Research Frontiers Incorporated (REFR) Balance Sheet

NASDAQ: REFRAssets, liabilities, debt and equity over 10 years.

REFR balance sheet, 2025

December 31, 2025 · U.S. dollars

$2.3M assets = $1.3M liabilities + $933,626 equity

Both columns are drawn to the same scale: what REFR owns equals what it owes plus shareholders’ equity. Hover a block for its value.

REFR financial health

Current ratio3.84

Comfortable · current assets cover current liabilities 3.84×

Debt / equity1.25

Moderate leverage · $1.25 of debt for each $1 of equity

Equity / assets41.5%

Equity-funded · of assets funded by shareholders

Cash / debt57.0%

Partial cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

REFR balance sheet trends, 2016–2025

Research Frontiers Incorporated balance sheet trends
Metric	Then	Latest	Change
Total assets	$5.3M2016	$2.3M2025	−9.0%/yr
Total liabilities	$369,2702016	$1.3M2025	+15.2%/yr
Shareholders’ equity	$4.9M2016	$933,6262025	−16.8%/yr
Cash & short-term investments	$3.2M2016	$664,2992025	−16.1%/yr
Total debt	$975,8322019	$1.2M2025	+3.0%/yr
Net cash (debt)	$5.6M2019	−$501,9862025	−$6.1M
Working capital	$4.2M2016	$846,0572025	−$3.4M
Book value per share	$0.202016	$0.032025	−19.9%/yr
Current ratio	12.432016	3.842025	−8.59
Debt / equity	0.142019	1.252025	+1.11
Shares outstanding	24.0M2016	33.6M2025	+3.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

REFR assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

REFR liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

REFR debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

REFR balance sheet

Research Frontiers Incorporated annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$664,299	$2.0M	$2.5M	$4.2M	$3.0M	$4.8M	$6.6M	$3.0M	$1.7M	$3.2M
Cash & equivalents	$664,299	$2.0M	$2.5M	$4.2M	$269,964	$4.8M	$6.6M	$3.0M	$1.7M	$1.7M
Short-term investments	—	—	—	$0	$2.8M	$0	—	—	$0	$1.5M
Receivables	$408,666	$658,213	$1.0M	$589,599	$831,636	$598,292	$656,062	$689,677	$597,441	$1.1M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$70,969	$93,490	$96,784	$100,973	$92,931	$56,512	$58,835	$52,729	$29,697	$256,892
Total current assets	$1.1M	$2.7M	$3.6M	$4.9M	$3.9M	$5.4M	$7.3M	$3.7M	$2.4M	$4.6M
Property, plant & equipment (net)	$1.1M	$1.2M	$218,313	$388,897	$562,778	$738,214	$915,709	$313,177	$482,561	$651,655
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$56,066	$56,066	$56,066	$56,066	$33,567	$33,567	$33,567	$33,567	$33,567	$33,567
Total assets	$2.3M	$4.0M	$3.9M	$5.4M	$4.5M	$6.2M	$8.3M	$4.1M	$2.9M	$5.3M
Liabilities
Accounts payable	$132,666	$85,825	$50,880	$71,079	$66,460	$33,410	$169,750	$133,486	$58,090	$29,932
Short-term debt	$146,043	$129,875	$212,359	$196,405	$182,091	$166,377	$163,236	—	—	—
Deferred revenue	—	—	$1	—	$49,025	—	$7,734	$50,570	$824	—
Total current liabilities	$297,877	$269,027	$277,431	$301,863	$297,936	$226,066	$387,429	$457,662	$313,747	$369,270
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	$1.2M	$1.3M	$267,722	$464,128	$646,219	$812,596	$975,832	—	—	—
Other long-term liabilities	$1.0M	$1.2M	$55,363	$267,723	$464,128	$646,219	$812,596	$501,414	$0	$0
Total liabilities	$1.3M	$1.4M	$332,794	$569,586	$762,064	$872,285	$1.2M	$959,076	$313,747	$369,270
Shareholders' equity
Common stock & paid-in capital	$3,365	$3,365	$3,351	$3,315	$3,165	$3,158	$3,125	$2,767	$2,404	$2,404
Retained earnings (deficit)	−$127.6M	−$125.6M	−$124.3M	−$122.4M	−$119.7M	−$117.8M	−$115.5M	−$111.7M	−$109.1M	−$106.6M
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	—	—	—	—	$0	—	$0	−$2.4M	−$2.3M	−$2.1M
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	$933,626	$2.6M	$3.5M	$4.8M	$3.8M	$5.3M	$7.1M	$3.1M	$2.6M	$4.9M
Key figures
Total debt	$1.2M	$1.3M	$267,722	$464,128	$646,219	$812,596	$975,832	—	—	—
Net cash (debt)	−$501,986	$698,026	$2.2M	$3.8M	$2.4M	$4.0M	$5.6M	—	—	—
Working capital	$846,057	$2.5M	$3.3M	$4.6M	$3.7M	$5.2M	$6.9M	$3.3M	$2.1M	$4.2M
Tangible book value	$933,626	$2.6M	$3.5M	$4.8M	$3.8M	$5.3M	$7.1M	$3.1M	$2.6M	$4.9M
Book value per share	$0.03	$0.08	$0.11	$0.15	$0.12	$0.17	$0.24	$0.12	$0.11	$0.20
Shares outstanding	33.6M	33.5M	33.5M	32.1M	31.6M	31.5M	30.0M	26.0M	24.0M	24.0M
Current ratio	3.84	10.21	12.89	16.30	13.26	24.01	18.86	8.11	7.54	12.43
Quick ratio	3.60	9.86	12.54	15.97	12.94	23.76	18.71	8.00	7.44	11.73
Debt / equity	1.25	0.50	0.08	0.10	0.17	0.15	0.14	—	—	—
Equity / assets	41.5%	64.5%	91.4%	89.4%	83.2%	85.9%	85.5%	76.4%	89.1%	93.0%

