olivLaw · US equity research
Adeia Inc. ADEA
Cable & Other Pay Television Services · SIC 4841 · Vertical: Cable & Other Pay Television Services (SIC 4841)
Adeia Inc. is a technology company that licenses its media and semiconductor patent portfolio to pay-TV providers, OTT platforms, consumer electronics makers and chip companies. Revenue reached 443.4 million USD in 2025, and 96.1 million USD in the second quarter of 2026, as the company diversifies into e-commerce and semiconductors tied to AI infrastructure.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Adeia Inc. (ADEA) stock was 16.93 USD (−5.18% on the day), with market capitalisation 1.9 bn USD, P/E 16.6 on diluted EPS of 1.02 USD over the last 12 months, dividend yield 1.77%, beta 1.69, 52-week range 11.74–33.63 USD. Latest reported quarter (Q3 2026): revenue of 80.2 m USD (−8.2% YoY), net income of 2.3 m USD (−74.3% YoY), diluted EPS 0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 24.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 18.13 – 25.04
- below the lower band · %B -0.18 · band width 32.0%
- SMA 50 / 200
- 23.92 / 25.56
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.40 / -1.05
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −35.1% | −1.1% | −34.0 pp | — |
| 3 months | −43.4% | −0.5% | −43.0 pp | — |
| 6 months | −42.0% | +4.4% | −46.4 pp | — |
| Year to date | −1.9% | +12.3% | −14.2 pp | — |
| 1 year | +32.7% | +13.5% | +19.2 pp | −16.0% |
| 3 years | +86.4% | +76.4% | +10.0 pp | −32.1% |
| 5 years | +105.5% | +63.7% | +41.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 119.2 m | 87.7 m | 85.7 m | 87.3 m | 182.6 m | 104.8 m | 96.1 m | 80.2 m |
| Research & development | 16.0 m | 16.5 m | 15.9 m | 16.0 m | 19.2 m | 18.2 m | 18.3 m | 18.7 m |
| SG&A | 27.9 m | 28.4 m | 32.1 m | 24.9 m | 34.1 m | 29.8 m | 31.0 m | 29.0 m |
| Operating income | 57.5 m | 22.8 m | 16.4 m | 27.0 m | 108.8 m | 34.8 m | 25.4 m | 9.0 m |
| Interest expense | 12.3 m | 10.6 m | 10.2 m | 10.1 m | 9.4 m | 8.5 m | 8.0 m | 8.1 m |
| Pre-tax income | 46.5 m | 13.9 m | 7.6 m | 18.4 m | 101.0 m | 28.0 m | 19.0 m | 2.8 m |
| Income tax | 10.5 m | 2.1 m | -9.1 m | 9.6 m | 27.3 m | 5.2 m | 1.6 m | 511.0 k |
| Net income | 36.0 m | 11.8 m | 16.7 m | 8.8 m | 73.7 m | 22.8 m | 17.4 m | 2.3 m |
| Diluted EPS | 0.32 ≈ | 0.10 | 0.15 | 0.08 | 0.65 ≈ | 0.20 | 0.15 | 0.02 |
| Operating cash flow | 107.5 m | 57.1 m | 23.1 m ≈ | 17.8 m ≈ | 60.0 m | 58.5 m | 54.6 m ≈ | 5.1 m ≈ |
| Capex | 547.0 k | 228.0 k | 192.0 k ≈ | 796.0 k ≈ | 590.0 k | 434.0 k | 561.0 k ≈ | 1.1 m ≈ |
| Dividends paid | 5.5 m | 5.4 m | 5.4 m ≈ | 5.5 m ≈ | 5.4 m | 5.5 m | 5.5 m ≈ | 5.5 m ≈ |
| Share repurchases | 18.7 m | 11.3 m | 0 ≈ | 0 ≈ | 10.0 m | 10.0 m | 10.0 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 29 percentile of its own 17-quarter history (min 6.3, median 20.9, max 32.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 406.1 m | 280.1 m | 515.9 m | 391.2 m | 438.9 m | 388.8 m | 376.0 m | 443.4 m |
| Revenue YoY | unavailable | −31.0% | — | −24.2% | +12.2% | −11.4% | −3.3% | +17.9% |
| Net income | -289.0 k | -62.5 m | 146.8 m | -55.5 m | -295.9 m | 67.4 m | 64.6 m | 111.1 m |
| Net income YoY | unavailable | unavailable | — | −137.8% | unavailable | unavailable | −4.1% | +71.9% |
| Diluted EPS | -0.01 | -1.27 | 1.75 | -0.52 | -2.75 | 0.60 | 0.57 | 0.99 |
| Diluted EPS YoY | unavailable | unavailable | — | −129.7% | unavailable | unavailable | −5.0% | +73.7% |
| net % | -0.1% | -22.3% | 28.4% | -14.2% | -67.4% | 17.3% | 17.2% | 25.1% |
| Free cash flow | 131.8 m | 160.4 m | 420.2 m | 220.8 m | 170.4 m | 148.9 m | 210.6 m | 156.3 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 73.1 m USD
- Financial debt
- 418.5 m USD
- Net debt
- 345.3 m USD
- Equity
- 480.5 m USD
- Total assets
- 1.0 bn USD
- Debt / equity
- 0.87x
- Current ratio
- 3.81x
- ROE
- 25.3%
- ROA
- 10.4%
- FCF margin
- 35.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 515.9 m | 391.2 m | 438.9 m | 388.8 m | 376.0 m | 443.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 78.4 m | 126.8 m | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| Gross profit | 437.6 m ≈ | 264.5 m ≈ | — | — | — | — | SEC (XBRL)· 01 Mar 2023derived |
| Research & development | 35.1 m | 39.6 m | 44.6 m | 54.3 m | 59.6 m | 67.5 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 136.8 m | 129.2 m | 135.6 m | 95.2 m | 103.4 m | 119.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 267.5 m | 119.0 m | 153.1 m | 136.2 m | 128.6 m | 175.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 174.7 m | 227.2 m | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| EBITDA | 442.2 m ≈ | 346.2 m ≈ | — | — | — | — | SEC (XBRL)· 01 Mar 2023derived |
