Saturday 17 October 2026
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Research Frontiers Incorporated
REFR Technology Electronic Components
Research Frontiers Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $1.1 million, down 16.0% from fiscal 2024. In the quarter to June 2026, revenue fell 33.6%, EPS was flat and free cash flow fell 143.7%, each against the same quarter a year earlier.
0.56
0.08
−12.50%
Follow REFR
| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
2 | 5 | 5 | 4 | 4 | 4 | 3 | 4 | 5 | 3 |
P/S ratio |
34.62 | 16.57 | 27.20 | 57.76 | 106.81 | 43.10 | 122.43 | 37.15 | 42.92 | 39.31 |
Altman Z-Score |
41.31 | (6.56) | (13.83) | 25.52 | 34.02 | 5.90 | 32.12 | 15.26 | (19.67) | (61.46) |
Altman Z″-Score (non-manufacturers) |
(52.16) | (115.78) | (85.06) | (36.50) | (52.85) | (78.06) | (63.13) | (92.04) | (97.81) | (187.93) |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/Operating CF |
(33.16) | (55.57) | (93.23) | (212.71) | (144.32) | 857.21 | (116.49) | (61.57) | 1,217.00 | (94.59) |
P/B ratio |
8.73 | 9.74 | 13.06 | 12.80 | 16.61 | 14.39 | 13.77 | 9.61 | 22.01 | 47.21 |
Price to Tangible BV |
8.73 | 9.74 | 13.06 | 12.80 | 16.61 | 14.39 | 13.77 | 9.61 | 22.01 | 47.21 |
EV/Sales |
32.02 | 15.42 | 25.20 | 53.54 | 101.05 | 40.70 | 114.59 | 34.43 | 41.42 | 38.72 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
(9.88) | (15.82) | (18.12) | (40.21) | (37.16) | (28.49) | (28.33) | (13.64) | (70.14) | (32.66) |
EV/FCF |
(9.87) | (15.75) | (18.02) | (38.99) | (36.31) | (28.47) | (28.31) | (13.63) | (70.00) | (32.64) |
Quick Ratio |
11.73 | 7.44 | 7.99 | 18.71 | 23.76 | 12.95 | 15.97 | 12.54 | 9.86 | 3.60 |
Current Ratio |
12.43 | 7.54 | 8.11 | 18.86 | 24.00 | 13.26 | 16.30 | 12.89 | 10.21 | 3.84 |
Net Debt/EBITDA |
0.79 | 0.77 | 1.33 | 2.23 | 1.90 | 1.82 | 1.73 | 1.33 | 1.69 | 0.34 |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.17 | 0.37 | 0.43 | 0.25 | 0.11 | 0.24 | 0.11 | 0.20 | 0.34 | 0.36 |
Operating CF/Net income |
0.95 | 0.61 | 0.77 | 0.55 | 0.96 | 0.98 | 0.82 | 1.20 | 0.60 | 0.65 |
Capex/Depreciation |
(0.03) | (0.04) | (0.06) | (0.33) | (0.79) | (0.01) | (0.01) | (0.01) | (0.01) | 0.00 |
| (60.63%) | (64.61%) | (94.80%) | (75.01%) | (37.81%) | (40.53%) | (62.22%) | (45.90%) | (42.84%) | (115.64%) | |
| (57.21%) | (59.20%) | (77.41%) | (61.86%) | (32.39%) | (34.37%) | (53.86%) | (41.41%) | (33.24%) | (65.03%) | |
ROIC |
(157.84%) | (182.21%) | (1,161.70%) | (424.11%) | (290.61%) | (151.46%) | (289.87%) | (121.99%) | (147.71%) | (494.85%) |
Return on Tangible Assets |
(87.01%) | (95.26%) | (75.30%) | (53.94%) | (43.98%) | (49.31%) | (56.98%) | (57.17%) | (52.62%) | (240.83%) |
Average Days of Receivables |
329.86 | 144.49 | 169.11 | 153.12 | 263.58 | 240.33 | 398.75 | 402.64 | 179.89 | 133.05 |
Research and Development Expense of Revenue |
