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Adeia Inc. (ADEA) stock

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NASDAQ: ADEA Nasdaq Application Software Next results ~February 22, 2027

B+ Fundamentals grade

Adeia Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$44

Cash-flow model

Base case. Range ~$33–$60 across our lower- and higher-growth cases (5.6%–15.6% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 114% above it.

Price used: $20.67, November 2, 2026

Adeia Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds183 adding, 110 cuttingOf 44 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Adeia files

Where Adeia stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $471m, up 24.3% on a year earlier, faster than the 21.1% growth a quarter earlier. That growth ranks 18 of 103 among the application software companies we cover. Free-cash-flow margin fell to 40.0% from 53.1% a year earlier. Operating margin widened to 41.6% from 33.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $49.32 a share, against a share price of $22.59.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 22, 2027 (estimated)

Adeia Inc.'s trailing-twelve-month revenue grew 24.3% year on year, with a free-cash-flow margin of 40.0%. Where it stands out: operating margin of 41.6% ranks 5 of 181 application software companies we cover. Where it lags: long-term debt as % of assets of 36.0% ranks 79 of 98 application software companies we cover.

Our discounted-cash-flow model values the business at ~$44 per share in the base case (~$33–$60 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 6.2% while net income grew 46.3%: a 52pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $20.67 is 114% below our value per share of $44.
  • Fast growth. Revenue grew 24.3% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Growth speeding up. The growth rate is 3.3 points higher than a quarter earlier.
  • High operating margin. 41.6% of revenue is left as operating profit, against a median of 1.1% for application software companies we cover.
  • Margins widening. Operating margin is up 8.6 points on a year ago.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 68% and a beta of 2.5 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 36.0% ranks 79 of 98 application software companies we cover (median 16.9%).
  • Heavily shorted. 11.2% of the shares available to trade are sold short (6.0 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.21 against an average estimate of $0.30: missed by 28.9%
Revenue
$96m, up 12.1% on a year earlier
Share reaction
+17.1% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Guidance given
revenue $395m to $435m (full year 2026); operating expenses $295m to $305m (full year 2026)
Next report
November 2, 2026; average EPS estimate $0.41

Adeia's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.6%
  • 1 week-3.5%
  • 1 month-19.7%
  • This year+20.5%
  • 1 year+22.5%
  • 5 years+177.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$471M
Operating margin
41.6%
Net margin
26.1%
EPS (TTM, diluted)
$1.08

Growth

Revenue growth
+24.3%
Change in growth rate
+3.3 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$189M
FCF margin
40.0%
Stock pay % of revenue
7.8%

Earnings

Last results
November 2, 2026
Next results (est.)
February 22, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Results
  4. Guidance
  5. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Adeia Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 6.4% a year for five years.That is slower than the 3.8% a year revenue growth Adeia has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in-6.4%
  • Last 12 months24.3%
  • 3 years a year6.2%
  • 5 years a year3.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($17.70, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$44
Price used
$17.70close November 3, 2026
Implied change
▲ +150%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Adeia Inc.'s free cash flow after stock-based pay with after-tax interest added back ($217M, FY2026 Q2 TTM), growing -2.5% and 10% in the next two years (forecasts, guidance and its record), then back to 10.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$33–~$60 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Adeia Inc.'s free cash flow after stock-based pay ( $217M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Adeia Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$44 ~$33–$60 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$22 ~$18–$37 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.5 ~$1.7–$3.5 Left out: out of range vs price (0.12x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$1.4 ~$1.2–$1.6 Left out: out of range vs price (0.07x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$37 ~$22–$44 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Adeia Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −22%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $26$36$50$68$91$121
8.5% $19$27$37$49$66$87
10% $15$21$29$38$51$67

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$6.11$6.72$8.15$7.54$8.94$11.93$13.69$17.15$20.67
Market value$298m$330m$684m$809m$961m$1.3bn$1.5bn$1.9bn$2.3bn
+ Net debt (− = net cash)−$114m$260m$704m$709m$635m$547m$408m$354m$320m
Enterprise value$185m$590m$1.4bn$1.5bn$1.6bn$1.9bn$2.0bn$2.3bn$2.7bn
Multiples
Price / sales 0.7x1.2x1.3x2.1x2.2x3.5x4.1x4.4x5.0x
Price / earnings ——4.7x——20.0x24.0x17.4x19.1x
Price / free cash flow 2.3x2.1x1.6x3.7x5.6x9.0x7.4x12.4x12.5x
EV / EBITDA 1.3x15.5x3.1x4.4x9.4x13.7x15.0x12.9x13.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

38 /100

Weak moat

How hard Adeia's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.3% of total assets over 7 years.

