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Stock Comparison

REFR vs OESX vs VUZI vs LEDS

Revenue, margins, valuation, and 5-year total return — side by side.

Live fundamentals10-year financials5-year price chart
REFR
Research Frontiers Incorporated

Hardware, Equipment & Parts

TechnologyNASDAQ • US
Market Cap$29M
5Y Perf.-83.1%
OESX
Orion Energy Systems, Inc.

Electrical Equipment & Parts

IndustrialsNASDAQ • US
Market Cap$33M
5Y Perf.-77.9%
VUZI
Vuzix Corporation

Consumer Electronics

TechnologyNASDAQ • US
Market Cap$232M
5Y Perf.+24.9%
LEDS
SemiLEDs Corporation

Semiconductors

TechnologyNASDAQ • TW
Market Cap$17M
5Y Perf.-28.5%

REFR vs OESX vs VUZI vs LEDS — Key Financials

Market cap, revenue, margins, and valuation side-by-side.

Company Snapshot
REFR logoREFR
OESX logoOESX
VUZI logoVUZI
LEDS logoLEDS
IndustryHardware, Equipment & PartsElectrical Equipment & PartsConsumer ElectronicsSemiconductors
Market Cap$29M$33M$232M$17M
Revenue (TTM)$1M$81M$5M$44M
Net Income (TTM)$-2M$-5M$-32.28B$-1M
Gross Margin95.8%29.9%-0.0%4.9%
Operating Margin-190.2%-4.3%-5.2%-4.5%
Total Debt$1M$10M$1.00B$4M
Cash & Equiv.$664K$6M$21.15B$3M

REFR vs OESX vs VUZI vs LEDSLong-Term Stock Performance

Price return indexed to 100 at period start. Dividends excluded.

REFR
OESX
VUZI
LEDS
StockMay 20May 26Return
Research Frontiers … (REFR)10016.9-83.1%
Orion Energy System… (OESX)10022.1-77.9%
Vuzix Corporation (VUZI)100124.9+24.9%
SemiLEDs Corporation (LEDS)10071.5-28.5%

Price return only. Dividends and distributions are not included.

Quick Verdict: REFR vs OESX vs VUZI vs LEDS

Each card shows where this stock fits in a portfolio — not just who wins on paper.

Bottom line: VUZI leads in 3 of 7 categories, making it the strongest pick for growth and revenue expansion and dividend income and shareholder returns. SemiLEDs Corporation is the stronger pick specifically for valuation and capital efficiency and profitability and margin quality. REFR and OESX also each lead in at least one category. This set spans 2 sectors — these stocks serve different portfolio roles, not just different price points.
REFR
Research Frontiers Incorporated
The Defensive Pick

REFR is the clearest fit if your priority is sleep-well-at-night and defensive.

  • Lower volatility, beta 0.86, current ratio 3.84x
  • Beta 0.86, current ratio 3.84x
  • Beta 0.86 vs VUZI's 3.40
Best for: sleep-well-at-night and defensive
OESX
Orion Energy Systems, Inc.
The Income Pick

OESX is the clearest fit if your priority is income & stability.

  • Dividend streak 1 yrs, beta 1.10
  • -0.0% ROA vs VUZI's -321.3%, ROIC -34.8% vs -10.7%
Best for: income & stability
VUZI
Vuzix Corporation
The Growth Play

VUZI carries the broadest edge in this set and is the clearest fit for growth exposure.

  • Rev growth 1.1K%, EPS growth 61.1%, 3Y rev CAGR 7.1%
  • 1.1K% revenue growth vs REFR's -16.0%
  • 10.1% yield; 3-year raise streak; the other 3 pay no meaningful dividend
  • +63.4% vs REFR's -28.2%
Best for: growth exposure
LEDS
SemiLEDs Corporation
The Long-Run Compounder

LEDS is the #2 pick in this set and the best alternative if long-term compounding is your priority.

