REFRNasdaqPatent Owners & LessorsFiscal year ends December 31
RESEARCH FRONTIERS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$0.52−0.04 (-7.07%)
Close on Oct 19, 2026
- Market cap
- $18.15M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
-190.2%+120.9 pts over 5 years
Net margin
-182.4%+100.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -16.0% | +27.6% | +6.2% | -5.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -60.6% | -37.8% | -115.6% | |
| Return on assets | -57.2% | -32.4% | -65.0% | |
| Current ratio | 12.43 | 24.01 | 3.84 | |
| Capex to revenue | 0.9% | 6.8% | 0.1% | |
| Diluted shares | 24M | 31M | 34M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Research Frontiers generated $8.40M from operations and spent $6.26K on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$8.40M
Used
$6.26K
Capital expenditure$6.26K100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-182.4%
×Asset turnover0.36×
×Equity multiplier1.78×
=Return on equity, FY2025-115.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -182.4% | 0.36× | 1.78× | -115.6% |
| FY2024 | -98.2% | 0.34× | 1.29× | -42.8% |
| FY2023 | -209.8% | 0.20× | 1.11× | -45.9% |
| FY2022 | -494.6% | 0.11× | 1.16× | -62.2% |
| FY2021 | -146.2% | 0.24× | 1.18× | -40.5% |
| FY2020 | -282.6% | 0.11× | 1.17× | -37.8% |
| FY2019 | -243.5% | 0.25× | 1.21× | -75.0% |
| FY2018 | -180.4% | 0.43× | 1.22× | -94.8% |
| FY2017 | -160.0% | 0.37× | 1.09× | -64.6% |
| FY2016 | -342.9% | 0.17× | 1.06× | -60.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$2.05M
- Cash generatingOperating cash flow above zero-$1.33M
- Return on assets improvedROA up on the prior year-34.1% → -50.6%
- Earnings backed by cashOperating cash flow above net income-$1.33M vs -$2.05M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose10.21 → 3.84
- No dilutionShare count did not rise34M → 34M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.35 → 0.28