| Interest expense | 37.9 m | 39.0 m | 45.3 m | 62.6 m | 52.5 m | 40.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 224.5 m | 72.8 m | 109.8 m | 80.0 m | 81.2 m | 140.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -15.3 m | 4.8 m | -28.6 m | 12.6 m | 16.6 m | 29.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 146.8 m | -55.5 m | -295.9 m | 67.4 m | 64.6 m | 111.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 1.75 | -0.52 | -2.75 | 0.60 | 0.57 | 0.99 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 83.9 m | 107.3 m | 107.6 m | 112.8 m | 113.1 m | 112.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.50 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 170.2 m | 80.4 m | 114.6 m | 54.6 m | 78.8 m | 73.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 116.0 m | 64.2 m | 58.5 m | 39.7 m | 34.1 m | 28.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 9.8 m | 5.1 m | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| Current assets | 546.3 m | 519.5 m | 258.7 m | 205.8 m | 258.4 m | 304.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 63.2 m | 4.9 m | 4.6 m | 7.0 m | 6.3 m | 6.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 314.6 m | 314.6 m | 313.7 m | 313.7 m | 313.7 m | 313.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.0 bn | 547.0 m | 432.5 m | 347.2 m | 301.2 m | 303.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 2.7 bn | 2.5 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 13.0 m | 448.0 k | 8.5 m | 9.6 m | 8.0 m | 4.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 43.7 m | 36.1 m | 109.8 m | 66.1 m | 21.0 m | 21.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 795.7 m | 729.4 m | 619.6 m | 519.6 m | 454.4 m | 397.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 224.7 m | 189.7 m | 166.7 m | 102.0 m | 73.1 m | 79.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.3 bn | 1.1 bn | 909.1 m | 748.9 m | 701.4 m | 558.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 1.5 bn | 1.3 bn | 301.4 m | 356.6 m | 396.6 m | 480.5 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 427.6 m | 234.8 m | 183.0 m | 152.8 m | 212.5 m | 158.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 7.4 m | 14.0 m | 12.6 m | 3.8 m | 1.8 m | 1.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 420.2 m ≈ | 220.8 m ≈ | 170.4 m ≈ | 148.9 m ≈ | 210.6 m ≈ | 156.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 17.8 m | -6.2 m | -2.9 m | -34.5 m | -24.0 m | -40.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -351.1 m | -196.2 m | -263.3 m | -178.3 m | -164.2 m | -123.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 30.8 m | 21.0 m | 20.9 m | 21.3 m | 21.8 m | 21.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 80.6 m | 84.9 m | 17.3 m | 0 | 18.7 m | 21.3 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 73 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet74
- Valuation78
- Quality98
- Growth3
- Returns64
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.63 – 35.96 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)21.28 – 35.96 (Mid 26.80)WACC 8.5% · starting FCFF 201.8 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -15.9%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E4.49 – 27.73 (Mid 12.73)4 companies used · median multiple 12.5x · quartiles 4.4x – 27.1xCCZ, CHTR, PAAI, ROKU
- Dividend discount (DDM)2.63 – 3.53 (Mid 3.01)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 73/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.2% | 100 (vs peers) | 15% |
| Net margin · Quality | 25.0% | 92 (vs peers) | 9% |
| FCF conversion · Quality | 151.2% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 0.3% | 3 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.2x | 57 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 16.6x | 61 (on a fixed band) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.4% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 12.5% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet74/100 · 2/3 factors with a value
- Growth· partial3/100 · 1/2 factors with a value
- Quality98/100 · 3/3 factors with a value
- Returns64/100 · 2/2 factors with a value
- Valuation78/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ADEIA INC. (ADEA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 443.4 m USD in 2025; YoY growth 17.9%; net margin 25.0%; ROE 25.9%.
