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Research Frontiers vs XCel Brands: revenue, profit, margins and growth compared

Research Frontiers brought in $1.1M of revenue in fiscal 2025, XCel Brands $4.9M in fiscal 2025. Revenue changed by -16.0% at Research Frontiers and -40.2% at XCel Brands on the year before, so Research Frontiers grew faster. Research Frontiers kept -182.4% of its revenue as net profit, XCel Brands -353.5%. Free cash flow was -$1.3M at Research Frontiers and -$7M at XCel Brands.

Side by side, latest fiscal year

REFRXELB
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.1M$4.9M
Revenue growth-16.0%-40.2%
Net income-$2M-$17.5M
Net margin-182.4%-353.5%
Free cash flow-$1.3M-$7M
Free cash flow margin-118.6%-142.4%
Earnings per share (diluted)-$0.06-$5.08
Cash$664.3K$1.2M
Debtn/a$12.7M
Price to earningsn/an/a
Market value$12.9M$2.8M
Dividend yieldn/an/a
Rank by revenue in sector#48 of 52 · Other#45 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: $1.1MXELB FY2018: $35.5MXELB FY2019: $41.7MXELB FY2020: $29.4MXELB FY2021: $37.9MXELB FY2022: $25.8MXELB FY2023: $17.8MXELB FY2024: $8.3MXELB FY2025: $4.9MFY18FY19FY20FY21FY22FY23FY24FY25
REFR $1.1MXELB $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: -$2MXELB FY2018: $1.1MXELB FY2019: -$3.4MXELB FY2020: -$12.9MXELB FY2021: -$12.2MXELB FY2022: -$4MXELB FY2023: -$21.1MXELB FY2024: -$22.4MXELB FY2025: -$17.5MFY18FY19FY20FY21FY22FY23FY24FY25
REFR -$2MXELB -$17.5M
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%XELB FY2018: 3.1%XELB FY2019: -8.2%XELB FY2020: -43.9%XELB FY2021: -32.1%XELB FY2022: -15.6%XELB FY2023: -118.6%XELB FY2024: -271.2%XELB FY2025: -353.5%FY18FY19FY20FY21FY22FY23FY24FY25
REFR -182.4%XELB -353.5%
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%XELB FY2019: +17.7%XELB FY2020: -29.4%XELB FY2021: +28.8%XELB FY2022: -32.0%XELB FY2023: -31.1%XELB FY2024: -53.5%XELB FY2025: -40.2%FY19FY20FY21FY22FY23FY24FY25
REFR -16.0%XELB -40.2%
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: -$1.3MXELB FY2018: $5.1MXELB FY2019: $2.4MXELB FY2020: $2.4MXELB FY2021: -$7.7MXELB FY2022: -$14.4MXELB FY2023: -$6.6MXELB FY2024: -$4.8MXELB FY2025: -$7MFY18FY19FY20FY21FY22FY23FY24FY25
REFR -$1.3MXELB -$7M

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

Questions about Research Frontiers and XCel Brands

Which is bigger by revenue, Research Frontiers or XCel Brands?

XCel Brands 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 XCel Brands?

Research Frontiers had a net margin of -182.4% in fiscal 2025; XCel Brands had -353.5% in fiscal 2025.

Which grew revenue faster, Research Frontiers or XCel Brands?

In their latest fiscal years revenue changed by -16.0% at Research Frontiers and -40.2% at XCel Brands.

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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