REFR Nasdaq Patent Owners & Lessors Financials FY2016βFY2025
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.
Last close Β· Oct 23, 2026
$0.46
2.9%Hi! I read Research Frontiers Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β16.0%
No. Sales fell 16.0% last year.
Does it make a profit?
β182.4%
No. It lost money last year.
Does profit turn into cash?
β118.6%
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?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Research Frontiers Inc did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | After the market closes | 10-Q β |
| May 8, 2026 | Q1 '26 | Time not announced | 10-Q β |
| Mar 5, 2026 | Q4 '25 | After the market closes | 10-K β |
| Nov 6, 2025 | Q3 '25 | After the market closes | 10-Q β |
| Aug 7, 2025 | Q2 '25 | After the market closes | 10-Q β |
| May 8, 2025 | Q1 '25 | After the market closes | 10-Q β |
| Mar 6, 2025 | Q4 '24 | After the market closes | 10-K β |
| Nov 7, 2024 | Q3 '24 | After the market closes | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· 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 β190.2%, down 82.2Β pts: of every 100 in sales, about β190 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Research Frontiers Inc lost $2.0M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$1.3M in fiscal 2025, β118.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Research Frontiers Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.0M | $4.2M | $2.5M | $2.0M | $0.7M |
| Current ratio | 13.3x | 16.3x | 12.9x | 10.2x | 3.8x |
| Quick ratio | 13.3x | 16.3x | 12.9x | 10.2x | 3.8x |
| 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Research Frontiers Inc passes 2 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 7 | 3 / 7 | 3 / 7 | 3 / 7 | 2 / 7 | 2 / 7 | 2 / 7 | 3 / 7 | 2 / 7 |
| Accruals ratio | β4.4% | β23.1% | β17.7% | β28.0% | β1.2% | β0.8% | β9.8% | 8.4% | β13.2% | β22.8% |
| Altman Z'' | β52.16 | β115.78 | β85.06 | β36.50 | β52.85 | β78.06 | β63.13 | β92.04 | β97.81 | β187.93 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$4.3M | β$2.4M | β$2.4M | β$3.1M | β$2.6M | β$1.8M | β$2.6M | β$2.0M | β$1.4M | β$2.1M |
| Net income | β$4.2M | β$2.4M | β$2.7M | β$3.8M | β$2.3M | β$1.8M | β$2.7M | β$1.9M | β$1.3M | β$2.0M |
| Diluted EPS | β$0.18 | β$0.10 | β$0.10 | β$0.13 | β$0.07 | β$0.06 | β$0.08 | β$0.06 | β$0.04 | β$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 | β$4.0M | β$1.5M | β$2.1M | β$2.1M | β$2.3M | β$1.8M | β$2.2M | β$2.3M | β$0.8M | β$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 | β$4.0M | β$1.5M | β$2.1M | β$2.1M | β$2.3M | β$1.8M | β$2.2M | β$2.3M | β$0.8M | β$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 | β345.3% | β160.3% | β162.4% | β201.4% | β311.1% | β145.6% | β486.4% | β223.5% | β108.0% | β190.2% |
| EBITDA margin | β330.0% | β148.6% | β150.3% | β188.9% | β303.0% | β143.2% | β481.1% | β221.9% | β106.8% | β189.1% |
| Net margin | β342.9% | β160.0% | β180.4% | β243.5% | β282.5% | β146.2% | β494.6% | β209.8% | β98.2% | β182.4% |
| FCF margin | β325.0% | β97.9% | β139.9% | β137.3% | β278.7% | β142.9% | β404.7% | β252.5% | β59.2% | β118.6% |
| Returns | ||||||||||
| Return on capital employed | β87.0% | β94.2% | β67.2% | β40.0% | β43.1% | β43.3% | β51.8% | β56.9% | β38.2% | β109.1% |
| Return on equity | β86.4% | β64.6% | β94.8% | β75.0% | β37.8% | β40.5% | β62.2% | β45.9% | β42.8% | β115.6% |
| Return on assets | β80.4% | β59.2% | β77.4% | β61.9% | β32.4% | β34.4% | β53.9% | β41.4% | β33.2% | β65.0% |
| Return on tangible equity | β86.4% | β94.0% | β86.7% | β54.0% | β43.9% | β48.8% | β55.6% | β54.3% | β50.4% | β219.1% |
| Growth | ||||||||||
| Revenue growth | β | 22.1% | β1.4% | 5.1% | β47.0% | 52.4% | β57.3% | 68.5% | 46.8% | β16.0% |
| Share count change | β | 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 | β | 3.0 | 3.0 | 3.0 | 3.0 | 2.0 | 2.0 | 2.0 | 3.0 | 2.0 |
| Altman Z'' | β52.2 | β115.8 | β85.1 | β36.5 | β52.8 | β78.1 | β63.1 | β92.0 | β97.8 | β187.9 |
| Accruals ratio | β4.4% | β23.1% | β17.7% | β28.0% | β1.2% | β0.8% | β9.8% | 8.4% | β13.2% | β22.8% |
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 β not investment advice. Check the original filings before relying on any figure.
