Research Frontiers (REFR) Stock Insights

REFR price $0.44 +0.02 +4.54%

Ticker
REFR
Price
$0.44
Change
+0.02 +4.54%
Market cap ?
$15.35M
P/E ?
-6.55
Forward P/E ?
22.00
Dividend yield ?
0.00%
Beta ?
0.59
Sector
Technology
Industry
Hardware, Equipment & Parts

Financials

2016201720182019202020212022202320242025
1236097150907014886421564024828450126303453968690959813355311121248

Research Frontiers Incorporated (REFR) stands as a global innovator, focusing on the development and commercialization of advanced light-regulating technologies and associated devices. The company's core business revolves around its proprietary Suspended Particle Device (SPD-Smart) light-control technology, which it licenses to other businesses. These licensees then undertake the manufacturing and marketing of…

Fair value

REFR fair value $0.45. Price $0.44. Price is about fair value.

Fair value is an estimate of what one share is worth if future cash flows arrive as modeled. It is not a forecast of the share price. How discounted cash flow works.

Calculated with a 10-year free-cash-flow discount. Starting free cash flow 187.47K. Growth 20.00%. When analyst earnings forecasts are available, free cash flow in those years is forecast earnings times the company's usual conversion of earnings into free cash flow, kept between 60% and 130%. Years with fewer than 3 analyst estimates are left out. Growth then fades in a straight line to terminal growth by year 10, starting from the last well-covered year's growth, or from the pace across those years when the final year slows sharply, kept between 0% and 20%. Without those forecasts, year-1 growth is analyst revenue growth for the next full fiscal year, or 5-year historical revenue growth when that forecast is missing, held for five years, then fading in a straight line to terminal growth by year 10. Terminal growth 3.00%. Discount rate 8.70% (beta 0.8). Beta is kept between 0.8 and 2.0, which on its own would make the discount rate 8.7% to 15.3%. The rate is then capped at 12%. A cap is used because a discount above 12% pushes higher-beta stocks further from the price. The discount rate stays at least 5 percentage points above terminal growth. Shares 34.87M. Net debt 501.99K. The earnings value is next-12-months earnings per share, or trailing earnings when that forecast is missing, times the median P/E of the company's industry. That median uses listed stocks worth at least $10 billion with a positive P/E of 100 or below, and the industry needs at least eight of them. Otherwise the sector median is used when that group also has at least eight, then the market median of those large companies. The multiple used is the lower of that median and 1.25 times the stock's own 10-year median P/E, then kept between 8 and 30. If the stock has no 10-year median, the peer median is kept between 8 and 30. Fair value is the average of the cash-flow value and the earnings value when both exist. Card and credit companies use the earnings value only, because changes in customer receivables distort free cash flow. Model uncertainty is high when fair value is more than 60% from the price, or when most of the cash-flow value sits after year 10.

Compare REFR

Earnings

DateEPS actualEPS estimateRevenueRevenue estimate
2026-11-05————
2026-08-06-0.02—86.35K—
2026-05-07-0.02—136.32K—
2026-03-05-0.02—72.12K—
2025-11-06-0.01—359.44K—
2025-08-07-0.02—129.90K—
2025-05-08-0.01—559.78K—
2025-03-06-0.02—178.15K—
2024-11-07-0.00—354.41K—
2024-08-01-0.00—489.59K371.00K
2024-05-09-0.01—313.38K371.00K
2024-03-07-0.02—312.24K371.00K
2023-11-02-0.01—164.15K371.00K
2023-08-03-0.01—185.04K371.00K
2023-05-04-0.01—248.18K371.00K
2023-03-09-0.02—129.90K371.00K
2022-11-03-0.02—150.44K371.00K
2022-08-04-0.02—85.51K371.00K
2022-05-05-0.02—173.83K371.00K
2022-03-09-0.06—212.51K371.00K
2021-11-040.00—723.47K371.00K
2021-08-05-0.02—113.94K371.00K
2021-05-06-0.02—213.12K371.00K
2021-03-11-0.06—130.54K371.00K
2020-11-05-0.01—165.63K—
2020-08-06-0.01—176.11K—
2020-05-07-0.02—356.17K—
2020-03-12-0.04—381.46K—
2019-11-07-0.01—462.87K—
2019-08-08-0.05—301.04K—
2019-05-14-0.02—418.66K—
2019-03-14-0.02—370.79K—
2018-11-08-0.02-0.01359.73K119.91K
2018-08-13-0.02-0.01324.85K480.00K
2018-05-14-0.03—433.27K—
2018-03-08-0.03-0.02279.44K186.67K
2017-11-02-0.01-0.02488.34K490.00K
2017-08-03-0.02-0.01348.18K525.00K
2017-05-04-0.04-0.05393.12K390.00K
2017-03-13-0.06-0.04277.76K186.67K

