Research Frontiers Incorporated REFR TECH
Company Overview
Research Frontiers Incorporated, together with other subsidiary, engages in the development and marketing of technology and devices to control the flow of light worldwide. It develops and licenses suspended particle device (SPD-Smart) light-control technology to companies that manufacture and market the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, the light-control panels made by laminating the film, and electronics to power end-products incorporating the film, as well as lamination services for and the end-products, such as windows, skylights, and sunroofs. The company's SPD-Smart light-control technology is used in various product applications, including windows, sunshades, skylights, and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, heads up displays and navigation systems; aircraft windows; museum display panels, and eyewear products; and flat panel displays for electronic products. It serves architectural, automotive, marine, and aerospace and appliance applications. The company was incorporated in 1965 and is headquartered in Woodbury, New York.
Recent Developments
- Dec 2025 Revenue of $1.12M (-16.0% YoY); net profit $-2.05M.
- Trailing 12 Months Year-on-year growth — revenue -33.5%.
- 5-Year Trend Long-term compounding — revenue CAGR -3.2%.
Growth & Price Performance
Compounded Sales Growth
| 5 Years: | -3.17% |
| 1 Year: | -33.50% |
Stock Price Performance
| 1 Year: | -73.87% |
| 6 Months: | -58.03% |
| 3 Months: | -45.96% |
| 1 Month: | -19.49% |
Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.
- Price vs 50-DMABelow
- Price vs 200-DMABelow
- RSI (14)34.96 · Neutral
Auto-generated from price history and fundamentals; not investment advice.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth Charts
No fundamental data available for this stock.
Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.
PROS
No notable strengths flagged.
CONS
- Revenue declined at -3.2% CAGR over 5 years.
- Trading 83.3% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Valuation
Growth (CAGR)
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Peer comparison
Peer companies in the same sector (Technology).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | REFR Research Frontiers Incorporated TECH | 0.39 | -6.50 | $13.60M | 0.00% | -109.13% | - | -3.17% | - |
| 2 | NVDA NVIDIA Corporation NDXSPXR3KAITECH | 225.73 | 28.50 | $5.45T | 0.46% | 74.66% | 117.21% | 24.64% | 32.12% |
| 3 | AAPL Apple Inc. NDXSPXR3KTECH | 316.22 | 36.22 | $4.61T | 0.34% | 68.72% | 148.75% | 1.81% | 3.92% |
| 4 | MSFT Microsoft Corporation NDXSPXR3KAITECH | 493.95 | 27.49 | $3.67T | 0.79% | 26.33% | 34.04% | 9.93% | 11.90% |
| 5 | TSM Taiwan Semiconductor Manufacturing Company Limited AITECH | 439.00 | 32.71 | $2.28T | 0.95% | 30.20% | 39.97% | 18.94% | 19.57% |
| 6 | AVGO Broadcom Inc. NDXSPXR3KAITECH | 368.56 | 46.95 | $1.75T | 0.71% | 16.70% | 44.25% | 17.04% | 54.08% |
| 7 | MU Micron Technology, Inc. NDXSPXR3KAITECH | 1,000.26 | 22.59 | $1.13T | 0.05% | 13.69% | 66.64% | 13.68% | 26.02% |
| 8 | AMD Advanced Micro Devices, Inc. NDXSPXR3KAITECH | 505.74 | 128.36 | $825.61B | 0.00% | 5.47% | 10.20% | 11.81% | 66.28% |
| 9 | ASML ASML Holding N.V. NDXAITECH | 1,764.85 | 59.89 | $677.88B | 0.51% | 42.97% | 53.94% | 15.55% | 19.55% |
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios
Quarterly Results
Figures in USD.
