Saturday 17 October 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. 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%

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Market cap: $22.3M
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 Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 22.02%

Capital & Financial Ratios $m

Market Cap 22.30

Revenue 0.65

Net Income (2.25)

Free Cash Flow (1.56)

Net Debt (1.09)

Current Ratio 3.54

Debt/Equity 0.00

P/E ratio 0.00

Fwd P/E (22.90)

P/S ratio 29.85

P/B ratio 17.39

Past 5Y EPS Growth —

This Y EPS Growth —

Next Y EPS Growth —

Next Y revenue growth (57.24%)

Next 5Y EPS Growth 30.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 20.13%

10-year low 10-year high

P/B against its own 10 years 69.22%

10-year low 10-year high

EV/Sales against its own 10 years 20.38%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2	2	1	1
Receivables	1	1	0	0
Inventory	—	—	—	—
Other	—	—	—	—
	4	3	1	1

	2023	2024	2025	Q'26
Payables	0	0	0	0
ST’ Debt	—	—	—	—
Other	—	—	—	—
	0	0	0	0

Compound Annual Growth %

	10y	5y	3y
Sales	(5.66%)	6.24%	27.60%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	(20.34%)	(29.41%)	(42.05%)

Revenue $m

	Mar	Sep	Dec	Year
’26	0	—	—	—
’25	1	0	0	1
’24	0	0	0	1
’23	0	0	0	1
’22	0	0	0	1
’21	0	1	0	1
’20	0	0	0	1

