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Research Frontiers Inc

REFR Nasdaq Patent Owners & Lessors Financials FY2016โ€“FY2025

Last close ยท Oct 23, 2026

$0.46

2.9%
Compare
Revenue Total sales reported in the income statement.
$1.1M
16.0% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’190.2%
82.2ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$2.0M
Free cash flow Cash from operations minus capital spending.
โˆ’$1.3M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
$16.1M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.07 EPS (TTM)

What Research Frontiers Inc does

No business description yet.

Legal name
RESEARCH FRONTIERS INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 5, 2026
Accession ยท CIK
0001493152-26-008988
0000793524

Revenue and margins

Research Frontiers Inc had $1.1M of revenue in fiscal 2025, down 16.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$1.3M in fiscal 2025, โˆ’118.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Research Frontiers Inc returned โ€” to shareholders in fiscal 2025. The diluted share count rose 0.4%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Research Frontiers Inc can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.0M$4.2M$2.5M$2.0M$0.7M
Current ratio 13.3x16.3x12.9x10.2x3.8x
Quick ratio 13.3x16.3x12.9x10.2x3.8x
Total assets $4.5M$5.4M$3.9M$4.0M$2.3M
Total liabilities $0.8M$0.6M$0.3M$1.4M$1.3M
Shareholders' equity $3.8M$4.8M$3.5M$2.6M$0.9M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ• โœ“ โœ“ โœ“ โœ• โœ• โœ“ โœ“ โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ• โœ“ โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โœ• โœ“ โœ“ โœ“ โœ• โœ“ โœ• โœ• โœ•
Share count didn't rise โ€” โœ“ โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ“ โœ• โœ• โœ• โœ“ โœ• โœ“ โœ“ โœ“
F-score โ€” / 33 / 73 / 73 / 73 / 72 / 72 / 72 / 73 / 72 / 7
Accruals ratio โˆ’4.4%โˆ’23.1%โˆ’17.7%โˆ’28.0%โˆ’1.2%โˆ’0.8%โˆ’9.8%8.4%โˆ’13.2%โˆ’22.8%
Altman Z'' โˆ’52.16โˆ’115.78โˆ’85.06โˆ’36.50โˆ’52.85โˆ’78.06โˆ’63.13โˆ’92.04โˆ’97.81โˆ’187.93

