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RESEARCH FRONTIERS INC

REFR Clue Score39
United States Fiscal year ends December CIK 0000793524
$0.59 -4.68% Close, 9 Oct 2026
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Price $0.59 −75.28% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.2Operating income−4.3Net income−4.2Fiscal year 2017Revenue1.5 +22.1%Operating income−2.4Net income−2.4Fiscal year 2018Revenue1.5 −1.4%Operating income−2.4Net income−2.7Fiscal year 2019Revenue1.6 +5.1%Operating income−3.1Net income−3.8Fiscal year 2020Revenue0.8 −47.0%Operating income−2.6Net income−2.3Fiscal year 2021Revenue1.3 +52.5%Operating income−1.8Net income−1.8Fiscal year 2022Revenue0.5 −57.3%Operating income−2.6Net income−2.7EPS, diluted−0.08Fiscal year 2023Revenue0.9 +68.5%Operating income−2.0Net income−1.9EPS, diluted−0.06Fiscal year 2024Revenue1.3 +46.8%Operating income−1.4Net income−1.3EPS, diluted−0.04Fiscal year 2025Revenue1.1 −16.0%Operating income−2.1Net income−2.0EPS, diluted−0.06
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.2 1.5 1.5 1.6 0.8 1.3 0.5 0.9 1.3 1.1
Growth +22.1% −1.4% +5.1% −47.0% +52.5% −57.3% +68.5% +46.8% −16.0%
Operating income −4.3 −2.4 −2.4 −3.1 −2.6 −1.8 −2.6 −2.0 −1.4 −2.1
Net income −4.2 −2.4 −2.7 −3.8 −2.3 −1.8 −2.7 −1.9 −1.3 −2.0
Growth
EPS, diluted n/a n/a n/a n/a n/a n/a −0.08 −0.06 −0.04 −0.06
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−345.3%Net margin−342.9%Free cash flow margin−325.0%Fiscal year 2017Operating margin−160.3%Net margin−160.0%Free cash flow margin−97.9%Fiscal year 2018Operating margin−162.4%Net margin−180.4%Free cash flow margin−139.9%Fiscal year 2019Operating margin−201.4%Net margin−243.5%Free cash flow margin−137.3%Fiscal year 2020Operating margin−311.1%Net margin−282.6%Free cash flow margin−278.7%Fiscal year 2021Operating margin−145.6%Net margin−146.2%Free cash flow margin−142.9%Fiscal year 2022Operating margin−486.4%Net margin−494.6%Free cash flow margin−404.7%Fiscal year 2023Operating margin−223.5%Net margin−209.8%Free cash flow margin−252.5%Fiscal year 2024Operating margin−108.0%Net margin−98.2%Free cash flow margin−59.2%Fiscal year 2025Operating margin−190.2%Net margin−182.4%Free cash flow margin−118.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −345.3% −160.3% −162.4% −201.4% −311.1% −145.6% −486.4% −223.5% −108.0% −190.2%
Net margin −342.9% −160.0% −180.4% −243.5% −282.6% −146.2% −494.6% −209.8% −98.2% −182.4%
Free cash flow margin −325.0% −97.9% −139.9% −137.3% −278.7% −142.9% −404.7% −252.5% −59.2% −118.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−4.0Capital expenditure−0.0Free cash flow−4.0Fiscal year 2017Operating cash flow−1.5Capital expenditure−0.0Free cash flow−1.5Fiscal year 2018Operating cash flow−2.1Capital expenditure−0.0Free cash flow−2.1Fiscal year 2019Operating cash flow−2.1Capital expenditure−0.1Free cash flow−2.1Fiscal year 2020Operating cash flow−2.3Capital expenditure−0.1Free cash flow−2.3Fiscal year 2021Operating cash flow−1.8Capital expenditure−0.0Free cash flow−1.8Fiscal year 2022Operating cash flow−2.2Capital expenditure−0.0Free cash flow−2.2Fiscal year 2023Operating cash flow−2.3Capital expenditure−0.0Free cash flow−2.3Fiscal year 2024Operating cash flow−0.8Capital expenditure−0.0Free cash flow−0.8Fiscal year 2025Operating cash flow−1.3Capital expenditure−0.0Free cash flow−1.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −4.0 −1.5 −2.1 −2.1 −2.3 −1.8 −2.2 −2.3 −0.8 −1.3
Capital expenditure −0.0 −0.0 −0.0 −0.1 −0.1 −0.0 −0.0 −0.0 −0.0 −0.0
Free cash flow −4.0 −1.5 −2.1 −2.1 −2.3 −1.8 −2.2 −2.3 −0.8 −1.3
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash1.7Shareholders’ equity4.9Fiscal year 2017Cash1.7Shareholders’ equity2.6Fiscal year 2018Cash3.0Shareholders’ equity3.1Fiscal year 2019Cash6.6Shareholders’ equity7.1Fiscal year 2020Cash4.8Shareholders’ equity5.3Fiscal year 2021Cash0.3Shareholders’ equity3.8Fiscal year 2022Cash4.2Shareholders’ equity4.8Fiscal year 2023Cash2.5Shareholders’ equity3.5Fiscal year 2024Cash2.0Shareholders’ equity2.6Fiscal year 2025Cash0.7Shareholders’ equity0.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.7 1.7 3.0 6.6 4.8 0.3 4.2 2.5 2.0 0.7
Shareholders’ equity 4.9 2.6 3.1 7.1 5.3 3.8 4.8 3.5 2.6 0.9

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−345.3% −160.3% −162.4% −201.4% −311.1% −145.6% −486.4% −223.5% −108.0% −190.2%
−342.9% −160.0% −180.4% −243.5% −282.6% −146.2% −494.6% −209.8% −98.2% −182.4%
−325.0% −97.9% −139.9% −137.3% −278.7% −142.9% −404.7% −252.5% −59.2% −118.6%
Spending
114.7% 53.0% 58.0% 66.2% 75.8% 45.9% 112.9% 64.1% 42.7% 54.3%
330.6% 207.3% n/a n/a n/a n/a n/a n/a n/a n/a
0.9% 0.4% 0.8% 4.2% 6.8% 0.1% 0.2% 0.2% 0.1% 0.1%
Returns
−86.4% −94.0% −86.7% −54.0% −43.9% −48.8% −55.6% −54.2% −50.4% −219.1%
−80.4% −83.8% −66.2% −46.1% −37.8% −40.6% −49.7% −49.6% −32.5% −90.8%
Balance and payout
n/a n/a 23.6% 14.5% 14.1% 16.8% 10.6% 8.6% 35.5% 58.5%