Research Frontiers Incorporated (REFR) - Net Assets
Based on the latest financial reports, Research Frontiers Incorporated (REFR) has net assets worth $933.63K USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($2.25 Million) and total liabilities ($1.32 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Research Frontiers Incorporated liquid asset ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $933.63K |
| % of Total Assets | 41.46% |
| Annual Growth Rate | -2.34% |
| 5-Year Change | -75.33% |
| 10-Year Change | -80.97% |
| Growth Volatility | 182.73 |
Research Frontiers Incorporated - Net Assets Trend (1987–2025)
This chart illustrates how Research Frontiers Incorporated's net assets have evolved over time, based on quarterly financial data. Also explore total assets of Research Frontiers Incorporated for the complete picture of this company's asset base.
Annual Net Assets for Research Frontiers Incorporated (1987–2025)
The table below shows the annual net assets of Research Frontiers Incorporated from 1987 to 2025. For live valuation and market cap data, see REFR stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $933.63K | -64.15% |
| 2024-12-31 | $2.60 Million | -25.97% |
| 2023-12-31 | $3.52 Million | -26.67% |
| 2022-12-31 | $4.80 Million | +26.77% |
| 2021-12-31 | $3.78 Million | -28.97% |
| 2020-12-31 | $5.33 Million | -24.51% |
| 2019-12-31 | $7.06 Million | +127.65% |
| 2018-12-31 | $3.10 Million | +20.73% |
| 2017-12-31 | $2.57 Million | -47.66% |
| 2016-12-31 | $4.90 Million | -45.96% |
| 2015-12-31 | $9.08 Million | -24.88% |
| 2014-12-31 | $12.08 Million | +1.79% |
| 2013-12-31 | $11.87 Million | -16.25% |
| 2012-12-31 | $14.17 Million | +245.07% |
| 2011-12-31 | $4.11 Million | -45.04% |
| 2010-12-31 | $7.47 Million | +79.40% |
| 2009-12-31 | $4.17 Million | -14.51% |
| 2008-12-31 | $4.87 Million | -33.54% |
| 2007-12-31 | $7.33 Million | +144.96% |
| 2006-12-31 | $2.99 Million | -17.93% |
| 2005-12-31 | $3.65 Million | +52.42% |
| 2004-12-31 | $2.39 Million | -56.26% |
| 2003-12-31 | $5.47 Million | -8.45% |
| 2002-12-31 | $5.97 Million | -33.98% |
| 2001-12-31 | $9.05 Million | -38.59% |
| 2000-12-31 | $14.74 Million | +55.14% |
| 1999-12-31 | $9.50 Million | +41.79% |
| 1998-12-31 | $6.70 Million | -30.21% |
| 1997-12-31 | $9.60 Million | +17.07% |
| 1996-12-31 | $8.20 Million | -16.33% |
| 1995-12-31 | $9.80 Million | +36.11% |
| 1994-12-31 | $7.20 Million | -11.11% |
| 1993-12-31 | $8.10 Million | +113.16% |
| 1992-12-31 | $3.80 Million | -19.15% |
| 1991-12-31 | $4.70 Million | +1075.00% |
| 1990-12-31 | $400.00K | -50.00% |
| 1989-12-31 | $800.00K | -46.67% |
| 1988-12-31 | $1.50 Million | -34.78% |
| 1987-12-31 | $2.30 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Research Frontiers Incorporated's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 12192180700.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $3.37K | 0.36% |
| Other Components | $128.55 Million | 13769.12% |
| Total Equity | $933.63K | 100.00% |
Research Frontiers Incorporated Competitors by Market Cap
The table below lists competitors of Research Frontiers Incorporated ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Cavendish Hydrogen ASA
OL:CAVEN
|
$30.59 Million |
|
FSBM Holdings Bhd
KLSE:9377
|
$30.60 Million |
|
Reliq Health Technologies Inc
V:RHT
|
$30.60 Million |
|
Ascendis Health Ltd
JSE:ASC
|
$30.61 Million |
|
Hotel Fitra International Tbk PT
JK:FITT
|
$30.57 Million |
|
OHEIM INT Co.Ltd
KQ:309930
|
$30.57 Million |
|
Heeros Oyj
HE:HEEROS
|
$30.56 Million |
|
MPC Energy Solutions NV
OL:MPCES
|
$30.55 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Research Frontiers Incorporated's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,604,335 to 933,626, a change of -1,670,709 (-64.2%).
