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Research Frontiers vs Royalty Management: revenue, profit, margins and growth compared

Research Frontiers brought in $1.1M of revenue in fiscal 2025, Royalty Management $4.9M in fiscal 2025. Revenue changed by -16.0% at Research Frontiers and +513.3% at Royalty Management on the year before, so Royalty Management grew faster. Research Frontiers kept -182.4% of its revenue as net profit, Royalty Management -14.7%.

Side by side, latest fiscal year

REFRRMCO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.1M$4.9M
Revenue growth-16.0%+513.3%
Net income-$2M-$726.9K
Net margin-182.4%-14.7%
Free cash flow-$1.3Mn/a
Free cash flow margin-118.6%n/a
Earnings per share (diluted)-$0.06-$0.05
Cash$664.3K$133.1K
Debtn/an/a
Price to earningsn/an/a
Market value$12.9M$33.2M
Dividend yieldn/an/a
Rank by revenue in sector#48 of 52 · Other#44 of 52 · Other

Over the years

Revenue
REFR FY2018: $1.5MREFR FY2019: $1.6MREFR FY2020: $828.5KREFR FY2021: $1.3MREFR FY2022: $539.7KREFR FY2023: $909.6KREFR FY2024: $1.3MREFR FY2025: $1.1MRMCO FY2022: $178.8KRMCO FY2023: $488.5KRMCO FY2024: $807.1KRMCO FY2025: $4.9MFY18FY19FY20FY21FY22FY23FY24FY25
REFR $1.1MRMCO $4.9M
Net income
REFR FY2018: -$2.7MREFR FY2019: -$3.8MREFR FY2020: -$2.3MREFR FY2021: -$1.8MREFR FY2022: -$2.7MREFR FY2023: -$1.9MREFR FY2024: -$1.3MREFR FY2025: -$2MRMCO FY2021: $2.3MRMCO FY2022: -$2.7MRMCO FY2023: -$1.1MRMCO FY2024: -$114.3KRMCO FY2025: -$726.9KFY18FY19FY20FY21FY22FY23FY24FY25
REFR -$2MRMCO -$726.9K
Net margin
REFR FY2018: -180.4%REFR FY2019: -243.5%REFR FY2020: -282.6%REFR FY2021: -146.2%REFR FY2022: -494.6%REFR FY2023: -209.8%REFR FY2024: -98.2%REFR FY2025: -182.4%RMCO FY2022: -1,515.8%RMCO FY2023: -228.0%RMCO FY2024: -14.2%RMCO FY2025: -14.7%FY18FY19FY20FY21FY22FY23FY24FY25
REFR -182.4%RMCO -14.7%
Revenue growth
REFR FY2019: +5.1%REFR FY2020: -47.0%REFR FY2021: +52.5%REFR FY2022: -57.3%REFR FY2023: +68.5%REFR FY2024: +46.8%REFR FY2025: -16.0%RMCO FY2023: +173.2%RMCO FY2024: +65.2%RMCO FY2025: +513.3%FY19FY20FY21FY22FY23FY24FY25
REFR -16.0%RMCO +513.3%
Free cash flow
REFR FY2018: -$2.1MREFR FY2019: -$2.1MREFR FY2020: -$2.3MREFR FY2021: -$1.8MREFR FY2022: -$2.2MREFR FY2023: -$2.3MREFR FY2024: -$790.4KREFR FY2025: -$1.3MFY18FY19FY20FY21FY22FY23FY24FY25
REFR -$1.3MRMCO

Fiscal years as each company reports them; the two may end in different months.

Questions about Research Frontiers and Royalty Management

Which is bigger by revenue, Research Frontiers or Royalty Management?

Royalty Management is bigger by revenue: $4.9M in fiscal 2025, against $1.1M for Research Frontiers in fiscal 2025.

Which keeps more of its revenue as profit, Research Frontiers or Royalty Management?

Research Frontiers had a net margin of -182.4% in fiscal 2025; Royalty Management had -14.7% in fiscal 2025.

Which grew revenue faster, Research Frontiers or Royalty Management?

In their latest fiscal years revenue changed by -16.0% at Research Frontiers and +513.3% at Royalty Management.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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