Friday 6 November 2026 Export REFR’s income statement to Excel — free account

Research Frontiers Incorporated

Research Frontiers Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $1.1 million, down 16.0% from fiscal 2024.

Revenue: −78.6%
EPS: 0.00%
Free cash flow: −208.1%

Quarter to September 2026, against a year earlier

0.37 0.00 0.00%

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Market cap: $12.9M
P/E: 0.0×
Fwd P/E: −22.9×
Dividend yield: —
F-score: 3/9
Altman Z: −61.46
Beneish M: n/a
Dividend safety: n/a

Overview

	Older periods	Dec '25	Mar '26	Jun '26	Sep '26 From the 10-Q filed 5 Nov
Piotroski F-Score Full definition →	+8 more TTM periods Free account	3	2	2	2
ROE Full definition →		(115.64%)	(113.70%)	(154.03%)	(233.07%)
ROA Full definition →		(65.03%)	(69.89%)	(79.66%)	(104.13%)
ROIC Full definition →		(494.82%)	(300.46%)	(4,055.56%)	0.00%
Return on Tangible Assets Full definition →		(240.83%)	(140.48%)	(214.75%)	(455.31%)
Average Days of Receivables Full definition →		133.05	285.12	116.07	219.79
Free Cash Flow per Share Full definition →		(0.04)	(0.04)	(0.04)	(0.05)
Free Cash Flow Full definition →		(1.33)	(1.45)	(1.56)	(1.86)
Capital Expenditures Full definition →		0.00	0.00	0.00	—
Other line items
Cash ROIC Full definition →		(83.23%)	(47.30%)	(70.61%)	(147.96%)
Accounts Receivable Turnover Full definition →		2.10	0.92	1.76	1.25
Accounts Payable Turnover Full definition →		24.21	44.22	29.83	25.16
Inventory Turnover Full definition →		0.00	0.00	0.00	0.00
Average Days of Payables Full definition →		18.31	14.59	20.73	24.46
Days of Inventory on Hand Full definition →		0.00	0.00	0.00	0.00
Tax Rate Full definition →		0.00	0.00	0.00	0.00
Research and Development Expense of Revenue Full definition →		54.29%	84.74%	84.24%	142.27%
Selling, General and Administrative Expense of Revenue Full definition →		0.00%	0.00%	0.00%	0.00%
Share Based Compensation of Revenue Full definition →		41.40%	0.00%	0.00%	0.00%
Operating CF/Net income Full definition →		0.65	0.60	0.69	0.76
Depreciation/Fixed assets Full definition →		54.91	59.48	62.62	69.87
Capex/Depreciation Full definition →		0.00	0.00	0.00	0.00
Revenue per Share Full definition →		0.03	0.02	0.02	0.01
Operating CF per Share Full definition →		(0.04)	(0.04)	(0.04)	(0.05)
Capex per Share Full definition →		0.00	0.00	0.00	0.00
Capex to Sales Full definition →		0.00	0.00	0.00	0.00

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Columns are period end dates · fundamentals updated 5 Nov 2026

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