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REFR

BEARISH
$0.93 Live
Research Frontiers Incorporated · NASDAQ
$0.8 52W Range $2.7

At a glance

Key valuation, profitability, growth, and risk metrics.

Updated Apr 18, 2026
Market cap
$32.32M
P/E
N/A
ROE
-115.6%
Profit margin
-182.4%
Debt/Equity
1.25
Dividend yield
N/A

AI Analysis

AI-powered fundamental assessment

Confidence
95%
REFR presents a critical risk profile, characterized by a Piotroski F-Score of 5/9 which masks severe operational decay. The company is suffering from catastrophic profitability metrics, including a negative gross margin of -128.55% and a YoY revenue collapse of -59.50%. With only $0.7 million in cash and a Price-to-Book ratio of 33.22, the stock is trading at a massive premium despite facing significant liquidity risks and a history of operating losses. The combination of a 0/100 technical trend and critical funding needs makes this a highly speculative and fundamentally broken investment.

Key Strengths

Current Ratio of 3.84 suggests short-term obligations are covered
Quick Ratio of 3.60 indicates high liquidity relative to current liabilities
Piotroski F-Score of 5/9 indicates stable accounting health relative to its own history
Small market cap allows for high volatility spikes on positive news
Positive Q/Q revenue growth (1.42%) suggests a potential floor in revenue decline

Key Risks

Negative Gross Margin (-128.55%) indicates the cost of goods exceeds revenue
Severe Revenue Decline (-59.50% YoY) suggests failing product-market fit
Critical Liquidity Risk with only $0.7M in cash and cash equivalents
Extreme Valuation Overstretch with a Price/Book ratio of 33.22
Dependence on external funding and stock sales to sustain operations
AI Fair Value Estimate
Based on comprehensive analysis
$0.03
-96.8% below current price

Performance Snowflake

Multi-dimensional analysis across 5 key categories

Overall
15
Weak
Value
5
Future
10
Past
20
Health
40
Dividend
0
AI Verdict
High Risk / Speculative
Key drivers: Negative gross margins, Severe revenue contraction, Critical cash shortage, Extreme P/B valuation
Confidence
90%
Value
5/100

P/E N/A, PEG 3.15, Graham Number N/A

Positives
No standout positives identified.
Watchpoints
  • P/B of 33.22 is unjustifiable
  • P/S of 28.82 is extreme for a declining revenue stream
  • Negative Forward P/E
Future
10/100

Ref Growth rates

Positives
  • Slight Q/Q revenue uptick
Watchpoints
  • YoY Revenue Growth -59.50%
  • Dependence on royalty payments that have not materialized
Past
20/100

Ref Historical trends

Positives
No standout positives identified.
Watchpoints
  • 5Y Price Change -63%
  • Consistent history of quarterly earnings misses
Health
40/100

Ref Altman Z-Score N/A, Piotroski F-Score 5/9

Positives
  • Piotroski F-Score 5/9
  • Strong Current/Quick ratios
Watchpoints
  • Total cash of $0.7M is dangerously low
  • Debt/Equity of 1.25 is high for a non-earning entity
Dividend
0/100

Ref Yield N/A, Payout 0%

Positives
No standout positives identified.
Watchpoints
  • No dividend history
  • Negative earnings preclude dividend capacity

Stock Price & Analyst Targets

Real-time price movements and analyst price targets

Current Price
$0.93

Multi-Horizon Performance vs Peers

Price momentum across 5Y → 1W horizons for REFR and closest competitors.

Updated 2026-04-17
REF
Research Frontiers Incorporated
Primary
5Y
-63.0%
3Y
-41.5%
1Y
-8.8%
6M
-43.3%
1M
-7.0%
1W
-3.1%
BLI
BeLive Holdings
Peer
5Y
-16.1%
3Y
-16.1%
1Y
-16.1%
6M
+19.3%
1M
-19.1%
1W
-8.6%
SMX
SolarMax Technology, Inc.
Peer
5Y
-92.7%
3Y
-92.7%
1Y
-48.5%
6M
-40.4%
1M
-23.7%
1W
+5.0%
KPL
Katapult Holdings, Inc.
Peer
5Y
-97.8%
3Y
-38.8%
1Y
-15.2%
6M
-50.1%
1M
+17.7%
1W
-0.6%
KTC
Key Tronic Corporation
Peer
5Y
-65.2%
3Y
-60.1%
1Y
+21.7%
6M
-14.3%
1M
-2.1%
1W
-3.2%

Positive values indicate cumulative gains over the specified period. Comparables pulled from the same sector to highlight whether momentum is stock-specific or industry-wide.

