Rafael Holdings, Inc. (RFL) Balance Sheet
RFL balance sheet, FY2025
July 31, 2025 · U.S. dollars$114.1M assets = $15.7M liabilities + $98.4M equity
Both columns are drawn to the same scale: what RFL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RFL financial health
Descriptive bands, not a rating. Fiscal FY2025.
RFL balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $64.3MFY2016 | $114.1MFY2025 | +6.6%/yr | |
| Total liabilities | $15.5MFY2016 | $15.7MFY2025 | +0.2%/yr | |
| Shareholders’ equity | $48.8MFY2016 | $94.4MFY2025 | +7.6%/yr | |
| Cash & short-term investments | $2.3MFY2016 | $52.8MFY2025 | +41.4%/yr | |
| Total debt | $0FY2016 | $692,000FY2025 | — | |
| Net cash (debt) | $2.3MFY2016 | $52.1MFY2025 | +$49.7M | |
| Working capital | $2.3MFY2016 | $45.1MFY2025 | +$42.8M | |
| Book value per share | $3.89FY2016 | $3.21FY2025 | −2.1%/yr | |
| Current ratio | 8.65FY2016 | 4.89FY2025 | −3.76 | |
| Debt / equity | 0.00FY2016 | 0.01FY2025 | +0.01 | |
| Shares outstanding | 12.5MFY2016 | 29.4MFY2025 | +9.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RFL assets
RFL liabilities and equity
RFL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RFL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $52.8M | $65.9M | $79.5M | $63.2M | $7.9M | $6.2M | $12.0M | $40.5M | $11.8M | $2.3M |
| Cash & equivalents | $52.8M | $2.7M | $21.5M | $26.5M | $7.9M | $6.2M | $12.0M | $15.8M | $11.8M | $2.3M |
| Short-term investments | $0 | $63.3M | $58.0M | $36.7M | $575,000 | — | $0 | $24.7M | $0 | $0 |
| Receivables | $1.8M | $6.1M | $2.5M | $297,000 | $835,000 | $385,000 | $730,000 | $3.6M | $264,000 | $257,000 |
| Inventory | $281,000 | $0 | $0 | $0 | $5.0M | $3.0M | $0 | $2.9M | $0 | $0 |
| Other current assets | $1.8M | $430,000 | $914,000 | $44.8M | $1.1M | $273,000 | $507,000 | $0 | $147,000 | $17,000 |
| Total current assets | $56.7M | $72.5M | $82.9M | $108.3M | $14.8M | $9.8M | $13.3M | $44.5M | $12.2M | $2.6M |
| Property, plant & equipment (net) | $1.6M | $2.1M | $1.7M | $1.8M | $1.8M | $44.4M | $48.7M | $50.1M | $51.2M | $51.0M |
| Goodwill & intangible assets | $52.5M | $4.9M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.7M | $0 | $0 |
| Long-term investments | $0 | $12.0M | $7.6M | $477,000 | $80.2M | $70.0M | $72.0M | $15.3M | $13.5M | $2.1M |
| Other non-current assets | $3.3M | $5.3M | $5.0M | $6.2M | $55.7M | $10.5M | $6.6M | $5.3M | $9.4M | $8.6M |
| Total assets | $114.1M | $96.8M | $98.8M | $118.3M | $154.1M | $136.3M | $142.1M | $116.9M | $86.2M | $64.3M |
| Liabilities | ||||||||||
| Accounts payable | $6.9M | $2.6M | $333,000 | $564,000 | $1.2M | $921,000 | $795,000 | $367,000 | $115,000 | $64,000 |
| Short-term debt | $614,000 | $2.3M | $0 | $15.0M | $14.5M | $1.2M | $0 | $0 | $0 | $0 |
| Deferred revenue | — | — | — | — | $1.4M | $3.5M | — | — | — | — |
| Total current liabilities | $11.6M | $7.5M | $2.1M | $21.0M | $17.3M | $5.7M | $1.4M | $891,000 | $363,000 | $302,000 |
| Long-term debt | $78,000 | $73,000 | $0 | $0 | $0 | $0 | $14.9M | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $4.1M | $3.0M | $55,000 | $88,000 | $48,000 | $92,000 | $1.0M | $464,000 | $23.8M | $15.2M |
| Total liabilities | $15.7M | $10.6M | $2.2M | $21.1M | $17.4M | $5.8M | $17.4M | $1.4M | $24.1M | $15.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $516,000 | $246,000 | $244,000 | $245,000 | $177,000 | $157,000 | $139,000 | $126,000 | $50.4M | $48.6M |
| Retained earnings (deficit) | −$232.3M | −$201.7M | −$167.3M | −$165.5M | −$40.8M | −$16.3M | −$5.8M | −$1.1M | $0 | $0 |
