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Research Frontiers Incorporated(REFR)Earnings, Financials & Key Ratios
REFR•NASDAQ
Price updated Jun 19, 2026
AboutResearch Frontiers Incorporated develops and markets technology and devices to control the flow of light worldwide. The company develops and licenses suspended particle device (SPD-Smart) light-control technology to companies that manufacture and market the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, the light-control panels made by laminating the film, and electronics to power end-products incorporating the film, as well as lamination services for and the end-products, such as windows, skylights, and sunroofs. Its SPD-Smart light-control technology is used in various product applications, including windows, sunshades, skylights, and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, and navigation systems; aircraft windows; museum display panels, and eyewear products; and flat panel displays for electronic products. The company serves architectural, automotive, marine, and aerospace and appliance applications. Research Frontiers Incorporated was incorporated in 1965 and is headquartered in Woodbury, New York.Show more
- Revenue$1M-16.0%
- EBITDA-$2M-65.1%
- Net Income-$2M-56.0%
- EPS (Diluted)-0.06-55.5%
- Gross Margin83.35%+3.8%
- EBITDA Margin-173.51%-96.7%
- Operating Margin-190.16%-76.1%
- Net Margin-182.44%-85.8%
- ROE-115.64%-169.9%
REFR Key Insights
Research Frontiers Incorporated (REFR) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
No significant strengths identified
✗Weaknesses
- ✗Weak Piotroski F-Score: 3/9
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 6 (bottom 6%)
- ✗Trading more than 30% below 52-week high
- ✗Expensive at 21.6x book value
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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REFR Price & Volume
Research Frontiers Incorporated (REFR) stock price & volume — 10-year historical chart
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REFR Growth Metrics
Research Frontiers Incorporated (REFR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-5.66%
5 Years6.24%
3 Years27.6%
TTM-55.89%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-128.7%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-127.56%
Return on Capital
10 Years-54.96%
5 Years-50.64%
3 Years-53.61%
Last Year-74.49%
REFR Peer Comparison
Research Frontiers Incorporated (REFR) competitors in Displays, Signage and Smart Glass — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 VUZI | 275.25M | 3.31 | -7.88 | 9.14% | -5.04% | -87.47% | 0.03 | |
 MVIS | 120.77M | 0.36 | -1.04 | -74.28% | -58.88% | -139.2% | 0.66 | |
 KOSS | 38.15M | 4.03 | -43.15 | 2.93% | -8.57% | -3.62% | 0.08 | |
 HAYW | 3.25B | 15.00 | 22.06 | 6.71% | 13.98% | 10.32% | 0.01 | |