Dividends

Yield 0.00%. Payout ratio 0.00%. Frequency —.

Safety score 37/100 · Watch. Payout ratio is 0% of earnings. Free-cash-flow coverage is not available, so this part stays neutral. No dividend history was found. There is no dividend yield.

Ex-dateDividendRecordPaymentFrequency
No data yet.

Insider trades

DateInsiderActionSharesPriceValue
2025-12-31Daigle DarrylBuy45.00K$1.3359.85K
2025-12-31HARARY JOSEPH MBuy65.00K$1.3386.45K
2025-12-31Kaganowicz AlexanderBuy45.00K$1.3359.85K
2024-12-31HARARY JOSEPH MBuy60.00K$1.68100.80K
2024-12-31LAPOINTE MICHAEL RBuy6.00K$1.6810.08K
2024-12-31Daigle DarrylBuy45.00K$1.6875.60K
2024-12-31Kaganowicz AlexanderBuy45.00K$1.6875.60K
2024-12-31Peso EyalBuy45.00K$1.6875.60K
2024-06-14Kaganowicz AlexanderBuy2.00K$1.943.88K
2024-06-07Daigle DarrylBuy4.30K$1.747.48K
2024-02-07Daigle DarrylBuy1.00K$1.001.00K
2023-12-31LAPOINTE MICHAEL RBuy6.00K$1.026.12K
2023-12-31Kaganowicz AlexanderBuy45.00K$1.0245.90K
2023-12-31HARARY JOSEPH MBuy60.00K$1.0261.20K
2023-12-31Daigle DarrylBuy45.00K$1.0245.90K
2023-12-31Peso EyalBuy45.00K$1.0245.90K
2023-12-11Daigle DarrylBuy7.75K$0.977.52K
2023-10-02Daigle DarrylBuy500$1.05525
2023-09-13Daigle DarrylBuy1.60K$1.352.16K
2023-09-13Daigle DarrylBuy5.35K$1.407.49K
2023-06-16Daigle DarrylBuy4.70K$1.497.00K
2023-06-15Daigle DarrylBuy4.40K$1.597.00K
2023-06-04Peso EyalOther0——
2023-02-09Daigle DarrylBuy3.50K$2.007.00K
2023-01-25Daigle DarrylBuy3.50K$2.007.00K
2022-12-31Kaganowicz AlexanderBuy45.00K——
2022-12-31HARARY JOSEPH MBuy60.00K——
2022-12-31LAPOINTE MICHAEL RBuy6.00K——
2022-12-31Daigle DarrylBuy45.00K——
2021-12-31LAPOINTE MICHAEL RBuy5.00K$1.728.60K
2021-12-31Daigle DarrylBuy40.00K$1.7268.80K
2021-12-31HARARY JOSEPH MBuy55.00K$1.7294.60K
2021-12-31Kaganowicz AlexanderBuy40.00K$1.7268.80K
2021-12-31Settle William GrahamBuy40.00K$1.7268.80K
2020-12-31LAPOINTE MICHAEL RBuy5.00K$2.7913.93K
2020-12-31Daigle DarrylBuy40.00K$2.79111.40K
2020-12-31Kaganowicz AlexanderBuy40.00K$2.79111.40K
2020-12-31Settle William GrahamBuy40.00K$2.79111.40K
2020-12-31HARARY JOSEPH MBuy55.00K$2.79153.18K
2020-08-25DOUGLAS KEVINSell95.00K$2.16204.75K
2020-08-25DOUGLAS KEVINSell57.00K$2.16122.85K
2020-08-25DOUGLAS KEVINSell38.00K$2.1681.90K
2020-08-17Settle William GrahamSell0——
2020-08-17Settle William GrahamSell0——
2020-08-07DOUGLAS KEVINSell50.00K$3.56178.00K
2020-08-07DOUGLAS KEVINSell30.00K$3.56106.80K
2020-08-07DOUGLAS KEVINSell20.00K$3.5671.20K
