Research Frontiers Incorporated (REFR) Key Metrics
REFR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $19.5M
- Enterprise value
- $24.3M
- P/E (TTM)
- —
- Forward P/E
- 94.3
- PEG ratio
- 3.15
- Price / sales
- 29.9 10-yr median 41.1
- Price / book
- 21.7 10-yr median 12.9
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 0.59
REFR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsREFR valuation Price multiples at each fiscal year-end price.
Price / sales−8.4%
39.3
2025 · hover or tap a bar for each year
20162025
Price / book+114.5%
47.2
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−1.6 pts
−3.0%
2025 · hover or tap a bar for each year
20162025
REFR returns How much profit the business earns on the capital it uses.
Return on equity−72.8 pts
−115.6%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−30.0 pts
−100.8%
2025 · hover or tap a bar for each year
20162025
Return on assets−31.8 pts
−65.0%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−59.4 pts
−118.6%
2025 · hover or tap a bar for each year
20162025
Asset turnover+5.3%
0.36
2025 · hover or tap a bar for each year
20162025
REFR per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−16.4%
$0.03
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$0.06
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$0.04
2025 · hover or tap a bar for each year
20162025
Book value per share−64.3%
$0.03
2025 · hover or tap a bar for each year
20162025
Shares outstanding+0.4%
33.6M
2025 · hover or tap a bar for each year
20162025
REFR financial health Debt, liquidity and how easily interest is covered.
Debt / equity+151.0%
1.25
2025 · hover or tap a bar for each year
20162025
Net debt+$1.2M
$501,986
2025 · hover or tap a bar for each year
20162025
Current ratio−62.4%
3.84
2025 · hover or tap a bar for each year
20162025
Debt / assets+61.4%
0.52
2025 · hover or tap a bar for each year
20162025
REFR efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−53 days
174 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+119 days
214 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−172 days
-40 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−0.1 pts
0.1%
2025 · hover or tap a bar for each year
20162025
REFR valuation history
Fiscal year-endToday10-year median
REFR returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
REFR debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
REFR price vs earnings per share
Share price at year-endEPS (right axis)
REFR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $44.1M | $57.3M | $33.8M | $61.3M | $54.4M | $88.5M | $90.3M | $40.5M | $25.0M | $43.8M |
| Enterprise value | $44.6M | $56.6M | $31.6M | $57.5M | $52.1M | $84.5M | $84.7M | $37.5M | $23.3M | $40.5M |
| Price / sales | 39.3 | 42.9 | 37.1 | 113.5 | 43.1 | 106.8 | 57.8 | 27.2 | 16.6 | 35.4 |
| Price / book | 47.2 | 22.0 | 9.6 | 12.8 | 14.4 | 16.6 | 12.8 | 13.1 | 9.7 | 8.9 |
| EV / sales | 39.8 | 42.4 | 34.7 | 106.5 | 41.2 | 102.0 | 54.2 | 25.2 | 15.4 | 32.8 |
| Earnings yield | −4.6% | −2.3% | −5.6% | −4.4% | −3.4% | −2.6% | −4.2% | −6.6% | −9.7% | −9.7% |