Research Frontiers Incorporated quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.1M	$1.3M	$664,299	$1.1M	$1.3M	$1.4M	$2.0M	$1.6M	$1.9M	$2.1M	$2.5M	$3.0M
Cash & equivalents	$1.1M	$1.3M	$664,299	$1.1M	$1.3M	$1.4M	$2.0M	$1.6M	$1.9M	$2.1M	$2.5M	$524,985
Short-term investments	—	—	—	—	—	—	—	—	—	—	—	$2.5M
Receivables	$207,955	$544,985	$408,666	$371,878	$536,373	$969,059	$658,213	$1.0M	$1.1M	$956,783	$1.0M	$721,244
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1	$0	$0
Other current assets	$159,730	$192,457	$70,969	$112,604	$161,281	$198,678	$93,490	$154,727	$204,682	$240,770	$96,784	$164,584
Total current assets	$1.5M	$2.0M	$1.1M	$1.6M	$2.0M	$2.5M	$2.7M	$2.9M	$3.2M	$3.3M	$3.6M	$3.9M
Property, plant & equipment (net)	$963,856	$1.0M	$1.1M	$1.1M	$1.1M	$1.2M	$1.2M	$92,244	$134,030	$176,171	$218,313	$260,622
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$56,066	$56,066	$56,066	$56,066	$56,066	$56,066	$56,066	$56,066	$56,066	$56,066	$56,066	$56,066
Total assets	$2.5M	$3.1M	$2.3M	$2.8M	$3.2M	$3.8M	$4.0M	$3.0M	$3.4M	$3.5M	$3.9M	$4.2M
Liabilities
Accounts payable	$135,206	$101,112	$132,666	$29,137	$24,358	$13,304	$85,825	$34,306	$60,968	$171,239	$50,880	$32,101
Short-term debt	$152,960	$149,471	$146,043	$141,894	$137,817	$133,811	$129,875	$109,968	$163,825	$216,943	$212,359	$207,838
Deferred revenue	$69,068	—	—	$5,336	$71,563	—	—	—	$125,000	—	$1	$3,735
Total current liabilities	$410,885	$316,107	$297,877	$212,088	$280,235	$210,708	$269,027	$176,073	$390,005	$439,452	$277,431	$264,246
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	$1.1M	$1.1M	$1.2M	$1.2M	$1.2M	$1.3M	$1.3M	$109,968	$163,825	$216,943	$267,722	$317,805
Other long-term liabilities	$941,585	$981,259	$1.0M	$1.1M	$1.1M	$1.1M	$1.2M	$0	$0	$0	$55,363	$109,967
Total liabilities	$1.4M	$1.3M	$1.3M	$1.3M	$1.4M	$1.3M	$1.4M	$176,073	$390,005	$439,452	$332,794	$374,213
Shareholders' equity
Common stock & paid-in capital	$3,487	$3,487	$3,365	$3,365	$3,365	$3,365	$3,365	$3,352	$3,352	$3,352	$3,351	$3,351
Retained earnings (deficit)	−$128.8M	−$128.1M	−$127.6M	−$126.9M	−$126.6M	−$125.8M	−$125.6M	−$125.0M	−$124.8M	−$124.7M	−$124.3M	−$123.8M
Accumulated other comprehensive income	—	—	—	$0	—	—	—	—	—	—	—	—
Total shareholders' equity	$1.1M	$1.8M	$933,626	$1.5M	$1.8M	$2.4M	$2.6M	$2.8M	$3.0M	$3.1M	$3.5M	$3.9M
Key figures
Total debt	$1.1M	$1.1M	$1.2M	$1.2M	$1.2M	$1.3M	$1.3M	$109,968	$163,825	$216,943	$267,722	$317,805
Net cash (debt)	−$6,589	$148,571	−$501,986	−$69,224	$41,914	$88,264	$698,026	$1.5M	$1.7M	$1.9M	$2.2M	$2.7M
Working capital	$1.0M	$1.7M	$846,057	$1.4M	$1.7M	$2.3M	$2.5M	$2.7M	$2.8M	$2.9M	$3.3M	$3.6M
Tangible book value	$1.1M	$1.8M	$933,626	$1.5M	$1.8M	$2.4M	$2.6M	$2.8M	$3.0M	$3.1M	$3.5M	$3.9M
Book value per share	$0.03	$0.05	$0.03	$0.04	$0.05	$0.07	$0.08	$0.08	$0.09	$0.09	$0.10	$0.11
Shares outstanding	34.9M	34.2M	33.6M	33.6M	33.6M	33.6M	33.5M	33.5M	33.5M	33.5M	33.5M	33.5M
Current ratio	3.54	6.38	3.84	7.61	7.04	11.96	10.21	16.19	8.18	7.49	12.89	14.80
Quick ratio	3.15	5.77	3.60	7.08	6.46	11.02	9.86	15.31	7.65	6.94	12.54	14.18
Debt / equity	0.97	0.63	1.25	0.80	0.69	0.52	0.50	0.04	0.05	0.07	0.08	0.08
Equity / assets	45.4%	57.9%	41.5%	54.1%	56.7%	64.4%	64.5%	94.1%	88.5%	87.5%	91.4%	91.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 5, 2026); data from EODHD.

