigital's stock fell -15.3% during the 2025 US Tariff Shock. Such a loss loss requires a 18.1% 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 InterDigital (IDCC)
AI Analysis | Feedback
Here are 1-3 brief analogies for InterDigital (IDCC):
- Like Qualcomm's patent licensing division as a standalone company.
- The Dolby Laboratories for wireless communication and video technologies.
AI Analysis | Feedback
- Wireless Communication Technologies: InterDigital designs and develops core technologies that enable and enhance 2G, 3G, 4G, and 5G wireless communications and networks.
- Advanced Connectivity & IoT Technologies: The company develops technologies for 5G NR, beyond 5G, extended reality over wireless, and cellular Internet of Things across various devices.
- Video Coding and Transmission Technologies: InterDigital provides technologies for efficient video coding and transmission.
- Artificial Intelligence (AI) Technologies: The company engages in research and development to create artificial intelligence technologies.
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Liren Chen, President and Chief Executive Officer
Liren Chen joined InterDigital as President and CEO on April 5, 2021. Before InterDigital, he spent nearly 25 years at Qualcomm Incorporated, where his most recent role was Senior Vice President and Global Head of IP, Legal Counsel. At Qualcomm, he was responsible for overseeing Qualcomm's worldwide intellectual property portfolio and leading technology, business strategy, product management, and global ecosystem development for Qualcomm Technology Licensing. He was also deeply involved in developing and driving Qualcomm's technology-driven IP strategy, as well as multiple IP acquisitions and integrations. Chen is a co-inventor on over 120 patents worldwide. He is also a board member of Arrow Electronics.
Richard J. Brezski, EVP, Chief Financial Officer & Treasurer
Richard J. Brezski serves as the Executive Vice President, Chief Financial Officer, and Treasurer of InterDigital.
Rajesh Pankaj, EVP, Chief Technology Officer
Rajesh Pankaj was appointed as InterDigital's Chief Technology Officer effective July 5, 2022. Prior to joining InterDigital, he spent 25 years at Qualcomm, where he most recently held the position of Senior Vice President, Engineering and Head of Corporate R&D. In this role at Qualcomm, he managed a global team of engineers focused on Artificial Intelligence, Edge Computing, and new technologies, and oversaw research in areas such as 5G, 4G LTE, and augmented reality. Dr. Pankaj is an inventor or co-inventor on 230 patents worldwide.
Julia C. Mattis, EVP, Chief Licensing Officer
Julia C. Mattis was appointed as InterDigital's Chief Licensing Officer in September 2025. She joined InterDigital in February 2010 and has held various senior positions within the legal and licensing teams, including Chief Licensing Counsel and Head of Smartphone Licensing. With over two decades of experience in the IP industry, she has been instrumental in finalizing licensing agreements with some of the world's leading smartphone and consumer electronics manufacturers. Before her tenure at InterDigital, Ms. Mattis worked in private practice at law firms.
Joshua D. Schmidt, EVP, Chief Legal Officer and Corporate Secretary
Joshua D. Schmidt was appointed Chief Legal Officer and Corporate Secretary for InterDigital in October 2021. He joined the company in March 2015 and previously served as Vice President, Deputy General Counsel. Before joining InterDigital, Mr. Schmidt worked in private practice at Dechert LLP, where he provided counsel to clients on a range of corporate legal matters, including public and private company M&A, securities offerings, and joint ventures.
