Estados financieros detallados de Research Frontiers Incorporated (REFR): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Research Frontiers Incorporated registró ingresos de $1.1M en el último ejercicio fiscal, con un CAGR de 5 años del 6.2%.
Márgenes de los últimos 12 meses: margen bruto 86.6%, margen operativo -348.1%, margen neto -343.9%.
Al precio actual de $0.38, REFR presenta beneficios negativos (P/E no significativo) y un ROE del -168.53%. La capitalización bursátil es de $13M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.2M | $1.5M | $1.5M | $1.6M | $828450 | $1.3M | $539686 | $909598 | $1.3M | $1.1M |
| Coste de Ventas | $4.1M | $3.1M | $2.4M | $3.7M | $2.8M | 0 | 0 | $2.4M | $263563 | $186674 |
| Beneficio Bruto | -$2.9M | -$1.6M | -$929577 | -$2.1M | -$1.9M | $1.3M | $539686 | -$1.5M | $1.1M | $934574 |
| I+D | $1.4M | $799702 | $863401 | $1.0M | $628304 | $580000 | $609127 | $583266 | $570007 | $30358 |
| Generales y Administrativos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $400078 | $504984 |
| Gastos Operativos | $5.5M | $3.9M | $3.9M | $1.0M | $628304 | $3.1M | $3.2M | $583266 | $2.5M | $3.1M |
| Beneficio Operativo | -$4.3M | -$2.4M | -$2.4M | -$3.1M | -$2.6M | -$1.8M | -$2.6M | -$2.0M | -$1.4M | -$2.1M |
| EBITDA | -$4.1M | -$2.2M | -$2.2M | -$3.6M | -$2.5M | -$1.7M | -$2.5M | -$1.7M | -$1.0M | -$1.9M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$4.2M | -$2.4M | -$2.7M | -$3.8M | -$2.3M | -$1.8M | -$2.7M | -$1.9M | -$1.3M | -$2.0M |
| Impuestos | -$29535 | -$4752 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$4.2M | -$2.4M | -$2.7M | -$3.8M | -$2.3M | -$1.8M | -$2.7M | -$1.9M | -$1.3M | -$2.0M |
| BPA | $-0.18 | $-0.10 | $-0.10 | $-0.15 | $-0.07 | $-0.06 | $-0.08 | $-0.06 | $-0.04 | $-0.06 |
| BPA Diluido | $-0.18 | $-0.10 | $-0.10 | $-0.15 | $-0.07 | $-0.06 | $-0.08 | $-0.06 | $-0.04 | $-0.06 |
| Acciones en Circulación (Diluidas) | $24.0M | $24.0M | $26.0M | $30.0M | $31.5M | $31.6M | $32.1M | $33.5M | $33.5M | $33.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $359444 | $72123 | $136319 | $86346 |
| Beneficio Bruto | $359444 | $72123 | $92325 | $42346 |
| Beneficio Operativo | -$303944 | -$773543 | -$530413 | -$669754 |
| EBITDA | -$251713 | -$718775 | -$481371 | -$625754 |
| Beneficio Neto | -$298508 | -$765563 | -$525365 | -$660168 |
| BPA | $-0.01 | $-0.02 | $-0.02 | $-0.02 |
| BPA Diluido | $-0.01 | $-0.02 | $-0.02 | $-0.02 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.7M | $1.7M | $3.0M | $6.6M | $4.8M | $269964 | $4.2M | $2.5M | $2.0M | $664299 |
| Inversiones a Corto | $1.5M | 0 | 0 | 0 | 0 | $2.8M | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $1.1M | $597441 | $689677 | $656062 | $598292 | $831636 | $589599 | $1.0M | $658213 | $408666 |
| Inventario | 0 | 0 | -$0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $4.6M | $2.4M | $3.7M | $7.3M | $5.4M | $3.9M | $4.9M | $3.6M | $2.7M | $1.1M |
| Inmovilizado Material | $651655 | $482561 | $313177 | $915709 | $738214 | $562778 | $388897 | $218313 | $1.2M | $1.1M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $5.3M | $2.9M | $4.1M | $8.3M | $6.2M | $4.5M | $5.4M | $3.9M | $4.0M | $2.3M |
| Cuentas por Pagar | $29932 | $58090 | $133486 | $169750 | $33410 | $66460 | $71079 | $50880 | $85825 | $132666 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $369270 | $313747 | $457662 | $387429 | $226066 | $297936 | $301863 | $277431 | $269027 | $297877 |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $369270 | $313747 | $959076 | $1.2M | $872285 | $762064 | $569586 | $332794 | $1.4M | $1.3M |
| Reservas | -$106.6M | -$109.1M | -$111.7M | -$115.5M | -$117.8M | -$119.7M | -$122.4M | -$124.3M | -$125.6M | -$127.6M |
| Patrimonio Neto | $4.9M | $2.6M | $3.1M | $7.1M | $5.3M | $3.8M | $4.8M | $3.5M | $2.6M | $933626 |
| Deuda Total | 0 | 0 | 0 | $975832 | $812596 | $646219 | $464128 | $267722 | $1.3M | $1.2M |
| Deuda Neta | -$3.2M | -$1.7M | -$3.0M | -$5.6M | -$4.0M | -$2.4M | -$3.8M | -$2.2M | -$698026 | $501986 |
