Research Frontiers (REFR) Financials

$0.40

$-0.04 (-9.41%)

As on 02-Sep-2026 16:21EDT

Market cap

$16 Mln

Revenue (TTM)

$1 Mln

P/E Ratio

--

P/B Ratio

15.1

Div. Yield

0 %

Annual
Quarterly

Income Statement ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Operating Revenue	0.65	1.12	1.34	0.91	0.54	1.26
Cost of Revenue	0.66	0.19	0.26	2.36	0.18	2.52
Gross Profit	0.57	0.93	1.07	-1.45	0.54	1.26
Operating Expenses	2.84	3.07	2.51	0.58	3.16	3.10
Operating Profit (EBIT)	-2.28	-2.13	-1.44	-2.03	-2.63	-1.84
Other Income	--	--	--	--	--	--
Profit before Tax	-2.25	-2.05	-1.31	-1.91	-2.67	-1.85
Provision for Tax	--	--	--	0.00	0.04	0.01
Profit after Tax (Net Income)	-2.25	-2.05	-1.31	-1.91	-2.67	-1.85
Minority Interest	--	--	--	--	--	--
Consolidated Profit	--	--	--	--	-2.67	-1.85

Liabilities ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Shareholder's Funds	1.12	0.93	2.60	3.52	4.80	3.78
Minority Interest	--	--	--	--	--	--
Non-Current Liabilities	0.94	1.02	1.17	0.06	0.27	0.46
Current Liabilities	0.41	0.30	0.27	0.28	0.30	0.30
Total Liabilities	2.89	2.25	4.04	3.85	5.37	4.55

Assets ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Non-Current Assets	1.02	1.11	1.29	0.27	0.44	0.60
Current Assets	1.46	1.14	2.75	3.58	4.92	3.95
Total Assets	2.89	2.25	4.04	3.85	5.37	4.55
Total Debt*	1.09	1.17	1.30	0.27	0.46	0.65
Net Current Assets	1.04	0.85	2.48	3.30	4.62	3.65

Cashflow ($ Mln)	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Cash From Operating Activities	--	-1.33	-0.79	-2.30	-2.18	-1.80
Cash Flow from Investing Activities	--	0.00	0.00	0.06	2.69	-2.78
Cash from Financing Activities	--	--	0.31	0.48	3.45	0.09
Net Cash Inflow / Outflow	--	--	--	--	3.96	--

Financials Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Adjusted EPS ($)	-0.07	-0.06	-0.04	-0.06	-0.08	-0.06
Cash EPS ($)	--	-0.06	-0.03	-0.05	-0.08	-0.06
Adjusted Book Value ($)	--	0.03	0.08	0.10	0.14	0.12
Dividend per Share ($)	--	--	--	--	--	--
Cash Flow per Share ($)	--	-0.04	-0.02	-0.07	-0.07	-0.06
Free Cash Flow per Share ($)	--	-0.04	-0.02	-0.07	-0.07	-0.06

Profitability Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
ROCE (%)	--	-68.18	-34.12	-42.19	-55.09	-34.94
ROE (%)	-218.76	-115.64	-42.84	-45.90	-62.22	-40.53
ROA (%)	-70.97	-65.03	-33.24	-41.41	-53.86	-34.37
EBIT Margin (%)	-345.32	-182.44	-98.19	-209.80	-494.61	-146.18
Net Margin (%)	-343.85	-182.44	-98.19	-209.80	-494.61	-146.18
Cash Profit Margin (%)	0.00	--	--	--	--	--

Growth Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Revenue Growth (%)	-46.47	-0.16	0.47	0.69	-0.57	0.52
EBIT Growth (%)	-28.64	-55.99	31.28	28.51	-44.57	28.36
Net Profit Growth (%)	-28.09	-55.99	31.28	28.51	-44.57	21.13
EPS Growth (%)	-26.11	-0.55	0.31	0.29	-0.38	0.21
Book Value Growth (%)	-39.72	--	--	--	--	--

Valuation Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Price / Earnings	--	-21.55	-43.71	-17.73	-23.72	-29.48
Price / Book Value	15.06	47.21	22.01	9.62	13.20	14.39
Dividend Yield (%)	--	--	--	--	--	--
EV/EBITDA	-24.11	-23.98	-54.04	-18.22	-23.88	-31.18
Close Price ($)	0.52	1.31	1.71	1.01	1.91	1.72
High Price ($)	2.70	2.70	2.41	2.30	2.85	5.66
Low Price ($)	0.48	0.93	0.93	0.90	1.34	1.65
Market Cap ($ Cr)	16.11	--	--	--	--	--

Solvency Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Debt to Equity	--	1.25	0.50	0.08	0.10	0.17
Short term debt to equity ratio	0.14	0.16	0.05	0.06	0.04	0.05
Current Ratio	3.54	3.84	10.21	12.89	16.30	13.26
Quick Ratio	3.54	--	--	--	--	--
Interest Coverage	--	--	--	--	-60.37	-244.97

Operating Efficiency Ratios	TTM	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Debtors to sales (%)	31.79	36.45	49.28	110.31	109.25	65.84
Asset Turnover	0.21	0.36	0.34	0.20	0.11	0.24
Receivable days	--	173.77	227.22	319.84	480.93	206.76
Inventory Days	--	--	--	--	--	--
Payable days	--	213.75	94.72	9.44	143.41	7.23
Cash Conversion Cycle	--	--	--	--	--	199.52

*TTM (Trailing Twelve Months) data based on income statement of last 4 quarters and interim half yearly balance sheet.