2020-07-28DOUGLAS KEVINSell50.00K$3.20160.00K
2020-07-28DOUGLAS KEVINSell30.00K$3.2096.00K
2020-07-28DOUGLAS KEVINSell20.00K$3.2064.00K
2020-07-20DOUGLAS KEVINSell52.02K$3.28170.63K
2020-07-20DOUGLAS KEVINSell31.21K$3.28102.38K
2020-07-20DOUGLAS KEVINSell20.81K$3.2868.25K
2020-07-17DOUGLAS KEVINSell13.96K$3.2945.92K
2020-07-17DOUGLAS KEVINSell8.37K$3.2927.55K
2020-07-17DOUGLAS KEVINSell5.58K$3.2918.36K
2020-07-16DOUGLAS KEVINSell5.76K$3.3119.08K
2020-07-16DOUGLAS KEVINSell3.46K$3.3111.45K
2020-07-16DOUGLAS KEVINSell2.31K$3.317.63K
2020-07-15DOUGLAS KEVINSell13.30K$3.4545.89K
2020-07-15DOUGLAS KEVINSell7.98K$3.4527.53K
2020-07-15DOUGLAS KEVINSell5.32K$3.4518.35K
2020-07-14DOUGLAS KEVINSell8.83K$3.3629.67K
2020-07-14DOUGLAS KEVINSell5.30K$3.3617.80K
2020-07-14DOUGLAS KEVINSell3.53K$3.3611.87K
2020-07-13DOUGLAS KEVINSell7.76K$3.4526.79K
2020-07-13DOUGLAS KEVINSell4.66K$3.4516.07K
2020-07-13DOUGLAS KEVINSell3.11K$3.4510.72K
2020-07-01DOUGLAS KEVINSell900$3.853.46K
2020-07-01DOUGLAS KEVINSell540$3.852.08K
2020-07-01DOUGLAS KEVINSell360$3.851.39K
2020-06-30DOUGLAS KEVINSell16.25K$3.9163.52K
2020-06-30DOUGLAS KEVINSell9.75K$3.9138.11K
2020-06-30DOUGLAS KEVINSell6.50K$3.9125.41K
2020-06-29DOUGLAS KEVINSell34.02K$3.97135.07K
2020-06-29DOUGLAS KEVINSell20.41K$3.9781.04K
2020-06-29DOUGLAS KEVINSell13.61K$3.9754.03K
2020-06-26DOUGLAS KEVINSell52.02K$4.53235.66K
2020-06-26DOUGLAS KEVINSell31.21K$4.53141.40K
2020-06-26DOUGLAS KEVINSell20.81K$4.5394.26K
2020-06-25DOUGLAS KEVINSell19.55K$5.0498.55K
2020-06-25DOUGLAS KEVINSell11.73K$5.0459.13K
2020-06-25DOUGLAS KEVINSell7.82K$5.0439.42K
2020-06-25LAPOINTE MICHAEL RSell4.00K$1.064.24K
2020-06-25LAPOINTE MICHAEL RBuy2.28K$2.896.58K
2020-06-25LAPOINTE MICHAEL RBuy1.97K$1.833.60K
2020-06-25LAPOINTE MICHAEL RSell3.00K$1.835.49K
2020-06-25LAPOINTE MICHAEL RBuy3.20K$1.063.39K
2020-06-25LAPOINTE MICHAEL RSell5.00K$2.8914.45K
2020-05-29HARARY JOSEPH MBuy19.59K$3.1160.91K
2020-05-29HARARY JOSEPH MBuy22.09K$2.8963.84K
2020-05-29HARARY JOSEPH MSell55.00K$2.89158.95K
2020-05-29HARARY JOSEPH MSell55.00K$3.11171.05K
2020-02-21HARARY JOSEPH MBuy36.93K$1.0639.14K
2020-02-21HARARY JOSEPH MSell50.00K$1.0653.00K
2020-02-21VAN VOORHEES SETHSell25.00K$1.8345.75K
2020-02-21VAN VOORHEES SETHSell30.00K$1.0631.80K
2020-02-21VAN VOORHEES SETHBuy4.66K$3.1114.50K
2020-02-21VAN VOORHEES SETHBuy5.75K$2.8916.61K
2020-02-21VAN VOORHEES SETHBuy45.27K$1.0045.27K