AI Analysis | Feedback
The public company InterDigital (IDCC), which specializes in designing and developing technologies for wireless communications and licensing its extensive patent portfolio, faces several key business risks:
- Dependence on Patent Licensing Revenue and Associated Litigation Risk: InterDigital's core business model heavily relies on generating revenue through licensing its vast patent portfolio, encompassing technologies from 2G to 5G, Wi-Fi, and video codecs. This reliance means the company is inherently exposed to significant litigation risks. InterDigital frequently engages in patent infringement lawsuits to enforce its intellectual property rights and secure licensing agreements from manufacturers of communication devices, consumer electronics, and IoT devices. Unfavorable legal rulings, changes in intellectual property laws, or difficulties in negotiating and renewing licensing agreements could substantially impact the company's financial performance and revenue stability. For example, the company has recently initiated patent infringement litigation against major television manufacturers like Hisense and TCL, as well as Amazon, to enforce its intellectual property rights. Additionally, the company faces antitrust challenges from competitors and licensees who may claim InterDigital abuses its market position by demanding excessively high royalty rates for its essential patents.
- Technological Disruption and Intense Competition: InterDigital operates in a highly dynamic and competitive technology sector characterized by rapid innovation. There is an ongoing risk that new market entrants or the development of alternative technologies could render InterDigital's existing patents less valuable or even obsolete. To maintain its market position and revenue generation capabilities, the company must continuously innovate and stay ahead of technological advancements. While InterDigital actively contributes to next-generation wireless standards like 5G Advanced and 6G, the threat of disruption from evolving technologies and a competitive landscape that includes larger, more diversified technology firms remains a significant challenge.
- Regulatory and Legal Challenges in the Intellectual Property Landscape: Beyond specific patent litigation, InterDigital is exposed to broader regulatory and legal risks stemming from changes in patent laws, market dynamics, and increased scrutiny of intellectual property rights. The global regulatory environment for patent licensing, particularly concerning Standard Essential Patents (SEPs), presents a significant near-term risk. There is ongoing antitrust scrutiny on the aggregation of SEPs into patent pools, with concerns about potential anti-competitive behavior or inflated royalty stacking. Adverse changes in intellectual property laws or increased regulatory pressures could significantly impact InterDigital's business operations and financial results.
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InterDigital (IDCC) operates in several significant addressable markets related to wireless communications, video technologies, and connected devices. Below are market size estimations for their key product and service areas:
- 5G Services and Technology: The global 5G services market was valued at USD 208.86 billion in 2025 and is projected to reach USD 17,319.9 billion by 2034, with a compound annual growth rate (CAGR) of 63.38% from 2026 to 2034. Another estimate places the global 5G service market size at USD 132.06 billion in 2024, expected to reach USD 1,104.05 billion by 2032. The global 5G technology market size was estimated at USD 274 billion in 2025 and is expected to hit around USD 24,231 billion by 2034.
- Cellular IoT: The global cellular IoT market size was valued at USD 8.02 billion in 2025 and is estimated to increase to USD 53.24 billion by 2034, demonstrating a CAGR of 23.40% between 2026 and 2034. Another source states the global cellular IoT market size was USD 6.4 billion in 2024, projected to reach USD 28.7 billion by 2033. Global cellular IoT connectivity revenues are expected to surpass USD 26 billion by 2030.
- Connected Cars/Vehicles: The global connected car market size was estimated at USD 12,843.0 million in 2024 and is projected to reach USD 26,470.7 million by 2030. Other estimates for the global connected car market include a valuation of USD 115.8 billion in 2023, projected to reach USD 501.8 billion by 2033. The global connected vehicle services market was valued at USD 21 billion in 2024 and is estimated to reach USD 57 billion by 2034.
- Wearable Technology: The global wearable technology market size was estimated at USD 92.90 billion in 2025 and is projected to reach USD 229.97 billion by 2033. Another report valued the global wearable technology market at USD 86.78 billion in 2025, projected to grow to USD 231.43 billion by 2034. North America held the largest wearable technology market share in 2025, accounting for 38.80% of the global market.
- Smart Homes: The global smart homes market size was valued at USD 151.5 billion in 2025 and is projected to reach USD 351.7 billion by 2034. Another assessment puts the global smart home market size at USD 127.80 billion in 2024, projected to reach USD 537.27 billion by 2030. North America dominates the market, holding a market share of 35.8% in 2025.
