Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RESEARCH FRONTIERS INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.24
1.51
1.49
1.56
0.83
1.26
0.54
0.91
1.34
1.12
Research and development
1.42
0.8
0.86
1.04
0.63
0.58
0.61
0.58
0.57
0.61
General and administrative
4.09
3.13
Operating expenses
5.5
3.93
3.91
4.71
3.41
3.1
3.16
2.94
2.78
3.25
Operating income
-4.27
-2.42
-2.42
-3.15
-2.58
-1.84
-2.63
-2.03
-1.44
-2.13
Interest income
0.03
0
0.01
0.04
0.03
Net income
-4.24
-2.41
-2.69
-3.81
-2.34
-1.85
-2.67
-1.91
-1.31
-2.05
EBITDA
-4.08
-2.24
-2.24
-2.95
-2.51
-1.81
-2.6
-2.02
-1.43
-2.12
EPS, basic
-0.18
-0.10
-0.10
-0.13
-0.07
-0.06
-0.08
-0.06
-0.04
-0.06
EPS, diluted
-0.18
-0.10
-0.10
-0.13
-0.07
-0.06
-0.08
-0.06
-0.04
-0.06
Shares, basic (weighted)
24
24
26
30
31.5
31.6
32.1
33.5
33.5
33.6
Shares, diluted (weighted)
24
24
26
30
31.5
31.6
32.1
33.5
33.5
33.6
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
1.69
1.74
2.97
6.59
4.77
0.27
4.23
2.48
1.99
0.66
Short-term investments
1.52
2.76
Receivables
1.12
0.6
0.69
0.59
1
0.66
0.41
Other current assets
0.26
0.03
0.05
0.06
0.06
0.09
0.1
0.1
0.09
0.07
Total current assets
4.59
2.36
3.71
7.31
5.43
3.95
4.92
3.58
2.75
1.14
Property, plant and equipment
0.65
0.48
0.31
0.14
0.12
0.09
0.07
0.04
0.02
0
Lease right-of-use assets
0.77
0.62
0.47
0.32
0.18
1.22
1.05
Other non-current assets
0.03
0.03
0.03
0.03
0.03
0.03
0.06
0.06
0.06
0.06
Total assets
5.27
2.88
4.06
8.26
6.2
4.55
5.37
3.85
4.04
2.25
Accounts payable
0.03
0.06
0.13
0.17
0.03
0.07
0.07
0.05
0.09
0.13
Accrued liabilities
0.34
0.25
0.07
0.04
0.03
0.05
0.03
0.01
0.05
0.02
Deferred revenue
0
0.05
0.01
Total current liabilities
0.37
0.31
0.46
0.39
0.23
0.3
0.3
0.28
0.27
0.3
Lease liabilities
0.81
0.65
0.46
0.27
0.06
1.17
1.02
Total liabilities
0.37
0.31
0.96
1.2
0.87
0.76
0.57
0.33
1.44
1.32
Paid-in capital
112
112
115
123
123
123
127
128
128
129
Retained earnings
-107
-109
-112
-115
-118
-120
-122
-124
-126
-128
Shareholders' equity
4.9
2.57
3.1
7.06
5.33
3.78
4.8
3.52
2.6
0.93
Total equity
4.9
2.57
3.1
7.06
5.33
3.78
4.8
3.52
2.6
0.93
Total liabilities and equity
5.27
2.88
4.06
8.26
6.2
4.55
5.37
3.85
4.04
2.25
Shares outstanding
24
24
27.7
31.3
31.6
31.7
33.2
33.5
33.6
33.6
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-4.24
-2.41
-2.69
-3.81
-2.34
-1.85
-2.67
-1.91
-1.31
-2.05
Depreciation and amortization
0.19
0.18
0.18
0.2
0.07
0.03
0.03
0.01
0.01
0.01
Stock-based compensation
0.07
0.08
0.07
0.84
0.33
0.22
0.23
0.14
0.09
0.37
Change in receivables
-0.28
0.46
-0.08
0.1
-0.51
0.32
0.1
Change in payables
-0.1
-0.06
0.09
0
-0.16
0.06
-0.01
-0.04
0.07
0.01
Cash from operations
-4.01
-1.47
-2.07
-2.08
-2.25
-1.8
-2.18
-2.3
-0.79
-1.33
Capital expenditures
-0.01
-0.01
-0.01
-0.07
-0.06
-0
-0
-0
-0
-0
Purchases of investments
-3.43
-5.43
Sales and maturities of investments
0.65
2.69
5.49
Cash from investing
-0.02
1.52
-0.01
-0.07
-0.05
-2.78
2.69
0.06
-0
-0
Debt issued
0.2
Stock issued
3.31
5.77
0.28
0.01
Cash from financing
3.31
5.77
0.49
0.09
3.45
0.48
0.31
Net change in cash
-4.02
0.05
1.23
3.62
-1.82
-4.5
3.96
-1.75
-0.48
-1.33
Free cash flow
-4.02
-1.48
-2.08
-2.15
-2.31
-1.81
-2.18
-2.3
-0.79
-1.33
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.79 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-348.1%
Operating income / revenue.
EBITDA margin
-347.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-343.9%
Net income / revenue.
FCF margin
-238.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-238.6%
Cash from operations / revenue.
Return on equity (ROE)
-200.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-90.9%
Net income / average total assets.
Return on invested capital (ROIC)
-5,121.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
84.2%
Research and development expense / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
1.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-16.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
27.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
6.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-64.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-42.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-29.4%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-44.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-25.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-18.3%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
0.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
1.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
1.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.54x
Current assets / current liabilities.
Quick ratio
3.15x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.65x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.02
Revenue / diluted weighted shares.
FCF per share
-$0.04
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.04
Cash from operations / diluted weighted shares.
Book value per share
$0.03
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
42.2x
Market cap / revenue.
P/B
24.6x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
24.6x
Market cap / tangible book value, when positive.
EV/Sales
40.5x
Enterprise value / revenue.
FCF yield
-5.7%
Free cash flow / market cap.
Earnings yield
-8.2%
Net income / market cap (the inverse of P/E).
What was RESEARCH FRONTIERS INC's revenue in fiscal 2025?
RESEARCH FRONTIERS INC reported revenue of $1.1M for fiscal 2025, 16% lower than the year before.
Was RESEARCH FRONTIERS INC profitable in fiscal 2025?
No. It reported a net loss of $2.0M.
How much free cash flow did RESEARCH FRONTIERS INC generate in fiscal 2025?
Cash from operations of $1.3M minus capital expenditures of $726.0 left free cash flow of -$1.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.