Gross margins have improved from a 2024Q1 low of 18.8% to 35.1% in 2026Q2, though operating margins remain thin at 5.3% due to persistent overhead costs.
RF Industries, Ltd. (RFIL) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 86.31M | 80.59M | 64.86M | 72.17M | 85.25M | 57.42M | 43.04M | 55.33M | 50.2M | 30.96M | 30.24M | 32.8M | 23.11M | 36.63M | 30.23M | 19.43M | 16.32M | 14.21M | 17.7M | 14.85M | 15.19M | 13.15M | 11.23M | 9.88M | 8.92M | 9.48M | 8.9M | 6.1M | 6.5M | 6.8M | 6.08M |
| Revenue Growth % | 13.04% | 24.25% | -10.13% | -15.35% | 48.46% | 33.41% | -22.2% | 10.22% | 62.11% | 2.39% | -7.81% | 41.92% | -36.89% | 21.14% | 55.57% | 19.06% | 14.84% | -19.68% | 19.13% | -2.2% | 15.48% | 17.14% | 13.69% | 10.76% | -5.97% | 6.51% | 45.94% | -6.15% | -4.41% | 11.78% | - |
| Cost of Goods Sold | 56.03M | 53.85M | 48.77M | 55.78M | 63.62M | 41.13M | 33.47M | 41.16M | 34.58M | 16.82M | 22.52M | 21.22M | 13.61M | 22.04M | 17.66M | 10.1M | 8.16M | 7.31M | 9.58M | 7.97M | 7.93M | 6.97M | 5.54M | 5.08M | 4.67M | 4.7M | 4.24M | 2.6M | 2.8M | 0 | 3.27M |
| COGS % of Revenue | - | 66.82% | 75.19% | 77.29% | 74.62% | 71.63% | 77.75% | 74.39% | 68.88% | 54.32% | 74.48% | 64.69% | 58.88% | 60.17% | 58.42% | 51.96% | 49.99% | 51.42% | 54.16% | 53.63% | 52.23% | 52.97% | 49.34% | 51.43% | 52.37% | 49.57% | 47.59% | 42.62% | 43.08% | - | 53.78% |
| Gross Profit | 30.27M | 26.74M | 16.09M | 16.39M | 21.64M | 16.29M | 9.58M | 14.17M | 15.62M | 6.16M | 7.72M | 9.69M | 9.51M | 14.59M | 12.57M | 9.34M | 8.16M | 6.9M | 8.11M | 6.89M | 7.26M | 6.19M | 5.69M | 4.8M | 4.25M | 4.78M | 4.67M | 3.5M | 3.7M | 6.8M | 2.81M |
| Gross Margin % | 35.08% | 33.18% | 24.81% | 22.71% | 25.38% | 28.37% | 22.25% | 25.61% | 31.12% | 19.9% | 25.52% | 29.53% | 41.12% | 39.83% | 41.58% | 48.04% | 50.01% | 48.58% | 45.84% | 46.37% | 47.77% | 47.03% | 50.66% | 48.57% | 47.63% | 50.43% | 52.41% | 57.38% | 56.92% | 100% | 46.22% |
| Gross Profit Growth % | - | 66.18% | -1.81% | -24.27% | 32.83% | 70.08% | -32.41% | -9.29% | 153.45% | -20.13% | -20.35% | 1.91% | -34.84% | 16.06% | 34.63% | 14.37% | 18.23% | -14.87% | 17.77% | -5.08% | 17.3% | 8.76% | 18.58% | 12.95% | -11.19% | 2.47% | 33.31% | -5.41% | -45.59% | 141.81% | - |
| Operating Expenses | 26.34M | 24.95M | 18.71M | 19.26M | 18.15M | 11.87M | 9.94M | 9.61M | 8.17M | 5.96M | 8.74M | 9.21M | 7.24M | 7.81M | 8.49M | 8.06M | 5.94M | 5.79M | 5.6M | 5.2M | 4.83M | 5.44M | 3.64M | 3.6M | 3.83M | 3.38M | 2.8M | 2.3M | 2.5M | 0 | 1.89M |
| OpEx % of Revenue | - | 30.96% | 28.85% | 26.68% | 21.29% | 20.68% | 23.09% | 17.37% | 16.28% | 19.25% | 28.91% | 28.06% | 31.32% | 21.32% | 28.1% | 41.47% | 36.39% | 40.73% | 31.63% | 34.98% | 31.79% | 41.39% | 32.42% | 36.48% | 42.94% | 35.67% | 31.41% | 37.7% | 38.46% | - | 31.1% |