- Drones: The global drone market size was estimated at USD 83.81 billion in 2025 and is projected to reach USD 182.45 billion by 2033. The overall global UAV (Drone) market (OEM + Aftermarket) is estimated to be USD 26.12 billion in 2025 and projected to reach USD 40.56 billion by 2030. North America accounted for the largest revenue share of over 40.0% in the drone market in 2025. The global consumer drone market size was USD 5.12 billion in 2023 and is expected to increase to USD 15.63 billion by 2032.
- Extended Reality (XR) over Wireless: The global extended reality market size was USD 252.6 billion in 2025 and is estimated to reach USD 4,441.5 billion by the end of 2035. Another report estimated the global extended reality market size at USD 142.39 billion in 2023, projected to reach USD 1,069.27 billion by 2030. North America is expected to account for 41.6% of the global revenue share through 2035.
- Video Coding and Transmission Technologies (Advanced Video Coding, Video Encoding, and Transcoding): The global video transcoding market size reached USD 2,280.3 million in 2024 and is expected to reach USD 6,806.9 million by 2033. The Advanced Video Coding market was valued at USD 3.2 billion in 2023 and is expected to surpass USD 4.5 billion by 2030. North America dominates the global video encoder and transcoder market.
- Artificial Intelligence (AI) for Wireless Communications: The global AI in telecommunication market was valued at USD 3.6 billion in 2025 and is projected to grow to USD 45.1 billion by 2034. Another report estimated the global AI for wireless technology market size at USD 4.42 billion in 2025, expected to reach USD 10.63 billion by 2032. North America held around 35% market share of AI in telecommunication in 2024.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for InterDigital (IDCC) over the next 2-3 years:
- Expansion and Renewal of Smartphone Licensing Agreements: InterDigital expects continued revenue growth through the renewal of existing and the execution of new licensing agreements with major smartphone manufacturers. The company completed significant licensing deals with Samsung (extended to 2030), vivo, Honor, and OPPO in 2024 and 2025, covering a substantial portion of global smartphone shipments. A recent smartphone renewal with a major Chinese vendor is also cited as contributing to the positive outlook for 2026.
- Diversification of Licensing into New Verticals: The company is actively expanding its intellectual property licensing beyond traditional smartphones to encompass a broader range of connected devices. This includes consumer electronics (CE), Internet of Things (IoT), automotive, and personal computers (PC). Notable agreements include a new CE device license with a significant social media company and a license agreement with HP, the world's largest PC manufacturer, both in 2025. Recurring revenue from CE and IoT licensing increased significantly in 2024, indicating a growing contribution from these segments.
- Sustained Growth in Annualized Recurring Revenue (ARR): InterDigital consistently highlights the expansion of its Annualized Recurring Revenue, which represents a stable and predictable base of licensing income. ARR increased by 24% year-over-year in Q4 2025, reaching $582 million. The company aims to achieve double-digit growth in its ARR, demonstrating a focus on increasing this recurring revenue stream.
- Continued Innovation and Patent Development in Advanced Technologies: InterDigital's ongoing investment in research and development, particularly in areas like artificial intelligence (AI), 5G, and next-generation wireless technologies such as 6G, is a fundamental driver for long-term revenue growth. The company's patent portfolio grew by 14% in 2025, surpassing 38,000 grantee patents and applications, and is considered one of the highest quality globally. This continuous innovation fuels the pipeline for future licensing opportunities across various industries.
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Share Repurchases
- On December 6, 2023, InterDigital's Board of Directors authorized an increase of approximately $235 million to the outstanding amount of its existing share repurchase program, bringing the total authorization to $300 million, effective December 1, 2023.
Share Issuance
- InterDigital's shares outstanding were 0.034 billion in 2025, marking a 16.03% increase from 2024.
- Shares outstanding for the quarter ending December 31, 2025, increased by 20.31% year-over-year to 0.036 billion.