  • Durability 10 / 20

    Operating margin has been a median 31.0%; its worst year was -5.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 7 of 7 years, at a median 41.2% of revenue.

  • Discipline 8 / 20

    The diluted share count rose 5.4% over five years; stock-based pay has been a median 7.8% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (53 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.42 −14% $416m −6%
Next $1.60 +12% $451m +8%

Next year's EPS estimate has moved +3.4% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 1 analyst raised Adeia Inc.'s forecast and 1 cut it.

Consensus EPS forecast Adeia Inc., last 90 days
$1.40 $1.45 $1.50 $1.55 $1.60 $1.65 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.42 Current fiscal year, 60 days ago: $1.42 Current fiscal year, 30 days ago: $1.42 Current fiscal year, 7 days ago: $1.42 Current fiscal year, Now: $1.42 $1.42 Next fiscal year, 90 days ago: $1.55 Next fiscal year, 60 days ago: $1.61 Next fiscal year, 30 days ago: $1.61 Next fiscal year, 7 days ago: $1.60 Next fiscal year, Now: $1.60 $1.60

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.42$1.55
60 days ago $1.42$1.61
30 days ago $1.42$1.61
7 days ago $1.42$1.60
Now $1.42$1.60

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.30 $0.21 −28.9%
Jun 2026 $0.31 $0.34 +10.4%
Mar 2026 $0.33 $0.38 +15.8%
Dec 2025 $0.75 $0.86 +15.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Revenue full year 2026 $395m to $435m Maintained
    “Revenue $395.0 − 435.0 $395.0 − 435.0” source
  • Operating expenses full year 2026 $295m to $305m GAAP Maintained
    “Operating expenses (1) $295.0 − 305.0 $184.0 − 192.0” source
  • Operating expenses full year 2026 $184m to $192m Non-GAAP Maintained
    “Operating expenses (1) $295.0 − 305.0 $184.0 − 192.0” source
  • Interest expense full year 2026 $34m to $36m Maintained
    “Interest expense $34.0 − 36.0 $34.0 − 36.0” source
  • Other income full year 2026 $5.5m to $6.5m Maintained
    “Other income $5.5 − 6.5 $5.5 − 6.5” source
  • Tax rate full year 2026 about 20% GAAP Maintained
    “Tax rate 20% 21%” source
Show 5 more items
  • Tax rate full year 2026 about 21% Non-GAAP Maintained
    “Tax rate 20% 21%” source
  • Net income full year 2026 $57.2m to $80.4m GAAP Maintained
    “Net income (2) $57.2 − 80.4 $144.2 − 168.7” source
  • Net income full year 2026 $144m to $169m Non-GAAP Maintained
    “Net income (2) $57.2 − 80.4 $144.2 − 168.7” source
  • Adjusted EBITDA full year 2026 $213m to $245m Non-GAAP Maintained
    “Adjusted EBITDA (2) N/A $213.4 − 245.4” source
  • Diluted shares outstanding full year 2026 114m to 115m Maintained
    “Diluted shares outstanding 114.0 − 115.0 114.0 − 115.0” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Adeia Inc.'s revenue by -2.5% next year and +10.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-7.9%, weight 49%) , management guidance (-8.2%, weight 22%) and the company's own record (+10.6%, weight 29%) . How the weights are set.

Analyst recommendations

4 analysts, Nov 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Nov 2026224
  2. Oct 2026224
  3. Sep 2026224

Counts of recommendations published by analysts covering Adeia Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.2%
of tradable shares
Days to cover
6.03
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.0%
of shares
Employees
150
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +22.5%

$16.87 on October 31, 2025 to $20.67

ThenNowEffect
Revenue (last 12 months) $379m $471m +24.3%
Net margin 22.2% 26.1% +17.6%
P/E multiple 22.7x 19.1x −15.8%
Share count 113m 114m −0.5%

Biggest factor: revenue.

Last 3 years +137.6%

$8.70 on November 3, 2023 to $20.67

ThenNowEffect
Revenue (last 12 months) $393m $471m +19.8%
P/S multiple 2.5x 5.0x +102.3%
Share count 111m 114m −2.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ADEA−8%+19%+34%+15%+25%+21%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ADEA58%42%58%42%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ADEA−28%−30%−36%−25%−35%−39%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 70% from January 27, 2017 to October 24, 2018. Getting back needed a 229% gain, reached on November 6, 2024, 2205 days after the low.

Price behaviour

52-week range
$11.62 – $33.50
From 52-week high
−38.3%
vs 50-day average
−14.9%
vs 200-day average
−19.1%
Volatility (1 year)
68%
Beta vs S&P 500
2.54

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±12.5%
After a week
7 up, 4 down
typical move ±12.0%
After a month
6 up, 5 down
typical move ±14.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +17.1% +3.3% +4.5% −8.4%
May 4, 2026 −15.7% +0.4% −3.5% −2.7%
February 23, 2026 +3.8% −0.3% +7.0% +33.1%
November 3, 2025 −25.2% −1.0% −16.7% −26.0%
August 5, 2025 +11.2% +0.3% +19.2% +24.8%
May 5, 2025 +4.9% −1.4% +10.8% +4.3%
February 18, 2025 +23.4% +0.5% +23.0% +4.8%
November 7, 2024 −18.0% +1.2% −16.9% −4.5%
August 6, 2024 +5.4% +0.2% +13.6% +20.3%
May 6, 2024 +11.1% +1.1% +12.1% +20.2%
February 20, 2024 −2.1% −0.5% −4.6% −10.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Adeia Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Adeia Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Adeia Inc.
$300M $350M $400M $450M $500M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $405.2M Revenue (TTM), FY23 Q4: $388.8M Revenue (TTM), FY24 Q1: $354.9M Revenue (TTM), FY24 Q2: $359M Revenue (TTM), FY24 Q3: $343.7M Revenue (TTM), FY24 Q4: $376M Revenue (TTM), FY25 Q1: $380.3M Revenue (TTM), FY25 Q2: $378.7M Revenue (TTM), FY25 Q3: $379.9M Revenue (TTM), FY25 Q4: $443.4M Revenue (TTM), FY26 Q1: $460.5M Revenue (TTM), FY26 Q2: $470.9M $470.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $405.2M
FY23 Q4 $388.8M
FY24 Q1 $354.9M
FY24 Q2 $359M
FY24 Q3 $343.7M
FY24 Q4 $376M
FY25 Q1 $380.3M
FY25 Q2 $378.7M
FY25 Q3 $379.9M
FY25 Q4 $443.4M
FY26 Q1 $460.5M
FY26 Q2 $470.9M
Revenue growth, TTM YoY Adeia Inc.
-20% -10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -4.7% Revenue growth, TTM YoY, FY23 Q4: -11.4% Revenue growth, TTM YoY, FY24 Q1: -15.0% Revenue growth, TTM YoY, FY24 Q2: -8.7% Revenue growth, TTM YoY, FY24 Q3: -15.2% Revenue growth, TTM YoY, FY24 Q4: -3.3% Revenue growth, TTM YoY, FY25 Q1: 7.2% Revenue growth, TTM YoY, FY25 Q2: 5.5% Revenue growth, TTM YoY, FY25 Q3: 10.5% Revenue growth, TTM YoY, FY25 Q4: 17.9% Revenue growth, TTM YoY, FY26 Q1: 21.1% Revenue growth, TTM YoY, FY26 Q2: 24.3% 24.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -4.7%
FY23 Q4 -11.4%
FY24 Q1 -15.0%
FY24 Q2 -8.7%
FY24 Q3 -15.2%
FY24 Q4 -3.3%
FY25 Q1 7.2%
FY25 Q2 5.5%
FY25 Q3 10.5%
FY25 Q4 17.9%
FY26 Q1 21.1%
FY26 Q2 24.3%
Operating margin (TTM) Adeia Inc.
25% 30% 35% 40% 45% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 36.1% Operating margin (TTM), FY23 Q4: 35.0% Operating margin (TTM), FY24 Q1: 28.3% Operating margin (TTM), FY24 Q2: 29.6% Operating margin (TTM), FY24 Q3: 27.5% Operating margin (TTM), FY24 Q4: 34.2% Operating margin (TTM), FY25 Q1: 34.7% Operating margin (TTM), FY25 Q2: 33.0% Operating margin (TTM), FY25 Q3: 32.6% Operating margin (TTM), FY25 Q4: 39.5% Operating margin (TTM), FY26 Q1: 40.6% Operating margin (TTM), FY26 Q2: 41.6% 41.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 36.1%
FY23 Q4 35.0%
FY24 Q1 28.3%
FY24 Q2 29.6%
FY24 Q3 27.5%
FY24 Q4 34.2%
FY25 Q1 34.7%
FY25 Q2 33.0%
FY25 Q3 32.6%
FY25 Q4 39.5%
FY26 Q1 40.6%
FY26 Q2 41.6%
FCF margin (TTM) Adeia Inc.
30% 40% 50% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 37.6% FCF margin (TTM), FY23 Q4: 38.3% FCF margin (TTM), FY24 Q1: 42.9% FCF margin (TTM), FY24 Q2: 41.2% FCF margin (TTM), FY24 Q3: 41.1% FCF margin (TTM), FY24 Q4: 56.0% FCF margin (TTM), FY25 Q1: 52.9% FCF margin (TTM), FY25 Q2: 53.1% FCF margin (TTM), FY25 Q3: 53.6% FCF margin (TTM), FY25 Q4: 35.2% FCF margin (TTM), FY26 Q1: 34.2% FCF margin (TTM), FY26 Q2: 40.0% 40.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 37.6%
FY23 Q4 38.3%
FY24 Q1 42.9%
FY24 Q2 41.2%
FY24 Q3 41.1%
FY24 Q4 56.0%
FY25 Q1 52.9%
FY25 Q2 53.1%
FY25 Q3 53.6%
FY25 Q4 35.2%
FY26 Q1 34.2%
FY26 Q2 40.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Adeia took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $443M
  2. Research and development $67.5M · 15.2%
  3. Selling, general and admin $120M · 27.0%
  4. Other operating costs $81.3M · 18.3%
  5. Operating income $175M · 39.5%
  6. Income tax $29.8M · 6.7%
  7. Interest and other $34.1M · 7.7%
  8. Net income $111M · 25.1%