| Free cash flow yield | −3.0% | −1.4% | −6.8% | −3.6% | −3.3% | −2.6% | −2.4% | −5.1% | −5.9% | −9.2% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $1.31 | $1.71 | $1.01 | $1.91 | $1.72 | $2.81 | $3.01 | $1.56 | $1.04 | $1.82 |
| Per share | ||||||||||
| Revenue per share | $0.03 | $0.04 | $0.03 | $0.02 | $0.04 | $0.03 | $0.05 | $0.06 | $0.06 | $0.05 |
| Earnings per share | −$0.06 | −$0.04 | −$0.06 | −$0.08 | −$0.06 | −$0.07 | −$0.13 | −$0.10 | −$0.10 | −$0.18 |
| Operating cash flow per share | −$0.04 | −$0.02 | −$0.07 | −$0.07 | −$0.06 | −$0.07 | −$0.07 | −$0.08 | −$0.06 | −$0.17 |
| Free cash flow per share | −$0.04 | −$0.02 | −$0.07 | −$0.07 | −$0.06 | −$0.07 | −$0.07 | −$0.08 | −$0.06 | −$0.17 |
| Cash per share | $0.02 | $0.06 | $0.07 | $0.13 | $0.10 | $0.15 | $0.22 | $0.11 | $0.07 | $0.13 |
| Book value per share | $0.03 | $0.08 | $0.11 | $0.15 | $0.12 | $0.17 | $0.24 | $0.12 | $0.11 | $0.20 |
| Tangible book value per share | $0.03 | $0.08 | $0.11 | $0.15 | $0.12 | $0.17 | $0.24 | $0.12 | $0.11 | $0.20 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $0.03 | $0.04 | $0.01 | $0.01 | $0.02 | $0.03 | $0.03 | — | $0.00 | $0.00 |
| Shares outstanding | 33.6M | 33.5M | 33.5M | 32.1M | 31.6M | 31.5M | 30.0M | 26.0M | 24.0M | 24.0M |
| Change in shares outstanding | +0.4% | +0.2% | +4.3% | +1.3% | +0.5% | +4.9% | +15.6% | +8.0% | 0.0% | +0.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −115.6% | −42.8% | −45.9% | −62.2% | −40.5% | −37.8% | −75.0% | −94.8% | −64.6% | −60.6% |
| Return on invested capital (ROIC) | −100.8% | −70.8% | −137.3% | −170.3% | −104.8% | −145.1% | −316.9% | −398.2% | −151.7% | −190.5% |
| Return on assets (ROA) | −65.0% | −33.2% | −41.4% | −53.9% | −34.4% | −32.4% | −61.9% | −77.4% | −59.2% | −57.2% |
| Return on tangible assets | −90.8% | −32.5% | −49.6% | −49.7% | −40.6% | −37.8% | −46.1% | −66.2% | −83.8% | −80.4% |
| Free cash flow margin | −118.6% | −59.2% | −252.5% | −404.7% | −142.9% | −278.7% | −137.3% | −139.9% | −97.9% | −325.0% |
| Financial health | ||||||||||
| Total debt | $1.2M | $1.3M | $267,722 | $464,128 | $646,219 | $812,596 | $975,832 | — | $0 | $0 |
| Cash & short-term investments | $664,299 | $2.0M | $2.5M | $4.2M | $3.0M | $4.8M | $6.6M | $3.0M | $1.7M | $3.2M |
| Net debt | $501,986 | −$698,026 | −$2.2M | −$3.8M | −$2.4M | −$4.0M | −$5.6M | −$3.0M | −$1.7M | −$3.2M |
| Debt / equity | 1.25 | 0.50 | 0.08 | 0.10 | 0.17 | 0.15 | 0.14 | — | 0.00 | 0.00 |
| Debt / assets | 0.52 | 0.32 | 0.07 | 0.09 | 0.14 | 0.13 | 0.12 | — | 0.00 | 0.00 |
| Current ratio | 3.84 | 10.21 | 12.89 | 16.30 | 13.26 | 24.01 | 18.86 | 8.11 | 7.54 | 12.43 |
| Quick ratio | 3.84 | 10.21 | 12.89 | 16.30 | 13.26 | 24.01 | 18.86 | 8.11 | 7.54 | 12.43 |
| Interest coverage | — | — | — | -59.4 | -244.0 | — | — | — | — | — |
| Working capital | $846,057 | $2.5M | $3.3M | $4.6M | $3.7M | $5.2M | $6.9M | $3.3M | $2.1M | $4.2M |
| Invested capital | $1.4M | $1.9M | $1.3M | $1.0M | $1.4M | $1.4M | $1.4M | $130,074 | $829,519 | $1.7M |
| Tangible asset value | $933,626 | $2.6M | $3.5M | $4.8M | $3.8M | $5.3M | $7.1M | $3.1M | $2.6M | $4.9M |
| Net current asset value | −$174,185 | $1.3M | $3.2M | $4.4M | $3.2M | $4.6M | $6.1M | $2.8M | $2.1M | $4.2M |