- The company's 3.50% Senior Convertible Notes due 2027 are convertible at a rate of 12.9041 shares of common stock per $1,000 principal amount, with InterDigital having the option to settle in cash, shares, or a combination. Call spread transactions were implemented to economically raise the conversion price from $77.49 to $105.67, thereby reducing the net shares issued upon conversion.
Capital Expenditures
- Research and innovation costs, a primary component of capital expenditures for InterDigital, were $78.3 million in 2023, $74.3 million in 2022, and $89.4 million in 2021.
- The largest portion of these research and innovation costs has been allocated to personnel.
- InterDigital generated $63.2 million in free cash flow in the fourth quarter of 2025, representing cash available after capital expenditures.
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Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEO | GEO | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04172026 | RSG | Republic Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -1.1% |
| 04102026 | VRSK | Verisk Analytics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.3% | 12.3% | 0.0% |
| 04102026 | QCOM | Qualcomm | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 40.2% | 40.2% | 0.0% |
| 11142025 | IDCC | InterDigital | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -14.5% | -14.5% | -15.2% |
| 04302025 | IDCC | InterDigital | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 91.4% | 48.9% | 0.0% |
| 09302022 | IDCC | InterDigital | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 82.8% | 102.9% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 253.55 |
| Mkt Cap | 118.3 |
| Rev LTM | 10,789 |
| Op Inc LTM | 3,550 |
| FCF LTM | 3,883 |
| FCF 3Y Avg | 3,024 |
| CFO LTM | 4,101 |
| CFO 3Y Avg | 3,194 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.7% |
| Rev Chg 3Y Avg | 6.6% |
| Rev Chg Q | 8.5% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 9.1% |
| Op Inc Chg 3Y Avg | 21.1% |
| Op Mgn LTM | 25.3% |
| Op Mgn 3Y Avg | 25.4% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 31.8% |
| CFO/Rev 3Y Avg | 31.1% |
| FCF/Rev LTM | 29.0% |
| FCF/Rev 3Y Avg | 28.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 118.3 |
| P/S | 6.5 |
| P/Op Inc | 23.7 |
| P/EBIT | 23.0 |
| P/E | 29.9 |
| P/CFO | 21.7 |
| Total Yield | 4.4% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.3% |
| 3M Rtn | 5.3% |
| 6M Rtn | 19.3% |
| 12M Rtn | 45.2% |
| 3Y Rtn | 152.9% |
| 1M Excs Rtn | -2.4% |
| 3M Excs Rtn | -1.1% |
| 6M Excs Rtn | 10.0% |
| 12M Excs Rtn | 12.9% |
| 3Y Excs Rtn | 73.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 869 | 550 | |||
| Catch-up revenues | 54 | 347 | |||
| Consumer Electronics (CE), Internet of Things (IoT)/Auto | 52 | 32 | |||
| Other | 1 | 5 | |||
| Smartphone | 351 | 315 | |||
| Non-recurring revenues | 74 | ||||
| Patent sales | 1 | ||||
| Technology solutions | 12 | ||||
| Total | 869 | 550 | 458 | 425 | 359 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 359 | ||||
| Total | 359 |
Price Behavior
| Market Price | $269.57 | |
| Market Cap ($ Bil) | 6.9 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -31.7% | |
| 50 Days | 200 Days | |
| DMA Price | $335.89 | $329.71 |
| DMA Trend | up | down |
| Distance from DMA | -19.7% | -18.2% |
| 3M | 1YR | |
| Volatility | 56.9% | 46.0% |
| Downside Capture | 1.98 | 0.77 |
| Upside Capture | 173.97 | 137.16 |
