Research Frontiers Incorporated (REFR) AI Stock Analysis

Research Frontiers Incorporated, founded in 1965 and based in Woodbury, New York, focuses on the development and global marketing of light-control technologies. Its core offering is suspended particle device (SPD-Smart) technology, which dynamically controls light transmission. The company licenses this technology to manufacturers that produce chemical emulsions, light-control films, and laminated panels. It also provides electronics to power end-products and lamination services for windows, skylights, and sunroofs. Applications span architectural settings, automotive sunroofs and visors, aircraft windows, museum displays, eyewear, marine vessels, appliances, and flat panel displays.

Revenue has fluctuated over recent fiscal years, moving from $1.3M in FY2021 down to $539,686 in FY2022, before rebounding to $909,598 in FY2023 and $1.3M in FY2024. In FY2025, revenue fell 16.0% to $1.1M, with a gross margin of 83.4% and an operating margin of -190.2%. Net income for FY2025 was -$2.0M, or -$0.06 per share. Research Frontiers generated a 5-year revenue CAGR of 6.2% from FY2020 to FY2025. In the latest quarter ended June 30, 2026, quarterly revenue growth dropped 33.5% year-over-year, bringing trailing twelve-month revenue to $654,233 with an operating margin of -775.7%.

As of June 30, 2026, Research Frontiers held $1.1M in cash and short-term investments alongside total debt of $1.1M, resulting in net debt of $6,589. Total assets stood at $2.5M against shareholders' equity of $1.1M, with a debt-to-equity ratio of 0.97 and a current ratio of 3.54. Operating cash flow in FY2025 was -$1.3M, and free cash flow was -$1.3M. Capital expenditures for FY2025 were $726, while the company's share count expanded 10.2% over 5 years.

With a market cap of $19.5M and an enterprise value of $24.3M, REFR trades at a forward P/E of 94.3x, well above the 18.8x median of its US-listed Technology peers. Its price-to-sales ratio of 29.9x and EV-to-revenue multiple of 21.5x also trade at premiums to the peer median price-to-sales of 2.8x. Over the past year, REFR shares returned -65.3%, compared to a 16.8% return for SPY. Over 5 years, REFR returned -75.8% versus an 83.0% gain for SPY.

Analysts maintain a mean price target of $3.00 for REFR, which sits 435.7% above the last close of $0.56 on October 16, 2026. The company is scheduled to report its next earnings on November 5, 2026. Insider ownership accounts for 15.3% of shares, while institutional ownership stands at 10.5%, and short interest represents 3.1% of the float.

This page is an AI-written research summary of Research Frontiers Incorporated (REFR). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: REFR income statement, REFR balance sheet, REFR key metrics, REFR chart. See the REFR stock overview for the latest quote and news.