NasdaqCM:REFR

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Flawless balance sheet with weak fundamentals.


Similar Companies

Share Price & News

How has Research Frontiers's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: REFR is more volatile than 75% 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, but is still higher than 75% of US stocks.


Market Performance


7 Day Return

1.4%

REFR

3.3%

US Electronic

2.8%

US Market


1 Year Return

-11.6%

REFR

20.1%

US Electronic

20.9%

US Market

Return vs Industry: REFR underperformed the US Electronic industry which returned 20% over the past year.

Return vs Market: REFR underperformed the US Market which returned 20.7% over the past year.


Shareholder returns

REFRIndustryMarket
7 Day1.4%3.3%2.8%
30 Day2.9%17.9%11.1%
90 Day22.2%19.5%6.5%
1 Year-11.6%-11.6%21.3%20.1%23.6%20.9%
3 Year167.6%167.6%33.0%29.2%47.3%37.6%
5 Year-42.2%-42.2%108.7%98.8%94.3%72.9%

Long-Term Price Volatility Vs. Market

How volatile is Research Frontiers's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

15.08x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate REFR's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate REFR's fair value to establish if it is undervalued.


Price To Earnings Ratio

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

PE vs Market: REFR is unprofitable, so we can't compare its PE 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 PB Ratio (15.1x) compared to the US Electronic industry average (2.3x).


Next Steps

Future Growth

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

35.1%

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.


Next Steps

Past Performance

How has Research Frontiers performed over the past 5 years?

9.2%

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 9.2% 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 (-14.1%).


Return on Equity

High ROE: REFR has a negative Return on Equity (-46.15%), as it is currently unprofitable.


Next Steps

Financial Health

How is Research Frontiers's financial position?


Financial Position Analysis

Short Term Liabilities: REFR's short term assets ($6.1M) exceed its short term liabilities ($289.7K).

Long Term Liabilities: REFR's short term assets ($6.1M) exceed its long term liabilities ($689.1K).


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 2.5 years if free cash flow continues to grow at historical rates of 15.7% each year.


Next Steps

Dividend

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


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.


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of REFR's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

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

9.8yrs

Average management tenure


CEO

Joe Harary (59 yo)

11.83yrs

Tenure

US$804,605

Compensation

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...


CEO Compensation Analysis

Compensation vs Market: Joe's total compensation ($USD804.61K) is above average for companies of similar size in the US market ($USD561.31K).

Compensation vs Earnings: Joe's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Joseph Harary
CEO, President11.83yrsUS$804.61k1.58%
$ 1.4m
Seth Van Voorhees
CFO, VP of Business Development9.83yrsUS$279.69k0.73%
$ 647.6k
Michael LaPointe
Vice President of Aerospace Products7.33yrsUS$72.55k0.14%
$ 121.2k

9.8yrs

Average Tenure

59yo

Average Age

Experienced Management: REFR's management team is seasoned and experienced (9.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Joseph Harary
CEO, President11.83yrsUS$804.61k1.58%
$ 1.4m
Albert Malvino
Member of Advisory Board18.42yrsUS$179.88kno data
Darryl Daigle
Independent Director8.42yrsUS$156.76k1.33%
$ 1.2m
Alexander Kaganowicz
Independent Director7.42yrsUS$156.76k0.58%
$ 511.8k
William Settle
Director0.25yrno data0.71%
$ 633.3k

8.4yrs

Average Tenure

62yo

Average Age

Experienced Board: REFR's board of directors are considered experienced (8.4 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.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

Company Information

Research Frontiers Incorporated's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Research Frontiers Incorporated
  • Ticker: REFR
  • Exchange: NasdaqCM
  • Founded: 1965
  • Industry: Electronic Equipment and Instruments
  • Sector: Tech
  • Market Cap: US$88.728m
  • Shares outstanding: 31.58m
  • Website: https://www.smartglass.com

Number of Employees


Location

  • Research Frontiers Incorporated
  • 240 Crossways Park Drive
  • Woodbury
  • New York
  • 11797-2033
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
REFRNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDJul 1986
RFRDB (Deutsche Boerse AG)YesCommon StockDEEURJul 1986

Biography

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 tec...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/28 23:06
End of Day Share Price2020/11/27 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.