RESEARCH FRONTIERS INC

REFR

RESEARCH FRONTIERS INC

REFR

Insider Sentiment (TTM):

Last Purchase:2024-06-14Last Sale:-Shares Purchased (TTM):0Shares Sold (TTM):0

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:3,824,553Shares Outstanding:34,159,694Institutional Ownership Pct.:11.20%

Earnings Market Reaction:

Filing Date:2026-08-06Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Assets
Cash And Cash Equivalents At Carrying Value	1	1	1	1	1	1	2	2	2	2	2	1
Marketable Securities Current	-	-	-	-	-	-	-	-	-	-	-	2
Assets Current
Accounts Receivable Net Current	0	1	0	0	1	1	1	1	1	1	1	1
Assets Current	1	2	1	2	2	3	3	3	3	3	4	4
Prepaid Expense And Other Assets Current	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	0	0	0	0	0	0	0	0	0	0	0	0
Operating Lease Right Of Use Asset	1	1	1	1	1	1	1	0	0	0	0	0
Other Assets Noncurrent	0	0	0	0	0	0	0	0	0	0	0	0
Assets	2	3	2	3	3	4	4	3	3	4	4	4
Liabilities And Stockhold…
Operating Lease Liability Current	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Current	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities Current
Liabilities Current	0	0	0	0	0	0	0	0	0	0	0	0
Accrued Liabilities Current	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	-	-	-	-	-	-	-	-	-	-	-	0
Deferred Revenue Current	-	-	-	0	0	-	-	-	0	-	-	-
Operating Lease Liability Noncurrent	1	1	1	1	1	1	1	-	-	-	0	0
Liabilities	1	1	1	1	1	1	1	0	0	0	0	0
Common Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Stockholders Equity
Additional Paid In Capital Common Stock	130	130	129	128	128	128	128	128	128	128	128	128
Stockholders Equity	1	2	1	1	2	2	3	3	3	3	4	4
Retained Earnings Accumulated Deficit	-129	-128	-128	-127	-127	-126	-126	-125	-125	-125	-124	-124
Liabilities And Stockholders Equity	2	3	2	3	3	4	4	3	3	4	4	4
Allowance For Doubtful Accounts Receivable Current	2	1	1	1	1	1	1	1	1	1	1	1
Common Stock Par Or Stated Value Per Share	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Shares Authorized	100	100	100	100	100	100	100	100	100	100	100	100
Common Stock Shares Issued	35	35	34	34	34	34	34	34	34	34	34	34
Shares Outstanding	35	35	34	34	34	34	34	34	34	34	34	34

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10‑Q10‑K

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10‑Q10‑K

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	2.67%	-36.00%	-38.67%	-	-	-	-	-	-	-	-	-
2025	53.78%	38.66%	54.62%	-14.01%	-1.91%	27.39%	18.12%	-13.75%	-20.63%	-10.10%	-3.03%	-24.24%
2024	5.50%	-8.00%	-3.00%	23.04%	21.47%	5.24%	-6.70%	-22.01%	-23.44%	-14.29%	-20.30%	27.82%
2023	-	-	-	-	-	-	4.90%	-6.86%	-2.94%	15.04%	40.71%	82.30%
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Performance and Valuation Metrics