REFR financial position

At the end of fiscal 2025 (December 31, 2025), Research Frontiers had total assets of $2.3 million (down 44.3% from a year earlier), total liabilities of $1.3 million and shareholders' equity of $0.9 million. It held $0.7 million in cash and short-term investments against $1.2 million of debt, net debt of $0.5 million. Its current ratio was 3.84. In the latest quarter (ended June 30, 2026) total assets were $2.5 million and equity $1.1 million.

Related: REFR income statement, REFR cash flow statement, REFR key metrics. See the REFR stock overview for the latest quote and news.

REFR balance sheet FAQ

What are Research Frontiers's total assets?

Research Frontiers reported total assets of $2.3 million at the end of fiscal 2025 (December 31, 2025), compared with $4.0 million a year earlier.

How much debt does Research Frontiers have?

Research Frontiers had $1.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.25.

How much cash does Research Frontiers have?

Research Frontiers held $0.7 million in cash and short-term investments at the end of fiscal 2025; with $1.2 million of debt that is net debt of $0.5 million.

What is Research Frontiers's book value?

Research Frontiers's shareholders' equity (book value) was $0.9 million at the end of fiscal 2025, or $0.03 per share.

What is Research Frontiers's current ratio?

Research Frontiers had current assets of $1.1 million and current liabilities of $0.3 million, a current ratio of 3.84 (it can cover its short-term obligations).