RESEARCH FRONTIERS INC REFR
Nasdaq · XNAS · stock · Patent Owners & Lessors
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3/9
Piotroski F — financial health
-187.92
Altman Z″ — distress risk · distress
—
Dividend payout · no dividend
Financials (annual, from 10-K)
| FY | Revenue | Net income | Gross profit | Free cash flow | Equity |
|---|---|---|---|---|---|
| 2025 | $1.1M | -$2.0M | — | -$1.3M | $933,626 |
| 2024 | $1.3M | -$1.3M | — | -$790,442 | $2.6M |
| 2023 | $909,598 | -$1.9M | — | -$2.3M | $3.5M |
| 2022 | $539,686 | -$2.7M | — | -$2.2M | $4.8M |
| 2021 | $1.3M | -$1.8M | — | -$1.8M | $3.8M |
| 2020 | $828,450 | -$2.3M | — | -$2.3M | $5.3M |
Why these scores methodology →
Piotroski F-score: 3/9
- Positive return on assets
- Positive operating cash flow
- Rising ROA
- Cash flow exceeds net income
- Lower long-term debt
- Rising current ratio
- No share dilution
- Rising gross margin
- Rising asset turnover
Altman Z″: -187.92 (distress)
- Working capital / assets 0.376
- Retained earnings / assets -56.677
- EBIT / assets -0.947
- Equity / liabilities 0.708
Source: SEC EDGAR filings · CIK 0000793524 · as of 2025-12-31. Figures are facts from filings plus Stocktoria's own computed scores — not investment advice.