Shares of revenue. Source: Adeia's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 406 280 516 391 439 389 376 443 471
EBITDA 139 38 442 346 170 138 131 177 198
Operating income 24 −69 267 119 153 136 129 175 196
Net income −0 −63 147 −55 −296 67 65 111 123
Diluted EPS −$0.01 −$1.27 $1.75 −$0.52 −$2.75 $0.60 $0.57 $0.99 $1.08
Growth (year on year)
Revenue — −31.0% +84.2% −24.2% +12.2% −11.4% −3.3% +17.9% +24.3%
EBITDA — −72.7% +>999% −21.7% −50.8% −19.1% −5.2% +35.4% +56.0%
Operating income — −386.5% — −55.5% +28.6% −11.0% −5.6% +36.1% +57.0%
Net income — — — −137.8% — — −4.1% +71.9% +46.3%
Diluted EPS — — — −129.7% — — −5.0% +73.7% +45.5%
Margins
EBITDA margin 34.3% 13.6% 85.7% 88.5% 38.8% 35.4% 34.7% 39.9% 42.0%
Operating margin 5.9% −24.5% 51.8% 30.4% 34.9% 35.0% 34.2% 39.5% 41.6%
Net margin −0.1% −22.3% 28.4% −14.2% −67.4% 17.3% 17.2% 25.1% 26.1%
Free-cash-flow margin 32.5% 57.3% 81.5% 56.5% 38.8% 38.3% 56.0% 35.2% 40.0%
Cash flow
Cash from operations 135 169 428 235 183 153 212 158 191
Capital spending 3 9 7 14 13 4 2 2 2
Free cash flow 132 160 420 221 170 149 211 156 189
Stock-based pay 31 32 39 58 53 18 27 35 37
Free cash flow after stock pay 101 129 381 163 118 131 184 122 152
Balance sheet
Cash 114 75 170 80 115 55 79 73 73
Total debt 0 335 874 790 749 601 487 427 393
Net debt (negative = net cash) −114 260 704 709 635 547 408 354 320
Diluted shares 49m 49m 84m 107m 108m 113m 113m 113m 114m
Returned to shareholders
Dividends 39 40 31 21 21 21 22 22 22
Buybacks 45 5 81 85 17 0 19 21 30
Total returned 84 44 111 106 38 21 40 43 52