- Net loss of 2,045,583 reduced equity.
- Other factors increased equity by 374,874.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-2.05 Million | -219.1% |
| Other Changes | $374.87K | +40.15% |
| Total Change | $- | -64.15% |
Book Value vs Market Value Analysis
This analysis compares Research Frontiers Incorporated's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 31.72x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 1.53x to 31.72x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1987-12-31 | $0.58 | $0.88 | x |
| 1988-12-31 | $0.32 | $0.88 | x |
| 1989-12-31 | $0.18 | $0.88 | x |
| 1990-12-31 | $0.10 | $0.88 | x |
| 1991-12-31 | $0.94 | $0.88 | x |
| 1992-12-31 | $0.52 | $0.88 | x |
| 1993-12-31 | $1.08 | $0.88 | x |
| 1994-12-31 | $0.82 | $0.88 | x |
| 1995-12-31 | $1.03 | $0.88 | x |
| 1996-12-31 | $0.82 | $0.88 | x |
| 1997-12-31 | $0.94 | $0.88 | x |
| 1998-12-31 | $0.60 | $0.88 | x |
| 1999-12-31 | $0.86 | $0.88 | x |
| 2000-12-31 | $1.22 | $0.88 | x |
| 2001-12-31 | $0.75 | $0.88 | x |
| 2002-12-31 | $0.49 | $0.88 | x |
| 2003-12-31 | $0.44 | $0.88 | x |
| 2004-12-31 | $0.19 | $0.88 | x |
| 2005-12-31 | $0.27 | $0.88 | x |
| 2006-12-31 | $0.21 | $0.88 | x |
| 2007-12-31 | $0.48 | $0.88 | x |
| 2008-12-31 | $0.32 | $0.88 | x |
| 2009-12-31 | $0.26 | $0.88 | x |
| 2010-12-31 | $0.43 | $0.88 | x |
| 2011-12-31 | $0.22 | $0.88 | x |
| 2012-12-31 | $0.70 | $0.88 | x |
| 2013-12-31 | $0.52 | $0.88 | x |
| 2014-12-31 | $0.51 | $0.88 | x |
| 2015-12-31 | $0.38 | $0.88 | x |
| 2016-12-31 | $0.20 | $0.88 | x |
| 2017-12-31 | $0.11 | $0.88 | x |
| 2018-12-31 | $0.12 | $0.88 | x |
| 2019-12-31 | $0.24 | $0.88 | x |
| 2020-12-31 | $0.17 | $0.88 | x |
| 2021-12-31 | $0.12 | $0.88 | x |
| 2022-12-31 | $0.15 | $0.88 | x |
| 2023-12-31 | $0.11 | $0.88 | x |
| 2024-12-31 | $0.08 | $0.88 | x |
| 2025-12-31 | $0.03 | $0.88 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Research Frontiers Incorporated utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -219.10%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -182.44%
- • Asset Turnover: 0.50x
- • Equity Multiplier: 2.41x
- Recent ROE (-219.10%) is below the historical average (-68.05%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1987 | -34.78% | -266.67% | 0.10x | 1.26x | $-1.03 Million |
| 1988 | -53.33% | -266.67% | 0.18x | 1.13x | $-950.00K |
| 1989 | -100.00% | -160.00% | 0.45x | 1.38x | $-880.00K |
| 1990 | -175.00% | -140.00% | 0.71x | 1.75x | $-740.00K |
| 1991 | -21.28% | -250.00% | 0.08x | 1.04x | $-1.47 Million |
| 1992 | -36.84% | -280.00% | 0.13x | 1.05x | $-1.78 Million |
| 1993 | -22.22% | -360.00% | 0.05x | 1.23x | $-2.61 Million |
| 1994 | -40.28% | -483.33% | 0.08x | 1.03x | $-3.62 Million |
| 1995 | -29.59% | -2900.00% | 0.01x | 1.02x | $-3.88 Million |
| 1996 | -30.49% | -2500.00% | 0.01x | 1.02x | $-3.32 Million |
| 1997 | -33.33% | -3200.00% | 0.01x | 1.04x | $-4.16 Million |
| 1998 | -38.81% | -2600.00% | 0.01x | 1.04x | $-3.27 Million |
| 1999 | -38.95% | -1850.00% | 0.02x | 1.05x | $-4.65 Million |
| 2000 | -51.35% | -2268.17% | 0.02x | 1.07x | $-9.04 Million |
