At a glance
Adeia Inc. is worth $2.51B, about 23 times its fiscal 2025 earnings. Revenue grew 17.9% to $443.4M in fiscal 2025, with 25.1% kept as profit; over 5 years it has grown 3.0% a year. It pays a 0.88% dividend yield, and returned $248.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +29.6% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Adeia owns patents and licenses them to other companies. It does not sell products. Instead, it charges other companies for the right to use its inventions. Its portfolio holds about 13,750 media and semiconductor patent assets, and roughly 80% of them came from its own research. Adeia used to be Xperi Holding Corp. On October 1, 2022, that company spun off its product business as Xperi Inc. and kept the licensing business.
Its media patents cover how people find, search for, save and stream video. Cable, satellite and phone-company TV providers such as Comcast, Charter and DISH typically pay a monthly fee per subscriber. Streaming services such as Amazon and Disney+, along with social media companies, usually pay fixed fees for set periods. Device makers such as Samsung, LG and Roku pay per unit or, in some larger deals, fixed fees. Chip makers including Micron, SK Hynix and Kioxia license technologies such as hybrid bonding, a way to join stacked chips. They may pay fixed, per-unit, production or milestone fees. Adeia is also developing RapidCool, a liquid-cooling method for hot-running AI chips.
Revenue was $443.4 million in 2025, up 17.9% from 2024 but below the $515.9 million of 2020. The business is profitable: operating profit was 39.5% of 2025 revenue. Customers in the US produced 81.9% of 2025 revenue, Asia 12.6%, Canada 2.8%, and Europe and the Middle East 2.3%.
Price history
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ADEA +29.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| US | $363.1M | 81.9% |
| Asia | $55.8M | 12.6% |
| CA | $12.4M | 2.8% |
| Europe And Middle East | $10.2M | 2.3% |
| Other Asia | $1.9M | 0.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $96.1M, up 12.1% from a year earlier, and net income was $17.4M (+3.9%).
- For fiscal 2025, revenue was $443.4M (+17.9% year over year; -3.0% a year from FY2020 to FY2025) with a 25.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -3.0% weak |
|---|---|
| Operating margin | 39.5% good |
| Free cash flow margin | 35.2% good |
| Return on equity (FY2025) | 23.1% good |
| Return on assets (FY2025) | 10.7% good |
| Net cash (cash minus debt) | $-248.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $515.9M | $146.8M | $420.2M |
| FY2021 | $391.2M | $-55.5M | $220.8M |
| FY2022 | $438.9M | $-295.9M | $170.4M |
| FY2023 | $388.8M | $67.4M | $148.9M |
| FY2024 | $376.0M | $64.6M | $210.6M |
| FY2025 | $443.4M | $111.1M | $156.3M |
Valuation snapshot
| Market value | $2.51B |
|---|---|
| P/E ratio | 23 |
| Dividend yield | 0.88% |
Rank among 1514 US companies
Market value at each year end
Adeia’s market value went from $996.0M at the end of 2022 to $2.51B on Oct 28, 2026, about 2.5 times as much; since the end of 2025 it is up 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.51B | +32.8% |
| 2025 | $1.89B | +23.7% |
| 2024 | $1.53B | +15.0% |
| 2023 | $1.33B | +33.3% |
| 2022 | $996.0M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ADEA price data to Oct 28, 2026 | +32.7% | +29.6% | +42.3% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +32.7% |
| 2025 | +25.2% |
| 2024 | +15.3% |
| 2023 | +33.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (17 read): 0 open-market purchases and 1 sales ($3.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 13, 2026 | Kevin Tanji Chief Legal Officer | sell | $3.2M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Jun 30, 2025 |
| Ameriprise Financial, Inc. | 12.4% | Jun 30, 2026 |
| Vanguard Portfolio Management | 7.71% | Mar 31, 2026 |
| FMR LLC | 5.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5% | Mar 31, 2026 |
ETFs with the most weight in ADEA
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 1.6% |
| XSW SPDR S&P Software & Services ETF | 0.67% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.42% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.4% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.37% |
| ROSC Hartford Multifactor Small Cap ETF | 0.3% |
| CALF Pacer US Small Cap Cash Cows ETF | 0.27% |
| BFOR ALPS Barron's 400 ETF | 0.24% |
What could go wrong
- Patents could be weakened or invalidated. Adeia's revenue comes from licensing its patents and know-how. If courts or patent offices narrow or cancel key patents, or Adeia fails to add relevant new ones, customers have less reason to pay.