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(1)	0	—	—	—
’25	(1)	0	0	0	(1)
’24	0	0	0	0	(1)
’23	(1)	(1)	(1)	(1)	(2)
’22	0	(1)	(1)	(1)	(2)
’21	(1)	(1)	0	0	(2)
’20	(1)	0	0	(1)	(2)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(1)	0	—	—	—
’25	(1)	0	0	0	(1)
’24	0	0	0	0	(1)
’23	(1)	(1)	(1)	(1)	(2)
’22	0	(1)	(1)	(1)	(2)
’21	(1)	(1)	0	0	(2)
’20	(1)	0	0	(1)	(2)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.02)	(0.02)	—	—	—
’25	(0.01)	(0.02)	(0.01)	(0.02)	(0.06)
’24	(0.01)	0.00	0.00	(0.02)	(0.04)
’23	(0.01)	(0.01)	(0.01)	(0.01)	(0.06)
’22	(0.02)	(0.02)	(0.02)	(0.02)	(0.08)
’21	(0.02)	(0.02)	0.00	(0.02)	(0.06)
’20	(0.02)	(0.01)	(0.01)	(0.03)	(0.07)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	1.65	0.86	0.60	1.48	1.66	1.65	1.34	0.90	0.93	0.93	Analyst estimates 2026–2028 Powerpack
	High	5.20	2.15	1.95	5.38	5.70	5.66	2.85	2.30	2.41	2.70
People
People	Employees	11	7	9	8	6	6	6	6	6	5
	Revenue/emp, $m	0.11	0.22	0.17	0.20	0.14	0.21	0.09	0.15	0.22	0.22
Income, $m
Income, $m	Revenue	1	2	1	2	1	1	1	1	1	1
	Gross margin, %	(230.59)	(107.28)	(104.45)	(135.15)	(235.26)	(99.67)	(373.54)	(159.41)	(65.29)	(135.87)
	EBT	(4)	(2)	(3)	(4)	(2)	(2)	(3)	(2)	(1)	(2)
	EBT margin, %	(342.88)	(159.96)	(180.44)	(243.54)	(282.55)	(146.19)	(494.59)	(209.81)	(98.20)	(182.45)
	Net income	(4)	(2)	(3)	(4)	(2)	(2)	(3)	(2)	(1)	(2)
	Depreciation	0	0	0	0	0	0	0	0	0	0
Per share, $
Per share, $	Revenue	0.05	0.06	0.06	0.05	0.03	0.04	0.02	0.03	0.04	0.03
	Earnings	(0.18)	(0.10)	(0.10)	(0.13)	(0.07)	(0.06)	(0.08)	(0.06)	(0.04)	(0.06)
	Cash flow	(0.17)	(0.06)	(0.08)	(0.07)	(0.07)	(0.06)	(0.07)	(0.07)	(0.02)	(0.04)
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Free cash flow	(0.17)	(0.06)	(0.08)	(0.07)	(0.07)	(0.06)	(0.07)	(0.07)	(0.02)	(0.04)
	Book value	0.20	0.11	0.12	0.24	0.17	0.12	0.15	0.11	0.08	0.03
	Shares, m	24	24	26	30	31	32	32	33	34	34
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	34.62	16.57	27.20	57.76	106.81	43.10	122.43	37.15	42.92	39.31
	P/B	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/FCF	(9.87)	(15.75)	(18.02)	(38.99)	(36.31)	(28.47)	(28.31)	(13.63)	(70.00)	(32.64)
Cash, $m
Cash, $m	Operating cash flow	(4)	(1)	(2)	(2)	(2)	(2)	(2)	(2)	(1)	(1)
	Capex	0	0	0	0	0	0	0	0	0	0
	Free cash flow	(4)	(1)	(2)	(2)	(2)	(2)	(2)	(2)	(1)	(1)
Balance, $m
Balance, $m	Working capital	4	2	3	7	5	4	5	3	2	1
	Total debt	—	—	—	1	1	1	0	—	—	—
	Net debt	(3)	(2)	(3)	(7)	(5)	(3)	(4)	(2)	(2)	(1)
	Shareholders’ equity	5	3	3	7	5	4	5	4	3	1
Returns, %
Returns, %	ROA	(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)
	ROE	(60.63)	(64.61)	(94.80)	(75.01)	(37.81)	(40.53)	(62.22)	(45.90)	(42.84)	(115.64)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DSWL Deswell Industries, Inc.	$48.5M	5.3×	—	−5.16% (below 0%: shrinking)	n/m	+833.46% (above 0%: growing)	19.51%	0.00%	Compare
ELTK Eltek Ltd.	$45.6M	— (loss-making)	8.4×	−7.94% (below 0%: shrinking)	n/m	+94.44% (above 0%: growing)	(8.36%)	(22.07%)	Compare
HOLO MicroCloud Hologram Inc.	$31.2M	— (loss-making)	—	−41.61% (below 0%: shrinking)	n/m	+320.35% (above 0%: growing)	49.85%	0.00%	Compare
DAIO Data I/O Corporation	$27.9M	— (loss-making)	— (loss-making)	−13.43% (below 0%: shrinking)	n/m	−397.95% (below 0%: shrinking)	57.00%	(14.06%)	Compare
REFR Research Frontiers Incorporated	$22.3M	— (loss-making)	— (loss-making)	−33.56% (below 0%: shrinking)	n/m	−143.69% (below 0%: shrinking)	(626.77%)	(776.13%)
SELXF Semilux International Ltd.	$14.7M	— (loss-making)	—	—	−150.00% (below 0%: shrinking)	−896.47% (below 0%: shrinking)	—	—	Compare
NEON Neonode Inc.	$13.4M	1.6×	— (loss-making)	−20.37% (below 0%: shrinking)	n/m	−9.97% (below 0%: shrinking)	98.11%	(486.58%)	Compare
WETH Wetouch Technology Inc.	$13.4M	1.4×	—	+12.74% (above 0%: growing)	−5.26% (below 0%: shrinking)	+87.69% (above 0%: growing)	34.88%	22.61%	Compare
OST Ostin Technology Group Co., Ltd.	$10.2M	— (loss-making)	—	−60.75% (below 0%: shrinking)	−100.00% (below 0%: shrinking)	−72.90% (below 0%: shrinking)	2.02%	0.00%	Compare
Median of peers	$21.3M	1.6×	—	−13.43%	−100.00%	+38.86%	34.88%	0.00%

All 49 Electronic Components stocks →

Research Frontiers Incorporated (REFR) key facts

Concern: Research Frontiers Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $1.1 million, down 16.0% from fiscal 2024.
Research Frontiers Incorporated (REFR) is an Electronic Components company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, REFR traded at $0.56, a market capitalization of $22.3 million.
Return on equity was −115.6% and debt-to-equity 0.00.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −61.46 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.