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Research Frontiers Incorporated (REFR) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Research Frontiers Incorporated stock $0.22, price $0.37, that is 40.3% below the price, quality 42 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Technology US

RF Research Frontiers Incorporated logo Thin data Nov 11, 2026

Research Frontiers Incorporated

REFR · US
Very expensive, weak quality

Our calculation puts a fair price 40% below what the stock costs today.

Low debt
Quality 42/100
Expensive Growth (revenue 5y +6.2 %/yr in USD)
Revenue last quarter 34% below a year ago.
Fair value $0.2208 · Strongly overvalued
Loss-making · -182.4% net margin (FY2025)
Negative free cash flow
Trails peers (1/10)
Narrow moat 6/100 · thin data
Thin data
Estimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$2.88 $0.3500 Fair Value $0.2208 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range $0.3500 – $2.88 · fair‑value band $0.1656 – $0.2760 · the $0.3700 price screens above the $0.2208 fair value. As of Nov 11, 2026.

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Company profile

Research Frontiers Incorporated, together with other subsidiary, engages in the development and marketing of technology and devices to control the flow of light worldwide.

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It 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.

The company's 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, heads up displays and navigation systems; aircraft windows; museum display panels, and eyewear products; and flat panel displays for electronic products.

It serves architectural, automotive, marine, and aerospace and appliance applications. The company was incorporated in 1965 and is headquartered in Woodbury, New York.

Stock analysis

Research Frontiers Incorporated (REFR) currently trades at $0.3700, while our estimate is $0.2208, 40% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $0.1656 (bear) to $0.2760 (bull), the price of $0.3700 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 42/100 (below-average quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Research Frontiers Incorporated reported revenue of $1.1M in FY2025 versus $1.3M in FY2021, a compound −2.9%/yr. Reported net income was −$2.0M in FY2025.

Key figures

Market cap $14.0M Micro · P/S ratio 21.4 · EPS (TTM) $−0.0700 · Return on equity −154% · Return on assets (EBIT) −54.5% (5-year average) · Operating margin −776% · Revenue (TTM) $654K · Revenue growth (YoY) −33.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 82% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at −40%, REFR screens richer than that median.

Fair Value

Bear $0.1656 Fair Value $0.2208 Bull $0.2760
Price $0.3700 · Downside -40.3%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 42/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 21
How much profit the company makes from its sales and capital
Quality Growth 36
Are margins and returns getting better?
Cashflow 3
Do the profits arrive as real cash?
Financial strength 64
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 41
How calm the share price moves, does not count
Price momentum 7
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 57
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 20/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−16.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
Start year 2020 (pandemic). Over 10 years: −5.7% a year
Revenue growth 38 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.5%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−311.1% (2020) → −190.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

REFR screens overvalued: fair value 40% below the price. Compare with Amphenol Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Components · 693 stocks

Beats the industry median on 0/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 42 · Bottom 25%
Fair Value upside −40.3% · Below median
Profitability
Return on assets −90.8% · Bottom 25%
Net margin (12 months) −182.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −33.5% · Bottom 25%

Valuation Multiplesvs Electronic Components median · lower = cheaper

P/B 14.99× · Priciest 25%
P/S (12 months) 21.39× · Priciest 25%
PEG 3.15× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 71
PAST (return on equity)0 · sector 26
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 25

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Hon Hai Precision Industry Co 2317 241.50 TWD 292.29 TWD +21% vs REFR
TE Connectivity plc TEL $217.76 $224.30 +3% vs REFR
Asia Vital Components Co 3017 2,790 TWD 2,737 TWD −2% vs REFR
Shengyi Technology Co 600183 ¥70.93 ¥66.42 −6% vs REFR
Amphenol Corporation APH $79.95 $70.91 −11% vs REFR
Celestica Inc CLS $223.89 $109.91 −51% vs REFR
Delta Electronics, Inc 2308 1,275 TWD 519.57 TWD −59% vs REFR
Luxshare Precision Industry Co 002475 ¥51.68 ¥18.44 −64% vs REFR
Corning Incorporated GLW $112.13 $33.72 −70% vs REFR
Samsung Electro-Mechanics Co 009150 882,000 KRW 171,572 KRW −81% vs REFR

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Research Frontiers Incorporated: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Research Frontiers Incorporated Fair Value". https://www.fairvalue-calculator.com/stock/REFR

