Research Frontiers (NasdaqCM:REFR) - Share price, News & Analysis

REFR fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

REFR Stock Overview

Research Frontiers Incorporated develops and markets technology and devices to control the flow of light worldwide.

Rewards

Earnings have grown 7.9% per year over the past 5 years

Risk Analysis

Does not have meaningful revenue ($1M)

Does not have a meaningful market cap ($50M)

Research Frontiers Competitors

NYSE:MMM

US$82.9b

Compagnie de Saint-Gobain

ENXTPA:SGO

€27.2b

Crown ElectroKinetics

NasdaqCM:CRKN

US$13.9m

Price History & Performance

Summary of all time highs, changes and price drops for Research Frontiers
Historical stock prices
Current Share Price	US$1.59
52 Week High	US$3.18
52 Week Low	US$1.34
Beta	0.61
1 Month Change	-20.10%
3 Month Change	-11.17%
1 Year Change	-27.73%
3 Year Change	-46.10%
5 Year Change	50.00%
Change since IPO	-60.90%

Shareholder Returns

	REFR	US Electronic	US Market
7D	-4.2%	-5.0%	-4.0%
1Y	-27.7%	-16.2%	-13.2%

Return vs Industry: REFR underperformed the US Electronic industry which returned -15% over the past year.

Return vs Market: REFR underperformed the US Market which returned -12.3% over the past year.

Price Volatility

Is REFR's price volatile compared to industry and market?
REFR volatility
REFR Average Weekly Movement	11.4%
Electronic Industry Average Movement	7.7%
Market Average Movement	7.8%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	2.9%

Stable Share Price: REFR is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 11% a week.

Volatility Over Time: REFR's weekly volatility (11%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1965	6	Joe Harary	https://www.smartglass.com

Research Frontiers Incorporated develops and markets technology and devices to control the flow of light worldwide. 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, and electronics to power end-products incorporating the film, as well as lamination services for and 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.

Research Frontiers Fundamentals Summary

How do Research Frontiers's earnings and revenue compare to its market cap?
REFR fundamental statistics
Market Cap	US$50.32m
Earnings (TTM)	-US$1.92m
Revenue (TTM)	US$1.22m

41.1x

P/S Ratio

-26.2x

P/E Ratio

Is REFR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
REFR income statement (TTM)
Revenue	US$1.22m
Cost of Revenue	US$2.50m
Gross Profit	-US$1.27m
Other Expenses	US$644.18k
Earnings	-US$1.92m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.061
Gross Margin	-104.04%
Net Profit Margin	-156.68%
Debt/Equity Ratio	0%

How did REFR perform over the long term?

See historical performance and comparison

Valuation

Is Research Frontiers undervalued compared to its fair value and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

15.95x

Price to Book (PB) ratio

Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate REFR's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate REFR's fair value for valuation analysis.

Price To Earnings Ratio

PE vs Industry: REFR is unprofitable, so we can't compare its Price-To-Earnings Ratio to the US Electronic industry average.

PE vs Market: REFR is unprofitable, so we can't compare its Price-To-Earnings Ratio to the US market.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate REFR's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: REFR is overvalued based on its Price-To-Book Ratio (15.9x) compared to the US Electronic industry average (1.9x).

Future Growth

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

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

14.3%

Forecasted Tech industry annual growth in earnings

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 SimplyWall St do have past financial data.

Past Performance

How has Research Frontiers performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

7.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: REFR is currently unprofitable.

Growing Profit Margin: REFR is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: REFR is unprofitable, but has reduced losses over the past 5 years at a rate of 7.9% per year.

Accelerating Growth: Unable to compare REFR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: REFR is unprofitable, making it difficult to compare its past year earnings growth to the Electronic industry (34.4%).

Return on Equity

High ROE: REFR has a negative Return on Equity (-60.76%), as it is currently unprofitable.

Financial Health

How is Research Frontiers's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: REFR's short term assets ($3.3M) exceed its short term liabilities ($287.7K).

Long Term Liabilities: REFR's short term assets ($3.3M) exceed its long term liabilities ($416.6K).

Debt to Equity History and Analysis

Debt Level: REFR is debt free.

Reducing Debt: REFR had no debt 5 years ago.

Balance Sheet

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.

Stable Cash Runway: REFR has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: REFR has sufficient cash runway for 1.3 years if free cash flow continues to grow at historical rates of 9.5% each year.

Dividend

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

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate REFR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate REFR's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if REFR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if REFR's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as REFR has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

9.9yrs

Average board tenure

CEO

Joe Harary (60 yo)

30.08yrs

Tenure

US$669,099

Compensation

Mr. Joseph M. Harary is also known as Joe, joined Research Frontiers Incorporated as its Vice President and General Counsel in April 1992 and has been a director of the Company since February 1993. He had...

CEO Compensation Analysis

Compensation vs Market: Joe's total compensation ($USD669.10K) is about average for companies of similar size in the US market ($USD770.27K).

Compensation vs Earnings: Joe's compensation has been consistent with company performance over the past year.

Board Members

Experienced Board: REFR's board of directors are considered experienced (9.9 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/24 00:00
End of Day Share Price	2022/05/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31