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Metrics	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Liquidity Ratios
Current Ratio	3.54	6.38	3.84	7.61	7.04	11.96	10.21	16.19	8.18	7.49	12.89	14.80
Quick Ratio	3.15	5.77	3.60	7.08	6.46	11.02	9.86	15.31	7.65	6.94	12.54	14.18
Working Capital	1.04M	1.70M	846.06K	1.40M	1.69M	2.31M	2.48M	2.67M	2.80M	2.85M	3.30M	3.65M
Leverage & Debt
Debt to Equity	1.20	0.73	1.41	0.85	0.76	0.55	0.55	0.06	0.13	0.14	0.09	0.10
Debt Ratio	0.55	0.42	0.59	0.46	0.43	0.36	0.36	0.06	0.12	0.12	0.09	0.09
Efficiency & Turnover
Asset Turnover TTM	0.23	0.20	0.36	0.43	0.37	0.43	0.34	0.41	0.31	0.22	0.20	0.14
Days Sales Outstanding TTM	207.63	395.98	173.65	211.14	241.13	222.18	227.06	219.71	248.88	358.25	319.62	361.98
Receivables Turnover TTM	1.76	0.92	2.10	1.73	1.51	1.64	1.61	1.66	1.47	1.02	1.14	1.01
Per Share Metrics
Diluted EPS TTM	-0.06	-0.07	-0.06	-0.06	-0.05	-0.03	-0.04	-0.04	-0.04	-0.06	-0.06	-0.07
Free Cash Flow Per Share TTM	-0.04	-0.04	-0.04	-0.02	-0.03	-0.03	-0.02	-0.04	-0.05	-0.06	-0.07	-0.07
Dividend Per Share TTM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Margin Metrics
Operating Profit Margin TTM	-348.14%	-347.24%	-190.16%	-161.57%	-156.33%	-76.60%	-107.96%	-90.02%	-125.46%	-206.63%	-223.54%	-322.85%
Net Profit Margin TTM	-343.85%	-342.98%	-182.44%	-153.83%	-143.69%	-66.15%	-98.19%	-80.52%	-116.36%	-193.71%	-209.80%	-308.54%
Growth Metrics
Net Revenue Growth (1Y)	-46.47%	-55.89%	-16.04%	-16.49%	-4.46%	62.28%	46.83%	102.07%	79.29%	58.75%	68.54%	16.87%
Net Income Growth (1Y)	28.09%	128.70%	55.99%	59.54%	17.97%	-44.58%	-31.28%	-47.26%	-34.00%	-24.58%	-28.51%	-14.90%
EPS Growth (1Y)	23.61%	125.28%	55.40%	58.93%	17.52%	-44.81%	-31.42%	-47.28%	-34.01%	-25.08%	-31.46%	-19.16%
Valuation Metrics
P/E TTM	-8.06	-13.13	-21.55	-28.34	-31.42	-36.33	-43.71	-62.03	-41.43	-23.07	-17.71	-16.13
P/B TTM	16.14	17.62	47.21	35.68	30.69	15.67	22.01	26.00	20.63	14.13	9.61	9.39
P/S TTM	27.71	45.04	39.31	43.59	45.15	24.04	42.92	49.95	48.21	44.69	37.15	49.76
Market Cap	18.13M	31.43M	44.08M	53.50M	55.18M	38.02M	57.32M	73.40M	61.67M	43.56M	33.79M	36.19M
Enterprise Value	17.04M	30.15M	43.41M	52.37M	53.91M	36.67M	55.33M	71.76M	59.77M	41.47M	31.31M	35.67M
Calculated Values
Free Cash Flow TTM	-1.56M	-1.45M	-1.33M	-817.60K	-932.23K	-1.04M	-790.44K	-1.39M	-1.65M	-2.09M	-2.30M	-2.31M
Net Debt	-1.09M	-1.28M	-664.30K	-1.13M	-1.27M	-1.35M	-1.99M	-1.65M	-1.91M	-2.09M	-2.48M	-524.99K
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
NCAV
NCAV Per Share TTM
Valuation Ratios
P/CF TTM
PEG Ratio
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
EV Revenue TTM
EV FCF TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2024-06-14Purchase