Institutional holders

Latest filed quarter: Q2 2026.

Institutions holding: 36, holders 0 vs prior quarter. Ownership 10.76%.

HolderSharesChangeChange %Value
MGO ONE SEVEN LLC886.60K886.60KNew461.03K
VANGUARD CAPITAL MANAGEMENT LLC580.65K12.50K+2.20%301.94K
BLACKROCK, INC.532.54K-75.86K-12.47%276.92K
FOCUS PARTNERS WEALTH496.42K00.00%258.14K
GEODE CAPITAL MANAGEMENT, LLC305.85K3.09K+1.02%159.09K
VANGUARD FIDUCIARY TRUST CO177.03K00.00%92.06K
SUSQUEHANNA INTERNATIONAL GROUP, LLP155.07K140.07K+933.77%80.64K
STATE STREET CORP105.62K00.00%54.92K
SHUFRO ROSE & CO LLC97.50K00.00%50.70K
NORTHERN TRUST CORP52.63K00.00%27.37K
RENAISSANCE TECHNOLOGIES LLC40.79K-27.51K-40.28%21.21K
FREEGULLIVER LLC20.00K00.00%10.40K
TCTC HOLDINGS, LLC20.00K20.00KNew10.40K
HM PAYSON & CO20.00K00.00%10.40K
RAYMOND JAMES FINANCIAL INC17.88K00.00%9.30K
XTX TOPCO LTD17.50K-15.47K-46.91%9.10K
KINGSVIEW WEALTH MANAGEMENT, LLC17.15K-27.80K-61.85%8.92K
CGN ADVISORS LLC14.35K14.35KNew7.46K
FOCUS ADVISOR SOLUTIONS, LLC14.09K00.00%7.33K
MERCER GLOBAL ADVISORS INC /ADV14.00K00.00%7.28K
SCHONFELD STRATEGIC ADVISORS LLC13.86K00.00%7.21K
CITADEL ADVISORS LLC13.20K13.20KNew6.86K
JANE STREET GROUP, LLC12.65K1.07K+9.28%6.58K
GOLDMAN SACHS GROUP INC11.56K-6.95K-37.53%6.01K
VANGUARD GLOBAL ADVISERS, LLC11.11K00.00%5.78K

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Research Frontiers (REFR) Stock Insights

REFR$0.44+0.02 +4.54%

$15.35M

Market Cap

-6.55

P/E

22.00

Forward P/E

—

Score

Price History