Rafael Holdings, Inc.
RFL Real Estate Real Estate Services
Rafael Holdings, Inc.’s revenue for fiscal 2025 (year ended July 2025) was $917,000.00, up 44.0% from fiscal 2024. In the quarter to April 2026, revenue fell 50.6%, EPS grew 57.9%, free cash flow fell 128.2% and total debt fell 11.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Rafael Holdings, Inc. (RFL) Piotroski F-score
Rafael Holdings, Inc.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 2 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 3.00 |
| FY2024 | 2 | (1.00) |
| FY2023 | 3 | 0.00 |
| FY2022 | 3 | 1.00 |
| FY2021 | 2 | 0.00 |
| FY2020 | 2 | 0.00 |
| FY2019 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (28.94%) | (35.17%) | Fail | 0 |
| Positive operating cash flow | (18.92m) | (7.80m) | Fail | 0 |
| Rising return on assets | (28.94%) | (35.17%) | Pass | 1 |
| Cash flow above net income | 11.60m | 26.61m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 4.89 | 9.65 | Fail | 0 |
| No new shares issued | 29,422,000 | 23,746,000 | Fail | 0 |
| Rising gross margin | 85.39% | 75.82% | Pass | 1 |
| Rising asset turnover | 0.01 | 0.01 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
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 |
|---|---|
| MAYS J. W. Mays, Inc. compare | 7 |
| STHO Star Holdings compare | 6 |
| SRG Seritage Growth Properties compare | 6 |
| RFL Rafael Holdings, Inc. | 5 |
| DOUG Douglas Elliman Inc. compare | 5 |
| EUDA EUDA Health Holdings Limited compare | 5 |
| ASPS Altisource Portfolio Solutions S.A. compare | 4 |
| CHCI Comstock Holding Companies, Inc. compare | 3 |
| NTP Nam Tai Property Inc. compare | 3 |
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