Frequently asked questions

Is Research Frontiers Incorporated (REFR) overvalued or undervalued?
As of Nov 11, 2026, our estimate of fair value is $0.2208 versus a price of $0.3700, about 40% lower (overvalued).
What is the fair value of REFR?
Our estimate for Research Frontiers Incorporated is $0.2208 (as of Nov 11, 2026), built from audited fundamentals. The current price: $0.3700.
What is the quality score of REFR?
Research Frontiers Incorporated has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Research Frontiers Incorporated (REFR)?
Our calculated price target is the estimate of $0.2208 (as of Nov 11, 2026). Cautious scenario $0.1656, optimistic scenario $0.2760. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Research Frontiers Incorporated stock forecast for 2026?
Our estimate puts fair value at $0.2208, about 40% lower versus a price of $0.3700 (overvalued). Cautious scenario $0.1656, optimistic scenario $0.2760. The calculation is refreshed regularly with new filings.
What is the revenue of Research Frontiers Incorporated (REFR)?
Research Frontiers Incorporated reported trailing-twelve-month revenue of about $654K (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Research Frontiers Incorporated (REFR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Research Frontiers Incorporated it is $0.2208 per share (as of Nov 11, 2026), against a price of $0.3700.
Is Research Frontiers Incorporated stock overvalued or undervalued in 2026?
As of Nov 11, 2026, REFR trades above its calculated fair value: price $0.3700, fair value $0.2208, a gap of about −40% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of REFR?
No. The price is what the market pays today ($0.3700); the fair value is what the company's own numbers justify ($0.2208). For Research Frontiers Incorporated the two are $0.1492 per share apart. That gap is exactly why we show both numbers side by side.
How much is Research Frontiers Incorporated worth?
The market values Research Frontiers Incorporated at about $14.0M (market capitalisation, as of Nov 11, 2026). Per share that is $0.3700; our models calculate a fair value of $0.2208 per share.
What do the bullish and bearish scenarios say about REFR?
Our models span a range for Research Frontiers Incorporated: cautious scenario $0.1656, base $0.2208, optimistic $0.2760 per share (as of Nov 11, 2026, price $0.3700). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of REFR?
The PEG ratio of Research Frontiers Incorporated is 3.15 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Research Frontiers Incorporated (REFR)?
Balance-sheet figures for Research Frontiers Incorporated (as of Nov 11, 2026): return on equity −154.0%. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is REFR from its 52-week high?
Research Frontiers Incorporated trades at $0.3700, about 82% below its 52-week high of $2.08 and 6% above the low of $0.3500 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $0.2208 is for.
Which stocks are comparable to Research Frontiers Incorporated?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Research Frontiers Incorporated stock attractive at the current price?
The data as of Nov 11, 2026: price $0.3700, calculated fair value $0.2208 (−40%), Quality Score 42/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Research Frontiers Incorporated itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Research Frontiers Incorporated (REFR)?
The closing price on Nov 10, 2026 was $0.3700. Our estimate is $0.2208, about 40% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Research Frontiers Incorporated right now?
The price sits above even our optimistic bull case ($0.2760). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Research Frontiers Incorporated

How large is the market capitalisation of Research Frontiers Incorporated (REFR)?
The market capitalisation of Research Frontiers Incorporated is $14.0M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Research Frontiers Incorporated (REFR)?
The price-to-sales ratio of Research Frontiers Incorporated is 21.4 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Research Frontiers Incorporated (REFR)?
Earnings per share at Research Frontiers Incorporated are $−0.0700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Research Frontiers Incorporated (REFR)?
The return on equity (ROE) of Research Frontiers Incorporated is −154% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Research Frontiers Incorporated (REFR)?
On an EBIT basis the return on assets of Research Frontiers Incorporated is −54.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Research Frontiers Incorporated (REFR)?
The operating margin of Research Frontiers Incorporated is −776% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Research Frontiers Incorporated (REFR)?
Revenue at Research Frontiers Incorporated is growing −33.5% versus a year earlier (3y avg +27.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Research Frontiers Incorporated (REFR) generate?
The free cash flow of Research Frontiers Incorporated is −$1.3M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Research Frontiers Incorporated (REFR) carry?
The net debt of Research Frontiers Incorporated is $502K (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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