The estimated value range is 4.49–27.73 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 12.73 USD, the price of 16.93 USD leaves a potential of -24.8% (value / price − 1) and a margin of safety of -32.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 73/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.2%
- Net margin: 25.0%
- FCF conversion: 151.2%
- Current ratio: 3.6x
- FCF yield: 9.4%
- Payout ratio (FCF): 12.5%
What contradicts it
- Revenue CAGR 3Y: 0.3%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Cable & Other Pay Television Services (SIC 4841) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WBDWarner Bros. Discovery, Inc. | 77.7 bn | — | -9.2% | -8.8% | −5.1% | unavailable / unavailable |
| CHTRCharter Communications, Inc. | 32.6 bn | 3.1 | 29.7% | 9.1% | −0.6% | −40% / −70% |
| ROKURoku, Inc. | 24.1 bn | 48.2 | 18.2% | 9.3% | +15.2% | +68% / +56% |
| ADEAAdeia Inc. | 1.9 bn | 16.6 | 25.9% | 25.0% | +17.9% | +33% / +86% |
| OPTUOptimum Communications, Inc. | 188.1 m | — | — | -58.1% | −4.1% | −64% / −70% |
| PAAIThe Arena Group Holdings, Inc. | 43.8 m | 4.8 | — | 9.3% | +698.2% | −78% / −60% |
| CABOCable One, Inc. | 29.8 m | — | -126.2% | -72.8% | −4.9% | −96% / −99% |
| GLIBALiberty Capital Corp | — | — | -21.0% | -32.5% | +3.0% | −31% / unavailable |
| LILALiberty Latin America Ltd. | — | — | -32.1% | -3.9% | −0.1% | +47% / +88% |
| RCIRogers Communications Inc. | — | — | 49.0% | 31.8% | +5.4% | −12% / −20% |
| LBTYALiberty Global Ltd. | — | — | -22.3% | -44.4% | +12.4% | −16% / +16% |
| AMCXAMC Global Media Inc. | — | — | -2.1% | -0.9% | −4.5% | −5% / −44% |
| CCZComcast Corporation | — | 20.1 | 11.9% | 9.2% | −0.0% | +1% / +17% |
1- and 3-year price returns: for ADEA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.86 Total return -40% · Per year -40% | 17.47 Total return 5% · Per year 5% | 26.37 Total return 58% · Per year 58% |
| 3 years | 8.79 Total return -44% · Per year -18% | 17.59 Total return 9% · Per year 3% | 29.26 Total return 80% · Per year 22% |
| 5 years | 7.83 Total return -48% · Per year -12% | 17.71 Total return 14% · Per year 3% | 32.46 Total return 104% · Per year 15% |
- Exit P/E± 4.40
- Net margin± 3.08
- Annual revenue growth± 2.63
- Annual dilution± 0.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Adeia Inc. is a technology company that licenses its media and semiconductor patent portfolio to pay-TV providers, OTT platforms, consumer electronics makers and chip companies. Revenue reached 443.4 million USD in 2025, and 96.1 million USD in the second quarter of 2026, as the company diversifies into e-commerce and semiconductors tied to AI infrastructure.
SWOT
Strengths
- The patent portfolio is large and diversified, covering media and semiconductors, which gives a solid base for licensing.
- Revenue is largely recurring, with contracts from large and well-capitalized customers.
- The company runs with relatively low operating costs and high margins, which allows it to fund research and litigation.
Weaknesses
- Customers are concentrated, and a few of them generate a large share of revenue.
- Debt is significant and partly at variable interest, which exposes the company to rising borrowing costs.
Opportunities
- Expansion into e-commerce and adjacent markets could bring new customers and non-Pay-TV revenue.
- Growing demand for AI semiconductors could accelerate adoption of hybrid bonding technologies.
- Licensing international MVPD providers is an opportunity that the filing describes as still largely untapped.
Threats
- Large customers could reduce or eliminate use of the technologies if their own demand falls.
- Costly litigation and patent validity challenges could delay revenue or reduce portfolio value.
- Regulatory changes and international trade tensions could limit business with certain customers.
Risks
- Customer concentrationhigh
A small number of customers generate a large share of revenue, and losing one of them could affect results.
- License expirationshigh
If expiring licenses are not renewed on favorable terms, revenue could decline.
- Debt and interest ratesmedium
Significant debt with variable interest exposes the company to rising financing costs.
