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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Research FrontiersREFR -1.54%28 Equity-to-Asset is 0.45 as of Jun. 2026, which is 48% below its 10-year median of 0.86. GuruFocus rates REFR with a GF Score™ of 28/100 and a GF Value™ of $0.82 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 2,494 Hardware companies, Research Frontiers ranks worse than 65.64% on this metric.
Equity to Asset ratio is calculated as total stockholders equity divided by total asset. Research Frontiers's Total Stockholders Equity for the quarter that ended in Jun. 2026 was $1.12 Mil. Research Frontiers's Total Assets for the quarter that ended in Jun. 2026 was $2.48 Mil.
Therefore, Research Frontiers's Equity to Asset Ratio for the quarter that ended in Jun. 2026 was 0.45.
The historical rank and industry rank for Research Frontiers's Equity-to-Asset or its related term are showing as below:
REFR'
s Equity-to-Asset Range Over the Past 10 Years
Min: 0.42 Med: 0.86 Max: 0.94
Current: 0.45
During the past 13 years, the highest Equity to Asset Ratio of Research Frontiers was 0.94. The lowest was 0.42. And the median was 0.86.
REFR's Equity-to-Asset is ranked worse than 65.64% of 2494
companies
in the Hardware industry
Industry Median: 0.56
vs REFR: 0.45
Research Frontiers (NAS:REFR) Equity-to-Asset Explanation
Equity to Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity to Asset ratio (more leveraged) may have higher ROE % because of the leverage.
For banks, the required minimum Equity to Asset ratio by regulation is 5%. Some stronger banks may have Equity to Asset Ratio of more than 10%.
Research Frontiers Equity-to-Asset Related Terms
Research Frontiers Equity-to-Asset Historical Data
* Premium members only.
The historical data trend for Research Frontiers's Equity-to-Asset can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
REFR vs WETH, NEON, MSAI: Equity-to-Asset Comparison
For the Electronic Components subindustry, Research Frontiers's Equity-to-Asset, along with its competitors' market caps and Equity-to-Asset data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Research Frontiers Equity-to-Asset vs Hardware Industry
For the Hardware industry and Technology sector, Research Frontiers's Equity-to-Asset distribution charts can be found below:
* The bar in red indicates where Research Frontiers's Equity-to-Asset falls into.
Equity to Asset ratio measures the ratios of the portion of the asset owned by shareholders out of the total asset. It indicates the leverage of the company, and the amount of debt the company uses in its operation.
Equity to Asset ratio is calculated by dividing total stockholders equity by total asset.
Research Frontiers's Equity to Asset Ratio for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Research Frontiers (REFR) has a Equity-to-Asset of 0.45 as of Jun. 2026. Equity-to-asset ratio equals total company equity divided by total assets. It measures financial leverage. View historical data on Research Frontiers and its competitors. This is 48% below median its historical median of 0.86. Over the past decade, Research Frontiers' Equity-to-Asset has ranged from 0.42 to 0.94. According to the industry distribution chart, Research Frontiers ranks #1637 out of 2494 companies in the Hardware industry, placing it in the top 65.6%.
Is Research Frontiers' Equity-to-Asset too high?
Research Frontiers' current Equity-to-Asset of 0.45 is 48% below median its 10-year median of 0.86. Over the past 10 years, this metric has ranged from a low of 0.42 to a high of 0.94. The Hardware industry median Equity-to-Asset is 0.56. Research Frontiers' value of 0.45 is 19.6% below this industry median. Based on the distribution chart, Research Frontiers ranks #1637 out of 2494 companies in the Hardware industry, which is below the industry midpoint. Overall, Research Frontiers has a GF Score™ of 28/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Research Frontiers' Equity-to-Asset compare to WETH and NEON?
According to the Hardware industry distribution chart, Research Frontiers ranks #1637 out of 2494 companies for Equity-to-Asset. This places Research Frontiers in the lower half of its industry. The industry median Equity-to-Asset is 0.56. Research Frontiers' value of 0.45 is 19.6% below this benchmark. Historically, Research Frontiers' own Equity-to-Asset has ranged from 0.42 to 0.94 over the past decade. While the company's 10-year median is 0.86 vs. the industry median of 0.56, Research Frontiers has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Equity-to-Asset for a Hardware company?
The median Equity-to-Asset among Hardware companies is 0.56, based on 2,494 companies in the industry. Companies in the top quartile (top 25%) have a Equity-to-Asset significantly above this median, while those in the bottom quartile fall well below. However, Equity-to-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Research Frontiers's current Equity-to-Asset of 0.45 is 19.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Equity-to-Asset mean?
A high Equity-to-Asset can signal that a stock is expensive relative to its fundamentals. Equity-to-asset ratio equals total company equity divided by total assets. It measures financial leverage. View historical data on Research Frontiers and its competitors. For the Hardware industry, the median Equity-to-Asset is 0.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Research Frontiers's current Equity-to-Asset is 0.45, which is 48% below median its own 10-year median of 0.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Research Frontiers stock overvalued right now?
Based on GuruFocus' analysis, Research Frontiers (REFR) is currently considered Possible Value Trap. The stock's GF Value™ is $0.82, compared to a current price of $0.39 — trading 52.4% below its estimated fair value. The current Equity-to-Asset is 0.45, which is 48% below median its 10-year median of 0.86 and 19.6% below the Hardware industry median of 0.56. Research Frontiers' overall GF Score™ is 28/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Equity-to-Asset calculated?
Equity-to-Asset is calculated from a company's financial statements. For Research Frontiers (REFR), the current Equity-to-Asset is 0.45 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Research Frontiers (REFR) Overvalued in 2026?
Based on GuruFocus' analysis, Research Frontiers stock appears to be undervalued.
The current stock price of $0.39 is trading 52.4% below its estimated GF Value™ of $0.82.
GuruFocus considers Research Frontiers to be Possible Value Trap.
Key valuation signals for REFR:
Equity-to-Asset: 0.45 (48% below median its 10-year median of 0.86)
GF Value™: $0.82 vs. price of $0.39 (52.4% below fair value)
Industry Position: 19.6% below the Hardware median (#1637 of 2494)
No single metric tells the full story. See the REFR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Research Frontiers Inc is engaged in the development and marketing of technology and devices to control the flow of light. The company develops and licenses its patented suspended particle device light-control technology to other companies that manufacture and market the SPD-Smart chemical emulsion, the light-control film made from the chemical emulsion, the light-control panels made by laminating the film, electronics to power end-products incorporating the film, or lamination services for, and the end-products. The company's revenue source comes from the licensing of technology.
28GF Score
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