| Correlation (SPY) | 41.7% | 33.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.37 | 1.55 | 1.57 | 1.26 | 1.22 | 0.95 |
| Up Beta | 1.63 | 1.37 | 1.66 | 1.84 | 1.68 | 1.05 |
| Down Beta | -1.12 | 1.26 | 0.26 | 0.30 | 0.66 | 0.64 |
| Up Capture | 186% | 143% | 217% | 126% | 164% | 217% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 23 | 32 | 60 | 131 | 401 |
| Down Capture | 245% | 178% | 165% | 137% | 98% | 93% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 20 | 32 | 65 | 121 | 351 |
[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 IDCC | |
|---|---|---|---|---|
| IDCC | 28.5% | 46.0% | 0.68 | - |
| Sector ETF (XLI) | 30.6% | 15.6% | 1.51 | 19.7% |
| Equity (SPY) | 28.1% | 12.5% | 1.78 | 35.5% |
| Gold (GLD) | 42.9% | 26.9% | 1.30 | 10.7% |
| Commodities (DBC) | 48.6% | 18.0% | 2.14 | -3.6% |
| Real Estate (VNQ) | 13.6% | 13.5% | 0.70 | 6.5% |
| Bitcoin (BTCUSD) | -22.4% | 41.7% | -0.50 | 9.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IDCC | |
|---|---|---|---|---|
| IDCC | 33.9% | 35.6% | 0.90 | - |
| Sector ETF (XLI) | 12.8% | 17.4% | 0.58 | 39.5% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 46.9% |
| Gold (GLD) | 21.2% | 17.9% | 0.96 | 9.4% |
| Commodities (DBC) | 13.5% | 19.1% | 0.58 | 8.5% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 32.3% |
| Bitcoin (BTCUSD) | 8.5% | 56.0% | 0.36 | 19.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IDCC | |
|---|---|---|---|---|
| IDCC | 19.0% | 35.4% | 0.59 | - |
| Sector ETF (XLI) | 14.0% | 20.0% | 0.62 | 52.3% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 55.2% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 6.7% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | 18.2% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 42.3% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 15.3% |
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -15.9% | -21.2% | |
| 2/5/2026 | 9.9% | 15.9% | 13.8% |
| 10/30/2025 | 3.5% | 0.8% | -8.2% |
| 7/31/2025 | 5.3% | 10.2% | 11.6% |
| 5/1/2025 | 0.6% | 5.7% | 8.1% |
| 2/6/2025 | 16.0% | 15.1% | 18.0% |
| 10/31/2024 | 1.8% | 20.0% | 32.7% |
| 8/1/2024 | 11.5% | 11.1% | 11.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 15 |
| # Negative | 7 | 9 | 8 |
| Median Positive | 3.5% | 10.2% | 11.6% |
| Median Negative | -3.6% | -4.0% | -4.5% |
| Max Positive | 16.0% | 26.8% | 32.7% |
| Max Negative | -15.9% | -21.2% | -23.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 194.00 Mil | 197.00 Mil | 200.00 Mil | 34.9% | Higher New | Guidance: 146.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | 101.00 Mil | 105.50 Mil | 110.00 Mil | 46.5% | Higher New | Guidance: 72.00 Mil for Q4 2025 | |
| Q1 2026 Diluted EPS | 1.61 | 1.74 | 1.86 | 107.8% | Higher New | Guidance: 0.83 for Q4 2025 | |
| Q1 2026 Non-GAAP EPS | 2.39 | 2.54 | 2.68 | 68.4% | Higher New | Guidance: 1.5 for Q4 2025 | |
| 2026 Revenue | 675.00 Mil | 725.00 Mil | 775.00 Mil | -11.8% | Lower New | Guidance: 822.00 Mil for 2025 | |
| 2026 Adjusted EBITDA | 381.00 Mil | 429.00 Mil | 477.00 Mil | -25.1% | Lower New | Guidance: 573.00 Mil for 2025 | |
| 2026 Diluted EPS | 5.77 | 7.14 | 8.51 | -37.3% | Lower New | Guidance: 11.4 for 2025 | |
| 2026 Non-GAAP EPS | 8.74 | 10.3 | 11.8 | -30.1% | Lower New | Guidance: 14.7 for 2025 | |
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 144.00 Mil | 146.00 Mil | 148.00 Mil | 5.8% | Raised | Guidance: 138.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA | 68.00 Mil | 72.00 Mil | 76.00 Mil | 0 | Affirmed | Guidance: 72.00 Mil for Q3 2025 | |
