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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%
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 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (22.90) (negative: loss-making)
P/S ratio 29.85 (above 10: high)
P/B ratio 17.39 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth (57.24%) (below 0%: weak)
Next 5Y EPS Growth 30.00% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 28.2×, against a ten-year median of 45.4×; over the ten years it ranged from 11.4× in 2018 to 149× in 2021.
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 Jun Sep Dec Year
’26 0 0 — — —
’25 1 0 0 0 1
’24 0 0 0 0 1
’23 0 0 0 0 1
’22 0 0 0 0 1
’21 0 0 1 0 1
’20 0 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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Research Frontiers Incorporated vs peers in Electronic Components (Q) = latest quarter vs a year earlier

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.

Research Frontiers Incorporated (REFR) Latest News

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stockrow.com/REFR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com