| Graham net-net per share | −$0.01 | $0.03 | $0.09 | $0.13 | $0.09 | $0.14 | $0.20 | $0.10 | $0.08 | $0.15 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 |
| Capex / revenue | 0.1% | 0.1% | 0.2% | 0.2% | 0.1% | 6.8% | 4.2% | 0.8% | 0.4% | 0.9% |
| Capex / depreciation | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.84 | 0.33 | 0.06 | 0.04 | 0.06 |
| Stock-based compensation / revenue | 33.4% | 6.7% | 15.9% | 43.0% | 17.2% | 39.5% | 53.8% | 4.7% | 5.1% | 5.5% |
| R&D / revenue | 2.7% | 42.7% | 64.1% | 112.9% | 45.9% | 75.8% | 66.2% | 58.0% | 53.0% | 114.7% |
| SG&A / revenue | 45.0% | 30.0% | — | 473.6% | — | 335.3% | 235.1% | 204.4% | 207.3% | 330.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 173.7 | 227.1 | 319.6 | 480.6 | 206.6 | 276.3 | 157.0 | 157.8 | 207.4 | 359.0 |
| Days payables outstanding | 213.6 | 94.7 | 9.4 | 143.3 | 7.2 | 13.3 | 15.0 | 14.5 | 5.1 | 3.4 |
| Cash conversion cycle (days) | -40.0 | 132.4 | 310.2 | 337.3 | 199.4 | 263.0 | 142.0 | 143.3 | 202.2 | 355.6 |
| Receivables turnover | 2.10 | 1.61 | 1.14 | 0.76 | 1.77 | 1.32 | 2.32 | 2.31 | 1.76 | 1.02 |
| Payables turnover | 1.71 | 3.86 | 38.70 | 2.55 | 50.50 | 27.34 | 24.26 | 25.25 | 71.07 | 106.60 |
| Asset turnover | 0.36 | 0.34 | 0.20 | 0.11 | 0.24 | 0.11 | 0.25 | 0.43 | 0.37 | 0.17 |
| Average receivables | $533,440 | $830,808 | $796,502 | $710,618 | $714,964 | $627,177 | $672,870 | $643,559 | $857,294 | $1.2M |
| Average payables | $109,246 | $68,352 | $60,980 | $68,770 | $49,935 | $101,580 | $151,618 | $95,788 | $44,011 | $38,333 |
| Average inventory | — | — | — | — | — | $0 | — | $0 | $0 | $0 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from REFR's annual financial statements (latest annual report filed March 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
REFR valuation and financial ratios
Research Frontiers earned a return on equity of −115.6% and a return on invested capital of −100.8% in fiscal 2025. It ended the year with $1.2 million of debt and $0.7 million in cash and short-term investments, net debt of $0.5 million. The share count rose 39.9% from 24.0M to 33.6M over 9 years.
See the REFR income statement, the REFR chart for price history, or the REFR stock overview for the latest quote and news.
REFR key metrics FAQ
What is Research Frontiers's return on equity?
Research Frontiers's return on equity (ROE) was −115.6% in fiscal 2025: net income of -$2.0 million on average shareholders' equity of $1.8 million.
What is Research Frontiers's ROIC?
Research Frontiers's return on invested capital was −100.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Research Frontiers have?
Research Frontiers had total debt of $1.2 million at the end of fiscal 2025, a debt-to-equity ratio of 1.25.
What is Research Frontiers's free cash flow yield?
Research Frontiers generated -$1.3 million of free cash flow in fiscal 2025, a free cash flow yield of −3.0% on its market value at year-end ($44.1 million).
What is Research Frontiers's current ratio?
Research Frontiers's current ratio was 3.84 at the end of fiscal 2025: current assets were 3.84 times current liabilities.