| 2001 | -50.17% | -3197.61% | 0.02x | 1.03x | $-5.45 Million |
| 2002 | -66.13% | -1816.45% | 0.03x | 1.05x | $-4.55 Million |
| 2003 | -87.25% | -1848.39% | 0.05x | 1.04x | $-5.32 Million |
| 2004 | -178.19% | -2117.39% | 0.07x | 1.20x | $-4.50 Million |
| 2005 | -102.78% | -2701.08% | 0.04x | 1.09x | $-4.11 Million |
| 2006 | -110.39% | -2031.27% | 0.05x | 1.09x | $-3.60 Million |
| 2007 | -103.20% | -1880.22% | 0.05x | 1.04x | $-8.30 Million |
| 2008 | -53.26% | -154.46% | 0.32x | 1.08x | $-3.08 Million |
| 2009 | -96.10% | -563.92% | 0.16x | 1.07x | $-4.42 Million |
| 2010 | -51.86% | -504.85% | 0.10x | 1.04x | $-4.62 Million |
| 2011 | -100.65% | -488.67% | 0.19x | 1.08x | $-4.54 Million |
| 2012 | -21.62% | -156.52% | 0.14x | 1.02x | $-4.48 Million |
| 2013 | -49.24% | -270.44% | 0.18x | 1.01x | $-7.03 Million |
| 2014 | -36.53% | -276.06% | 0.13x | 1.04x | $-5.62 Million |
| 2015 | -47.16% | -213.20% | 0.21x | 1.05x | $-5.19 Million |
| 2016 | -86.41% | -342.89% | 0.23x | 1.08x | $-4.73 Million |
| 2017 | -94.02% | -159.96% | 0.52x | 1.12x | $-2.67 Million |
| 2018 | -86.66% | -180.44% | 0.37x | 1.31x | $-3.00 Million |
| 2019 | -53.98% | -243.54% | 0.19x | 1.17x | $-4.51 Million |
| 2020 | -43.94% | -282.56% | 0.13x | 1.16x | $-2.87 Million |
| 2021 | -48.79% | -146.18% | 0.28x | 1.20x | $-2.22 Million |
| 2022 | -55.65% | -494.61% | 0.10x | 1.12x | $-3.15 Million |
| 2023 | -54.25% | -209.80% | 0.24x | 1.09x | $-2.26 Million |
| 2024 | -50.35% | -98.19% | 0.33x | 1.55x | $-1.57 Million |
| 2025 | -219.10% | -182.44% | 0.50x | 2.41x | $-2.14 Million |
Industry Comparison
This section compares Research Frontiers Incorporated's net assets metrics with peer companies in the Electronic Components industry.
Industry Context
- Industry: Electronic Components
- Average net assets among peers: $363,178,227
- Average return on equity (ROE) among peers: 11.18%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Research Frontiers Incorporated (REFR) | $933.63K | -34.78% | 1.41x | $30.58 Million |
| Allient Inc. (ALNT) | $101.81 Million | 15.64% | 1.80x | $1.08 Billion |
| Amphenol Corporation (APH) | $2.34 Billion | 21.19% | 0.71x | $174.92 Billion |
| Bel Fuse A Inc (BELFA) | $233.12 Million | 8.23% | 1.52x | $541.76 Million |
| Bel Fuse B Inc (BELFB) | $178.46 Million | 13.85% | 0.22x | $2.47 Billion |
| Benchmark Electronics Inc (BHE) | $281.94 Million | 4.25% | 1.70x | $2.22 Billion |
| Cps Technologies (CPSH) | $17.32 Million | 7.91% | 0.25x | $84.99 Million |
| CTS Corporation (CTS) | $310.70 Million | 6.42% | 0.68x | $1.36 Billion |
| Data I/O Corporation (DAIO) | $48.20 Million | 9.54% | 0.29x | $25.54 Million |
| Daktronics Inc (DAKT) | $36.23 Million | 17.18% | 1.00x | $960.33 Million |
| Deswell Industries Inc (DSWL) | $81.28 Million | 7.62% | 0.24x | $50.36 Million |
About Research Frontiers Incorporated
Research Frontiers Incorporated, together with other subsidiary, engages in the development and marketing of technology and devices to control the flow of light worldwide. 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-con… Read more