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Software - Application · Technology · Fiscal year ends Dec 31
Adeia reported revenue of $443M in the fiscal year ended Dec 2025, up 17.9% from the year before. Operating income was $175M, an operating margin of 39.5%, and net income was $111M. Operating cash flow of $158M less capital expenditure of $2M left free cash flow of $156M. Net debt was $345M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 391 | 439 | 389 | 376 | 443 |
| Cost of revenue | 127 | – | – | – | – |
| Gross profit | 264 | – | – | – | – |
| Research & development | 39.6 | 44.6 | 54.3 | 59.6 | 67.5 |
| Selling, general & admin | 129 | 136 | 95.2 | 103 | 120 |
| Operating income | 119 | 153 | 136 | 129 | 175 |
| Interest expense | 39.0 | 45.3 | 62.6 | 52.5 | 40.4 |
| Pre-tax income | 72.8 | 110 | 80.0 | 81.2 | 141 |
| Income tax | 4.8 | −28.6 | 12.6 | 16.6 | 29.8 |
| Net income | −55.5 | −296 | 67.4 | 64.6 | 111 |
| Diluted EPS | −0.52 | −2.75 | 0.60 | 0.57 | 0.99 |
| Diluted shares | 107 | 108 | 113 | 113 | 113 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 80.4 | 115 | 54.6 | 78.8 | 73.1 |
| Receivables | 64.2 | 58.5 | 39.7 | 34.1 | 28.6 |
| Inventory | 5.1 | – | – | – | – |
| Current assets | 519 | 259 | 206 | 258 | 304 |
| Net PP&E | 4.9 | 4.6 | 7.0 | 6.3 | 6.1 |
| Goodwill | 315 | 314 | 314 | 314 | 314 |
| Total assets | 2,470 | 1,211 | 1,106 | 1,098 | 1,039 |
| Payables | 0.4 | 8.5 | 9.6 | 8.0 | 4.8 |
| Deferred revenue | 7.0 | 17.1 | 7.1 | 19.5 | 19.7 |
| Current liabilities | 190 | 167 | 102 | 73.1 | 79.8 |
| Short-term debt | 36.1 | 110 | 66.1 | 21.0 | 21.0 |
| Long-term debt | 729 | 620 | 520 | 454 | 397 |
| Total liabilities | 1,130 | 909 | 749 | 701 | 559 |
| Shareholders' equity | 1,350 | 301 | 357 | 397 | 481 |
| Backlog (remaining obligations) | 579 | 579 | 526 | 486 | 435 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 235 | 183 | 153 | 212 | 158 |
| Capital expenditure | 14.0 | 12.6 | 3.8 | 1.8 | 1.8 |
| Free cash flow | 221 | 170 | 149 | 211 | 156 |
| Depreciation & amortisation | 227 | 17.1 | 1.5 | 2.1 | 2.0 |
| Stock-based compensation | 58.2 | 52.6 | 18.1 | 26.6 | 34.7 |
| Acquisitions | 17.4 | 50.5 | 0.0 | 0.0 | – |
| Share buybacks | 84.9 | 17.3 | 0.0 | 18.7 | 21.3 |
| Dividends paid | 21.0 | 20.9 | 21.3 | 21.8 | 21.8 |
| Dividend per share | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.2% | −11.4% | −3.3% | 17.9% |
| Operating income growth (YoY) | – | 28.6% | −11.0% | −5.6% | 36.1% |
| EPS growth (YoY) | – | – | – | −5.0% | 73.7% |
| Gross margin | 67.6% | – | – | – | – |
| Operating margin | 30.4% | 34.9% | 35.0% | 34.2% | 39.5% |
| Net margin | −14.2% | −67.4% | 17.3% | 17.2% | 25.1% |
| Return on equityBlank when equity is negative | −4.1% | −98.2% | 18.9% | 16.3% | 23.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.2% | 14.7% | 13.6% | 12.5% | 18.2% |
| Free cash flow margin | 56.4% | 38.8% | 38.3% | 56.0% | 35.2% |
| Cash conversion (CFO ÷ net income) | −4.23x | −0.62x | 2.27x | 3.29x | 1.42x |
| Receivable days | 60 | 49 | 37 | 33 | 24 |
| Inventory days | 15 | – | – | – | – |
| Payable days | 1 | – | – | – | – |
| Interest cover | 3.05x | 3.38x | 2.18x | 2.45x | 4.34x |
| Debt ÷ equity | 0.57x | 2.42x | 1.64x | 1.20x | 0.87x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 685 | 615 | 531 | 397 | 345 |
| Current ratio | 2.74x | 1.55x | 2.02x | 3.53x | 3.81x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.