- Licenses expire and must be renewed. License deals have fixed end dates. If a big customer refuses to renew or renews on worse terms, revenue can fall. Some deals become fully paid-up when they end, which stops future fees entirely.
- Expensive legal fights to enforce patents. When companies won't sign or renew, Adeia may turn to lawsuits, arbitration or patent-office proceedings. These are costly, the outcomes are uncertain, and a loss can weaken the patents involved.
- Fees tied to customers' own business. Some fees depend on customers' sales, such as monthly per-subscriber fees from pay-TV providers. Adeia cannot control those numbers, finds them hard to forecast and may have trouble verifying royalties it is owed.
- Uneven, hard-to-predict results. The structure and timing of license deals can swing quarterly and yearly results. Revenue has moved unevenly: $388.8 million in 2023, $376.0 million in 2024 and $443.4 million in 2025.
- Significant debt with variable interest rates. As of June 30, 2026, Adeia had $386.0 million of debt and $137.1 million of cash and investments. Because some of its borrowing has variable rates, higher interest rates would raise its costs.
Recent events
- Quarterly results released
- Executive or board change; Other company announcement
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Shareholder vote results
- Executive or board change; Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Adeia pays a small dividend and has no record of raising it. It paid $0.20 per share in each year from 2021 through 2025, down from $0.50 in 2020. The yield was 0.88% as of October 28, 2026. In 2025 the dividend used 19.6% of earnings and 13.9% of free cash flow (the cash left after running and investing in the business). Adeia warns that it may not pay dividends at a consistent rate. Buybacks totaled $142.2 million from 2021 through 2025. Even so, the share count rose 5.3% between July 2021 and July 2026.
The share price history covers only about four years, so it does not show how the stock held up in the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Swings have been large. The stock fell as much as 39.1% in the year to October 28, 2026. Its beta of 2.67 points to much bigger moves than the market's. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Adeia make money?
Adeia makes money by licensing its patents. Cable, satellite and phone-company TV providers such as Comcast and Charter typically pay a monthly fee per subscriber. Streaming services and social media companies usually pay fixed fees for set periods. Device makers pay per unit or fixed fees. Chip makers such as Micron and SK Hynix may pay fixed, per-unit, production or milestone fees. Revenue was $443.4 million in 2025, and 81.9% came from US customers.
Is Adeia the same company as Xperi?
No, not anymore. Adeia used to be Xperi Holding Corp. On October 1, 2022, Xperi Holding spun off its product business as a separate public company, Xperi Inc., and kept the patent licensing business. It then renamed itself Adeia Inc. Some ties remain. Each company agreed to cover certain liabilities for the other. Adeia could also face a large tax bill if the spin-off fails to qualify as tax-free.
Does Adeia pay a dividend?
Yes, but the dividend is small and has not grown. Adeia paid $0.20 per share in each year from 2021 through 2025, down from $0.50 in 2020. The yield was 0.88% as of October 28, 2026. The dividend used 19.6% of 2025 earnings, a low share. Still, the company warns that it may not pay dividends at a consistent rate, and that a cut could hurt the share price.
How much debt does Adeia have?
Adeia had $386.0 million of total debt as of June 30, 2026, against $137.1 million of cash and investments. That leaves about $248.9 million of net debt (debt minus cash). Some of its borrowing has variable rates, so higher interest rates would raise its costs. For scale, Adeia generated $156.3 million of free cash flow in 2025. That is the cash left after running and investing in the business.
How has Adeia stock performed?
Adeia shares have gained a lot over three years, with large swings along the way. As of October 28, 2026, the stock returned 29.6% over one year and 42.3% a year over three years, or 188% in total. Calendar-year returns were 33.5% in 2023, 15.3% in 2024 and 25.2% in 2025. But the shares fell 24.5% over the six months to that date. They traded at about 23 times 2025 earnings per share.