Historical Performance Trends

Long-term financial metrics and growth patterns

Revenue & Net Income

Profit & Operating Margins

Return on Equity (ROE)

Quarterly Revenue Growth

Historical data shows last 12 quarters (3 years)

Valuation Metrics

Key valuation ratios and pricing indicators

P/E Ratio
N/A
Forward P/E
-15.5
PEG Ratio
3.15
P/B Ratio
33.22
P/S Ratio
28.82
EV/Revenue
29.19
EV/EBITDA
-15.44
Market Cap
$32.32M

Profitability

Profit margins and return metrics

Profit Margin -182.44%
Operating Margin -1072.53%
Gross Margin -128.55%
ROE -115.64%
ROA -42.36%

Growth

Revenue and earnings growth rates

Revenue Growth -59.5%
Earnings Growth N/A
Q/Q Revenue Growth +1.42%
Q/Q Earnings Growth N/A

Financial Health

Balance sheet strength and liquidity metrics

Debt/Equity
1.25
Moderate
Current Ratio
3.84
Strong
Quick Ratio
3.6
Excellent
Cash/Share
$0.02

Financial Statement Flow

Interactive flow visualization showing how money moves through the company Q3 2025

Revenue
$0.0B
Op. Margin
-84.6%
Net Margin
-83.0%
Total Assets
$0.0B
Liabilities
$0.0B
Equity
$0.0B
Debt/Equity
0.85x
Operating CF
$-0.0B
CapEx
$-0.0B
Free Cash Flow
$-0.0B
FCF Yield
100%

Quarterly Earnings History

EPS performance vs analyst estimates

2026-05-07
$N/A
2017-08-03
$-0.02
+33.3% surprise
2017-05-04
$-0.04
2017-03-13
$-0.06

Technology Sector Comparison

Comparing REFR against 465 companies in the Technology sector (38 bullish, 160 neutral, 267 bearish)
Return on Equity (ROE)
-115.64%
This Stock
vs
-35.49%
Sector Avg
+225.8% (Excellent)
Profit Margin
-182.44%
This Stock
vs
-12.71%
Sector Avg
+1335.0% (Superior)
Debt to Equity
1.25
This Stock
vs
0.69
Sector Avg
+81.4% (Higher)
Revenue Growth
-59.5%
This Stock
vs
5335.22%
Sector Avg
-101.1% (Slower)
Current Ratio
3.84
This Stock
vs
3.85
Sector Avg
-0.2% (Weaker)

Similar Companies

Peer comparison within the same industry

SEC Filings

Recent regulatory filings from the SEC EDGAR database

10-K
10-K
2026-03-05

REFR is a research and development-focused company that reported approximately $0.7 million in cash and cash equivalents as of December 31, 2025. The company faces significant liquidity risks and anticipates the need for additional funding to sustain ongoing operations and support the commercialization of its technology.

8-K
8-K
2026-02-18

REFR filed an 8-K on February 18, 2026, likely to announce its annual financial results.

10-Q
10-Q
2025-11-06

REFR filed its SEC 10-Q quarterly report on November 6, 2025. Specific financial highlights and risk factors were not provided in the available metadata.

8-K
8-K
2025-09-15
10-Q
10-Q
2025-08-07

REFR filed its quarterly 10-Q report on August 7, 2025. Due to the absence of provided excerpts, specific financial highlights and risk factors are unavailable for summary.

8-K
8-K
2025-06-13
10-Q
10-Q
2025-05-08

REFR filed its quarterly Form 10-Q on May 8, 2025. Due to the absence of provided excerpts, specific financial highlights and risk factors are unavailable for summary.

DEF 14A
DEF 14A
2025-04-30

REFR filed a definitive proxy statement (DEF 14A) on April 30, 2025, providing shareholders with necessary information and voting materials for the company's upcoming annual meeting.

10-K
10-K
2025-03-06

REFR filed its annual 10-K report on March 6, 2025. Specific financial highlights and risk factors were not provided in the available metadata.

10-Q
10-Q
2024-11-07

REFR filed its SEC 10-Q quarterly report on November 7, 2024. Specific financial highlights and risk factors were not provided in the available metadata.

10-Q
10-Q
2024-08-01
8-K
8-K
2024-06-14
10-Q
10-Q
2024-05-09
DEF 14A
DEF 14A
2024-04-26
Data sourced from SEC EDGAR. AI summaries generated automatically.

Past News Coverage

Recent headlines mentioning REFR from our newsroom.

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