| Metric | Jun 2015 | Sep 2015 | Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 359.73K | - | 418.66K | 301.04K | 462.87K | - | 356.17K | 176.11K | 165.63K | 213.12K | 113.94K | 723.47K | 173.83K | 85.51K | 150.44K | 248.18K | 185.04K | 164.15K | 313.38K | 489.59K | 354.41K | - | 559.78K | 129.90K | 359.44K | 72.12K | 136.32K |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 799.35K | 945.01K | 663.39K | 845.67K | 666.73K |
| Operating Income | -492.75K | -766.73K | -1.84M | -1.19M | -1.12M | -566.06K | -1.39M | -954.43K | -490.65K | -304.25K | -669.28K | -795.17K | -571.93K | -403.89K | -647.23K | -562.47K | -952.30K | -410.86K | -1.27M | -647.59K | -602.58K | -443.44K | -557.65K | -528.95K | 17.23K | -575.70K | -743.16K | -486.19K | -488.85K | -525.26K | -513.81K | -469.75K | -116.13K | -231.70K | - | -239.58K | -815.10K | -303.94K | -773.54K | -530.41K |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -193.25K | -768.34K | -257.15K | -726.75K | -486.42K |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -177.69K | -803.83K | -298.51K | -765.56K | -525.37K |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | -481.29K | -757.32K | -1.83M | -1.18M | -1.12M | -559.73K | -1.39M | -952.55K | -489.81K | -303.14K | -668.35K | -793.77K | -569.89K | -688.30K | -634.17K | -803.90K | -1.35M | -397.71K | -1.26M | -624.59K | -398.98K | -434.22K | -557.31K | -527.93K | 21.61K | -628.35K | -741.84K | -483.73K | -462.64K | -493.65K | -472.17K | -442.60K | -94.02K | -166.82K | - | -177.69K | -803.83K | -298.51K | -765.56K | -525.37K |
| Diluted EPS | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.02 | -0.02 | -0.01 | -0.01 | -0.01 | -0.01 | 0.00 | 0.00 | - | -0.01 | -0.02 | -0.01 | - | -0.02 |
| R&D Expense | 334.52K | 327.45K | - | 410.22K | 503.57K | 246.75K | - | 211.29K | 202.05K | 185.30K | - | 218.62K | 250.82K | 190.65K | - | 229.96K | 313.98K | 207.37K | - | 183.32K | 146.73K | 136.65K | 145.18K | 139.81K | 135.22K | 148.82K | 146.43K | 149.16K | 149.22K | 145.61K | 135.32K | 149.74K | 128.83K | 131.25K | - | 162.88K | 169.09K | 141.75K | - | 145.35K |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | 1.60M | 2.01M | 1.24M | 1.51M | 1.49M | 1.56M | 828.45K | 1.26M | 539.69K | 909.60K | 1.34M | 1.12M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.16M | 2.94M | 2.78M | 3.25M |
| Operating Income | -4.02M | -3.89M | -4.16M | -3.82M | -6.08M | -4.45M | -4.32M | -4.27M | -2.42M | -2.42M | -3.15M | -2.58M | -1.84M | -2.63M | -2.03M | -1.44M | -2.13M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | -2.45M | -1.86M | -1.18M | -1.95M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | -2.67M | -1.91M | -1.31M | -2.05M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | -4.00M | -3.87M | -4.13M | -3.17M | -6.04M | -4.41M | -4.28M | -4.24M | -2.41M | -2.69M | -3.81M | -2.34M | -1.85M | -2.67M | -1.91M | -1.31M | -2.05M |
| Diluted EPS | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.08 | -0.06 | -0.04 | -0.06 |
| R&D Expense | 1.55M | 1.40M | 1.39M | 1.67M | 2.20M | 1.62M | 1.59M | 1.42M | 799.70K | 863.40K | 1.04M | 628.30K | 580.00K | 609.13K | 583.27K | 570.01K | 608.73K |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 7.78M | 4.42M | 14.42M | 12.03M | 12.56M | 9.54M | 5.27M | 2.88M | 4.06M | 8.26M | 6.20M | - | 5.37M | 3.85M | 4.04M | 2.25M |
| Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.92M | 3.58M | 2.75M | 1.14M |
| Cash & Equivalents | 2.37M | 3.76M | 6.96M | 2.40M | 8.39M | 5.87M | 7.57M | 5.71M | 1.69M | 1.74M | 2.97M | 6.59M | 4.77M | - | 4.23M | 2.48M | 1.99M | 664.30K |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Receivables | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 589.60K | 1.00M | 658.21K | 408.67K |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - | 959.08K | 1.20M | 872.28K | - | 569.59K | 332.79K | 1.44M | 1.32M |
