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Research Frontiers Piotroski F-Score

: 3 (As of Today)
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Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Research Frontiers has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Research Frontiers's Piotroski F-Score or its related term are showing as below:

REFR' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 4   Max: 6
Current: 3

During the past 13 years, the highest Piotroski F-Score of Research Frontiers was 6. The lowest was 1. And the median was 4.


Research Frontiers Piotroski F-Score Historical Data

The historical data trend for Research Frontiers's Piotroski F-Score 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.

* Premium members only.

Research Frontiers Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 2.00 4.00 3.00

Research Frontiers Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 1.00 3.00 3.00 3.00

Competitive Comparison

For the Electronic Components subindustry, Research Frontiers's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score Distribution

For the Hardware industry and Technology sector, Research Frontiers's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Research Frontiers's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was -0.528 + 0.022 + -0.783 + -0.628 = $-1.92 Mil.
Cash Flow from Operations was -0.742 + -0.483 + 0.064 + -0.498 = $-1.66 Mil.
Revenue was 0.114 + 0.723 + 0.213 + 0.174 = $1.22 Mil.
Gross Profit was 0.114 + 0.723 + 0.213 + 0.174 = $1.22 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(5.767 + 5.186 + 5.137 + 4.546 + 3.86) / 5 = $4.8992 Mil.
Total Assets at the begining of this year (Mar21) was $5.77 Mil.
Long-Term Debt & Capital Lease Obligation was $0.42 Mil.
Total Current Assets was $3.31 Mil.
Total Current Liabilities was $0.29 Mil.
Net Income was -0.399 + -0.434 + -0.883 + -0.557 = $-2.27 Mil.

Revenue was 0.176 + 0.166 + 0.131 + 0.213 = $0.69 Mil.
Gross Profit was 0.176 + 0.166 + 0.131 + 0.213 = $0.69 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(7.627 + 7.41 + 6.861 + 6.199 + 5.767) / 5 = $6.7728 Mil.
Total Assets at the begining of last year (Mar20) was $7.63 Mil.
Long-Term Debt & Capital Lease Obligation was $0.60 Mil.
Total Current Assets was $5.04 Mil.
Total Current Liabilities was $0.31 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Research Frontiers's current Net Income (TTM) was -1.92. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Research Frontiers's current Cash Flow from Operations (TTM) was -1.66. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar21)
=-1.917/5.767
=-0.33240853

ROA (Last Year)=Net Income/Total Assets (Mar20)
=-2.273/7.627
=-0.29802019

Research Frontiers's return on assets of this year was -0.33240853. Research Frontiers's return on assets of last year was -0.29802019. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Research Frontiers's current Net Income (TTM) was -1.92. Research Frontiers's current Cash Flow from Operations (TTM) was -1.66. ==> -1.66 > -1.92 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=0.417/4.8992
=0.08511594

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=0.603/6.7728
=0.0890326

Research Frontiers's gearing of this year was 0.08511594. Research Frontiers's gearing of last year was 0.0890326. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar22)=Total Current Assets/Total Current Liabilities
=3.306/0.288
=11.47916667

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=5.039/0.308
=16.36038961

Research Frontiers's current ratio of this year was 11.47916667. Research Frontiers's current ratio of last year was 16.36038961. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Research Frontiers's number of shares in issue this year was 31.65. Research Frontiers's number of shares in issue last year was 31.635. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1.224/1.224
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=0.686/0.686
=1

Research Frontiers's gross margin of this year was 1. Research Frontiers's gross margin of last year was 1. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar21)
=1.224/5.767
=0.21224207

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=0.686/7.627
=0.08994362

Research Frontiers's asset turnover of this year was 0.21224207. Research Frontiers's asset turnover of last year was 0.08994362. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+0+1+1+0+0+0+1
=3

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Research Frontiers has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Research Frontiers  (NAS:REFR) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Research Frontiers Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Research Frontiers's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Research Frontiers Business Description

Research Frontiers logo
Industry
Technology » Hardware NAICS : 334419 SIC : 3679
Traded in Other Exchanges
N/A
Address
240 Crossways Park Drive, Woodbury, NY, USA, 11797-2033
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. Its revenue source comes from the licensing of technology.
Executives
Douglas Family Trust 10 percent owner, other: 13(d)(3) group 125 E. SIR FRANCIS DRAKE BLVD. SUITE 400 LARKSPUR CA 94939
James & Jean Douglas Irrevocable Descendants Trust 10 percent owner, other: 13(d)(3) group 125 E. SIR FRANCIS DRAKE BLVD. SUITE 400 LARKSPUR CA 94939
Douglas Kevin 10 percent owner, other: 13(d)(3) group 125 E. SIR FRANCIS DRAKE BLVD. SUITE 400 LARKSPUR CA 94939
Settle William Graham director 6003 COBRIDGE SQUARE RALEIGH NC 27609
Lapointe Michael R officer: VP-Marketing PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: LAPOINTE MICHAEL R a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Harary Joseph M director, officer: President and CEO PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: HARARY JOSEPH M a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Van Voorhees Seth officer: CFO & VP-Business Development 12 HARVEY DRIVE SHORT HILLS NJ 07078
Daigle Darryl director 3213 WYTCHWOOD DRIVE MORGAN CITY LA 70380
Kaganowicz Alexander director 1217 CARLLS STRAIGHT PATH DIX HILLS NY 11746
Grimes Gregory George director 24 FIFTH AVENUE APT. 1530 NEW YORK NY 10011
Slovak Steven Michael officer: Vice President-Technology 240 CROSSWAYS PARK DRIVE WOODBURY NY 11797
Saxe Robert L director, officer: Chairman of the Board PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SAXE ROBERT L a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Keen Victor F director C/O RESEARCH FRONTIERS INC. 240 CROSSWAYS PARK DRIVE WOODBURY NY 11797
Guthrie Marion Philip director THREE LINCOLN CENTRE 5430 LBJ FWY., SUITE 1480 DALLAS TX 75240
Derby Jack director 399 BOYLSTON STREET BOSTON MA 02117

Research Frontiers Headlines

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