| Q4 2025 Diluted EPS | 0.72 | 0.83 | 0.95 | -18.5% | Lowered | Guidance: 1.02 for Q3 2025 | |
| Q4 2025 Non-GAAP EPS | 1.38 | 1.5 | 1.63 | -7.1% | Lowered | Guidance: 1.62 for Q3 2025 | |
| 2025 Revenue | 820.00 Mil | 822.00 Mil | 824.00 Mil | 0.2% | Raised | Guidance: 820.00 Mil for 2025 | |
| 2025 Adjusted EBITDA | 569.00 Mil | 573.00 Mil | 577.00 Mil | 2.3% | Raised | Guidance: 560.00 Mil for 2025 | |
| 2025 Diluted EPS | 11.3 | 11.4 | 11.5 | 1.6% | Raised | Guidance: 11.2 for 2025 | |
| 2025 Non-GAAP EPS | 14.6 | 14.7 | 14.8 | 1.6% | Raised | Guidance: 14.5 for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pankaj, Rajesh | Chief Technology Officer | Direct | Sell | 5062026 | 278.00 | 750 | 208,500 | 19,939,956 | Form |
| 2 | Pankaj, Rajesh | Chief Technology Officer | Direct | Sell | 4072026 | 313.30 | 1,500 | 469,950 | 22,698,426 | Form |
| 3 | Schmidt, Joshua D | CLO & Corp Secretary | Direct | Sell | 3172026 | 348.21 | 6,000 | 2,089,260 | 9,014,888 | Form |
| 4 | Pankaj, Rajesh | Chief Technology Officer | Direct | Sell | 3062026 | 368.10 | 1,000 | 368,100 | 22,158,173 | Form |
| 5 | Schmidt, Joshua D | CLO & Corp Secretary | Direct | Sell | 3032026 | 365.86 | 467 | 170,857 | 9,885,791 | Form |
IDCC Trade Sentinel
OVERWEIGHT (Score 9-10)
CONVICTION RATIONALE
The probability-adjusted skew of 2.85x is highly attractive and falls squarely in Tier 1. The investment thesis rests on a resilient competitive moat that is widening due to dominance in core segments and successful expansion into new verticals. The identified primary risk (litigation costs) is a known factor and is considered friction rather than a thesis-killer, creating an asymmetric risk/reward profile heavily skewed to the upside, justifying an OVERWEIGHT rating.
STOCK ARCHETYPE
Mature Cash CowInterDigital fits the 'Mature Cash Cow' archetype due to its high and defensible margins (>50% adj. EBITDA), strong free cash flow conversion, and established position in the mature smartphone market. The business model is built on a regulatory moat of essential patents, providing high-quality, recurring revenue streams, aligning with the focus on Capital Efficiency and Pricing Power.
INVESTMENT THESIS
The primary driver for shareholder return is the successful expansion and monetization of InterDigital's patent portfolio beyond the mature smartphone market into higher-growth verticals like Consumer Electronics (CE), Internet of Things (IoT), and Automotive. Recent contract wins with major players like HP and LG validate this strategy, proving the addressable market is a serviceable reality, not a theoretical concept.
- Annualized Recurring Revenue (ARR) grew 24% year-over-year to $582 million as of Q4 2025.
- Over 50 license agreements signed since 2021, representing over $4.6 billion in contract value.
- Recent new licensee wins in expansion markets, including HP (PCs) and LG Electronics (Consumer Electronics).
- Management has a stated target of reaching $1B in ARR by 2030, suggesting a durable growth runway.
PRIMARY RISK
The primary risk to the thesis is not a decline in demand, but self-inflicted margin erosion from escalating, and potentially unsuccessful, litigation against major video streaming providers like Amazon and Disney. Management has explicitly guided for litigation costs to remain elevated or increase from the recent high of $19M in Q4 2025, creating a direct headwind to EPS growth and a source of outcome uncertainty.
