# Adeia Inc. (ADEA)

> Source: Nexqual · https://nexqual.com/ADEA · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Adeia Inc. (ADEA), nexqual.com/ADEA" · informational, not investment advice.

**Price:** USD 22.48 (-1.19% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 22.75 · day 22.23–22.69 · 52w 11.61–34.34 · market cap $2.48B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $471M, net income $123M (26.1% margin), free cash flow $189M (SEC filings).
- Valuation: P/E 20.2x (avg 20.9x at the last 3 fiscal year-ends), EV/EBITDA 13.8x, net debt $249M.
- 1 of 80 tracked superinvestors hold ADEA (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $3.2M; 1 not under a Rule 10b5-1 plan ($3.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (4 analysts), mean target USD 43 (range 39–50).
- Total return with dividends: 1Y +34.2% vs S&P 500 +14.8%; 5Y +216.4% vs S&P 500 +79.1%.
- Next earnings: 2026-11-02, EPS estimate USD 0.3, revenue estimate $98.9M. All companies reporting that day: https://nexqual.com/earnings/2026-11-02
- Dividend: USD 0.2 a year (yield 0.88%), paid quarterly; latest ex-dividend date 2026-08-24; annual dividends grew 0.0% a year 2022–2025.
- Short interest: 11.23% of float (as of 2026-10-15), 6.0 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $391M | $439M | $389M | $376M | $443M | $471M |
| Operating income | $119M | $153M | $136M | $129M | $175M | $196M |
| Net income | -$55.5M | -$296M | $67.4M | $64.6M | $111M | $123M |
| EPS (diluted) | -$0.52 | -$2.75 | $0.60 | $0.57 | $0.99 | — |
| Free cash flow | $221M | $170M | $149M | $211M | $156M | $189M |
| Operating margin | 30.4% | 34.9% | 35.0% | 34.2% | 39.5% | 41.6% |
| Net margin | -14.2% | -67.4% | 17.3% | 17.2% | 25.1% | 26.1% |
| Revenue growth | -24.2% | +12.2% | -11.4% | -3.3% | +17.9% | — |
| Cash + short-term investments | $141M | — | $83.6M | $110M | $137M | — |
| Total debt | $765M | $729M | $586M | $475M | $418M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.2x · P/S 5.3x · EV/EBITDA 13.8x · EV/Sales 5.8x · P/FCF 13.1x · P/B 5.2x · FCF yield 7.61% · Earnings yield 4.95% · Dividend yield (paid, TTM) 0.89% · Buyback yield (TTM) 1.21% · Net debt $249M · EV $2.73B
P/E at fiscal year-ends: Dec 2025 17.5x, Dec 2024 24.5x, Dec 2023 20.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ADEA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.01% | $1.7M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-13 | Tanji Kevin | Chief Legal Officer | 99,342 | $3.2M | 24.1% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.50 on a 1–5 scale), 4 analysts; mean target USD 43 (low 39, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | BWS Financial | Maintained | Buy | $50 |
| 2026-09-29 | Rosenblatt | Maintained | Buy | $40 |
| 2026-08-14 | BWS Financial | Target raised | Buy | $30 → $50 |
| 2026-08-04 | BWS Financial | Maintained | Buy | $30 |
| 2026-08-04 | Rosenblatt | Maintained | Buy | $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +34.2% | +216.4% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +34.5% | +25.8% |
| Volatility (annualized) | 66.9% | 48.0% |
| Max drawdown | -39.0% (May 2026→Oct 2026) | -37.9% (Apr 2026→Oct 2026) |

## Dividends
Annual dividend rate USD 0.20 per share, yield 0.88% at the current price. Paid over the last 12 months: USD 0.20 in 4 payments (quarterly).
Most recent ex-dividend date: Aug 24, 2026; payment date: Sep 14, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Payout ratio 18% of earnings · 5-year average yield 1.34% · annual dividends grew 0.0% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-08-24 | USD 0.05 |
| 2026-05-26 | USD 0.05 |
| 2026-03-16 | USD 0.05 |
| 2025-11-24 | USD 0.05 |
| 2025-08-26 | USD 0.05 |
| 2025-05-27 | USD 0.05 |
| 2025-03-10 | USD 0.05 |
| 2024-11-27 | USD 0.05 |
Total by calendar year: 2022 USD 0.20 · 2023 USD 0.20 · 2024 USD 0.20 · 2025 USD 0.20.

## Short interest
7,075,355 shares sold short, 11.23% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 7,471,140 shares (-5.3%). Days to cover: 6.0 (short shares ÷ average daily volume).

## Peers (Software - Application)
CVLT (Commvault Systems, Inc.) USD 171.61 +3.09% · APPF (AppFolio, Inc.) USD 207.05 +1.00% · TTAN (ServiceTitan, Inc.) USD 80.73 -0.16% · DSGX (The Descartes Systems Group Inc) USD 92.03 -0.36% · YMM (Full Truck Alliance Co. Ltd.) USD 8.09 +0.12% · IDCC (InterDigital, Inc.) USD 334.27 +4.28%