  • 9.7% 10Y total return vs OESX's -32.5%
  • Better valuation composite
  • -3.0% margin vs VUZI's -5.1%
Best for: long-term compounding
See the full category breakdown
CategoryWinnerWhy
GrowthVUZI logoVUZI1.1K% revenue growth vs REFR's -16.0%
ValueLEDS logoLEDSBetter valuation composite
Quality / MarginsLEDS logoLEDS-3.0% margin vs VUZI's -5.1%
Stability / SafetyREFR logoREFRBeta 0.86 vs VUZI's 3.40
DividendsVUZI logoVUZI10.1% yield; 3-year raise streak; the other 3 pay no meaningful dividend
Momentum (1Y)VUZI logoVUZI+63.4% vs REFR's -28.2%
Efficiency (ROA)OESX logoOESX-0.0% ROA vs VUZI's -321.3%, ROIC -34.8% vs -10.7%

REFR vs OESX vs VUZI vs LEDS — Revenue Breakdown by Segment

How each company's revenue is distributed across its business units

REFRResearch Frontiers Incorporated

Segment breakdown not available.

OESXOrion Energy Systems, Inc.
FY 2024
Product
68.2%$54M
Service
31.8%$25M
VUZIVuzix Corporation
FY 2025
Sales of Products
74.5%$5M
Engineering Services
25.5%$2M
LEDSSemiLEDs Corporation
FY 2025
Other Products
94.3%$41M
L E D Components
4.8%$2M
Lighting Products
0.5%$228,000
L E D Chips
0.3%$149,000

REFR vs OESX vs VUZI vs LEDS — Financial Metrics

Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.

BEST OVERALLOESXLAGGINGREFR

Income & Cash Flow (Last 12 Months)

OESX leads this category, winning 3 of 6 comparable metrics.

OESX is the larger business by revenue, generating $81M annually — 72.6x REFR's $1M. Profitability is closely matched — net margins range from -3.0% (LEDS) to -5.1% (VUZI). On growth, VUZI holds the edge at +4933.1% YoY revenue growth, suggesting stronger near-term business momentum.

MetricREFR logoREFRResearch Frontier…OESX logoOESXOrion Energy Syst…VUZI logoVUZIVuzix CorporationLEDS logoLEDSSemiLEDs Corporat…
RevenueTrailing 12 months$1M$81M$5M$44M
EBITDAEarnings before interest/tax-$2M-$1M-$30.9B-$1M
Net IncomeAfter-tax profit-$2M-$5M-$32.3B-$1M
Free Cash FlowCash after capex-$1M$348M-$20.8B$2M
Gross MarginGross profit ÷ Revenue+95.8%+29.9%-0.0%+4.9%
Operating MarginEBIT ÷ Revenue-190.2%-4.3%-5.2%-4.5%
Net MarginNet income ÷ Revenue-182.4%-5.6%-5.1%-3.0%
FCF MarginFCF ÷ Revenue-118.6%+4.3%-3.3%+5.1%
Rev. Growth (YoY)Latest quarter vs prior year-59.5%+7.7%+4933.1%+103.7%
EPS Growth (YoY)Latest quarter vs prior year-26.0%+109.6%+25.0%-18.7%
OESX leads this category, winning 3 of 6 comparable metrics.

Valuation Metrics

VUZI leads this category, winning 2 of 4 comparable metrics.
MetricREFR logoREFRResearch Frontier…OESX logoOESXOrion Energy Syst…VUZI logoVUZIVuzix CorporationLEDS logoLEDSSemiLEDs Corporat…
Market CapShares × price$29M$33M$232M$17M
Enterprise ValueMkt cap + debt − cash$29M$37M-$19.9B$18M
Trailing P/EPrice ÷ TTM EPS-13.70x-2.57x-6.81x-13.53x
Forward P/EPrice ÷ next-FY EPS est.
PEG RatioP/E ÷ EPS growth rate
EV / EBITDAEnterprise value multiple
Price / SalesMarket cap ÷ Revenue25.82x0.41x0.04x0.39x
Price / BookPrice ÷ Book value/share30.03x2.56x0.01x5.64x
Price / FCFMarket cap ÷ FCF66.51x10.16x
VUZI leads this category, winning 2 of 4 comparable metrics.

Profitability & Efficiency

OESX leads this category, winning 4 of 9 comparable metrics.