114.68% | 52.99% | 58.00% | 66.21% | 75.84% | 45.92% | 112.86% | 64.13% | 42.68% | 54.29% |
Selling, General and Administrative Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
5.46% | 5.06% | 4.66% | 53.81% | 39.54% | 17.18% | 43.04% | 15.91% | 6.69% | 33.44% |
Graham Net Nets |
0.10 | 0.08 | 0.07 | 0.07 | 0.05 | 0.06 | 0.07 | 0.10 | 0.02 | 0.00 |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
(10.11%) | (9.62%) | (6.41%) | (4.32%) | (2.56%) | (3.72%) | (3.65%) | (5.64%) | (2.21%) | (4.22%) |
Free Cash Flow Yield |
(9.37%) | (5.91%) | (5.14%) | (2.38%) | (2.61%) | (3.32%) | (3.31%) | (6.80%) | (1.38%) | (3.02%) |
Revenue per Share |
0.05 | 0.06 | 0.06 | 0.05 | 0.03 | 0.04 | 0.02 | 0.03 | 0.04 | 0.03 |
Operating CF per Share |
(0.17) | (0.06) | (0.08) | (0.07) | (0.07) | (0.06) | (0.07) | (0.07) | (0.02) | (0.04) |
Capex per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Free Cash Flow per Share |
(0.17) | (0.06) | (0.08) | (0.07) | (0.07) | (0.06) | (0.07) | (0.07) | (0.02) | (0.04) |
Cash per Share |
0.13 | 0.07 | 0.11 | 0.22 | 0.15 | 0.10 | 0.13 | 0.07 | 0.06 | 0.02 |
Shareholders Equity per Share |
0.20 | 0.11 | 0.12 | 0.24 | 0.17 | 0.12 | 0.15 | 0.11 | 0.08 | 0.03 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
0.20 | 0.11 | 0.12 | 0.24 | 0.17 | 0.12 | 0.15 | 0.11 | 0.08 | 0.03 |
Free Cash Flow |
(4.01) | (1.48) | (2.08) | (2.15) | (2.31) | (1.81) | (2.18) | (2.30) | (0.79) | (1.33) |
Working Capital |
4.22 | 2.05 | 3.25 | 6.92 | 5.20 | 3.65 | 4.62 | 3.30 | 2.48 | 0.85 |
Capital Expenditures |
(0.01) | (0.01) | (0.01) | (0.07) | (0.05) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net Current Asset Value |
4.22 | 2.05 | 2.75 | 6.11 | 4.56 | 3.19 | 4.35 | 3.24 | 1.31 | (0.17) |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.00 | 0.00 | 0.01 | 0.04 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.29 | 0.36 | 0.58 | 1.38 | 0.55 | 1.90 | 2.68 | 4.35 | 17.46 | 54.91 |
Cash ROIC |
(49.40%) | (34.31%) | (34.32%) | (15.74%) | (22.83%) | (26.51%) | (24.19%) | (38.32%) | (17.19%) | (83.23%) |
Accounts Receivable Turnover |
1.02 | 1.76 | 2.31 | 2.32 | 1.32 | 1.77 | 0.76 | 1.14 | 1.61 | 2.10 |
Accounts Payable Turnover |
106.69 | 71.09 | 31.77 | 24.25 | 27.34 | 50.49 | 37.15 | 38.68 | 32.30 | 24.21 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
2.67 | 6.78 | 16.01 | 16.85 | 4.39 | 9.63 | 10.15 | 7.87 | 14.19 | 18.31 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
1.22 | 0.86 | 0.64 | 0.67 | 0.63 | 0.71 | 0.71 | 0.80 | 0.83 | 0.53 |
Average Payables |
0.04 | 0.04 | 0.10 | 0.15 | 0.10 | 0.05 | 0.07 | 0.06 | 0.07 | 0.11 |
Average Assets |
7.41 | 4.08 | 3.47 | 6.16 | 7.23 | 5.37 | 4.96 | 4.61 | 3.95 | 3.15 |
Average Common Equity |
6.99 | 3.74 | 2.83 | 5.08 | 6.19 | 4.56 | 4.29 | 4.16 | 3.06 | 1.77 |
Columns are period end dates