- Litigation costs hit a recent high of approximately $19M in Q4 2025.
- Management guided for litigation expenses to remain elevated or increase in 2026.
- The risk is classified as 'Structural Impact' because an adverse ruling on video SEPs could permanently impair a key growth vector.
| KPI | Threshold | Rationale |
|---|---|---|
| Annualized Recurring Revenue (ARR) | Sustained >20% YoY Growth | This is the primary leading indicator of the company's health, stripping out the noise of lumpy catch-up payments and proving the expansion thesis is on track. |
| Quarterly Litigation Expense | Below $25 Million | Tracks the severity of the 'Anti-Alpha' risk. A sustained breach above this level would signal costs are spiraling and likely to trigger EPS misses and multiple compression. |
| New Major Non-Smartphone Licensee Announcements | At least 1-2 per year | Qualitative check on the execution of the Alpha Driver. These announcements provide tangible proof that the company is successfully penetrating the CE, IoT, and Automotive TAMs. |
Lumpy Growth vs. Recurring Power
BULL VIEW
ARR growth, new CE/IoT deals (LG, HP), and licensing 85% of the smartphone market proves the model is expanding and durable, making headline revenue lumpiness irrelevant.
CORE TENSION
Bears see a 13% FY26 revenue decline due to lapping one-time payments. Bulls focus on the 24% YoY growth in Annualized Recurring Revenue (ARR) as the true health indicator.
PREVAILING SENTIMENT
The 24% YoY growth in ARR to $582M as of Q4 2025 is the key metric, demonstrating underlying strength despite the forecasted decline in total revenue for FY2026.
BEAR VIEW
Sequential ARR stalled (Q3 to Q4 2025), renewal of expired ARR is incomplete, and rising litigation costs against major players (Amazon/Disney) will compress margins.
| Timeline | Event & Metric To Watch |
|---|---|
Late April 2026 | Q1 2026 Earnings Report Watch: Annualized Recurring Revenue (ARR) growth trend and status of the remaining ~$30M in expired contracts under negotiation. |
Anytime (Court Rulings / Settlement News) | Litigation Update vs. Amazon/Disney Watch: Rulings on patent validity, injunctions, or news of a settlement. Watch for litigation expense guidance in quarterly reports. |
Ongoing | New Major Licensing Agreement Announcement Watch: Announcement of a new license with a major, previously unlicensed, device maker in CE, IoT, or Auto. |
Next 6 Months | Major Licensee End-Market Report Watch: Downward revisions to 2026 shipment forecasts from key licensees (e.g., Samsung, Apple, Xiaomi) citing weak consumer demand. |
| Date | Event | Stock Impact |
|---|---|---|
Oct 21, 2025 | New Licensing and Renewal Agreements Details: Announced a patent license renewal with Sharp and a new agreement with an EV charger manufacturer, demonstrating continued momentum in both core and expansion markets. | Flat (0.32%) $370.17 -> $371.34 |
Oct 30, 2025 | Q3 2025 Earnings Report Details: Reported strong Q3 results, beating analyst estimates for both revenue and EPS. Highlighted a 49% YoY increase in Annualized Recurring Revenue to an all-time high of $588M. | Rose significantly by 3.53% $382.01 -> $395.48 |
Nov 10, 2025 | Initiates Patent Litigation Against Amazon Details: Announced multi-jurisdictional litigation against Amazon over infringement of video compression and HDR patents used in FireTV, Kindle, and Prime Video services. | Slight -1.37% pullback $369.24 -> $364.18 |
Jan 13, 2026 | Announced Q4 2025 Earnings Date Details: The company announced it would release its Q4 2025 financial results on February 5, 2026. The stock reaction was muted. | Flat (0.66%) $311.31 -> $313.36 |
Jan 20, 2026 | New License Agreement with LG Electronics Details: Announced a new patent license agreement with LG Electronics, covering digital TVs and computer display monitors, expanding its presence in the Consumer Electronics market. | Surged +5.54% $308.76 -> $325.88 |
Feb 5, 2026 | Q4 2025 Earnings & FY2026 Guidance Details: Reported a beat on EPS and Revenue. Provided lower FY26 revenue guidance ($675M-$775M) but strong Q1'26 guidance and highlighted 24% YoY growth in ARR. Stock reacted very positively. | Surged +9.93% $313.87 -> $345.05 |
Position Sizing
4% - 6%
NORMAL
Fundamentals are excellent (Bullish sentiment, Widening Moat, High Visibility). However, the 'Explosive' volatility regime (45% absolute, 4.1x S&P) forces a cap on size. This is a Bucket A fundamental case capped by Bucket C volatility.
