ADEA Nasdaq Earnings call
Adeia Inc. (ADEA) · Q2 2026 results and valuation
Share price: $17.12 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 3 Aug 2026 and 4 May 2026
Net income down 23.7% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−23.7%
Net income vs Q1 2026
Outlook given
Net income 17.4M vs 22.8M
Revenue −8.3%
Against the same quarter last year (Q2 2025) it is +3.9%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Restrained
Less upbeat than 66% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
Foundries, memory companies, and OSATs plan to spend approximately $125 billion to meet demand for next-generation devices.
Valuation
Is Adeia Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 0.3% growth a year (3-year revenue growth), the model's fair value is $14.31 a share — the stock trades 20% above it. Today's price assumes 2.5% growth a year.
Current price
$17.12
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+2.5% for 10 yrs
Fair value / share
$14.31
Buy below
$10.73
Price vs fair value
Overvalued 20%
Price vs buy-below price
Overvalued 60%
Read between the lines
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Guidance
ADEA expects $34 million to $36 million in interest expense, a cost figure that helps investors gauge future profitability.
Source quote
“We expect interest expense to be in the range of $34 million to $36 million.”
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Guidance
The company updated its guidance to expect an adjusted EBITDA margin of approximately 55%.
Source quote
“We expect a resulting adjusted EBITDA margin of approximately 55%.”
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Fading
ADEA now expects an adjusted EBITDA margin of about 55%.
Source quote
“We also continue to execute on all four pillars of our balanced capital allocation strategy: paying down our debt, which is now less than $400... We delivered revenue of $105 million with an adjusted EBITDA margin of 60% and $58 million in operating cash flow. The eight license agreements we closed during the...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our growth objective for our media business over the long term remains unchanged at $400 million annually, bolstered by our success in growing market adoption of our technology, we see...”
“We are very excited about the opportunities that lie ahead for our semiconductor business given these industry dynamics and increasing need for our technologies.”
“A new multiyear license agreement with a leading provider of streaming documentary programming and renewals with a leading European Pay-TV provider and a consumer electronics manufacturer in Japan.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 96.1M | 104.8M | −8.3% | 85.7M | +12.1% |
| Operating income | 25.4M | 34.8M | −27.2% | 16.4M | +54.7% |
| Net income | 17.4M | 22.8M | −23.7% | 16.7M | +3.9% |
| EPS | 0.15 | 0.20 | −25.0% | 0.15 | ±0% |
| P/E today 23.9 | 30.2 | 22.0 | +8.2 | 19.1 | +11.1 |
Topics
Most discussed now
- New If you take a look at that cash where Adeia ended at $137 million, it's actually pretty consistent where it...
- New Adeia built up probably a little bit higher bit of cash, knowing some of those things were coming in light...
- Selling, general and administrative expenses decreased $2 million or 10% from the prior quarter, primarily due to lower personnel-related…
- There's industry reports that NVIDIA's Feynman in 2028 will incorporate hybrid bonding.
- As Adeia mentioned before, they started shipping hybrid bonded logic devices in 2022.
Faded since Q1 2026
- Fading I am very pleased that in early March, Adeia resolved its dispute and signed a seminal multiyear license agreement with...
- Fading I am particularly pleased with the addition of AMD and Microsoft as new customers—both multiyear agreements that expand Adeia's presence...
- Fading Adeia is actively looking and thinking about fixed structures that can increase cash flow back into the business to do...
- Fading Those new deals are important because they continue to diversify Adeia's revenue and add new streams that offset some of...
Latest announcements
Official filings, newest first.
- Director or officer change; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Director or officer change; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K