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.
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Research Frontiers Incorporated (REFR) Altman Z-score
Research Frontiers Incorporated's Altman Z-score for fiscal 2025 is −61.46, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −61.46 | (41.79) |
| FY2024 | −19.67 | (34.93) |
| FY2023 | 15.26 | (16.86) |
| FY2022 | 32.12 | 26.22 |
| FY2021 | 5.90 | (28.11) |
| FY2020 | 34.02 | 8.50 |
| FY2019 | 25.52 | 39.35 |
| FY2018 | −13.83 | (7.27) |
| FY2017 | −6.56 | (47.87) |
| FY2016 | 41.31 | (103.71) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.45 | |
| Retained earnings / total assets | (56.68) | — | −79.35 | |
| EBIT / total assets | (0.95) | — | −3.12 | |
| Market value of equity / total liabilities | 33.44 | — | 20.06 | |
| Sales / total assets | 0.50 | — | 0.50 | |
| Altman Z-score | Distress zone | −61.46 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −187.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WETH Wetouch Technology Inc. compare | 5.4× |
| DSWL Deswell Industries, Inc. compare | 3.2× |
| ELTK Eltek Ltd. compare | 3.1× |
| HOLO MicroCloud Hologram Inc. compare | 2.9× |
| DAIO Data I/O Corporation compare | 2.9× |
| SELXF Semilux International Ltd. compare | 1.9× |
| OST Ostin Technology Group Co., Ltd. compare | −1.0× |
| NEON Neonode Inc. compare | −1.2× |
| REFR Research Frontiers Incorporated | −61.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets