Loading...

Research Frontiers

Nasdaq:REFR
Snowflake Description

Flawless balance sheet with weak fundamentals.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
REFR
Nasdaq
$65M
Market Cap
  1. Home
  2. US
  3. Tech
Company description

Research Frontiers Incorporated develops and markets technology and devices to control the flow of light in the United States. The last earnings update was 9 days ago. More info.


Add to Portfolio Compare Print
  • Research Frontiers has significant price volatility in the past 3 months.
REFR Share Price and Events
7 Day Returns
-1.3%
NasdaqCM:REFR
-2.7%
US Electronic
-1.1%
US Market
1 Year Returns
144.1%
NasdaqCM:REFR
3.5%
US Electronic
6.4%
US Market
REFR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Research Frontiers (REFR) -1.3% -8.2% 77.2% 144.1% -53.6% -57.4%
US Electronic -2.7% -2.5% 22.5% 3.5% 56.7% 56.4%
US Market -1.1% 0.3% 16.7% 6.4% 37.9% 42.1%
1 Year Return vs Industry and Market
  • REFR outperformed the Electronic industry which returned 3.5% over the past year.
  • REFR outperformed the Market in United States of America which returned 6.4% over the past year.
Price Volatility
REFR
Industry
5yr Volatility vs Market
Related Companies

REFR Value

 Is Research Frontiers undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
  • It is not possible to calculate the future cash flow value for Research Frontiers. This is due to cash flow or dividend data being unavailable. The share price is $2.25.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Research Frontiers's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Research Frontiers's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqCM:REFR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-0.10
NasdaqCM:REFR Share Price ** NasdaqCM (2019-03-22) in USD $2.25
United States of America Electronic Industry PE Ratio Median Figure of 92 Publicly-Listed Electronic Companies 19.06x
United States of America Market PE Ratio Median Figure of 3,061 Publicly-Listed Companies 17.15x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Research Frontiers.

NasdaqCM:REFR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqCM:REFR Share Price ÷ EPS (both in USD)

= 2.25 ÷ -0.10

-21.74x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Research Frontiers is loss making, we can't compare its value to the US Electronic industry average.
  • Research Frontiers is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Research Frontiers's expected growth come at a high price?
Raw Data
NasdaqCM:REFR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -21.74x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United States of America Electronic Industry PEG Ratio Median Figure of 60 Publicly-Listed Electronic Companies 1.5x
United States of America Market PEG Ratio Median Figure of 2,104 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Research Frontiers, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Research Frontiers's assets?
Raw Data
NasdaqCM:REFR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $0.11
NasdaqCM:REFR Share Price * NasdaqCM (2019-03-22) in USD $2.25
United States of America Electronic Industry PB Ratio Median Figure of 151 Publicly-Listed Electronic Companies 2.01x
United States of America Market PB Ratio Median Figure of 5,164 Publicly-Listed Companies 1.84x
NasdaqCM:REFR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqCM:REFR Share Price ÷ Book Value per Share (both in USD)

= 2.25 ÷ 0.11

20.08x

* Primary Listing of Research Frontiers.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Research Frontiers is overvalued based on assets compared to the US Electronic industry average.
X
Value checks
We assess Research Frontiers's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. Research Frontiers has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

REFR Future Performance

 How is Research Frontiers expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Research Frontiers has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17%
Expected Electronic industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Research Frontiers expected to grow at an attractive rate?
  • Unable to compare Research Frontiers's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Research Frontiers's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Research Frontiers's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqCM:REFR Future Growth Rates Data Sources
Data Point Source Value (per year)
United States of America Electronic Industry Earnings Growth Rate Market Cap Weighted Average 17%
United States of America Electronic Industry Revenue Growth Rate Market Cap Weighted Average 5.6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.2%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqCM:REFR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqCM:REFR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
NasdaqCM:REFR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 1 -2 -3
2018-09-30 1 -2 -3
2018-06-30 2 -2 -2
2018-03-31 2 -2 -2
2017-12-31 2 -1 -2
2017-09-30 2 -2 -3
2017-06-30 1 -3 -3
2017-03-31 1 -4 -4
2016-12-31 1 -4 -4
2016-09-30 1 -3 -5
2016-06-30 1 -3 -5
2016-03-31 2 -4 -4

