Market cap
$16 Mln
Revenue (TTM)
$1 Mln
P/E Ratio
--
P/B Ratio
14
Div. Yield
0 %
Key Ratios and Highlights
| Growth Score (%) | Quarterly | Annual (TTM) | |||
|---|---|---|---|---|---|
| Particulars | QoQ | YoY | 1-Year | 3-Years | 5-Years |
| Revenue | -36.66 | -33.53 | -46.47 | -2.85 | 0.98 |
| EBIT | -27.48 | 16.68 | -28.64 | -0.06 | 0.99 |
| Net Profit | -25.66 | 17.87 | -28.09 | 0.09 | 1.24 |
| EPS | -23.10 | 20.75 | -26.11 | 1.20 | 2.52 |
| Book Value | -- | -- | -64.29 | -42.33 | -30.30 |
| Key Ratios (%) | Average | Annual (TTM) | |||
|---|---|---|---|---|---|
| Particulars | 3-Years | 5-Years | TTM | Dec-25 | Dec-24 |
| EBIT-Margin
| -163.48 | -226.25 | -345.32 | -182.44 | -98.19 |
| Net Margin
| -- | -- | -343.85 | -- | -- |
| Return on equity
| -68.13 | -61.43 | -218.76 | -115.64 | -42.84 |
| Return on Capital
| -48.17 | -46.90 | -- | -68.18 | -34.12 |
| Return on Assets
| -46.56 | -45.58 | -70.97 | -65.03 | -33.24 |
| Debt to Equity (x)
| -- | -- | 0.00 | 1.25 | 0.50 |
Profitability
ROCE
--
--
Earning before interest and taxes / (Average net worth + Average total Debt) * 100
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
--
|
-68.18
|
-34.12
|
-42.19
|
-55.09
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
ROE
-218.76
Lower than Peers by 218.47
Profit after tax / Average Net worth * 100
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-218.76
|
-115.64
|
-42.84
|
-45.90
|
-62.22
|
|
Peer Median
|
-0.28
|
--
|
--
|
--
|
--
|
ROA
-70.97
Lower than Peers by 66.27
Profit after tax / Average Total assets * 100
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-70.97
|
-65.03
|
-33.24
|
-41.41
|
-53.86
|
|
Peer Median
|
-4.70
|
--
|
--
|
--
|
--
|
EBIT Margin
-345.32
Lower than Peers by 341.07
Operating profit (EBIT) / Net Sales * 100
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-345.32
|
-182.44
|
-98.19
|
-209.80
|
-494.61
|
|
Peer Median
|
-4.25
|
--
|
--
|
--
|
--
|
Net Margin
-343.85
Lower than Peers by 335.02
Net profit / Total Income (Net sales plus other income) * 100
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-343.85
|
-182.44
|
-98.19
|
-209.80
|
-494.61
|
|
Peer Median
|
-8.83
|
--
|
--
|
--
|
--
|
Cash Profit Margin
0.00
Lower than Peers by 0.00
(Net profit + Depreciation) / Gross Sales * 100
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
0.00
|
--
|
--
|
--
|
--
|
|
Peer Median
|
0.00
|
--
|
--
|
--
|
--
|
Revenue Growth
-46.47
Lower than Peers by 55.06
Year on year growth in net sales
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-46.47
|
-0.16
|
0.47
|
0.69
|
-0.57
|
|
Peer Median
|
8.58
|
--
|
--
|
--
|
--
|
EBIT Growth
-28.64
Lower than Peers by 46.28
Year on year growth in operating profit (EBIT)
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-28.64
|
-55.99
|
31.28
|
28.51
|
-44.57
|
|
Peer Median
|
17.65
|
--
|
--
|
--
|
--
|
Net Profit Growth
-28.09
Lower than Peers by 31.99
Year on year growth in profit after tax
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-28.09
|
-55.99
|
31.28
|
28.51
|
-44.57
|
|
Peer Median
|
3.90
|
--
|
--
|
--
|
--
|
EPS Growth
-26.11
Lower than Peers by 26.77
Year on year growth in earnings per share
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-26.11
|
-0.55
|
0.31
|
0.29
|
-0.38
|
|
Peer Median
|
0.65
|
--
|
--
|
--
|
--
|
Book Value Growth
-39.72
Lower than Peers by 42.11
Year on year growth in book value per share
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-39.72
|
--
|
--
|
--
|
--
|
|
Peer Median
|
2.38
|
--
|
--
|
--
|
--
|
Solvency
Debt to Equity
--
--
Total debt / Net worth
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