| Capital Circulante | $4.2M | $2.1M | $3.3M | $6.9M | $5.2M | $3.7M | $4.6M | $3.3M | $2.5M | $846057 |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.1M | $664299 | $1.3M | $1.1M |
| Activos Totales | $2.8M | $2.3M | $3.1M | $2.5M |
| Pasivos Totales | $1.3M | $1.3M | $1.3M | $1.4M |
| Patrimonio Neto | $1.5M | $933626 | $1.8M | $1.1M |
| Deuda Total | $1.2M | $1.2M | $1.1M | $1.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$4.2M | -$2.4M | -$2.7M | -$3.8M | -$2.3M | -$1.8M | -$2.7M | -$1.9M | -$1.3M | -$2.0M |
| Amortizaciones | $188501 | $175643 | $181047 | $195377 | $67082 | $10136 | $175152 | $172142 | $263563 | $186674 |
| Compensación en Acciones | $67531 | $76299 | $69309 | $841612 | $327554 | $217008 | $232291 | $144728 | $89316 | $374875 |
| Cambio en Capital Circulante | -$505403 | $648162 | $43318 | -$170057 | -$185778 | -$258083 | -$122754 | -$741408 | $144683 | $621 |
| Flujo de Caja Operativo | -$4.0M | -$1.5M | -$2.1M | -$2.1M | -$2.3M | -$1.8M | -$2.2M | -$2.3M | -$788819 | -$1.3M |
| Inversiones (CapEx) | -$11715 | -$6549 | -$11663 | -$65282 | -$56536 | -$1077 | -$1271 | -$1558 | -$1623 | -$726 |
| Adquisiciones | $6000 | 0 | 0 | 0 | $3713 | $2.8M | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$4.0M | -$1.5M | -$2.1M | -$2.1M | -$2.3M | -$1.8M | -$2.2M | -$2.3M | -$790442 | -$1.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$143513 | -$465947 | -$759931 | -$191307 |
| Inversiones (CapEx) | -$377 | -$144 | -$69 | -$36 |
| Flujo de Caja Libre | -$143890 | -$466091 | -$760000 | -$191343 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $199671 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +22.1% | -1.4% | +5.1% | -47.0% | +52.5% | -57.3% | +68.5% | +46.8% | -16.0% |
| Crecimiento Beneficio Neto (anual) | | +43.0% | -11.3% | -41.8% | +38.5% | +21.1% | -44.6% | +28.5% | +31.3% | -56.0% |
| Crecimiento BPA (anual) | | +44.4% | +0.0% | -50.0% | +50.5% | +21.5% | -42.7% | +31.5% | +31.4% | -55.5% |
| Cambio en Acciones (anual) | | +0.0% | +8.0% | +15.6% | +4.9% | +0.5% | +1.3% | +4.3% | +0.2% | +0.4% |
| Crecimiento FCF (anual) | | +63.2% | -41.0% | -3.1% | -7.5% | +21.8% | -21.0% | -5.2% | +65.6% | -68.2% |
| Margen Bruto | -230.6% | -107.3% | -62.4% | -135.1% | -235.3% | 100.0% | 100.0% | -159.4% | 80.3% | 83.4% |
| Margen Operativo | -345.3% | -160.3% | -162.4% | -201.4% | -311.1% | -145.6% | -486.4% | -223.5% | -108.0% | -190.2% |
| Margen EBITDA | -330.0% | -148.6% | -150.3% | -231.0% | -303.0% | -132.2% | -462.2% | -190.9% | -78.5% | -165.8% |
| Margen Neto | -342.9% | -160.0% | -180.4% | -243.5% | -282.6% | -146.2% | -494.6% | -209.8% | -98.2% | -182.4% |
| Margen FCF | -325.0% | -97.9% | -139.9% | -137.3% | -278.7% | -142.9% | -404.7% | -252.5% | -59.2% | -118.6% |
| Tasa Impositiva Efectiva | 0.7% | 0.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.17 | $-0.06 | $-0.08 | $-0.07 | $-0.07 | $-0.06 | $-0.07 | $-0.07 | $-0.02 | $-0.04 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $24.0M | $24.0M | $26.0M | $30.0M | $31.5M | $31.6M | $32.1M | $33.5M | $33.5M | $33.6M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -168.53% |
| Rentabilidad sobre capital invertido | -102.71% |
| Rentabilidad sobre activos | -90.87% |
| Margen bruto | 86.55% |
| Margen operativo | -348.14% |
| Margen neto | -343.85% |
Salud financiera
| Deuda / Patrimonio | 0.97 |
| Ratio corriente | 3.54 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -10.11 | -10.40 | -15.60 | -20.07 | -37.82 | -29.50 | -22.96 | -17.72 | -43.73 | -21.55 |
| P/VC | 8.92 | 9.74 | 13.06 | 12.80 | 16.61 | 14.39 | 12.77 | 9.61 | 22.01 | 47.21 |
| P/V | 35.40 | 16.57 | 27.20 | 57.76 | 106.80 | 43.10 | 113.50 | 37.15 | 42.92 | 39.31 |
| Margen Bruto | -230.6% | -107.3% | -62.4% | -135.1% | -235.3% | 100.0% | 100.0% | -159.4% | 80.3% | 83.4% |
| Margen Operativo | -345.3% | -160.3% | -162.4% | -201.4% | -311.1% | -145.6% | -486.4% | -223.5% | -108.0% | -190.2% |
| Margen Neto | -342.9% | -160.0% | -180.4% | -243.5% | -282.6% | -146.2% | -494.6% | -209.8% | -98.2% | -182.4% |