OESX delivers a -0.0% return on equity — every $100 of shareholder capital generates $-0 in annual profit, vs $-5 for VUZI. VUZI carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to LEDS's 1.44x. On the Piotroski fundamental quality scale (0–9), LEDS scores 6/9 vs VUZI's 2/9, reflecting solid financial health.

MetricREFR logoREFRResearch Frontier…OESX logoOESXOrion Energy Syst…VUZI logoVUZIVuzix CorporationLEDS logoLEDSSemiLEDs Corporat…
ROE (TTM)Return on equity-122.9%-0.0%-5.2%-64.0%
ROA (TTM)Return on assets-68.4%-0.0%-3.2%-9.3%
ROICReturn on invested capital-95.7%-34.8%-10.7%-24.9%
ROCEReturn on capital employed-74.5%-34.9%-184.6%-38.3%
Piotroski ScoreFundamental quality 0–93426
Debt / EquityFinancial leverage1.25x0.87x0.04x1.44x
Net DebtTotal debt minus cash$501,986$4M-$20.1B$1M
Cash & Equiv.Liquid assets$664,299$6M$21.2B$3M
Total DebtShort + long-term debt$1M$10M$1.0B$4M
Interest CoverageEBIT ÷ Interest expense-3.29x-14.59x
OESX leads this category, winning 4 of 9 comparable metrics.

Total Returns (Dividends Reinvested)

LEDS leads this category, winning 4 of 6 comparable metrics.

A $10,000 investment in REFR five years ago would be worth $3,306 today (with dividends reinvested), compared to $1,520 for VUZI. Over the past 12 months, VUZI leads with a +63.4% total return vs REFR's -28.2%. The 3-year compound annual growth rate (CAGR) favors LEDS at 0.2% vs REFR's -17.2% — a key indicator of consistent wealth creation.

MetricREFR logoREFRResearch Frontier…OESX logoOESXOrion Energy Syst…VUZI logoVUZIVuzix CorporationLEDS logoLEDSSemiLEDs Corporat…
YTD ReturnYear-to-date-34.9%-38.0%-25.7%+25.3%
1-Year ReturnPast 12 months-28.2%+31.2%+63.4%-6.0%
3-Year ReturnCumulative with dividends-43.3%-38.7%-29.6%+0.7%
5-Year ReturnCumulative with dividends-66.9%-83.6%-84.8%-74.5%
10-Year ReturnCumulative with dividends-80.2%-32.5%-35.7%+9.7%
CAGR (3Y)Annualised 3-year return-17.2%-15.1%-11.0%+0.2%
LEDS leads this category, winning 4 of 6 comparable metrics.

Risk & Volatility

Evenly matched — REFR and VUZI each lead in 1 of 2 comparable metrics.

REFR is the less volatile stock with a 0.86 beta — it tends to amplify market swings less than VUZI's 3.40 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. VUZI currently trades 66.7% from its 52-week high vs REFR's 30.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.

MetricREFR logoREFRResearch Frontier…OESX logoOESXOrion Energy Syst…VUZI logoVUZIVuzix CorporationLEDS logoLEDSSemiLEDs Corporat…
Beta (5Y)Sensitivity to S&P 5000.78x1.03x3.49x2.05x
52-Week HighHighest price in past year$2.70$18.64$4.29$3.37
52-Week LowLowest price in past year$0.82$5.50$1.71$1.01
% of 52W HighCurrent price vs 52-week peak+30.9%+49.6%+66.7%+60.2%
RSI (14)Momentum oscillator 0–10040.441.861.173.5
Avg Volume (50D)Average daily shares traded33K39K924K23K
Evenly matched — REFR and VUZI each lead in 1 of 2 comparable metrics.

Analyst Outlook

VUZI leads this category, winning 1 of 1 comparable metric.

VUZI is the only dividend payer here at 10.10% yield — a key consideration for income-focused portfolios.