- Patent litigationmedium
Legal proceedings can be costly and can lead to challenges to patent validity.
- Most favored nations clauseslow
Most favored nations clauses could require the company to offer better terms to other customers, which could reduce revenue.
Investment thesis
What would need to be true (bull case)
- If the semiconductor business reaches the announced revenue outlook, the company could reduce its dependence on pay-TV.
- Contracts with large platforms such as Google and Disney show that the media portfolio remains relevant to content providers.
- High operating cash generation could allow debt repayment and share repurchases.
What would break the thesis
- Recurring revenue from pay-TV is declining, and this could continue if the linear TV market shrinks.
- Annual revenue can be inflated by non-recurring revenue, which makes results hard to compare across periods.
- Dependence on a few customers and costly litigation could affect the stability of revenue.
What to watch
- Trend in recurring pay-TV revenue and the non-Pay-TV pipelineQ3 2026
- Whether semiconductor revenue reaches the announced outlook2027
- Outcome of ongoing litigation, including the case against AMDnext 10-K
- Renewal of contracts with major customers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).
The business
Adeia presents itself as a technology company and innovation incubator investing in research for the entertainment, media, consumer electronics and semiconductor industries. Revenue comes from IP licensing, meaning granting the right to use a patent portfolio. According to the 10-K, the company holds about 13750 media and semiconductor patent assets, and most licenses are long-term agreements with fixed fees or royalties.
The company was created in 2022 when Xperi Holding Corporation kept the IP licensing business, while the product business was spun off as Xperi Inc. Adeia has about 150 full-time employees, almost all in the United States. Its strategy targets growth through internal innovation, targeted acquisitions and expansion into new markets such as OTT, e-commerce and AI-related semiconductors.
The second-quarter 2026 results release shows Adeia signed a renewal with Google, which includes YouTube TV, and a multi-year agreement with RPX covering ten new e-commerce customers. The company raised its long-term annual revenue outlook to 600 million USD, driven mainly by its semiconductor business.
Segments
Media IP licensing
The media segment licenses technologies for guidance, search and recommendation of content to linear TV, OTT services, social media and e-commerce. Customers include MVPD operators and streaming platforms, and contracts combine per-subscriber fees with fixed fees for set periods.
Semiconductor IP licensing
The semiconductor segment monetizes hybrid bonding, direct-to-chip cooling (RapidCool) and 3D integration for memory and logic. Revenue can include fixed fees, per-unit fees or milestone fees, and the company says adoption of these technologies could grow with AI infrastructure.
Market context
Adeia operates in the market for licensing intellectual property in media and semiconductors. Its customers are MVPDs, OTT platforms, consumer electronics makers, social media companies and chip companies, and demand depends on video consumption and production cycles in the chip industry.
Revenue is sensitive to macroeconomic conditions, trade tariffs and supply chains, especially in the per-unit fee segment. The five largest customers accounted for 55.7% of revenue in 2025, showing high customer concentration.
Trends
- Growth of OTT platformstailwind
The expansion of OTT services opens licensing opportunities, and agreements with Amazon and Disney show the relevance of the media portfolio to these platforms. Revenue could grow if more OTT providers sign licenses.
- Demand for AI semiconductorstailwind
Demand for data centers and high-performance chips has grown, and hybrid bonding and cooling technologies could become more important. The company raised its revenue outlook for this reason.
- Decline of pay-TVheadwind
Recurring revenue from pay-TV declined in the second quarter of 2026, which could limit growth if the decline continues. The company says its non-Pay-TV pipeline is growing.
- Litigation and licensingmixed
Lawsuits against companies that refuse licenses can bring non-recurring revenue but raise legal costs. If disputes drag on, quarterly results could fluctuate.
Competitive position
The 10-K states that, because patent rights are exclusive, the company does not compete in the traditional sense with other patent holders. A product containing IP may require licenses from several holders, so competitive pressure mainly comes from similar technologies or solutions that design around them.
The main competitive risk is that customers develop similar technologies or bypass them with other solutions. The company relies on patent protection and enforcement procedures to maintain its position.
- Other media patent holders
The filing says it does not compete directly with other holders, but customers may develop similar or alternative technologies.
- Semiconductor makers developing in-house solutions
Semiconductor customers may develop technologies that compete with licensed ones, according to the risk factors.
- Chip cooling technology developers
Alternative solutions for semiconductor cooling could compete with direct-to-chip technology.
- Streaming platforms building proprietary technology
Large OTT providers may build in-house recommendation and search tools, which could reduce licensing needs.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- TiVo OS Added Generative AI Discovery. Can Xperi Take Share From Roku Without Owning the TV Screen?Yahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report28 Sept 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report28 Jul 2026Departure or appointment of officers
- Current report01 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report08 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report04 May 2026Departure or appointment of officers · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Adeia Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Adeia Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Adeia Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.