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $1.0bn
Short-term assets $295mLonger-term assets $718m
What it owes, and who funded it · $1.0bn
Short-term liabilities $91mLonger-term liabilities $445mShareholders' equity $477m
  • Short-term assets cover short-term liabilities $295m of assets due within a year against $91m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $295m short-term assets against $445m of longer-dated liabilities.
  • More cash than debt $73m of cash against $386m of debt.
  • Debt below 40% of shareholders' equity Debt is 81% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 54% to 81% over five years.
  • A year's operating cash flow covers at least 20% of debt $191m of operating cash flow against $386m of debt.
  • Operating profit covers interest at least five times over Operating income of $196m against $36m of interest.

From Adeia Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$30M
Dividends (TTM)
$22M
Returned to shareholders
28%
of free cash flow
Buybacks, last 3 fiscal years
$40M
Diluted share count
+0.5%
year over year
Total shareholder yield
2.3%
dividends 1.0% + buybacks 1.3% of market value
Dividend payout ratio
18%
of net income paid out
R&D spending
15.2%
of revenue
Sales & admin spending
25.4%
of revenue
Days sales outstanding
11 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated ADEA AVPT CLBT SPT PD MSTR Median
Revenue, last 12 months $471m $466m $476m $482m $495m $495m $482m
Revenue growth, last 12 months 24.3% 25.0% 18.6% 11.8% 2.3% 4.2% 12.0%
Revenue growth, 3-year average 6.2% 23.0% — 18.5% 6.8% −0.6% 11.1%
Revenue growth, latest quarter 12.1% 22.0% — 10.8% 0.8% −2.5% 11.9%
Gross margin — 73.4% 84.2% 77.4% 84.8% 67.8% 69.2%
Operating margin 41.6% 9.8% 14.0% −5.9% 6.5% <−999% 1.1%
Operating margin, 3-year average 34.7% 4.8% — −12.6% −6.7% −593.7% −0.8%
Net margin 26.1% 15.3% 16.5% −6.1% 37.2% <−999% 2.1%
Cash from operations / revenue 40.6% 22.5% 36.5% 11.2% 26.6% −1.5% 18.2%
Free-cash-flow margin 40.0% 21.7% 33.7% 10.5% 25.6% −2.2% 15.0%
Free-cash-flow margin, 3-year average 44.8% 19.7% — 6.2% 24.0% −8.4% 16.2%
Stock pay / revenue 7.8% 7.6% 9.4% 15.1% 16.3% 10.3% 9.3%
Change in share count 0.5% 10.4% 19.3% 3.2% −6.1% 22.3% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 24.3% 12.0% 39 of 184
Change in growth rate Growth +3.3pp +0.2pp 39 of 184
Operating margin Profitability 41.6% 1.1% 5 of 181
Net margin Profitability 26.1% 2.1% 16 of 185
Free-cash-flow margin Cash generation 40.0% 15.2% 7 of 180
Stock pay as % of revenue Cash generation 7.8% 9.3% 75 of 177
Long-term debt as % of assets Balance sheet 36.0% 16.9% 79 of 98
Change in share count Balance sheet 0.5% 1.7% 69 of 163
Days sales outstanding Balance sheet 11 days 57 days 13 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Media Platform $418M ▲ 16.8%
Recurring Revenue $351M ▲ 2.9%
Nonrecurring Revenue $92M ▲ 166.4%
Semiconductor $25.7M ▲ 38.7%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $363M 81.9% ▲ 19.7%
Asia $55.8M 12.6% ▲ 12.6%
Canada $12.4M 2.8% ▼ 4.5%
Europe and Middle East $10.2M 2.3% ▲ 21.5%
Other Asia $1.9M 0.4% ▲ 2.4%

