Research Frontiers Inc. (REFR) intrinsic value & 10-year financials
Research Frontiers Inc. (REFR) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 1.1% a year to $1.1M, with an average return on invested capital of -156.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $0.56
- Market cap
- $18.8M
- Revenue (FY2025)
- $1.1M
- Revenue growth (10-yr CAGR)
- -1.1%
- ROIC (10-yr avg)
- -156.0%
- Free cash flow (FY2025)
- -$1.3M
REFR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1M | -$2.0M | -$0.06 | -$1.3M | -190.2% | -133.4% |
| FY2024 | $1.3M | -$1.3M | -$0.04 | -$790.4K | -108.0% | -91.3% |
| FY2023 | $909.6K | -$1.9M | -$0.06 | -$2.3M | -223.5% | -197.7% |
| FY2022 | $539.7K | -$2.7M | -$0.08 | -$2.2M | -486.4% | -111.0% |
| FY2021 | $1.3M | -$1.8M | — | -$1.8M | -145.6% | -71.3% |
| FY2020 | $828.5K | -$2.3M | — | -$2.3M | -311.1% | -189.0% |
| FY2019 | $1.6M | -$3.8M | — | -$2.1M | -204.6% | -298.3% |
| FY2018 | $64.8K | -$2.7M | — | -$2.1M | -3730.5% | — |
| FY2017 | $1.5M | -$2.4M | — | -$1.5M | -160.3% | — |
| FY2016 | $1.2M | -$4.2M | — | -$4.0M | -345.3% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RESEARCH FRONTIERS INC is facing top-line stagnation, with revenue contracting over the decade.
RESEARCH FRONTIERS INC has historically struggled to out-earn its cost of capital, averaging just -59.1% ROIC.
RESEARCH FRONTIERS INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RESEARCH FRONTIERS INC is modeled at -1.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.33 per share.