## More
Full page: https://nexqual.com/ADEA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ADEA's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1803696/000119312526076549/adea-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Alphabet (Google) (GOOGL) | "Customers typically pay us a monthly per-subscriber fee and include many of the leading MVPDs and virtual MVPDs such as Charter, Comcast (including Sky), Cox, DISH Network (including Sling TV), Google (including YouTube …" |
| Customer | Hulu | "Customers typically pay us a monthly per-subscriber fee and include many of the leading MVPDs and virtual MVPDs such as Charter, Comcast (including Sky), Cox, DISH Network (including Sling TV), Google (including YouTube …" |
| Customer | Samsung Electronics | "Select customers include LG, Panasonic, Roku, Samsung, Sharp, Canon and TCL." |
| Customer | Comcast (CMCSA) | "Customers typically pay us a monthly per-subscriber fee and include many of the leading MVPDs and virtual MVPDs such as Charter, Comcast (including Sky), Cox, DISH Network (including Sling TV), Google (including YouTube …" |
| Customer | Verizon (VZ) | "Customers typically pay us a monthly per-subscriber fee and include many of the leading MVPDs and virtual MVPDs such as Charter, Comcast (including Sky), Cox, DISH Network (including Sling TV), Google (including YouTube …" |
| Customer | ESPN | "Customers have typically paid us fixed fees for specified periods of time and include some of the leading media companies and services including Amazon (including Amazon Prime), DAZN, Disney+, ESPN+, Google (including Yo…" |
| Customer | Panasonic | "Select customers include LG, Panasonic, Roku, Samsung, Sharp, Canon and TCL." |
| Customer | Kioxia | "These agreements are typically for specified periods of time, and our customers include Kioxia, Micron, Samsung, SanDisk, SK Hynix, Sony, ST Microelectronics, and UMC." |
| Customer | Micron Technology (MU) | "These agreements are typically for specified periods of time, and our customers include Kioxia, Micron, Samsung, SanDisk, SK Hynix, Sony, ST Microelectronics, and UMC." |
| Customer | Sandisk (SNDK) | "These agreements are typically for specified periods of time, and our customers include Kioxia, Micron, Samsung, SanDisk, SK Hynix, Sony, ST Microelectronics, and UMC." |
| Customer | SK hynix | "These agreements are typically for specified periods of time, and our customers include Kioxia, Micron, Samsung, SanDisk, SK Hynix, Sony, ST Microelectronics, and UMC." |
| Customer | Sony (SONY) | "These agreements are typically for specified periods of time, and our customers include Kioxia, Micron, Samsung, SanDisk, SK Hynix, Sony, ST Microelectronics, and UMC." |
| Partner | Amazon (AMZN) | "In December of 2024 we announced that Amazon signed a multi-year license agreement for access to our media portfolio." |
| Partner | Walt Disney (DIS) | "The increase in revenue during the year ended December 31, 2025, as compared to the prior year, was primarily attributable to the execution of a new long-term license agreement with Disney in the fourth quarter of 2025, …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Media Platform | $81.3M | 84.6% | +0.3% |
| Recurring Revenue | $73.5M | 76.5% | -13.6% |
| Nonrecurring Revenue | $22.6M | 23.5% | +3441.2% |
| Semiconductor | $14.8M | 15.4% | +215.3% |
| Total revenue | $96.1M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $74.4M | 77.4% | +9.6% |
| Asia | $16.5M | 17.2% | +33.9% |
| Europe & Middle East | $4.6M | 4.8% | +140.3% |
| Other Asia | $478,000 | 0.5% | +3.0% |
| Canada | $59,000 | 0.1% | -98.1% |
| Total revenue | $96.1M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 15.6%, 13.7% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.30 | $0.35 | -14.8% | $98.9M | 4 |
| Next quarter (ends 2026-12-31) | $0.41 | $0.38 | +7.2% | $116.3M | 4 |
| Current fiscal year (ends 2026-12-31) | $1.42 | $1.42 | +0.2% | $416.0M | 4 |
| Next fiscal year (ends 2027-12-31) | $1.60 | $1.55 | +3.4% | $451.1M | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.34 | $0.31 | Beat +9.7% | — |
| — | Quarter ended Mar 31, 2026 | $0.38 | $0.33 | Beat +15.2% | — |
| — | Quarter ended Dec 31, 2025 | $0.86 | $0.75 | Beat +14.7% | — |
| — | Quarter ended Sep 30, 2025 | $0.28 | $0.34 | Miss −17.6% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-28 | 8-K | Director or executive officer change, or pay arrangement; Other material event — “As previously announced, on May 4, 2026, Paul E. Davis, Adeia Inc.'s (the "Company") chief executive officer, notified the Company and the Company's Board of Directors (the "Board") of his intention to step down as the Company's chief executive officer and as a member of the Board to focus on his health and personal pursuits. On September 24, 2026, Mr. Davis resigned as chief executive officer and a member of the Board, effective October 12, 2026. On the same day, the Board accepted Mr. Davis's resignation and…” | https://www.sec.gov/Archives/edgar/data/1803696/000119312526405315/0001193125-26-405315-index.htm |
| 2026-08-14 | Schedule 13G/A | Ameriprise Financial, Inc., Columbia Management Investment Advisers, LLC: 12.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1803696/000119312526351226/0001193125-26-351226-index.htm |
| 2026-08-06 | Schedule 13G | FMR LLC, Abigail P. Johnson: 5.4% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1803696/000031506626001928/0000315066-26-001928-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1803696/000119312526335038/0001193125-26-335038-index.htm |
| 2026-08-03 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1803696/000119312526330539/0001193125-26-330539-index.htm |
| 2026-07-28 | 8-K | Director or executive officer change, or pay arrangement — “On July 22, 2026, the Compensation Committee of Board of Directors of Adeia Inc. (the "Company") approved certain changes described below to its existing severance agreements (each, a "Prior Severance Agreement") entered into with each of (i) Keith A. Jones, the Company's Chief Financial Officer, (ii) Dr. Mark Kokes, the Company's Chief Revenue Officer, and (iii) Kevin Tanji, the Company's Chief Legal Officer and Secretary. Such changes will be memorialized in an amended and restated severance agreement to be…” | https://www.sec.gov/Archives/edgar/data/1803696/000119312526320977/0001193125-26-320977-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.