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Adeia Inc.

ADEA · Communications · $2.8B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

61

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $391M to $443M, increasing; diluted EPS -0.52 to 0.99, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.

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Not enough years of gross-margin data to score pricing power.

55

Median ROIC 12.7%, above the 12% hurdle in 63% of years.

41

Net debt/EBITDA 1.5x, interest coverage 4x.

59

Owner earnings changed +6.0%/yr over up to the ten most recent annual observations, share count n/a.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
61% above value if growth stopped today
$158M
$16.09
$16.09
$25.95
61% above value if growth stopped today

What today’s price assumes: owner earnings growing ~10%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

9 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $406M (FY2018) to $443M (FY2025) — about 1.3% a year compounded over 7 years.

It earned 16.7% on invested capital in the latest filed year, FY2025. Across the full 8-year measurable filed record, median ROIC was 12.7%. Over the v3 recent window (8 measurable filed years), median ROIC was 12.7%. The Returns on Capital filter above scores it 55/100.

The balance sheet carried $418M of total debt in FY2025 against $168M of owner earnings — roughly 2.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 41/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2025 · 9 fiscal years, normalized from ADEA’s SEC filings

Sales, as filed$443M FY2025
$0$200M$400M2017202020232025
Revenue kept after cost of goods

Not disclosed in ADEA’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICROIC 16.7% FY2025
0%10%2017202020232025
Cash an owner could take out$168M FY2025
−$200M$0$200M2017202020232025

Gaps in a line mean that item isn’t in ADEA’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Adeia Inc. makes its money

Adeia Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$443M100%
$175M39%
Income before tax$141M32%
Income tax$29.8M7%
$111M25%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What Adeia Inc. owns — and owes

Adeia Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$1.0B100%
Cash and equivalents$73.1M7%
$418M40%
Stockholders’ equity$481M46%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Adeia Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity25%Tax burden79%net income ÷ pretax incomeInterest burden81%pretax ÷ operating incomeOperating margin39%operating income ÷ revenueAsset turnover0.41×revenue ÷ average assetsEquity multiplier2.44×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$111MFY2025
Income before tax$141MFY2025
Operating income$175MFY2025
$443MFY2025
Ending assets$1.0BFY2025
Beginning assets$1.1BFY2024
$481MFY2025
$397MFY2024
Source:
  • SEC filingFiling detailsAccession 0001193125-26-076549
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where Adeia Inc.'s cash went

Adeia Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$158M100%
Depreciation and amortization$58.6M37%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Adeia Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source unavailable · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Adeia Inc. insiders reported

Insider activity is unavailable from the source; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale54.0 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for ADEA.

Communications context

#24 of 134 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #22WMG Warner Music Group Corp.55.2Shallow moat
  2. #23LYV LIVE NATION ENTERTAINMENT, INC.54.2Shallow moat
  3. #25MTN Vail Resorts, Inc.53.4Shallow moat
  4. #26MSGE MADISON SQUARE GARDEN ENTERTAINMENT CORP.53.4Shallow moat

Compare ADEA with its nearest peers →All Communications companies on the Index →

Common questions about ADEA

Does Adeia Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Adeia Inc. (ADEA) 54.0 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 61, pricing power not measurable from the filings, returns on capital 55, balance-sheet safety 41, capital allocation 59.
Is ADEA trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $16.09 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $25.95, that is 61% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has ADEA's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 54.0 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ADEA. See the disclaimer.