10 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.2M $1.5M $1.5M $1.6M $0.8M $1.3M $0.5M $0.9M $1.3M $1.1M
Research and development $1.4M $0.8M $0.9M $1.0M $0.6M $0.6M $0.6M $0.6M $0.6M $0.6M
Operating income โˆ’$4.3M โˆ’$2.4M โˆ’$2.4M โˆ’$3.1M โˆ’$2.6M โˆ’$1.8M โˆ’$2.6M โˆ’$2.0M โˆ’$1.4M โˆ’$2.1M
Net income โˆ’$4.2M โˆ’$2.4M โˆ’$2.7M โˆ’$3.8M โˆ’$2.3M โˆ’$1.8M โˆ’$2.7M โˆ’$1.9M โˆ’$1.3M โˆ’$2.0M
Diluted EPS โˆ’$0.18 โˆ’$0.10 โˆ’$0.10 โˆ’$0.13 โˆ’$0.07 โˆ’$0.06 โˆ’$0.08 โˆ’$0.06 โˆ’$0.04 โˆ’$0.06
Diluted shares 0.02B 0.02B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B
Cash flow
Cash from operations โˆ’$4.0M โˆ’$1.5M โˆ’$2.1M โˆ’$2.1M โˆ’$2.3M โˆ’$1.8M โˆ’$2.2M โˆ’$2.3M โˆ’$0.8M โˆ’$1.3M
Capital expenditure $0.0M $0.0M $0.0M $0.1M $0.1M $0.0M $0.0M $0.0M $0.0M $0.0M
Free cash flow โˆ’$4.0M โˆ’$1.5M โˆ’$2.1M โˆ’$2.1M โˆ’$2.3M โˆ’$1.8M โˆ’$2.2M โˆ’$2.3M โˆ’$0.8M โˆ’$1.3M
Depreciation and amortization $0.2M $0.2M $0.2M $0.2M $0.1M $0.0M $0.0M $0.0M $0.0M $0.0M
Stock-based compensation $0.1M $0.1M $0.1M $0.8M $0.3M $0.2M $0.2M $0.1M $0.1M $0.4M
Balance sheet
Cash and short-term investments $3.2M $1.7M $3.0M $6.6M $4.8M $3.0M $4.2M $2.5M $2.0M $0.7M
Current assets $4.6M $2.4M $3.7M $7.3M $5.4M $3.9M $4.9M $3.6M $2.7M $1.1M
Current liabilities $0.4M $0.3M $0.5M $0.4M $0.2M $0.3M $0.3M $0.3M $0.3M $0.3M
Property and equipment, net $0.7M $0.5M $0.3M $0.1M $0.1M $0.1M $0.1M $0.0M $0.0M $0.0M
Total assets $5.3M $2.9M $4.1M $8.3M $6.2M $4.5M $5.4M $3.9M $4.0M $2.3M
Total liabilities $0.4M $0.3M $1.0M $1.2M $0.9M $0.8M $0.6M $0.3M $1.4M $1.3M
Shareholders' equity $4.9M $2.6M $3.1M $7.1M $5.3M $3.8M $4.8M $3.5M $2.6M $0.9M
Margins
Operating margin โˆ’345.3% โˆ’160.3% โˆ’162.4% โˆ’201.4% โˆ’311.1% โˆ’145.6% โˆ’486.4% โˆ’223.5% โˆ’108.0% โˆ’190.2%
EBITDA margin โˆ’330.0% โˆ’148.6% โˆ’150.3% โˆ’188.9% โˆ’303.0% โˆ’143.2% โˆ’481.1% โˆ’221.9% โˆ’106.8% โˆ’189.1%
Net margin โˆ’342.9% โˆ’160.0% โˆ’180.4% โˆ’243.5% โˆ’282.5% โˆ’146.2% โˆ’494.6% โˆ’209.8% โˆ’98.2% โˆ’182.4%
FCF margin โˆ’325.0% โˆ’97.9% โˆ’139.9% โˆ’137.3% โˆ’278.7% โˆ’142.9% โˆ’404.7% โˆ’252.5% โˆ’59.2% โˆ’118.6%
Returns
Return on capital employed โˆ’87.0% โˆ’94.2% โˆ’67.2% โˆ’40.0% โˆ’43.1% โˆ’43.3% โˆ’51.8% โˆ’56.9% โˆ’38.2% โˆ’109.1%
Return on equity โˆ’86.4% โˆ’64.6% โˆ’94.8% โˆ’75.0% โˆ’37.8% โˆ’40.5% โˆ’62.2% โˆ’45.9% โˆ’42.8% โˆ’115.6%
Return on assets โˆ’80.4% โˆ’59.2% โˆ’77.4% โˆ’61.9% โˆ’32.4% โˆ’34.4% โˆ’53.9% โˆ’41.4% โˆ’33.2% โˆ’65.0%
Return on tangible equity โˆ’86.4% โˆ’94.0% โˆ’86.7% โˆ’54.0% โˆ’43.9% โˆ’48.8% โˆ’55.6% โˆ’54.3% โˆ’50.4% โˆ’219.1%
Growth
Revenue growth โ€” 22.1% โˆ’1.4% 5.1% โˆ’47.0% 52.4% โˆ’57.3% 68.5% 46.8% โˆ’16.0%
Share count change โ€” 0.0% 8.0% 15.6% 4.9% 0.5% 1.3% 4.3% 0.2% 0.4%
Financial health
Current ratio 12.4x 7.5x 8.1x 18.9x 24.0x 13.3x 16.3x 12.9x 10.2x 3.8x
Quick ratio 12.4x 7.5x 8.1x 18.9x 24.0x 13.3x 16.3x 12.9x 10.2x 3.8x
Capital allocation
Capex / revenue 0.9% 0.4% 0.8% 4.2% 6.8% 0.1% 0.2% 0.2% 0.1% 0.1%
Stock comp / revenue 5.5% 5.1% 4.7% 53.8% 39.5% 17.2% 43.0% 15.9% 6.7% 33.4%
Quality scores
Piotroski F-score โ€” 3.0 3.0 3.0 3.0 2.0 2.0 2.0 3.0 2.0
Altman Z'' โˆ’52.2 โˆ’115.8 โˆ’85.1 โˆ’36.5 โˆ’52.8 โˆ’78.1 โˆ’63.1 โˆ’92.0 โˆ’97.8 โˆ’187.9
Accruals ratio โˆ’4.4% โˆ’23.1% โˆ’17.7% โˆ’28.0% โˆ’1.2% โˆ’0.8% โˆ’9.8% 8.4% โˆ’13.2% โˆ’22.8%

Source: SEC EDGAR XBRL filings (CIK 0000793524). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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