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Upturn AI Summary - About
Research Frontiers Incorporated(REFR)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for REFR
11/09/2026: REFR (1-star) is currently NOT-A-BUY. Pass it for now.
Research Frontiers Incorporated is a specialty technology company that licenses its patented SPD-SmartGlass light-control film and supplies the associated chemical emulsions to manufacturers. The company has a unique position as a foundational provider in the smart window market, with historical success in luxury automotive and aviation applications. Its growth story hinges on the broader adoption of its technology into mass-market vehicles and sustainable architecture. However, the company faces significant risks related to technological competition, market adoption speed, and inconsistent financial performance. The stock may appeal to growth-oriented investors interested in smart-glass technology, but it remains a speculative, high-volatility investment with no dividend, requiring careful monitoring of licensee partnerships.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | The company offers exposure to high-growth potential in smart glass but faces execution risks and historically inconsistent financial performance. |
| Momentum investor | Weak fit | The stock often lacks consistent, sustained price momentum required for traditional momentum strategies. |
| Value investor | Weak fit | The lack of consistent earnings and cash flows makes traditional value assessment difficult. |
| Dividend investor | Weak fit | The company does not pay a dividend, making it unsuitable for income-focused investors. |
| Low-risk investor | Weak fit | The company's speculative nature and price volatility represent a high-risk profile for conservative investors. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | The stock is susceptible to significant price swings due to its low market capitalization and sensitivity to news on technology adoption. |
| Valuation risk | Medium / high | Valuation is often tied to future growth expectations which may not materialize as quickly as projected. |
| Competition risk (smart glass technology) | High | The company faces intense competition from established firms pushing alternative smart glass solutions. |
| Business quality | Medium | While the technology is innovative, the company's dependency on partners creates a less predictable business model. |
| Dividend income | Low / none | There is no dividend income for investors to rely upon. |
| Execution risk | High | Long-term success depends on broad market adoption of SPD-SmartGlass which remains outside the company's direct control. |
Price Behavior
Steep Decline
The stock price has dropped sharply with strong downward pressure.
Extreme Price Shocks
The stock has experienced exceptionally large and disruptive price movements during the period.
Analysis of Past Performance
Type Stock | Historic Profit 8.11% | Avg. Invested days 35 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 11/09/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 12.75M USD | Price to earnings Ratio - | 1Y Target Price 3 |
Price to earnings Ratio - | 1Y Target Price 3 | ||
Volume (30-day avg) 110.9K shares | Beta 0.73 | 52 Weeks Range 0.33 - 2.10 | Updated Date 11/08/2026 |
52 Weeks Range 0.33 - 2.10 | Updated Date 11/08/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) -0.07 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Licensing & Chemicals | Royalty fees from licensees and the sale of SPD-SmartGlass chemical emulsions. | Revenue comes from letting other companies use their tech and selling them the chemicals required to make it work. |
Valuation
Trailing PE - | Forward PE 94.34 | Enterprise Value 13.17M | Price to Sales(TTM) 19.5 |
Enterprise Value 13.17M | Price to Sales(TTM) 19.5 | ||
Enterprise Value to Revenue 18.67 | Enterprise Value to EBITDA -24.11 | Shares Outstanding 34.87M | Shares Floating 27.19M |
Shares Outstanding 34.87M | Shares Floating 27.19M | ||
Percent Insiders 15.34 | Percent Institutions 11 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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