| Selling, General & Admin | 22.64M | 21.97M | 18.71M | 19.26M | 18.15M | 11.87M | 9.94M | 9.61M | 8.17M | 5.96M | 8.74M | 9.21M | 7.24M | 7.81M | 8.02M | 6.81M | 5.05M | 4.74M | 5.34M | 4.63M | 4.31M | 4.89M | 3.15M | 2.85M | 2.96M | 2.88M | 2.63M | 1.8M | 2.1M | 0 | 1.43M |
| SG&A % of Revenue | - | 27.26% | 28.85% | 26.68% | 21.29% | 20.68% | 23.09% | 17.37% | 16.28% | 19.25% | 28.91% | 28.06% | 31.32% | 21.32% | 26.54% | 35.06% | 30.95% | 33.34% | 30.19% | 31.14% | 28.39% | 37.18% | 28.09% | 28.85% | 33.24% | 30.34% | 29.52% | 29.51% | 32.31% | - | 23.49% |
| Research & Development | 2.85M | 2.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 470K | 1.25M | 887.87K | 1.05M | 256K | 571.24K | 516.5K | 553.54K | 486.2K | 753.56K | 644.12K | 505.43K | 0 | 300K | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.7% | - | - | - | - | - | - | - | - | - | - | - | - | 1.55% | 6.42% | 5.44% | 7.39% | 1.45% | 3.85% | 3.4% | 4.21% | 4.33% | 7.63% | 7.22% | 5.33% | - | 4.92% | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 220.51K | 0 | 168.28K | 200K | 400K | 0 | 462.93K |
| Operating Income | 3.94M | 1.78M | -2.62M | -2.87M | 3.49M | 4.42M | -360K | 4.56M | 7.45M | 203K | -1.03M | 481K | 2.27M | 6.78M | 4.08M | 1.28M | 2.22M | 1.12M | 2.51M | 1.69M | 2.43M | 741.93K | 2.05M | 1.19M | 417.56K | 1.4M | 1.87M | 1.2M | 1.2M | 6.8M | 919.85K |
| Operating Margin % | 4.56% | 2.21% | -4.04% | -3.98% | 4.09% | 7.69% | -0.84% | 8.24% | 14.84% | 0.66% | -3.39% | 1.47% | 9.8% | 18.51% | 13.48% | 6.57% | 13.62% | 7.85% | 14.2% | 11.38% | 15.98% | 5.64% | 18.23% | 12.08% | 4.68% | 14.75% | 21% | 19.67% | 18.46% | 100% | 15.12% |
| Operating Income Growth % | - | 168.05% | 8.64% | -182.31% | -21% | 1326.39% | -107.9% | -38.78% | 3568.47% | 119.79% | -313.31% | -78.77% | -66.57% | 66.32% | 219.1% | -42.56% | 99.26% | -55.6% | 48.64% | -30.35% | 227.22% | -63.76% | 71.57% | 185.74% | -70.15% | -25.19% | 55.82% | 0% | -82.35% | 639.25% | - |
| EBITDA | 6.39M | 4.25M | -87K | -438K | 5.18M | 5.18M | 654K | 5.12M | 7.96M | 709K | 10K | 1.48M | 2.86M | 7.43M | 4.68M | 1.67M | 2.44M | 1.36M | 2.72M | 1.96M | 2.7M | 964.37K | 2.22M | 1.35M | 603.28K | 1.64M | 2.04M | 1.4M | 1.6M | 6.85M | 1.03M |
| EBITDA Margin % | 7.41% | 5.27% | -0.13% | -0.61% | 6.07% | 9.03% | 1.52% | 9.26% | 15.86% | 2.29% | 0.03% | 4.5% | 12.36% | 20.29% | 15.46% | 8.59% | 14.94% | 9.54% | 15.4% | 13.19% | 17.77% | 7.33% | 19.73% | 13.68% | 6.77% | 17.26% | 22.9% | 22.95% | 24.62% | 100.74% | 16.91% |