From Adeia Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
299
Shares held vs prior quarter
▲ 5.7%
Positions opened / closed
69 / 27

Top buyers and sellers, Q2 2026: 183 institutions bought and 110 sold ; the biggest buyer was Price T Rowe Associates Inc (+2.9M shares) and the biggest seller LSV Asset Management (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $573M 17.4M 15.3% ▲ 3.5%
Ameriprise Financial Inc $452M 13.7M 12.0% ▼ 5.8%
Vanguard Portfolio Management LLC $288M 8.8M 7.7% ▲ 3.5%
FMR LLC $197M 6.0M 5.3% ▲ 75.9%
State Street Corp $160M 4.8M 4.3% ▲ 5.9%
Vanguard Capital Management LLC $158M 4.8M 4.2% ▲ 1.8%
Neuberger Berman Group LLC $115M 3.5M 3.1% ▲ 7.5%
Price T Rowe Associates Inc $101M 3.1M 2.7% ▲ 2202.7%
Geode Capital Management, LLC $99.3M 3.0M 2.6% ▲ 5.8%
Dimensional Fund Advisors LP $91.8M 2.8M 2.4% ▲ 0.5%
Systematic Financial Management LP $81.6M 2.5M 2.2% ▼ 7.7%
Boston Partners $78.4M 2.4M 2.1% ▲ 9.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Adeia Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.2M 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $3.2M net selling
Insider Date Trade Shares Price Value
Tanji Kevin Chief Legal Officer May 13, 2026 Sell 99,342 $31.75 $3.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 22, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 23, 2026
  • November 3, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Adeia Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Adeia Inc. in brief

What does Adeia Inc. do?
Adeia Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Adeia Inc.'s stock ticker?
Adeia Inc. trades under the ticker ADEA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Adeia Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Adeia Inc. reported revenue of $471M, 24.3% higher than a year earlier, according to its SEC filings.
What is Adeia Inc.'s free cash flow?
Adeia Inc.'s free-cash-flow margin is 40.0% of revenue over the trailing twelve months, ranking 7 of the 180 application software companies we cover.
What is Adeia Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Adeia Inc.'s free cash flow after stock-based pay gives ~$44 per share in the base case, and ~$33–$60 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Adeia Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Ameriprise Financial Inc and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Adeia Inc. buying back stock, and does it pay a dividend?
Adeia Inc. spent $30M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.5% over the year.
What is Adeia Inc.'s market cap?
On November 2, 2026, Adeia Inc.'s market capitalisation was about $2.3B, with a price-to-earnings ratio of 19.1 and net debt of $320M. Market figures come from third-party market data and may be delayed.
Does Adeia Inc. pay a dividend?
Yes: Adeia Inc. paid $22M in dividends over the trailing twelve months, a dividend yield of 0.96% and a payout ratio of 17.9%.
How much debt does Adeia Inc. have?
Adeia Inc.'s debt-to-equity ratio is 80.9%, from its latest balance sheet (54.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Adeia Inc.'s competitors?
In our Application Software peer group, the companies closest to Adeia Inc. are Avepoint, Inc., Cellebrite DI Ltd., Sprout Social, Inc., Pagerduty, Inc. and Strategy Inc. The side-by-side comparison below sets their revenue, margins and growth against Adeia Inc.'s.
Are insiders buying or selling Adeia Inc. stock?
Over the last 12 months, Adeia Inc.'s directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Adeia Inc.'s next earnings date?
Around February 22, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Adeia Inc. announces its own schedule.