Diversification Alternatives
RMBS
INDUSTRYUnlike IDCC's concentrated licensee risk, Rambus has a broader customer base across data centers and servers. Its growth is tied to the durable DDR5 memory upgrade cycle.
NOK
SECTOROffers a much lower valuation entry point into the IP licensing space. Provides diversification with its network infrastructure business, which could recover with 5G enterprise adoption.
InterDigital is a pure-play R&D company monetizing a foundational patent portfolio in wireless and video, trading at a P/S ratio of ~4.5 while generating ~90% gross margins and growing its base of recurring licensing revenue.
Filter all news through the lens of diversifying its high-margin, recurring royalty stream beyond the mature smartphone market into new growth verticals like Consumer Electronics (streaming), IoT, and Automotive.
New, multi-year licensing agreements with major players in CE, IoT, or Auto (e.g., streaming services, automakers); Favorable outcomes (settlements or injunctions) in ongoing litigation against potential licensees like Disney or Amazon; Annualized Recurring Revenue (ARR) growth >+15% YoY.
Failure to renew a license with a major smartphone customer (>10% of revenue) like Apple; Unfavorable court rulings or regulatory changes that weaken standard-essential patent (SEP) royalty rates; A sustained decline in Annualized Recurring Revenue (ARR).
Quarterly revenue volatility due to the timing of one-time 'catch-up' payments — focus on ARR trend instead; Announcements of individual patent grants — the portfolio is already massive; Competitor announcements of their own licensing deals — the market is not zero-sum.
Repricing Catalyst
Successful expansion into non-mobile markets, particularly video streaming and consumer electronics. InterDigital has secured injunctions against Disney and initiated enforcement against Amazon. [27] Converting these major players into licensees would validate the broader value of its video patent portfolio, diversifying revenue away from smartphones and potentially adding hundreds of millions in high-margin, recurring revenue.
Wireless & Smartphone Patent Licensing
$678900.0B TTM (81.4% of Total) · 90% MarginWhat It Is
Licenses for a portfolio of Standard-Essential Patents (SEPs) covering 3G, 4G, 5G, 6G-development, and Wi-Fi technologies.
Who Pays & How
Customers include Apple, Samsung, Xiaomi, OPPO, vivo, and Lenovo. [26, 28] They pay multi-year license fees, often worth hundreds of millions of dollars, because using InterDigital's SEPs is mandatory to build standard-compliant products. The alternative is facing patent infringement lawsuits and sales injunctions, creating an unavoidable lock-in. [2, 35]
Competition
Consumer Electronics, IoT & Auto Licensing
$155100.0B TTM (18.6% of Total) · 90% MarginWhat It Is
Licenses for portfolios of SEPs covering video coding (HEVC, VVC), video streaming, Wi-Fi, and other connectivity technologies for non-mobile devices.
Who Pays & How
Customers include HP, the world's largest PC manufacturer. [26] Potential licensees include video streaming services (e.g., Disney, Amazon) and automotive companies. They pay to license patented technology essential for video compression/streaming and device connectivity, avoiding infringement litigation.
Competition
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