MetricREFR logoREFRResearch Frontier…OESX logoOESXOrion Energy Syst…VUZI logoVUZIVuzix CorporationLEDS logoLEDSSemiLEDs Corporat…
Analyst RatingConsensus buy/hold/sellBuy
Price TargetConsensus 12-month target$6.00
# AnalystsCovering analysts5
Dividend YieldAnnual dividend ÷ price+10.1%
Dividend StreakConsecutive years of raises13
Dividend / ShareAnnual DPS$0.29
Buyback YieldShare repurchases ÷ mkt cap0.0%+0.0%0.0%0.0%
VUZI leads this category, winning 1 of 1 comparable metric.
Key Takeaway

OESX leads in 2 of 6 categories (Income & Cash Flow, Profitability & Efficiency). VUZI leads in 2 (Valuation Metrics, Analyst Outlook). 1 tied.

Best OverallOrion Energy Systems, Inc. (OESX)Leads 2 of 6 categories
Loading custom metrics...

REFR vs OESX vs VUZI vs LEDS: Key Questions Answered

8 questions · data-driven answers · updated daily

01

Is REFR or OESX or VUZI or LEDS a better buy right now?

For growth investors, Vuzix Corporation (VUZI) is the stronger pick with 1090% revenue growth year-over-year, versus -16.

0% for Research Frontiers Incorporated (REFR). Analysts rate Vuzix Corporation (VUZI) a "Buy" — based on 5 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

02

Which is the better long-term investment — REFR or OESX or VUZI or LEDS?

Over the past 5 years, Research Frontiers Incorporated (REFR) delivered a total return of -66.

9%, compared to -84. 8% for Vuzix Corporation (VUZI). Over 10 years, the gap is even starker: LEDS returned +12. 4% versus REFR's -82. 1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

03

Which is safer — REFR or OESX or VUZI or LEDS?

By beta (market sensitivity over 5 years), Research Frontiers Incorporated (REFR) is the lower-risk stock at 0.

78β versus Vuzix Corporation's 3. 49β — meaning VUZI is approximately 348% more volatile than REFR relative to the S&P 500. On balance sheet safety, Vuzix Corporation (VUZI) carries a lower debt/equity ratio of 4% versus 144% for SemiLEDs Corporation — giving it more financial flexibility in a downturn.

04

Which is growing faster — REFR or OESX or VUZI or LEDS?

By revenue growth (latest reported year), Vuzix Corporation (VUZI) is pulling ahead at 1090% versus -16.

0% for Research Frontiers Incorporated (REFR). On earnings-per-share growth, the picture is similar: Vuzix Corporation grew EPS 61. 1% year-over-year, compared to -55. 5% for Research Frontiers Incorporated. Over a 3-year CAGR, VUZI leads at 709. 6% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

05

Which has better profit margins — REFR or OESX or VUZI or LEDS?

SemiLEDs Corporation (LEDS) is the more profitable company, earning -2.

6% net margin versus -513. 9% for Vuzix Corporation — meaning it keeps -2. 6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: LEDS leads at -3. 7% versus -517. 6% for VUZI. At the gross margin level — before operating expenses — REFR leads at 83. 4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

06

Which pays a better dividend — REFR or OESX or VUZI or LEDS?

In this comparison, VUZI (10.

1% yield) pays a dividend. REFR, OESX, LEDS do not pay a meaningful dividend and should not be held primarily for income.

07

Is REFR or OESX or VUZI or LEDS better for a retirement portfolio?

For long-horizon retirement investors, Research Frontiers Incorporated (REFR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.

78)). SemiLEDs Corporation (LEDS) carries a higher beta of 2. 05 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (REFR: -82. 1%, LEDS: +12. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

08

What are the main differences between REFR and OESX and VUZI and LEDS?

These companies operate in different sectors (REFR (Technology) and OESX (Industrials) and VUZI (Technology) and LEDS (Technology)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.

In terms of investment character: REFR is a small-cap quality compounder stock; OESX is a small-cap quality compounder stock; VUZI is a small-cap high-growth stock; LEDS is a small-cap high-growth stock. VUZI pays a dividend while REFR, OESX, LEDS do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.

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REFR

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  • Market Cap > $100B
  • Gross Margin > 57%
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  • Sector: Industrials
  • Market Cap > $100B
  • Revenue Growth > 5%
  • Gross Margin > 17%
Run This Screen
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(REFR: -59.5% · OESX: 7.7%)

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