Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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 -0.67%28 PB Ratio is 13.53 as of Aug. 18, 2026, which is 8% below its 10-year median of 14.73. GuruFocus rates REFR with a GF Score™ of 28/100 and a GF Value™ of $0.81 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 2,418 Hardware companies, Research Frontiers ranks worse than 93.47% on this metric.
The historical rank and industry rank for Research Frontiers's PB Ratio or its related term are showing as below:
REFR'
s PB Ratio Range Over the Past 10 Years
Min: 4.92 Med: 14.73 Max: 47.5
Current: 14.43
During the past 13 years, Research Frontiers's highest PB Ratio was 47.50. The lowest was 4.92. And the median was 14.73.
REFR's PB Ratio is ranked worse than 93.47% of 2418
companies
in the Hardware industry
Industry Median: 2.35
vs REFR: 14.43
During the past 12 months, Research Frontiers's average Book Value Per Share Growth Rate was -39.60% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was -42.20% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was -26.20% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was -14.40% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Research Frontiers was 124.10% per year. The lowest was -45.40% per year. And the median was -2.25% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Research Frontiers PB Ratio Related Terms
Research Frontiers PB Ratio Historical Data
* Premium members only.
The historical data trend for Research Frontiers's PB Ratio 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.
For the Electronic Components subindustry, Research Frontiers's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Hardware Industry
For the Hardware industry and Technology sector, Research Frontiers's PB Ratio distribution charts can be found below:
* The bar in red indicates where Research Frontiers's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Research Frontiers (REFR) has a PB Ratio of 13.53 as of Aug. 18, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Research Frontiers and its competitors. This is near median its historical median of 14.73. Over the past decade, Research Frontiers' PB Ratio has ranged from 4.92 to 47.50. According to the industry distribution chart, Research Frontiers ranks #2260 out of 2418 companies in the Hardware industry, placing it in the top 93.5%.
Is Research Frontiers' PB Ratio too high?
Research Frontiers' current PB Ratio of 13.53 is near median its 10-year median of 14.73. Over the past 10 years, this metric has ranged from a low of 4.92 to a high of 47.50. The Hardware industry median PB Ratio is 2.35. Research Frontiers' value of 13.53 is 475.7% above this industry median. Based on the distribution chart, Research Frontiers ranks #2260 out of 2418 companies in the Hardware industry, which is in the bottom quartile relative to peers. 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' PB Ratio compare to WETH and NEON?
According to the Hardware industry distribution chart, Research Frontiers ranks #2260 out of 2418 companies for PB Ratio. This places Research Frontiers in the lower half of its industry. The industry median PB Ratio is 2.35. Research Frontiers' value of 13.53 is 475.7% above this benchmark. Historically, Research Frontiers' own PB Ratio has ranged from 4.92 to 47.50 over the past decade. While the company's 10-year median is 14.73 vs. the industry median of 2.35, Research Frontiers has consistently been above 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 PB Ratio for a Hardware company?
The median PB Ratio among Hardware companies is 2.35, based on 2,418 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Research Frontiers's current PB Ratio of 13.53 is 475.7% above 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Research Frontiers and its competitors. For the Hardware industry, the median PB Ratio is 2.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Research Frontiers's current PB Ratio is 13.53, which is near median its own 10-year median of 14.73. 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 $0.81, compared to a current price of $0.43 — trading 46.6% below its estimated fair value. The current PB Ratio is 13.53, which is near median its 10-year median of 14.73 and 475.7% above the Hardware industry median of 2.35. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Research Frontiers (REFR), the current PB Ratio is 13.53 as of Aug. 18, 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 $0.43 is trading 46.6% below its estimated GF Value™ of $0.81.
GuruFocus considers Research Frontiers to be Possible Value Trap.
Key valuation signals for REFR:
PB Ratio: 13.53 (near median its 10-year median of 14.73)
GF Value™: $0.81 vs. price of $0.43 (46.6% below fair value)
Industry Position: 475.7% above the Hardware median (#2260 of 2418)
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
Get the complete analysis for REFR
PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
REFR has been successfully added to your 
