Research Frontiers Incorporated

Research Frontiers Incorporated

REFRยทNASDAQ

$1.54

+3.4%
TechnologyHardware, Equipment & Parts

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

At a Glance

Live Snapshot
Market Cap$51.82M
EPS-0.0391
P/E Ratio-39.39
Earnings Date05/06/2026
Research Frontiers Incorporated

Research Frontiers Incorporated Fair Value Envelope

REFR ยท NASDAQ

Our analysis suggests that REFR has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $1.54, this represents a potential HIDDEN relative to our calculated worth for Research Frontiers Incorporated.

Intrinsic Value
Current Price: $1.54

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value-$160.6M
+ Cash & Equivalents$2.0M
Firm Value-$158.6M
- Debt$1.3M
Equity Value-$159.9M
/ Shares Outstanding33,648,221B
DCF Value-$5
OVERVALUED BY 409%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
-$1.3M
-$2.2M
-$3.6M
-$5.9M
-$9.8M
-$16.3M
-$26.9M
-$44.6M
-$73.8M
-$122.2M
Maintenance CapEx
-$537
-$890
-$1.5K
-$2.4K
-$4.0K
-$6.7K
-$11.1K
-$18.3K
-$30.4K
-$50.3K
Owner Earnings
-$1.3M
-$2.2M
-$3.6M
-$5.9M
-$9.8M
-$16.3M
-$26.9M
-$44.6M
-$73.8M
-$122.3M
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
-$1.2M
-$1.9M
-$2.8M
-$4.4M
-$6.7M
-$10.2M
-$15.7M
-$24.1M
-$36.9M
-$56.6M
Terminal Value represents 0.0% of Enterprise Value
Negative Owner Earnings
This company generates negative free cash flow. Consider adjusting maintenance CapEx percentage or check the financial data.