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Research Frontiers is high growth as no earnings estimate data is available.
  • Unable to determine if Research Frontiers is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqCM:REFR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Research Frontiers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:REFR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
NasdaqCM:REFR Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -0.10
2018-09-30 -0.11
2018-06-30 -0.10
2018-03-31 -0.09
2017-12-31 -0.10
2017-09-30 -0.13
2017-06-30 -0.14
2017-03-31 -0.17
2016-12-31 -0.18
2016-09-30 -0.19
2016-06-30 -0.20
2016-03-31 -0.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Research Frontiers will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine Research Frontiers's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. Research Frontiers's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Tech companies here
  3. Research Frontiers's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Research Frontiers's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Research Frontiers has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

REFR Past Performance

  How has Research Frontiers performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Research Frontiers's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Research Frontiers does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Research Frontiers's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Research Frontiers's 1-year growth to the US Electronic industry average as it is not currently profitable.
Earnings and Revenue History
Research Frontiers's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Research Frontiers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:REFR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1.49 -2.69 0.86
2018-09-30 1.40 -2.72 0.86
2018-06-30 1.53 -2.34 0.86
2018-03-31 1.55 -2.26 0.81
2017-12-31 1.51 -2.41 0.80
2017-09-30 1.51 -3.13 0.86
2017-06-30 1.32 -3.39 0.92
2017-03-31 1.22 -4.01 1.22
2016-12-31 1.24 -4.24 1.42
2016-09-30 1.34 -4.67 1.65
2016-06-30 1.48 -4.88 1.73
2016-03-31 2.04 -4.24 1.56
2015-12-31 2.01 -4.28 1.59
2015-09-30 2.07 -3.93 1.59
2015-06-30 2.08 -3.80 1.59
2015-03-31 1.67 -4.46 1.61
2014-12-31 1.60 -4.41 1.62
2014-09-30 1.58 -5.66 1.87
2014-06-30 1.64 -5.98 1.97
2014-03-31 1.76 -5.62 2.02
2013-12-31 2.16 -6.04 2.20
2013-09-30 2.29 -3.94 1.89
2013-06-30 2.25 -3.84 1.83
2013-03-31 2.18 -3.85 1.83
2012-12-31 1.96 -3.17 1.67
2012-09-30 1.76 -3.28 1.55
2012-06-30 1.49 -3.22 1.52
2012-03-31 1.18 -3.35 1.46

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Research Frontiers has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Research Frontiers has efficiently used its assets last year compared to the US Electronic industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Research Frontiers improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Research Frontiers's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Research Frontiers has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

REFR Health

 How is Research Frontiers's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Research Frontiers's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Research Frontiers is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Research Frontiers's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Research Frontiers's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Research Frontiers has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Research Frontiers Company Filings, last reported 2 months ago.

NasdaqCM:REFR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3.10 0.00 2.97
2018-09-30 3.73 0.00 3.40
2018-06-30 2.58 0.00 1.86
2018-03-31 3.08 0.00 2.30
2017-12-31 2.57 0.00 1.74
2017-09-30 3.16 0.00 2.19
2017-06-30 3.46 0.00 2.41
2017-03-31 3.95 0.00 2.57
2016-12-31 4.90 0.00 3.21
2016-09-30 6.22 0.00 4.51
2016-06-30 6.78 0.00 5.31
2016-03-31 7.90 0.00 6.19
2015-12-31 9.08 0.00 7.23
2015-09-30 10.34 0.00 7.94
2015-06-30 11.00 0.00 7.10
2015-03-31 11.18 0.00 8.03
2014-12-31 12.08 0.00 9.07
2014-09-30 12.93 0.00 11.72
2014-06-30 13.47 0.00 12.57
2014-03-31 10.86 0.00 10.18
2013-12-31 11.87 0.00 10.94
2013-09-30 12.04 0.00 11.17
2013-06-30 12.72 0.00 12.09
2013-03-31 13.30 0.00 12.87
2012-12-31 14.17 0.00 13.44
2012-09-30 9.41 0.00 9.02
2012-06-30 3.10 0.00 2.89
2012-03-31 3.77 0.00 3.09
  • Research Frontiers has no debt.
  • Research Frontiers has not taken on any debt in the past 5 years.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Research Frontiers has sufficient cash runway for 1.4 years based on current free cash flow.
  • Research Frontiers has sufficient cash runway for 1.6 years if free cash flow continues to reduce at historical rates of -29.3% each year.
X
Financial health checks
We assess Research Frontiers's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Research Frontiers has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

REFR Dividends

 What is Research Frontiers's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Research Frontiers dividends.
If you bought $2,000 of Research Frontiers shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Research Frontiers's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Research Frontiers's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqCM:REFR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Electronic Industry Average Dividend Yield Market Cap Weighted Average of 38 Stocks 1.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.9%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqCM:REFR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Research Frontiers has not reported any payouts.
  • Unable to verify if Research Frontiers's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Research Frontiers's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Research Frontiers has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Research Frontiers's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Research Frontiers afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Research Frontiers has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

REFR Management

 What is the CEO of Research Frontiers's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joe Harary
COMPENSATION $691,645
AGE 57
TENURE AS CEO 10.2 years
CEO Bio

Mr. Joseph M. Harary, also known as Joe, joined Research Frontiers Incorporated as its Vice President and General Counsel in 1992 and has been a director of the Company since 1993. He has been Secretary at Research Frontiers Inc. since 2007. After various promotions, Mr. Harary became President and Chief Operating Officer in 2002, and Chief Executive Officer starting in January 2009. Mr. Harary served as Treasurer and Chief Financial Officer of the Company from 2005 to 2010. Mr. Harary has actively managed and directed all aspects of the Company's business including licensing, raising private and public equity capital, marketing, and government relations. Working closely with Chairman Robert L. Saxe, during Joe Harary’s tenure, the company’s intellectual property portfolio -- patents and patent applications for SPD-Smart™ technology worldwide -- has grown to over 500, making Research Frontiers the industry leader in smart glass light-control technology. He and the executive team are responsible for building an SPD supply chain infrastructure through the licensing of premier companies that include the world’s largest chemical and glass companies, and building global awareness of the benefits of SPD-SmartGlass technology. In 2007, Research Frontiers’ licensees began producing and selling to their customers next-generation SPD-Smart film and end-products. Prior to joining Research Frontiers, Mr. Harary’s corporate law practice emphasized technology, licensing, mergers and acquisitions, securities law, and intellectual property law at three prestigious New York City law firms. Mr. Harary graduated Summa Cum Laude from Columbia College with an A.B. degree in economics, and received a Juris Doctor degree from Columbia Law School where he was a Harlan Fiske Stone Scholar as well as an editor of the Columbia Law Review. Prior to attending law school, Mr. Harary worked as an economist with the Federal Reserve Bank of New York. Mr. Harary is frequently asked to share his business experience with other companies directly, and as a speaker and published author in the fields of intellectual property, corporate law, and smart glass. His online column, “Ask Joe,” is popular among the growing number of visitors to the Company’s website (SmartGlass.com). Mr. Harary has also served as a guest lecturer at Fordham University’s Accelerated MBA Program, and serves on the boards of various charities including the Imagine Academy which helps children with autism and their families.

CEO Compensation
  • Joe's compensation has been consistent with company performance over the past year.
  • Joe's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Research Frontiers management team in years:

9.2
Average Tenure
57
Average Age
  • The average tenure for the Research Frontiers management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Joe Harary

TITLE
CEO, President
COMPENSATION
$692K
AGE
57
TENURE
10.2 yrs

Seth Van Voorhees

TITLE
CFO, VP of Business Development
COMPENSATION
$269K
AGE
57
TENURE
8.2 yrs

Steve Slovak

TITLE
Vice President of Technology
COMPENSATION
$169K
AGE
56
TENURE
11.2 yrs

Michael LaPointe

TITLE
Vice President of Aerospace Products
COMPENSATION
$120K
AGE
59
TENURE
5.7 yrs
Board of Directors Tenure

Average tenure and age of the Research Frontiers board of directors in years:

8.2
Average Tenure
60
Average Age
  • The tenure for the Research Frontiers board of directors is about average.
Board of Directors

Joe Harary

TITLE
CEO, President
COMPENSATION
$692K
AGE
57
TENURE
26.1 yrs

Gregory Grimes

TITLE
Director
COMPENSATION
$42K
AGE
49
TENURE
8.2 yrs

Darryl Daigle

TITLE
Director
COMPENSATION
$42K
AGE
60
TENURE
6.8 yrs

Alexander Kaganowicz

TITLE
Director
COMPENSATION
$42K
AGE
71
TENURE
5.8 yrs

Albert Malvino

TITLE
Member of Advisory Board
COMPENSATION
$180K
AGE
87
TENURE
16.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
21. Nov 18 Buy Alexander Kaganowicz Individual 20. Nov 18 20. Nov 18 5,000 $1.24 $6,200
20. Nov 18 Buy Darryl Daigle Individual 19. Nov 18 19. Nov 18 3,225 $1.23 $3,979
19. Nov 18 Buy Joseph Harary Individual 19. Nov 18 19. Nov 18 5,000 $1.24 $6,213
16. Oct 18 Buy Darryl Daigle Individual 15. Oct 18 15. Oct 18 1,500 $1.66 $2,495
12. Oct 18 Sell Gregory Grimes Individual 10. Oct 18 10. Oct 18 -18,000 $1.72 $-31,000
12. Oct 18 Buy Darryl Daigle Individual 11. Oct 18 11. Oct 18 2,000 $1.74 $3,480
22. Sep 18 Buy Kevin Douglas Individual 11. Sep 18 11. Sep 18 543,479 $0.92 $500,001
23. Jul 18 Buy Darryl Daigle Individual 19. Jul 18 19. Jul 18 2 $0.81 $2
23. Jul 18 Buy Darryl Daigle Individual 20. Jul 18 23. Jul 18 2,498 $0.85 $2,119
17. Jul 18 Buy Darryl Daigle Individual 16. Jul 18 16. Jul 18 3,000 $0.82 $2,460
13. Jul 18 Buy Darryl Daigle Individual 11. Jul 18 13. Jul 18 639 $0.83 $527
26. Jun 18 Buy Alexander Kaganowicz Individual 25. Jun 18 25. Jun 18 10,000 $0.79 $7,850
07. Jun 18 Buy Darryl Daigle Individual 06. Jun 18 06. Jun 18 3,063 $0.90 $2,757
06. Jun 18 Buy Darryl Daigle Individual 05. Jun 18 05. Jun 18 2,500 $0.92 $2,300
05. Jun 18 Buy Joseph Harary Individual 04. Jun 18 04. Jun 18 5,000 $0.85 $4,250
04. Jun 18 Buy Darryl Daigle Individual 31. May 18 31. May 18 1,019 $0.81 $825
31. May 18 Buy Darryl Daigle Individual 30. May 18 30. May 18 1,012 $0.81 $820
16. May 18 Buy Darryl Daigle Individual 16. May 18 16. May 18 7,450 $0.87 $6,482
16. May 18 Buy Joseph Harary Individual 16. May 18 16. May 18 10,000 $0.87 $8,700
X
Management checks
We assess Research Frontiers's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Research Frontiers has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

REFR News

Simply Wall St News

Is Research Frontiers Incorporated (NASDAQ:REFR) Overpaying Its CEO?

How Does Joe Harary's Compensation Compare With Similar Sized Companies. … Our data indicates that Research Frontiers Incorporated is worth US$62m, and total annual CEO compensation is US$692k. … We examined a group of similar sized companies, with market capitalizations of below US$200m

Simply Wall St -

Is Research Frontiers's Share Price Gain Of 157% Well Earned?

Because Research Frontiers is loss-making, we think the market is probably more focussed on revenue and revenue growth, at least for now. … Generally speaking, companies without profits are expected to grow revenue every year, and at a good clip. … In the last year Research Frontiers saw its revenue shrink by 7.3%.

Simply Wall St -

Need To Know: Research Frontiers Incorporated (NASDAQ:REFR) Insiders Have Been Buying Shares

So before you buy or sell Research Frontiers Incorporated (NASDAQ:REFR), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'.

Simply Wall St -

Will You Be Burnt By Research Frontiers Incorporated's (NASDAQ:REFR) Cash Burn?

Trailing twelve-month data shows us that Research Frontiers Incorporated's (NASDAQ:REFR) earnings loss has accumulated to -US$2.7m. … Additional cash raising may dilute the value of your shares, and since Research Frontiers is currently burning more cash than it is making, it’s likely the business will need funding for future growth. … Currently, Research Frontiers has US$3.4m in cash holdings and producing negative cash flows from its day-to-day activities of -US$2.1m.

Simply Wall St -

Should You Worry About Research Frontiers Incorporated's (NASDAQ:REFR) CEO Pay Cheque?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Joe Harary's Compensation Compare With Similar Sized Companies. … According to our data, Research Frontiers Incorporated has a market capitalization of US$43m, and pays its CEO total annual compensation worth US$692k.

Simply Wall St -

Is Research Frontiers Incorporated (NASDAQ:REFR) Overpaying Its CEO?

Leading Research Frontiers Incorporated (NASDAQ:REFR) as the CEO, Joe Harary took the company to a valuation of US$23.77m. … Understanding how CEOs are incentivised to run and grow their company is an important aspect of investing in a stock. … CEOs leading companies of similar size and profitability

Simply Wall St -

Will You Be Burnt By Research Frontiers Incorporated's (NASDAQ:REFR) Cash Burn?

As the US$20.60m market cap Research Frontiers Incorporated (NASDAQ:REFR) released another year of negative earnings, investors may be on edge waiting for breakeven. … Cash is crucial to run a business, and if a company burns through its reserves fast, it will need to come back to market for additional capital raising. … Today I’ve examined Research Frontiers’s financial data from its most recent earnings update, to roughly assess when the company may need to raise new capital.

Simply Wall St -

How Much is Research Frontiers Incorporated's (NASDAQ:REFR) CEO Getting Paid?

Therefore I will use earnings as a proxy of Harary's performance in the past year. … In the past year, REFR delivered negative earnings of -US$2.41M. … Typically I'd use market cap and profit as factors determining performance, however, REFR's negative earnings reduces the effectiveness of this method.

Simply Wall St -

Who Are The Major Shareholders In Research Frontiers Incorporated (NASDAQ:REFR)?

Insider Ownership Another important group of shareholders are company insiders. … Private Company Ownership Potential investors in REFR should also look at another important group of investors: private companies, with a stake of 13.10%, who are primarily invested because of strategic and capital gain interests. … Thus, investors should dig deeper into REFR's business relations with these companies and how it can affect shareholder returns in the long-term.Next Steps: While institutional ownership in REFR is low, active hedge funds still have a significant stake in the company.

Simply Wall St -

Is Research Frontiers Incorporated (NASDAQ:REFR) Growing Too Fast?

View our latest analysis for Research Frontiers What is cash burn? … Currently, Research Frontiers has US$1.74M in cash holdings and producing negative cash flows from its day-to-day activities of -US$1.47M. … NasdaqCM:REFR Income Statement Mar 30th 18 When will Research Frontiers need to raise more cash?

Simply Wall St -

REFR Company Info

Description

Research Frontiers Incorporated develops and markets technology and devices to control the flow of light in the United States. The company develops and licenses suspended particle device (SPD-Smart) light-control technology to companies that manufacture and market the SPD-Smart chemical emulsion, light-control film made from the chemical emulsion, the light-control panels made by laminating the film, lamination services, and electronics to power end-products incorporating the film, as well as the end-products, such as windows, skylights, and sunroofs. Its SPD-Smart light-control technology is used in various product applications, including windows, sunshades, skylights, and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels, and navigation systems; aircraft windows; museum display panels and eyewear products; and flat panel displays for electronic products. The company serves aerospace, architectural, automotive, and marine industries. Research Frontiers Incorporated was founded in 1965 and is headquartered in Woodbury, New York.

Details
Name: Research Frontiers Incorporated
REFR
Exchange: NasdaqCM
Founded: 1965
$64,500,369
28,666,831
Website: http://www.smartglass.com
Address: Research Frontiers Incorporated
240 Crossways Park Drive,
Woodbury,
New York, 11797,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqCM REFR Common Stock Nasdaq Capital Market US USD 08. Jul 1986
Number of employees
Current staff
Staff numbers
9
Research Frontiers employees.
Industry
Electronic Equipment and Instruments
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/23 23:42
End of day share price update: 2019/03/22 00:00
Last estimates confirmation: 2017/03/13
Last earnings filing: 2019/03/14
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.