| EBITDA Growth % | 84.9% | 4982.76% | 80.14% | -108.46% | -0.14% | 692.81% | -87.23% | -35.65% | 1022.71% | 6990% | -99.32% | -48.32% | -61.53% | 58.93% | 180.16% | -31.55% | 79.82% | -50.25% | 39.05% | -27.4% | 179.87% | -56.47% | 63.94% | 123.97% | -63.14% | -19.69% | 45.58% | -12.5% | -76.64% | 565.68% | - |
| D&A (Non-Cash Add-back) | 2.46M | 2.46M | 2.54M | 2.43M | 1.69M | 770K | 1.01M | 563K | 513K | 506K | 1.04M | 996K | 592K | 652K | 599.82K | 391.63K | 214.27K | 239.78K | 211.39K | 268.71K | 271.21K | 222.44K | 168.14K | 158.04K | 185.72K | 237.82K | 168.28K | 200K | 400K | 50K | 109.18K |
| EBIT | 3.74M | 1.78M | -3.8M | -4.25M | 1.59M | 7.22M | -448K | 4.56M | 7.49M | 232K | -4.68M | 834K | 2.29M | 6.8M | 4.11M | 1.18M | 2.09M | 1.1M | 2.77M | 2.08M | 2.76M | 838.66K | 2.06M | 1.19M | 417.56K | 1.4M | 1.87M | 1.2M | 1.4M | 6.8M | 919.85K |
| Net Interest Income | 0 | 0 | 0 | 0 | -201K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.67K | 15.74K | 86.61K | 193.43K | 258.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.67K | 44.54K | 86.61K | 193.43K | 258.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 601K | 0 | 0 | 0 | 133K | 0 | 5.74M | 0 | 0 | 1.12M | 0 | 28.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -836K | -972K | -1.18M | -1.38M | -1.9M | 2.8M | -88K | -2K | 47K | 29K | -3.66M | 353K | 29K | 20K | 37.67K | -125.26K | -132.71K | -16.33K | 258.38K | 387.71K | 335.6K | 96.73K | 17.11K | 22.32K | 354.42K | 159.57K | 313.95K | 100K | 100K | 0 | 56.55K |
| Pretax Income | 3.1M | 813K | -3.8M | -4.25M | 1.59M | 7.22M | -448K | 4.56M | 7.49M | 400K | -4.68M | 1.25M | 2.29M | 6.8M | 4.11M | 1.15M | 2.09M | 1.1M | 2.77M | 2.08M | 2.76M | 838.66K | 2.06M | 1.22M | 771.98K | 1.56M | 2.18M | 1.3M | 1.3M | 0 | 976.4K |
| Pretax Margin % | 3.59% | 1.01% | -5.86% | -5.89% | 1.86% | 12.57% | -1.04% | 8.24% | 14.93% | 1.29% | -15.49% | 3.82% | 9.93% | 18.56% | 13.6% | 5.93% | 12.81% | 7.74% | 15.66% | 13.99% | 18.19% | 6.38% | 18.39% | 12.31% | 8.66% | 16.44% | 24.53% | 21.31% | 20% | - | 16.05% |
| Income Tax | 657K | 738K | 2.8M | -1.17M | 139K | 1.04M | -367K | 1.04M | 1.47M | 62K | -652K | 140K | 959K | 1.83M | 1.5M | 378.83K | 870.59K | 443.6K | 1.21M | 943.38K | 1.22M | 394K | 840K | 504.7K | 392.3K | 684K | 863.3K | 500K | 500K | 6.2M | 415K |
| Effective Tax Rate % | 21.19% | 90.77% | -73.52% | 27.58% | 8.76% | 14.35% | 81.92% | 22.73% | 19.59% | 15.5% | 13.92% | 11.17% | 41.79% | 26.92% | 36.48% | 32.89% | 41.64% | 40.34% | 43.75% | 45.39% | 44.25% | 46.98% | 40.7% | 41.52% | 50.82% | 43.89% | 39.53% | 38.46% | 38.46% | - | 42.5% |
| Net Income | 2.44M | 75K | -6.6M | -3.08M | 1.45M | 6.18M | -81K | 3.52M | 6.64M | 382K | -4.09M | 994K | 1.44M | 3.83M | 2.61M | 775.74K | 1.22M | 655.97K | 1.56M | 1.14M | 1.54M | 444.66K | 1.22M | 710.75K | 379.68K | 874.51K | 1.32M | 800K | 800K | 600K | 561.4K |
| Net Margin % | 2.83% | 0.09% | -10.17% | -4.26% | 1.7% | 10.76% | -0.19% | 6.36% | 13.23% | 1.23% | -13.52% | 3.03% | 6.23% | 10.45% | 8.63% | 3.99% | 7.48% | 4.62% | 8.81% | 7.64% | 10.14% | 3.38% | 10.9% | 7.2% | 4.26% | 9.22% | 14.83% | 13.11% | 12.31% | 8.82% | 9.23% |
| Net Income Growth % | 827.38% | 101.14% | -114.39% | -312.57% | -76.57% | 7730.86% | -102.3% | -46.99% | 1638.74% | 109.34% | -511.37% | -30.92% | -62.41% | 46.63% | 236.53% | -36.43% | 86.02% | -57.93% | 37.35% | -26.32% | 246.48% | -63.68% | 72.23% | 87.19% | -56.58% | -33.78% | 65.06% | 0% | 33.33% | 6.88% | - |
| Net Income (Continuing) | 2.44M | 75K | -6.6M | -3.08M | 1.45M | 6.18M | -81K | 3.52M | 6.03M | 170K | -4.03M | 694K | 1.34M | 4.97M | 2.61M | 773.01K | 1.22M | 655.97K | 1.56M | 1.14M | 1.54M | 444.66K | 1.22M | 710.75K | 379.68K | 874.51K | 1.32M | 800K | 800K | 600K | 561.4K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 212K | 0 | 300K | 103K | 0 | -4.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 213.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.21 | 0.01 | -0.63 | -0.30 | 0.14 | 0.61 | -0.01 | 0.36 | 0.61 | 0.04 | -0.47 | 0.11 | 0.16 | 0.43 | 0.34 | 0.11 | 0.19 | 0.10 | 0.21 | 0.15 | 0.21 | 0.06 | 0.17 | 0.10 | 0.05 | 0.11 | 0.17 | 0.12 | 0.11 | 0.10 | 0.09 |
| EPS Growth % | 738.04% | 101.11% | -110% | -314.29% | -77.05% | - | -102.33% | -40.98% | 1425% | 108.51% | -527.27% | -31.25% | -62.79% | 26.47% | 209.09% | -42.11% | 90% | -52.38% | 40% | -28.57% | 250% | -64.71% | 78.95% | 111.11% | -59.09% | -35.29% | 41.67% | 9.09% | 15.79% | 5.56% | - |
| EPS (Basic) | - | 0.01 | -0.63 | -0.30 | 0.14 | 0.62 | -0.01 | 0.38 | 0.61 | 0.04 | -0.47 | 0.12 | 0.18 | 0.47 | 0.38 | 0.12 | 0.21 | 0.11 | 0.24 | 0.18 | 0.24 | 0.08 | 0.21 | 0.12 | 0.06 | 0.13 | 0.20 | 0.14 | 0.13 | 0.10 | 0.10 |
| Diluted Shares Outstanding | 11.6M | 10.77M | 10.48M | 10.28M | 10.24M | 10.15M | 9.68M | 9.85M | 9.59M | 8.92M | 8.79M | 8.86M | 8.74M | 8.46M | 7.68M | 7.29M | 6.49M | 6.5M | 7.43M | 7.57M | 7.54M | 7.59M | 7.42M | 7.16M | 8.44M | 7.95M | 7.77M | 6.96M | 7.62M | 6.32M | 6.24M |
| Basic Shares Outstanding | 10.85M | 10.65M | 10.48M | 10.28M | 10.12M | 9.98M | 9.68M | 9.36M | 9.57M | 8.84M | 8.76M | 8.49M | 8.22M | 7.6M | 6.91M | 6.38M | 5.72M | 5.9M | 6.59M | 6.49M | 6.37M | 6.1M | 5.83M | 6.18M | 6.9M | 6.73M | 6.6M | 5.93M | 6.4M | 6.32M | 5.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 21.24% | 10.99% | 185.08% | - | 239.64% | 159.97% | 61.36% | 53.12% | 326.01% | 6.89% | 14.45% | 25.29% | 17.3% | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RFIL stock.
For fiscal year 2025, RF Industries, Ltd. (RFIL) reported total revenue of $80.6M. This represents a 1224.7% increase compared to $6.1M in 1996.
RF Industries, Ltd. (RFIL) is profitable, generating $0.1M in net income for the fiscal year ending 2025 with a net profit margin of 0.1%.
RF Industries, Ltd. (RFIL) reported an operating income of $1.8M, resulting in an operating profit margin of 2.2%. This margin reflects the operational efficiency of the business before interest and taxes.
RF Industries, Ltd. (RFIL) generated $26.7M in gross profit for the year, representing a gross profit margin of 33.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin operating margin buffer
Metrics are mathematically derived from official filings.
Revenue Recovery Amidst Cyclical Headwinds
As reported in recent financial filings, RFIL achieved a 9.4% year-over-year revenue growth in 2026Q2, signaling a recovery from the contractionary periods observed in early 2024, though the durability of this top-line expansion remains tethered to the volatile capital expenditure cycles of major telecommunications carriers.
The recent revenue trajectory suggests that the company is successfully navigating the transition from the 2024 trough, likely benefiting from a stabilization in 5G infrastructure demand. However, investors should monitor whether this growth is sustainable or merely a reflection of lumpy, project-based delivery milestones that characterize the custom cabling segment.
Structural Margin Expansion Remains Elusive
Based on the provided income statement data, gross margins have improved from a low of 18.8% in 2024Q1 to 35.1% in 2026Q2, yet the company continues to struggle with converting these gains into meaningful bottom-line profitability due to persistent overhead costs.
While the expansion in gross margin indicates better pricing power or improved manufacturing efficiency, the net margin remains razor-thin at 4.2%. This suggests that the company's value-added assembly model is highly sensitive to volume, and any minor disruption in throughput could quickly erode the modest profitability achieved in the most recent quarter.
Operating Leverage Constrained by SG&A
According to the quarterly income statement, SG&A expenses have remained relatively sticky, hovering around $5.0M to $5.3M per quarter, which prevents the company from demonstrating significant operating leverage despite the recent 24.25% year-over-year revenue growth observed in the broader context.
The inability to scale operating income faster than revenue suggests that the current cost structure is heavily weighted toward fixed administrative and operational expenses. This lack of operating leverage warrants further investigation into whether management can optimize the cost base to protect margins during periods of slower top-line growth.
Earnings Quality Impacted by SBC
As indicated by the financial data, stock-based compensation remains a consistent expense, averaging over $200,000 per quarter, which further suppresses the already fragile net income and complicates the assessment of the company's true operational cash-generating capability.
The presence of recurring stock-based compensation in a company with near-zero net margins suggests that shareholders are experiencing consistent dilution without a commensurate increase in bottom-line earnings. Investors should scrutinize whether these non-cash expenses are masking the underlying operational performance of the core business segments.
Fragility of the Break-Even Threshold
Based on the reported figures, the company's net margin profile appears highly precarious, as evidenced by the frequent swings between net losses and marginal profitability over the last ten quarters, which suggests that the business model lacks a sufficient cushion against operational or market shocks.
Short-term volatility in net income, such as the shift from a $392,000 profit in 2025Q3 to a $50,000 loss in 2026Q1, highlights the inherent risk of the company's high-variable-cost structure. This pattern suggests that the company may be operating too close to its break-even point to be considered a stable investment, regardless of its top-line growth.