| Treasury stock | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Accumulated other comprehensive income | $4.1M | $111,000 | $3.4M | $3.7M | $3.8M | $3.8M | $3.8M | $4.0M | $2.3M | $189,000 |
| Minority interest | — | $4.1M | −$3.7M | −$3.3M | — | $13.7M | $13.8M | $8.9M | $0 | $0 |
| Total shareholders' equity | $94.4M | $82.2M | $100.3M | $100.5M | $122.3M | $130.5M | $111.0M | $106.7M | $52.7M | $48.8M |
| Key figures | ||||||||||
| Total debt | $692,000 | $2.4M | $0 | $15.0M | $14.5M | $1.2M | $14.9M | $0 | $0 | $0 |
| Net cash (debt) | $52.1M | $63.6M | $79.5M | $48.2M | −$6.7M | $5.0M | −$2.9M | $40.5M | $11.8M | $2.3M |
| Working capital | $45.1M | $65.0M | $80.8M | $87.3M | −$2.5M | $4.1M | $11.8M | $43.6M | $11.8M | $2.3M |
| Tangible book value | $41.9M | $77.3M | $98.7M | $98.9M | $120.7M | $129.0M | $109.4M | $105.0M | $52.7M | $48.8M |
| Book value per share | $3.21 | $3.46 | $4.31 | $5.08 | $7.40 | $8.28 | $8.36 | $8.55 | $4.21 | $3.89 |
| Shares outstanding | 29.4M | 23.7M | 23.3M | 19.8M | 16.5M | 15.8M | 13.3M | 12.5M | 12.5M | 12.5M |
| Current ratio | 4.89 | 9.65 | 38.67 | 5.15 | 0.85 | 1.72 | 9.29 | 49.96 | 33.52 | 8.65 |
| Quick ratio | 4.71 | 9.59 | 38.24 | 3.02 | 0.50 | 1.15 | 8.94 | 49.48 | 33.11 | 8.60 |
| Debt / equity | 0.01 | 0.03 | 0.00 | 0.15 | 0.12 | 0.01 | 0.13 | 0.00 | 0.00 | 0.00 |
| Equity / assets | 82.7% | 84.9% | 101.5% | 85.0% | 79.4% | 95.7% | 78.1% | 91.3% | 61.2% | 75.9% |
| Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | Jul '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $30.5M | $37.8M | $45.5M | $52.8M | $37.9M | $48.3M | $54.3M | $65.9M | $72.4M | $71.7M | $72.1M | $79.5M |
| Cash & equivalents | $30.5M | $37.8M | $45.5M | $52.8M | $37.9M | $48.3M | $8.2M | $2.7M | $7.4M | $7.1M | $13.2M | $21.5M |
| Short-term investments | — | — | — | $0 | $0 | $0 | $46.1M | $63.3M | $64.9M | $64.6M | $58.9M | $58.0M |
| Receivables | $294,000 | $295,000 | $413,000 | $1.8M | $414,000 | $16.8M | $13.2M | $426,000 | $984,000 | $2.9M | $2.5M | $2.5M |
| Inventory | $276,000 | $271,000 | $272,000 | $281,000 | $288,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.8M | $4.1M | $2.1M | $1.8M | $3.8M | $725,000 | $2.9M | $6.1M | $445,000 | $487,000 | $2.9M | $914,000 |
| Total current assets | $34.9M | $42.4M | $48.3M | $56.7M | $42.4M | $65.8M | $70.5M | $72.5M | $73.8M | $75.1M | $77.5M | $82.9M |
| Property, plant & equipment (net) | $1.5M | $1.5M | $1.6M | $1.6M | $1.6M | $1.9M | $2.1M | $2.1M | $2.2M | $2.1M | $1.7M | $1.7M |
| Goodwill & intangible assets | $20.8M | $20.9M | $52.5M | $52.5M | $60.9M | $1.8M | $6.4M | $6.5M | $7.0M | $7.0M | $1.6M | $1.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $10.8M | $7.6M | $12.0M | $15.2M | $19.6M | $12.4M | $7.6M |
| Other non-current assets | $34.8M | $34.5M | $3.0M | $3.3M | $3.2M | $2.7M | $1.2M | $3.7M | $3.5M | $2.4M | $2.4M | $5.0M |
| Total assets | $92.0M | $99.3M | $105.4M | $114.1M | $108.1M | $83.0M | $87.8M | $96.8M | $101.6M | $106.1M | $95.5M | $98.8M |
| Liabilities | ||||||||||||
| Accounts payable | $7.0M | $8.2M | $6.8M | $6.9M | $7.8M | $2.5M | $2.7M | $2.6M | $2.6M | $509,000 | $471,000 | $333,000 |
| Short-term debt | $608,000 | $608,000 | $608,000 | $614,000 | $614,000 | $2.3M | $2.3M | — | $2.3M | $1.7M | — | $0 |
| Total current liabilities | $11.0M | $12.4M | $12.1M | $11.6M | $11.0M | $7.1M | $7.2M | $7.5M | $7.5M | $3.3M | $934,000 | $2.1M |
| Long-term debt | $2,000 | $52,000 | $56,000 | $78,000 | $76,000 | $75,000 | $74,000 | $73,000 | $71,000 | $0 | $0 | $0 |
| Other long-term liabilities | $165,000 | $3.6M | $4.1M | $4.1M | $12.5M | $3.3M | $3.1M | $3.0M | $3.5M | $632,000 | $56,000 | $55,000 |