--
|
1.25
|
0.50
|
0.08
|
0.10
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
Short term debt to equity ratio
0.14
--
(Short term borrowings / Net worth)
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
0.14
|
0.16
|
0.05
|
0.06
|
0.04
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
Current Ratio
3.54
Higher than Peers by 2.74
Current Assets / Current Liabilities and Provisions
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
3.54
|
3.84
|
10.21
|
12.89
|
16.30
|
|
Peer Median
|
0.80
|
--
|
--
|
--
|
--
|
Quick Ratio
3.54
Higher than Peers by 2.76
(Current Assets - Inventory) / Current Liabilities and Provisions
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
3.54
|
--
|
--
|
--
|
--
|
|
Peer Median
|
0.78
|
--
|
--
|
--
|
--
|
Interest Coverage
--
--
Earning before interest and taxes (EBIT) / Interest Expenses
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
--
|
--
|
--
|
--
|
-60.37
|
|
Peer Median
|
2.27
|
--
|
--
|
--
|
--
|
Operating Efficiency
Debtors to sales
31.79
Higher than Peers by 16.56
Debtors outstanding / Net Sales * 100
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
31.79
|
36.45
|
49.28
|
110.31
|
109.25
|
|
Peer Median
|
15.22
|
--
|
--
|
--
|
--
|
Asset Turnover
0.21
Lower than Peers by 0.31
Sales / Average Total Assets
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
0.21
|
0.36
|
0.34
|
0.20
|
0.11
|
|
Peer Median
|
0.52
|
--
|
--
|
--
|
--
|
Receivable days
--
--
Average Debtors / Sales * 365
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
--
|
173.77
|
227.22
|
319.84
|
480.93
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
Inventory Days
--
--
Average Inventory / Sales * 365
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
--
|
--
|
--
|
--
|
--
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
Payable days
--
--
Average Creditors / Cost of goods sold * 365
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
--
|
213.75
|
94.72
|
9.44
|
143.41
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
Cash Conversion Cycle
--
--
Receivable Days + Inventory Days - Payable Days
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
--
|
--
|
--
|
--
|
--
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
Valuation
Price / Earnings
--
--
Current share price divided by earning per share in the last twelve months
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
--
|
-21.55
|
-43.71
|
-17.73
|
-23.72
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
Price / Book Value
13.97
Higher than Peers by 5.71
Current share price divided by book value per share in the latest financial year
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
13.97
|
47.21
|
22.01
|
9.62
|
13.20
|
|
Peer Median
|
8.26
|
--
|
--
|
--
|
--
|
Dividend Yield
--
--
Dividend per share in the past twelve months divided by current share price
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
--
|
--
|
--
|
--
|
--
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
EV/EBITDA
-24.11
--
Enterprise Value (Current Market Capitalisation + Total Debt - Cash & Equivalents) / Earnings before interest, taxes, depreciation and taxes (EBITDA)
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
-24.11
|
-23.98
|
-54.04
|
-18.22
|
-23.88
|
|
Peer Median
|
--
|
--
|
--
|
--
|
--
|
Market Cap
16
Higher than Peers by 10
Current Share price multiplied by latest total number of shares outstanding
|
Company Name
|
TTM
|
Dec-25
|
Dec-24
|
Dec-23
|
Dec-22
|
|---|---|---|---|---|---|
|
Research Frontiers (REFR)
|
16
|
--
|
--
|
--
|
--
|
|
Peer Median
|
5
|
--
|
--
|
--
|
--
|