 OESX | 33.11M | 9.69 | -10.89 | 8.26% | -3.66% | -0.11% | 0.53 | |
 PPG | 26.46B | 118.21 | 17.08 | 0.19% | 9.83% | 31.06% | ||
 SWK | 13.49B | 86.75 | 32.74 | -1.53% | 2.44% | 4.12% | 0.65 | |
 APOG | 887.72M | 41.27 | 16.38 | 3.21% | 3.85% | 10.79% | 0.56 |
Compare REFR vs Peers
Research Frontiers Incorporated (REFR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
REFR Income Statement
Research Frontiers Incorporated (REFR) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 1.51M | 1.49M | 1.56M | 828.45K | 1.26M | 539.69K | 909.6K | 1.34M | 1.12M | 697.79K |
Revenue Growth % | 22.08% | -1.35% | 5.06% | -47.03% | 52.46% | -57.27% | 68.54% | 46.83% | -16.04% | -55.89% |
Cost of Goods Sold | 3.13M | 2.42M | 3.68M | 2.78M | 0 | 0 | 2.36M | 263.56K | 186.67K | 43.99K |
COGS % of Revenue | 207.28% | 162.44% | 235.15% | 335.27% | - | - | 259.42% | 19.73% | 16.65% | - |
Gross Profit | -1.62M▲ 0% | -929.58K▲ 42.6% | -2.11M▼ 127.4% | -1.95M▲ 7.8% | 1.26M▲ 164.8% | 539.69K▼ 57.3% | -1.45M▼ 368.7% | 1.07M▲ 173.9% | 934.57K▼ 12.8% | 653.8K▲ 0% |
Gross Margin % | -107.28% | -62.44% | -135.15% | -235.27% | 100% | 100% | -159.41% | 80.27% | 83.35% | 93.7% |
Gross Profit Growth % | 43.2% | 42.58% | -127.38% | 7.79% | 164.8% | -57.27% | -368.68% | 173.93% | -12.82% | - |
Operating Expenses | 3.93M | 3.91M | 1.04M | 628.3K | 3.1M | 3.16M | 583.27K | 2.51M | 3.07M | 3.08M |
OpEx % of Revenue | 260.27% | 262.44% | 66.22% | 75.84% | 245.59% | 586.42% | 64.12% | 188.23% | 273.51% | - |
Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400.08K | 504.98K | 0 |
SG&A % of Revenue | - | - | - | - | - | - | - | 29.96% | 45.04% | - |
Research & Development | 799.7K | 863.4K | 1.04M | 628.3K | 580K | 609.13K | 583.27K | 570.01K | 30.36K | 591.21K |
R&D % of Revenue | 52.99% | 58% | 66.22% | 75.84% | 45.92% | 112.87% | 64.12% | 42.68% | 2.71% | - |
Other Operating Expenses | 3.13M | 3.04M | 0 | 0 | 2.52M | 2.56M | 0 | 1.54M | 2.53M | 2.49M |
Operating Income | -2.42M▲ 0% | -2.42M▲ 0.0% | -3.15M▼ 30.2% | -2.58M▲ 18.2% | -1.84M▲ 28.7% | -2.63M▼ 42.8% | -2.03M▲ 22.5% | -1.44M▲ 29.1% | -2.13M▼ 47.9% | -2.42M▲ 0% |
Operating Margin % | -160.27% | -162.44% | -201.36% | -311.11% | -145.59% | -486.42% | -223.54% | -107.96% | -190.16% | -347.24% |
Operating Income Growth % | 43.33% | 0.02% | -30.23% | 18.16% | 28.66% | -42.76% | 22.54% | 29.09% | -47.87% | - |
EBITDA | -2.24M | -2.24M | -2.95M | -2.51M | -1.66M | -2.45M | -1.86M | -1.18M | -1.95M | -2.24M |
EBITDA Margin % | -148.63% | -150.28% | -188.87% | -303.01% | -131.61% | -453.96% | -204.61% | -88.23% | -173.51% | -320.82% |
EBITDA Growth % | 45.02% | 0.26% | -32.04% | 15.02% | 33.78% | -47.38% | 24.03% | 36.69% | -65.11% | -137.15% |
D&A (Non-Cash Add-back) | 175.64K | 181.05K | 195.38K | 67.08K | 176.51K | 175.15K | 172.14K | 263.56K | 186.67K | 184.34K |