| Total liabilities | $11.2M | $16.1M | $16.2M | $15.7M | $23.6M | $10.5M | $10.5M | $10.6M | $11.1M | $3.9M | $990,000 | $2.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $521,000 | $521,000 | $517,000 | $516,000 | $320,000 | $249,000 | $246,000 | — | $246,000 | $246,000 | $246,000 | $244,000 |
| Retained earnings (deficit) | −$252.7M | −$248.5M | −$242.1M | −$232.3M | −$220.2M | −$215.4M | −$210.7M | −$201.7M | −$197.3M | −$164.9M | −$171.0M | −$167.3M |
| Accumulated other comprehensive income | $4.5M | $358,000 | $4.2M | $4.1M | $3.9M | $135,000 | $3.8M | — | $3.7M | $3.6M | $3.5M | $3.4M |
| Minority interest | $5.4M | $4.1M | $4.0M | — | $3.9M | $3.2M | — | — | — | — | — | — |
| Total shareholders' equity | $75.4M | $79.2M | $85.2M | $94.4M | $80.6M | $69.4M | $73.5M | $82.2M | $86.1M | $104.9M | $98.2M | $100.3M |
| Key figures | ||||||||||||
| Total debt | $610,000 | $660,000 | $664,000 | $692,000 | $690,000 | $2.4M | $2.4M | $73,000 | $2.4M | $1.7M | — | $0 |
| Net cash (debt) | $29.9M | $37.1M | $44.9M | $52.1M | $37.2M | $45.9M | $51.9M | $65.9M | $70.0M | $70.0M | — | $79.5M |
| Working capital | $23.8M | $30.1M | $36.2M | $45.1M | $31.4M | $58.7M | $63.2M | $65.0M | $66.3M | $71.8M | $76.5M | $80.8M |
| Tangible book value | $54.6M | $58.3M | $32.7M | $41.9M | $19.7M | $67.6M | $67.1M | $75.7M | $79.1M | $97.9M | $96.6M | $98.7M |
| Book value per share | $1.47 | $1.55 | $1.66 | $2.19 | $3.19 | $2.87 | $3.01 | $3.29 | $3.62 | $4.44 | $4.15 | $4.50 |
| Shares outstanding | 51.2M | 51.2M | 51.2M | 43.0M | 25.2M | 24.1M | 24.4M | 25.0M | 23.8M | 23.6M | 23.6M | 22.3M |
| Current ratio | 3.16 | 3.44 | 4.00 | 4.89 | 3.85 | 9.26 | 9.74 | 9.65 | 9.79 | 23.01 | 82.94 | 38.67 |
| Quick ratio | 2.79 | 3.08 | 3.81 | 4.71 | 3.48 | 9.16 | 9.33 | 8.83 | 9.73 | 22.86 | 79.87 | 38.24 |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.03 | 0.00 | 0.03 | 0.02 | — | 0.00 |
| Equity / assets | 82.0% | 79.7% | 80.8% | 82.7% | 74.5% | 83.5% | 83.7% | 84.9% | 84.7% | 98.9% | 102.8% | 101.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed October 29, 2025); data from EODHD.
RFL financial position
At the end of fiscal 2025 (July 31, 2025), Rafael had total assets of $114.1 million (up 17.8% from a year earlier), total liabilities of $15.7 million and shareholders' equity of $94.4 million. It held $52.8 million in cash and short-term investments against $0.7 million of debt, a net cash position of $52.1 million. Its current ratio was 4.89. In the latest quarter (ended April 30, 2026) total assets were $92.0 million and equity $75.4 million.
Related: RFL income statement, RFL cash flow statement, RFL key metrics. See the RFL stock overview for the latest quote and news.
RFL balance sheet FAQ
What are Rafael's total assets?
Rafael reported total assets of $114.1 million at the end of fiscal 2025 (July 31, 2025), compared with $96.8 million a year earlier.
How much debt does Rafael have?
Rafael had $0.7 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.01.
How much cash does Rafael have?
Rafael held $52.8 million in cash and short-term investments at the end of fiscal 2025; with $0.7 million of debt that is net cash of $52.1 million.
What is Rafael's book value?
Rafael's shareholders' equity (book value) was $94.4 million at the end of fiscal 2025, or $3.21 per share.
What is Rafael's current ratio?
Rafael had current assets of $56.7 million and current liabilities of $11.6 million, a current ratio of 4.89 (it can cover its short-term obligations).
How much goodwill does Rafael have?
Rafael carried $52.5 million of goodwill and intangible assets, 46.0% of total assets, at the end of fiscal 2025.