Research Frontiers IncResearch Frontiers Inc
Research Frontiers Inc

Research Frontiers Inc

REFR
Information Technology·Electronic Equipment, Instruments & Components

Research Frontiers, Inc. engages in development, licensing and commercialization of suspended particle device (SPD) light-control technology for automobiles, homes, buildings, aircraft, boats, exhibition and display applications markets. It develops and licenses technologies to other companies that manufactures and markets SPD-smart chemical emulsion or light-control film made from chemical emulsion, lamination services and electronics to power end-products incorporating the film, skylights and sunroofs. The company was founded by Robert L. Saxe in October 1965 and is headquartered in Woodbury, NY.

New York; U.S.A
Market cap
No dataNo data
Revenue
$1.1M−16.0% YoY
Net income
$-2M−56.0% YoY
Free cash flow
$-1.3M−68.2% YoY

Market

Listed stock
REFRPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$1.1M−16.0% YoY
Operating income
$-2.1M−47.9% YoY
Net income
$-2M−56.0% YoY
Free cash flow
$-1.3M−68.2% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $1.3M, 2022 $539.7K, 2023 $909.6K, 2024 $1.3M, 2025 $1.1M. Operating income: 2021 $-1.8M, 2022 $-2.6M, 2023 $-2M, 2024 $-1.4M, 2025 $-2.1M. Net income: 2021 $-1.8M, 2022 $-2.7M, 2023 $-1.9M, 2024 $-1.3M, 2025 $-2M. Free cash flow: 2021 $-1.8M, 2022 $-2.2M, 2023 $-2.3M, 2024 $-790.4K, 2025 $-1.3M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-16.0%−6287 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-1.8M, 2022-12-31 $-2.6M, 2023-12-31 $-2M, 2024-12-31 $-1.4M, 2025-12-31 $-2.1M. Net income: 2021-12-31 $-1.8M, 2022-12-31 $-2.7M, 2023-12-31 $-1.9M, 2024-12-31 $-1.3M, 2025-12-31 $-2M. Free cash flow: 2021-12-31 $-1.8M, 2022-12-31 $-2.2M, 2023-12-31 $-2.3M, 2024-12-31 $-790.4K, 2025-12-31 $-1.3M

Growth heatmap

2022202320242025CAGR
Revenue
-57.3%
+68.5%
+46.8%
-16.0%
-2.9%
Gross profit
-114.6%
-1375.4%
+39.9%
-74.7%
No data
Operating income
-42.8%
+22.5%
+29.1%
-47.9%
No data
Free cash flow
-21.0%
-5.2%
+65.6%
-68.2%
No data

Earnings quality

Operating cash flow
$-1.3M−68.5% YoY
Net income
$-2M−56.0% YoY
Free cash flow
$-1.3M−68.2% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 65%, 2024-12-31 60%, 2023-12-31 120%, 2022-12-31 82%, 2021-12-31 98%. Free cash flow: 2025-12-31 65%, 2024-12-31 60%, 2023-12-31 120%, 2022-12-31 82%, 2021-12-31 98%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
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Free cash flow yield
No data
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No data
No data