Research Frontiers Incorporated (REFR) Financial Ratios
30 years of historical data (1996–2025) · Technology · Hardware, Equipment & Parts
EV/EBITDA
N/A
—
5yr avg: N/A
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↑
27.18
↑+28% vs avg
5yr avg: 21.20
30Y Low5.3·High47.2
ROE
↓
-115.6%
↑-88% vs avg
5yr avg: -61.4%
30Y Low-147%·High-28%
Debt/EBITDA
N/A
—
5yr avg: N/A
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
REFR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Research Frontiers Incorporated currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $26M | $44M | $57M | $34M | $61M | $54M | $88M | $90M | $40M | $25M | $44M |
| Enterprise Value | $27M | $45M | $57M | $32M | $57M | $55M | $85M | $85M | $38M | $23M | $42M |
| P/E Ratio → | -12.40 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 23.37 | 39.31 | 42.92 | 37.15 | 113.50 | 43.10 | 106.80 | 57.76 | 27.20 | 16.57 | 35.40 |
| P/B Ratio | 27.18 | 47.21 | 22.01 | 9.61 | 12.77 | 14.39 | 16.61 | 12.80 | 13.06 | 9.74 | 8.92 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
REFR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 39.76 | 42.40 | 34.72 | 106.52 | 43.39 | 102.02 | 54.17 | 25.21 | 15.42 | 34.03 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
REFR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Research Frontiers Incorporated earns an operating margin of -190.2%. Operating margins have expanded from -223.5% to -190.2% over the past 3 years, signaling improving operational efficiency. A negative ROE of -115.6% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.4% | 83.4% | 80.3% | -159.4% | 100.0% | 100.0% | -235.3% | -135.1% | -62.4% | -107.3% | -230.6% |
| Operating Margin | -190.2% | -190.2% | -108.0% | -223.5% | -486.4% | -145.6% | -311.1% | -201.4% | -162.4% | -160.3% | -345.3% |
| Net Profit Margin | -182.4% | -182.4% | -98.2% | -209.8% | -494.6% | -146.2% | -282.6% | -243.5% | -180.4% | -160.0% | -342.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -115.6% | -115.6% | -42.8% | -45.9% | -62.2% | -40.5% | -37.8% | -75.0% | -94.8% | -64.6% | -60.6% |
| ROA | -65.0% | -65.0% | -33.2% | -41.4% | -53.9% | -34.4% | -32.4% | -61.9% | -77.4% | -59.2% | -57.2% |
| ROIC | -95.7% | -95.7% | -67.3% | -130.4% | -75.9% | -49.9% | -137.7% | -300.9% | -378.0% | -89.7% | -97.3% |
| ROCE | -74.5% | -74.5% | -39.3% | -47.1% | -56.4% | -36.0% | -37.2% | -54.9% | -78.4% | -64.7% | -61.1% |
REFR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $501986 ($1M total debt minus $664299 cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.25 | 1.25 | 0.50 | 0.08 | 0.10 | 0.17 | 0.15 | 0.14 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.54 | -0.27 | -0.63 | -0.79 | 0.10 | -0.74 | -0.80 | -0.96 | -0.68 | -0.34 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
REFR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Research Frontiers Incorporated's current ratio of 3.84x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 12.89x to 3.84x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.84 | 3.84 | 10.21 | 12.89 | 16.30 | 13.26 | 24.01 | 18.86 | 8.11 | 7.54 | 12.43 |
| Quick Ratio | 3.84 | 3.84 | 10.21 | 12.89 | 16.30 | 13.26 | 24.01 | 18.86 | 8.11 | 7.54 | 12.43 |
| Cash Ratio | 2.23 | 2.23 | 7.41 | 8.92 | 14.02 | 10.15 | 21.11 | 17.01 | 6.49 | 5.54 | 8.71 |
| Asset Turnover | — | 0.50 | 0.33 | 0.24 | 0.10 | 0.28 | 0.13 | 0.19 | 0.37 | 0.52 | 0.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 133.03 | 179.89 | 402.64 | 398.76 | 240.33 | 263.60 | 153.11 | 169.10 | 144.50 | 329.88 |
REFR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Research Frontiers Incorporated does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $34M | $34M | $33M | $32M | $32M | $31M | $30M | $26M | $24M | $24M |
Peer Comparison
Compare REFR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 REFRYou | $26M | -12.4 | — | — | 83.4% | -190.2% | -115.6% | -95.7% | — |
 VUZI | $252M | -7.4 | — | — | — | -517.6% | -261.1% | -1070.8% | — |
 MVIS | $205M | -1.9 | — | — | -1435.4% | -5743.8% | -182.1% | -98.3% | — |
 KOSS | $39M | -44.5 | — | — | 37.8% | -13.8% | -2.8% | -4.2% | — |
 HAYW | $3B | 21.4 | 9.7 | 14.0 | 45.6% | 21.1% | 10.0% | 10.2% | 0.0 |
 OESX | $35M | -2.7 | — | 71.0 | 25.4% | -13.3% | -68.6% | -34.8% | — |
 PPG | $25B | 15.8 | 11.1 | 21.1 | 38.0% | 13.7% | 92.2% | 23.5% | 2.8 |
 SWK | $13B | 30.6 | 11.8 | 18.3 | 29.9% | 7.6% | 4.5% | 5.8% | 3.8 |
 APOG | $788M | 14.5 | 22.0 | 8.3 | 22.7% | 6.0% | 10.8% | 8.1% | 6.1 |
 GNTX | $5B | 13.4 | 8.3 | 11.0 | 34.2% | 19.2% | 15.5% | 15.9% | — |
 ALG | $2B | 19.1 | 9.7 | 13.6 | 24.8% | 9.5% | 9.6% | 10.8% | 1.1 |
| Technology Median | — | 27.6 | 17.6 | 19.5 | 48.5% | -0.6% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying REFR stock.
What is Research Frontiers Incorporated's P/E ratio?
Research Frontiers Incorporated's current P/E ratio is -12.4x. This places it at the 50th percentile of its historical range.
What is Research Frontiers Incorporated's ROE?
Research Frontiers Incorporated's return on equity (ROE) is -115.6%. The historical average is -64.0%.
Is REFR stock overvalued?
Based on historical data, Research Frontiers Incorporated is trading at a P/E of -12.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Research Frontiers Incorporated's profit margins?
Research Frontiers Incorporated has 83.4% gross margin and -190.2% operating margin.