EBIT | -2.42M | -2.42M | -3.81M | -2.58M | -1.84M | -2.63M | -2.03M | -1.44M | -2.13M | -2.42M |
Net Interest Income | 0 | 0 | 43.05K | 34.47K | 0 | 0 | 124.94K | 95.34K | 39.23K | 21.76K |
Interest Income | 0 | 0 | 43.05K | 34.47K | 0 | 0 | 124.94K | 95.34K | 39.23K | 21.76K |
Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Income/Expense | 4.75K | -267.91K | -659.64K | 236.53K | -7.54K | -44.22K | 124.94K | 130.49K | 86.58K | 29.74K |
Pretax Income | -2.41M▲ 0% | -2.69M▼ 11.3% | -3.81M▼ 41.8% | -2.34M▲ 38.5% | -1.85M▲ 21.1% | -2.67M▼ 44.6% | -1.91M▲ 28.5% | -1.31M▲ 31.3% | -2.05M▼ 56.0% | -2.39M▲ 0% |
Pretax Margin % | -159.96% | -180.44% | -243.54% | -282.56% | -146.18% | -494.61% | -209.8% | -98.19% | -182.44% | -342.98% |
Income Tax | -4.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Effective Tax Rate % | 0.2% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Net Income | -2.41M▲ 0% | -2.69M▼ 11.3% | -3.81M▼ 41.8% | -2.34M▲ 38.5% | -1.85M▲ 21.1% | -2.67M▼ 44.6% | -1.91M▲ 28.5% | -1.31M▲ 31.3% | -2.05M▼ 56.0% | -2.39M▲ 0% |
Net Margin % | -159.96% | -180.44% | -243.54% | -282.56% | -146.18% | -494.61% | -209.8% | -98.19% | -182.44% | -342.98% |
Net Income Growth % | 43.05% | -11.28% | -41.8% | 38.54% | 21.13% | -44.57% | 28.51% | 31.28% | -55.99% | -128.7% |
Net Income (Continuing) | -2.41M | -2.69M | -3.81M | -2.34M | -1.85M | -2.67M | -1.91M | -1.31M | -2.05M | -2.39M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
EPS (Diluted) | -0.10▲ 0% | -0.10▲ 0.0% | -0.15▼ 50.0% | -0.07▲ 50.5% | -0.06▲ 21.5% | -0.08▼ 42.7% | -0.06▲ 31.5% | -0.04▲ 31.4% | -0.06▼ 55.5% | -0.07▲ 0% |
EPS Growth % | 44.44% | 0% | -50% | 50.47% | 21.53% | -42.71% | 31.49% | 31.4% | -55.5% | -127.56% |
EPS (Basic) | -0.10 | -0.10 | -0.15 | -0.07 | -0.06 | -0.08 | -0.06 | -0.04 | -0.06 | - |
Diluted Shares Outstanding | 24.04M | 25.96M | 30.01M | 31.49M | 31.65M | 32.07M | 33.45M | 33.52M | 33.65M | 34.16M |
Basic Shares Outstanding | 24.04M | 25.96M | 30.01M | 31.49M | 31.65M | 32.07M | 33.45M | 33.52M | 33.65M | 34.16M |
Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
REFR Balance Sheet
Research Frontiers Incorporated (REFR) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Current Assets | 2.36M | 3.71M | 7.31M | 5.43M | 3.95M | 4.92M | 3.58M | 2.75M | 1.14M | 2.02M |
Cash & Short-Term Investments | 1.74M | 2.97M | 6.59M | 4.77M | 3.03M | 4.23M | 2.48M | 1.99M | 664.3K | 1.28M |
Cash Only | 1.74M | 2.97M | 6.59M | 4.77M | 269.96K | 4.23M | 2.48M | 1.99M | 664.3K | 1.28M |
Short-Term Investments | 0 | 0 | 0 | 0 | 2.76M | 0 | 0 | 0 | 0 | 0 |
Accounts Receivable | 597.44K | 689.68K | 656.06K | 598.29K | 831.64K | 589.6K | 1M | 658.21K | 408.67K | 544.99K |
Days Sales Outstanding | 144.5 | 169.1 | 153.11 | 263.6 | 240.33 | 398.76 | 402.64 | 179.89 | 133.03 | 243.48 |
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
Other Current Assets | 0 | 52.73K | 0 | 0 | 0 | 100.97K | 96.78K | 93.49K | 70.97K | 192.46K |
Total Non-Current Assets | 516.13K | 346.74K | 949.28K | 771.78K | 596.35K | 444.96K | 274.38K | 1.29M | 1.11M | 1.06M |
Property, Plant & Equipment | 482.56K | 313.18K | 915.71K | 738.21K | 562.78K | 388.9K | 218.31K | 1.24M | 1.05M | 1.01M |
Fixed Asset Turnover | 3.13x | 4.75x | 1.71x | 1.12x | 2.24x | 1.39x | 4.17x | 1.08x | 1.07x | 0.65x |
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Assets | 33.57K | 33.57K | 33.57K | 33.57K | 33.57K | 56.07K | 56.07K | 56.07K | 56.07K | 56.07K |
Total Assets | 2.88M▲ 0% | 4.06M▲ 40.9% | 8.26M▲ 103.4% | 6.2M▼ 24.9% | 4.55M▼ 26.7% | 5.37M▲ 18.0% | 3.85M▼ 28.2% | 4.04M▲ 4.9% | 2.25M▼ 44.3% | 3.08M▲ 0% |
Asset Turnover | 0.52x | 0.37x | 0.19x | 0.13x | 0.28x | 0.10x | 0.24x | 0.33x | 0.50x | 0.25x |
Asset Growth % | -45.37% | 40.87% | 103.42% | -24.91% | -26.67% | 18.05% | -28.25% | 4.91% | -44.26% | -76.29% |
Total Current Liabilities | 313.75K | 457.66K | 387.43K | 226.07K | 297.94K | 301.86K | 277.43K | 269.03K | 297.88K | 316.11K |
Accounts Payable | 58.09K | 133.49K | 169.75K | 33.41K | 66.46K | 71.08K | 50.88K | 85.83K | 132.67K | 101.11K |
Days Payables Outstanding | 6.78 | 20.15 | 16.85 | 4.39 | - | - | 7.87 | 118.86 | 259.4 | 595.85 |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 146.04K | 149.47K |
Deferred Revenue (Current) | 824 | 50.57K | 7.73K | 0 | 0 | 0 | 0 | 0 | 0 | 71.56K |
Other Current Liabilities | 206.9K | 199.6K | 0 | 358 | 360 | 5.16K | 5.16K | 0 | 19.17K | 65.52K |
Current Ratio | 7.54x | 8.11x | 18.86x | 24.01x | 13.26x | 16.30x | 12.89x | 10.21x | 3.84x | 6.38x |
Quick Ratio | 7.54x | 8.11x | 18.86x | 24.01x | 13.26x | 16.30x | 12.89x | 10.21x | 3.84x | 6.38x |
Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | -352.37 |
Total Non-Current Liabilities | 0 | 501.41K | 812.6K | 646.22K | 464.13K | 267.72K | 55.36K | 1.17M | 1.02M | 981.26K |
Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 981.26K |
Capital Lease Obligations | 0 | 0 | 812.6K | 646.22K | 464.13K | 267.72K | 55.36K | 1.17M | 1.02M | 2.15M |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 0 | 501.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Liabilities | 313.75K | 959.08K | 1.2M | 872.28K | 762.06K | 569.59K | 332.79K | 1.44M | 1.32M | 1.3M |
Total Debt | 0 | 0 | 975.83K | 812.6K | 646.22K | 464.13K | 267.72K | 1.3M | 1.17M | 1.13M |
Net Debt | -1.74M | -2.97M | -5.62M | -3.96M | 376.25K | -3.77M | -2.21M | -698.03K | 501.99K | -148.57K |
Debt / Equity | - | - | 0.14x | 0.15x | 0.17x | 0.10x | 0.08x | 0.50x | 1.25x | 0.63x |
Debt / EBITDA | - | - | - | - | - | - | - | - | - | -0.51x |
Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | 0.07x |
Interest Coverage | - | - | - | - | - | - | - | - | - | - |
Total Equity | 2.57M▲ 0% | 3.1M▲ 20.7% | 7.06M▲ 127.7% | 5.33M▼ 24.5% | 3.78M▼ 29.0% | 4.8M▲ 26.8% | 3.52M▼ 26.7% | 2.6M▼ 26.0% | 933.63K▼ 64.2% | 1.78M▲ 0% |
Equity Growth % | -47.66% | 20.73% | 127.65% | -24.51% | -28.97% | 26.77% | -26.67% | -25.97% | -64.15% | -177.41% |
Book Value per Share | 0.11 | 0.12 | 0.24 | 0.17 | 0.12 | 0.15 | 0.11 | 0.08 | 0.03 | 0.05 |
Total Shareholders' Equity | 2.57M | 3.1M | 7.06M | 5.33M | 3.78M | 4.8M | 3.52M | 2.6M | 933.63K | 1.78M |
Common Stock | 2.4K | 2.77K | 3.13K | 3.16K | 3.17K | 3.31K | 3.35K | 3.37K | 3.37K | 3.49K |
Retained Earnings | -109.06M | -111.69M | -115.5M | -117.84M | -119.69M | -122.36M | -124.26M | -125.58M | -127.62M | -128.15M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | -2.25M | -2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
REFR Cash Flow Statement
Research Frontiers Incorporated (REFR) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | -1.47M | -2.07M | -2.08M | -2.25M | -1.8M | -2.18M | -2.3M | -788.82K | -1.33M | -1.45M |
Operating CF Margin % | -97.45% | -139.12% | -133.16% | -271.92% | -142.85% | -404.45% | -252.31% | -59.06% | -118.54% | - |
Operating CF Growth % | 63.29% | -40.84% | -0.56% | -8.16% | 19.91% | -20.98% | -5.15% | 65.63% | -68.5% | -1005.81% |
Net Income | -2.41M | -2.69M | -3.81M | -2.34M | -1.85M | -2.67M | -1.91M | -1.31M | -2.05M | -2.39M |
Depreciation & Amortization | 175.64K | 181.05K | 195.38K | 67.08K | 10.14K | 175.15K | 172.14K | 263.56K | 186.67K | 184.34K |
Stock-Based Compensation | 76.3K | 69.31K | 841.61K | 327.55K | 217.01K | 232.29K | 144.73K | 89.32K | 374.88K | 374.88K |
Deferred Taxes | 30.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 13.2K | 321.39K | 859.33K | -120.69K | 73K | 201.91K | 37.85K | 25K | 154.25K | 154.25K |
Working Capital Changes | 648.16K | 43.32K | -170.06K | -185.78K | -258.08K | -122.75K | -741.41K | 144.68K | 621 | 231.97K |
Change in Receivables | 476.49K | -77.56K | -123.02K | -23.6K | -277.82K | 100.27K | -508.81K | 320.19K | 95.29K | 269.82K |
Change in Inventory | 0 | 0 | 0 | 156.77K | -56.16K | 0 | 0 | 0 | 0 | 0 |
Change in Payables | -56.35K | 94.17K | 0 | -156.77K | 56.16K | -10.39K | 0 | 0 | 12.68K | 89.74K |
Cash from Investing | 1.52M | -11.66K | -65.28K | -52.82K | -2.78M | 2.69M | 55.59K | -1.62K | -726 | -683 |
Capital Expenditures | -6.55K | -11.66K | -65.28K | -56.54K | -1.08K | -1.27K | -1.56K | -1.62K | -726 | -683 |
CapEx % of Revenue | 0.43% | 0.78% | 4.17% | 6.82% | 0.09% | 0.24% | 0.17% | 0.12% | 0.06% | 0.1% |
Acquisitions | 0 | 0 | 0 | 3.71K | 2.78M | 0 | 0 | 0 | 0 | 0 |
Investments | - | - | - | - | - | - | - | - | - | - |
Other Investing | 1.52M | 0 | 0 | 0 | -2.78M | 0 | 0 | 0 | 0 | 0 |
Cash from Financing | 0 | 3.31M | 5.77M | 486.26K | 86.26K | 3.45M | 484.5K | 308.67K | 0 | 1.38M |
Debt Issued (Net) | 0 | 0 | 0 | 202.05K | 0 | 0 | 0 | 0 | 0 | 0 |
Equity Issued (Net) | 0 | 3.31M | 5.77M | 284.21K | 86.26K | 3.45M | 0 | 300K | 0 | 1.38M |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 484.5K | 8.67K | 0 | 0 |
Net Change in Cash | 46.24K▲ 0% | 1.23M▲ 2563.2% | 3.62M▲ 194.1% | -1.82M▼ 150.2% | -4.5M▼ 147.5% | 3.96M▲ 188.0% | -1.75M▼ 144.3% | -481.77K▲ 72.5% | -1.33M▼ 176.0% | -73.51K▲ 0% |
Free Cash Flow | -1.48M▲ 0% | -2.08M▼ 41.0% | -2.15M▼ 3.1% | -2.31M▼ 7.5% | -1.81M▲ 21.8% | -2.18M▼ 21.0% | -2.3M▼ 5.2% | -790.44K▲ 65.6% | -1.33M▼ 68.2% | -1.45M▲ 0% |
FCF Margin % | -97.88% | -139.91% | -137.34% | -278.74% | -142.94% | -404.68% | -252.49% | -59.19% | -118.61% | -207.59% |
FCF Growth % | 63.23% | -41% | -3.13% | -7.51% | 21.82% | -20.97% | -5.16% | 65.58% | -68.25% | -39.19% |
FCF per Share | -0.06 | -0.08 | -0.07 | -0.07 | -0.06 | -0.07 | -0.07 | -0.02 | -0.04 | -0.04 |
FCF Conversion (FCF/Net Income) | 0.61x | 0.77x | 0.55x | 0.96x | 0.98x | 0.82x | 1.20x | 0.60x | 0.65x | 0.61x |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
REFR Key Ratios
Research Frontiers Incorporated (REFR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | -64.61% | -94.8% | -75.01% | -37.81% | -40.53% | -62.22% | -45.9% | -42.84% | -115.64% | -159.17% |
Return on Invested Capital (ROIC) | -89.74% | -378.01% | -300.88% | -137.74% | -49.9% | -75.87% | -130.36% | -67.26% | -95.7% | -113.66% |
Gross Margin | -107.28% | -62.44% | -135.15% | -235.27% | 100% | 100% | -159.41% | 80.27% | 83.35% | 93.7% |
Net Margin | -159.96% | -180.44% | -243.54% | -282.56% | -146.18% | -494.61% | -209.8% | -98.19% | -182.44% | -342.98% |
Debt / Equity | - | - | 0.14x | 0.15x | 0.17x | 0.10x | 0.08x | 0.50x | 1.25x | 0.63x |
FCF Conversion | 0.61x | 0.77x | 0.55x | 0.96x | 0.98x | 0.82x | 1.20x | 0.60x | 0.65x | 0.61x |
Revenue Growth | 22.08% | -1.35% | 5.06% | -47.03% | 52.46% | -57.27% | 68.54% | 46.83% | -16.04% | -55.89% |
Related:REFR Dividend History·REFR Revenue History·REFR Price History·REFR P/E History·REFR Financial Ratios·REFR Institutional Holders
REFR SEC Filings & Documents
Research Frontiers Incorporated (REFR) SEC filings — annual & quarterly reports (10-K, 10-Q)
REFR Frequently Asked Questions
Research Frontiers Incorporated (REFR) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Research Frontiers Incorporated (REFR) reported $0.7M in revenue for fiscal year 2025. This represents a 598% increase from $0.1M in 1996.
Research Frontiers Incorporated (REFR) saw revenue decline by 16.0% over the past year.
Research Frontiers Incorporated (REFR) reported a net loss of $2.4M for fiscal year 2025.
Dividend & Returns
Research Frontiers Incorporated (REFR) has a return on equity (ROE) of -115.6%. Negative ROE indicates the company is unprofitable.
Research Frontiers Incorporated (REFR) had negative free cash flow of $1.4M in fiscal year 2025, likely due to heavy capital investments.