| Current Liabilities | - | - | 312.24K | 309.94K | 242.39K | 162.33K | 482.68K | 468.21K | 369.27K | 313.75K | 457.66K | 387.43K | 226.07K | - | 301.86K | 277.43K | 269.03K | 297.88K |
| Long Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 464.13K | 267.72K | 1.30M | 1.17M |
| Total Equity | 4.87M | 4.17M | 7.47M | 4.11M | 14.17M | 11.87M | 12.08M | 9.08M | 4.90M | 2.57M | 3.10M | 7.06M | 5.33M | - | 4.80M | 3.52M | 2.60M | 933.63K |
| Shares Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 33.15M | 33.51M | 33.65M | 33.65M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -3.73M | -3.20M | -3.35M | -2.68M | - | - | -3.58M | -4.01M | -1.47M | -2.07M | -2.08M | -2.25M | - | -2.18M | -2.30M | -788.82K | -1.33M |
| Investing Cash Flow | 2.28M | -10.31K | -1.27M | -3.58M | - | - | 1.18M | -15.26K | 1.52M | -11.66K | -65.28K | -52.82K | - | 2.69M | 55.59K | -1.62K | -726 |
| Financing Cash Flow | 2.85M | 6.41M | 65.98K | 12.25M | - | - | 548.48K | - | - | 3.31M | 5.77M | 486.26K | - | 3.45M | 484.50K | 308.67K | 0 |
| Capital Expenditure | -23.95K | -10.31K | -12.52K | -11.58K | -50.54K | -627.66K | -316.19K | -11.71K | -6.55K | -11.66K | -65.28K | -56.54K | - | -1.27K | -1.56K | -1.62K | -726 |
| Free Cash Flow | -3.76M | -3.21M | -3.37M | -2.69M | - | - | -3.90M | -4.02M | -1.48M | -2.08M | -2.15M | -2.31M | - | -2.18M | -2.30M | -790.44K | -1.33M |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.96M | -1.75M | -481.77K | -1.33M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | - | - | - | - | - | -278.3% | -215.4% | -345.3% | -160.3% | -162.4% | -201.4% | -311.1% | -145.6% | -486.4% | -223.5% | -108.0% | -190.2% |
| Net Margin % | - | - | - | - | - | -276.1% | -213.2% | -342.9% | -160.0% | -180.4% | -243.5% | -282.6% | -146.2% | -494.6% | -209.8% | -98.2% | -182.4% |
| ROE % | -96.1% | -51.9% | -100.7% | -22.4% | -50.9% | -36.5% | -47.2% | -86.4% | -94.0% | -86.7% | -54.0% | -43.9% | - | -55.6% | -54.2% | -50.4% | -219.1% |
| ROCE % | - | -52.1% | -101.4% | -26.9% | -51.2% | -36.8% | -47.6% | -87.0% | -94.2% | -67.2% | -40.0% | -43.1% | - | -51.8% | -56.9% | -38.2% | -109.1% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | MGO One Seven, LLC | 2.54% | 886.60K | $577.44K |
| 2 | Vanguard Capital Management LLC | 1.67% | 580.65K | $378.18K |
| 3 | Blackrock Inc. | 1.53% | 532.54K | $346.84K |
| 4 | Focus Partners Wealth | 1.42% | 496.42K | $323.32K |
| 5 | Geode Capital Management, LLC | 0.88% | 305.85K | $199.20K |
| 6 | Vanguard Fiduciary Trust Co | 0.51% | 177.03K | $115.30K |
| 7 | Susquehanna International Group, LLP | 0.44% | 155.07K | $100.99K |
| 8 | State Street Corporation | 0.30% | 105.62K | $68.79K |
| 9 | Shufro, Rose & Co., LLC | 0.28% | 97.50K | $63.50K |
| 10 | Northern Trust Corporation | 0.15% | 52.63K | $34.28K |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
Latest News
Recent headlines for REFR
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REFR — Frequently Asked Questions
What is the current share price of Research Frontiers Incorporated (REFR)?
As of 2026-09-19 21:16 PDT, Research Frontiers Incorporated (REFR) trades at $0.39 on NasdaqCM. Its 52-week range is $0.39 to $2.36.
What is the market capitalisation of REFR?
Research Frontiers Incorporated (REFR) has a market capitalisation of $13.60M on NasdaqCM.
What is the P/E ratio of REFR?
REFR trades at a trailing price-to-earnings (P/E) ratio of -6.50. The industry average P/E is 29.22. Its price-to-book (P/B) ratio is 20.35.
Is REFR a good stock to buy?
This page provides a data-driven analysis of Research Frontiers Incorporated (REFR), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.