Owner: Kaganowicz, Alexander

Title: -

Shares: 2,000

Price/Share: $1.94

Value: $3,880.00

Shares Owned: 164,923

Relationship: Director

Ownership: Direct

2024-06-07Purchase

Owner: Daigle, Darryl

Title: -

Shares: 4,300

Price/Share: $1.74

Value: $7,482.00

Shares Owned: 33,926

Relationship: Director,TenPercentOwner

Ownership: Indirect

2024-02-07Purchase

Owner: Daigle, Darryl

Title: -

Shares: 1,000

Price/Share: $1.00

Value: $1,000.00

Shares Owned: 4,269

Relationship: Director

Ownership: Indirect

2023-12-11Purchase

Owner: Daigle, Darryl

Title: -

Shares: 7,750

Price/Share: $0.97

Value: $7,517.50

Shares Owned: 217,192

Relationship: Director

Ownership: Direct

2023-10-02Purchase

Owner: Daigle, Darryl

Title: -

Shares: 500

Price/Share: $1.05

Value: $525.00

Shares Owned: 3,269

Relationship: Director

Ownership: Indirect

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2024-06-14	Kaganowicz, Alexander	Director	-	Direct	Purchase	2,000	1.94	$3,880.00	164,923	4
2024-06-07	Daigle, Darryl	Director,TenPercentOwner	-	Indirect	Purchase	4,300	1.74	$7,482.00	33,926	4
2024-02-07	Daigle, Darryl	Director	-	Indirect	Purchase	1,000	1.00	$1,000.00	4,269	4
2023-12-11	Daigle, Darryl	Director	-	Direct	Purchase	7,750	0.97	$7,517.50	217,192	4
2023-10-02	Daigle, Darryl	Director	-	Indirect	Purchase	500	1.05	$525.00	3,269	4
2023-09-13	Daigle, Darryl	Director	-	Direct	Purchase	1,600	1.35	$2,160.00	209,442	4
2023-06-16	Daigle, Darryl	Director	-	Direct	Purchase	4,700	1.49	$7,003.00	207,842	4
2023-06-15	Daigle, Darryl	Director	-	Indirect	Purchase	4,400	1.59	$6,996.00	129,400	4
2023-02-09	Daigle, Darryl	Director	-	Direct	Purchase	3,500	2.00	$7,000.00	203,142	4
2023-01-25	Daigle, Darryl	Director	-	Indirect	Purchase	3,500	2.00	$7,000.00	25,226	4
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Institutional Ownership

No data available for chart

2026-03-31

11.20%

Inst. Shares: 3,824,553

Shares Outstanding: 34,159,694

2025-12-31

11.79%

Inst. Shares: 3,968,649

Shares Outstanding: 33,648,221

2025-09-30

12.50%

Inst. Shares: 4,204,626

Shares Outstanding: 33,648,221

2025-06-30

12.98%

Inst. Shares: 4,368,201

Shares Outstanding: 33,648,221

2025-03-31

13.39%

Inst. Shares: 4,506,618

Shares Outstanding: 33,648,221

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	3,824,553	34,159,694	11.20%
2025-12-31	3,968,649	33,648,221	11.79%
2025-09-30	4,204,626	33,648,221	12.50%
2025-06-30	4,368,201	33,648,221	12.98%
2025-03-31	4,506,618	33,648,221	13.39%
2024-12-31	4,118,451	33,520,904	12.29%
2024-09-30	3,198,328	33,517,787	9.54%
2024-06-30	3,136,840	33,517,787	9.36%
2024-03-31	1,948,416	33,510,408	5.81%
2023-12-31	1,969,757	33,453,627	5.89%
2023-09-30	2,078,166	33,509,287	6.20%
2023-06-30	2,226,641	33,509,287	6.64%
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RESEARCH FRONTIERS INC (REFR) — SEC Financial Statements & Analysis

RESEARCH FRONTIERS INC (REFR) is a patent owners & lessors company, incorporated in DE. RESEARCH FRONTIERS INC trades on Nasdaq as: REFR. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), RESEARCH FRONTIERS INC reported a -46.47% year-over-year revenue growth, a Debt-to-Equity ratio of 1.20x, a Price-to-Sales (P/S) ratio of 27.71x (TTM), a Price-to-Book (P/B) ratio of 16.14x (TTM), at a market cap of $18.13M. Figures below are sourced from SEC EDGAR, as-filed.

Net Revenue TTM Growth 1Y: -46.47%
Debt To Equity: 1.20x
P/S TTM: 27.71x
P/B TTM: 16.14x
Market Cap: $18.13M

Data as of 2026-06-30 · Source: SEC EDGAR

Frequently Asked Questions

What industry is RESEARCH FRONTIERS INC in?

RESEARCH FRONTIERS INC (REFR) operates in the Patent Owners & Lessors industry.

What is REFR's market cap?

RESEARCH FRONTIERS INC (REFR) has a market capitalization of $18.13M as of 2026-06-30.

What exchange does REFR trade on?

RESEARCH FRONTIERS INC (REFR) trades on the Nasdaq.

Where is RESEARCH FRONTIERS INC incorporated?

RESEARCH FRONTIERS INC is incorporated in DE.