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) Piotroski F-score
Research Frontiers Incorporated's Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (2.00) |
| FY2024 | 5 | 1.00 |
| FY2023 | 4 | 1.00 |
| FY2022 | 3 | (1.00) |
| FY2021 | 4 | 0.00 |
| FY2020 | 4 | 0.00 |
| FY2019 | 4 | (1.00) |
| FY2018 | 5 | 0.00 |
| FY2017 | 5 | 3.00 |
| FY2016 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (65.03%) | (33.24%) | Fail | 0 |
| Positive operating cash flow | (1.33m) | (788.80k) | Fail | 0 |
| Rising return on assets | (65.03%) | (33.24%) | Fail | 0 |
| Cash flow above net income | 716.40k | 522.60k | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 3.84 | 10.21 | Fail | 0 |
| No new shares issued | 33,648,000 | 33,521,000 | Fail | 0 |
| Rising gross margin | (135.87%) | (65.29%) | Fail | 0 |
| Rising asset turnover | 0.36 | 0.34 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| WETH Wetouch Technology Inc. compare | 6 |
| DSWL Deswell Industries, Inc. compare | 5 |
| OST Ostin Technology Group Co., Ltd. compare | 4 |
| HOLO MicroCloud Hologram Inc. compare | 4 |
| ELTK Eltek Ltd. compare | 4 |
| NEON Neonode Inc. compare | 4 |
| REFR Research Frontiers Incorporated | 3 |
| DAIO Data I/O Corporation compare | 3 |
| SELXF Semilux International Ltd. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover