Research Frontiers Inc
REFR Nasdaq· Patent Owners & Lessors
Last close · Oct 27, 2026
$0.42
KIRA · Stoqly’s AI analyst, in plain words
- Research Frontiers Inc had $1.1M of revenue in fiscal 2025, down 16.0% on the year before. Over five years, revenue changed +6.2% a year on average.
- Its operating margin was −190.2%, down 82.2 pts: of every 100 in sales, about −190 is left after running the business.
- Research Frontiers Inc lost $2.0M in fiscal 2025.
- Free cash flow was −$1.3M in fiscal 2025, −118.6% of revenue.
Market cap
$14.7M
P/E
—
Revenue
$1.1M
Net income
−$2.0M
Free cash flow
−$1.3M
Operating margin
−190.2%
Research Frontiers Inc in 30 seconds · fiscal 2025
Are sales growing?
−16.0%
No. Sales fell 16.0% last year.
Does it make a profit?
−182.4%
No. It lost money last year.
Does profit turn into cash?
−118.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 7
Weak. It passes 2 of 7 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What Research Frontiers Inc does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 5, 2026
- Legal name
- RESEARCH FRONTIERS INC
- CIK
- 0000793524
Research Frontiers Inc · REFR
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $1.3M | $0.5M | $0.9M | $1.3M | $1.1M |
| Revenue growth | 52.4% | −57.3% | 68.5% | 46.8% | −16.0% |
| Operating margin | −145.6% | −486.4% | −223.5% | −108.0% | −190.2% |
| Net income | −$1.8M | −$2.7M | −$1.9M | −$1.3M | −$2.0M |
| Net margin | −146.2% | −494.6% | −209.8% | −98.2% | −182.4% |
| Diluted EPS | −$0.06 | −$0.08 | −$0.06 | −$0.04 | −$0.06 |
| Cash | |||||
| Cash from operations | −$1.8M | −$2.2M | −$2.3M | −$0.8M | −$1.3M |
| Capital expenditure | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Free cash flow | −$1.8M | −$2.2M | −$2.3M | −$0.8M | −$1.3M |
| FCF margin | −142.9% | −404.7% | −252.5% | −59.2% | −118.6% |
| Share count change | 0.5% | 1.3% | 4.3% | 0.2% | 0.4% |
| Debt and strength | |||||
| Cash and short-term investments | $3.0M | $4.2M | $2.5M | $2.0M | $0.7M |
| Shareholders' equity | $3.8M | $4.8M | $3.5M | $2.6M | $0.9M |
| Current ratio | 13.3x | 16.3x | 12.9x | 10.2x | 3.8x |
| Returns and quality | |||||
| Return on equity | −40.5% | −62.2% | −45.9% | −42.8% | −115.6% |
| Return on tangible equity | −48.8% | −55.6% | −54.3% | −50.4% | −219.1% |
| Piotroski F-score | 2 | 2 | 2 | 3 | 2 |
| Altman Z'' | −78.1 | −63.1 | −92.0 | −97.8 | −187.9 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Research Frontiers Inc · REFR
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $0.42 a share, the company is worth $14.7M.
Source: SEC EDGAR XBRL filings (CIK 0000793524). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.