Adeia

The model is asset‑light with robust cash conversion. 2025 operating cash flow was 158 million dollars; Q1 2026 added 58 million dollars, implying TTM operating cash flow near 160 million dollars. PPE capex is minimal at roughly 2 million dollars per year; patent acquisitions add 5 to 21 million dollars per year depending on opportunity.

At March 31, 2026 gross debt was about 391 million dollars and cash plus marketable securities were about 116 million dollars, for net debt near 276 million dollars. Interest expense guided at 34 to 36 million dollars for 2026 looks well covered by cash generation.

The company paid down 28 million dollars of debt in Q1 2026 and maintains a 0.05 dollar quarterly dividend alongside repurchases, leaving flexibility. Customer concentration and litigation costs are the principal financial risks, mitigated by multi‑year contracts and a strong receivables posture.