What is Rafael Holdings's earnings per share (EPS)?

Rafael Holdings (RFL) reported diluted earnings per share of $-1.04 for fiscal year 2025. This represents a 28.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Rafael Holdings Financials

RFL

Source SEC Filings (10-K/10-Q) Updated Mar 16, 2026 Currency USD FYE July

This page shows Rafael Holdings (RFL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 46/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Rafael Holdings has an operating margin of -3179.8%, meaning the company retains $-3180 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -16111.0% the prior year.

Growth

100

Rafael Holdings's revenue surged 44.0% year-over-year to $917K, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Rafael Holdings carries a low D/E ratio of 0.19, meaning only $0.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 4.00, Rafael Holdings holds $4.00 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 79/100.

Cash Flow

While Rafael Holdings generated -$18.9M in operating cash flow, capex of $4K consumed most of it, leaving -$18.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Rafael Holdings generates a -35.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -46.8% the prior year.

Piotroski F-Score Weak

3/9

Rafael Holdings passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.62x

For every $1 of reported earnings, Rafael Holdings generates $0.62 in operating cash flow (-$18.9M OCF vs -$30.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-44.3x

Rafael Holdings earns $-44.3 in operating income for every $1 of interest expense (-$29.2M vs $658K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$917K

YoY+44.0%

5Y CAGR-28.5%

Rafael Holdings generated $917K in revenue in fiscal year 2025. This represents an increase of 44.0% from the prior year.

EBITDA

-$28.9M

YoY+71.8%

Rafael Holdings's EBITDA was -$28.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 71.8% from the prior year.

Net Income

-$30.5M

YoY+11.3%

Rafael Holdings reported -$30.5M in net income in fiscal year 2025. This represents an increase of 11.3% from the prior year.

EPS (Diluted)

$-1.04

YoY+28.3%

Rafael Holdings earned $-1.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 28.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$18.9M

YoY-138.2%

Rafael Holdings generated -$18.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 138.2% from the prior year.

Cash & Debt

$45.5M

YoY+458.1%

5Y CAGR+44.5%

Rafael Holdings held $45.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

-3179.8%

YoY+12931.2pp

5Y CAGR-3007.4pp

Rafael Holdings's operating margin was -3179.8% in fiscal year 2025, reflecting core business profitability. This is up 12931.2 percentage points from the prior year.

Net Margin

-3328.2%

YoY+2073.6pp

5Y CAGR-3109.2pp

Rafael Holdings's net profit margin was -3328.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2073.6 percentage points from the prior year.

Return on Equity

-35.8%

YoY+11.0pp

5Y CAGR-26.5pp

Rafael Holdings's ROE was -35.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 11.0 percentage points from the prior year.

Capital Allocation

R&D Spending

$12.8M

YoY+207.5%

5Y CAGR+39.9%

Rafael Holdings invested $12.8M in research and development in fiscal year 2025. This represents an increase of 207.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$4K

YoY-97.2%

5Y CAGR-62.4%

Rafael Holdings invested $4K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 97.2% from the prior year.

RFL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$917K+44.0%	$637K+128.3%	$279K-32.0%	$410K-48.9%	$802K-83.7%	$4.9M
Cost of Revenue	N/A	$154K	N/A	$3.5M+10.4%	$3.2M	N/A
Gross Profit	N/A	$483K	N/A	-$3.1M-30.5%	-$2.4M	N/A
R&D Expenses	$12.8M+207.5%	$4.2M-33.9%	$6.3M-27.8%	$8.7M+78.2%	$4.9M+105.2%	$2.4M
SG&A Expenses	$13.8M+55.6%	$8.9M-0.9%	$8.9M-47.4%	$17.0M-0.3%	$17.0M+86.7%	$9.1M
Operating Income	-$29.2M+71.6%	-$102.6M-582.2%	-$15.0M+75.1%	-$60.5M-114.5%	-$28.2M-233.1%	-$8.5M
Interest Expense	$658K+165.3%	$248K	N/A	$6K-50.0%	$12K	$0
Income Tax	-$2.6M+4.7%	-$2.7M-951.0%	-$255K	N/A	$18K-37.9%	$29K
Net Income	-$30.5M+11.3%	-$34.4M-1734.2%	-$1.9M+98.5%	-$124.7M-440.6%	-$23.1M-114.5%	-$10.8M
EPS (Diluted)	$-1.04+28.3%	$-1.45-1712.5%	$-0.08+98.7%	$-6.31-323.5%	$-1.49	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$51K-75.8%	$211K-12.1%	$240K-31.4%	$350K-3.3%	$362K+370.1%	$77K-39.8%	$128K-22.4%	$165K
Cost of Revenue	$38K	N/A	N/A	N/A	N/A	$38K+2.7%	$37K	N/A
Gross Profit	$13K	N/A	N/A	N/A	N/A	$39K-57.1%	$91K	N/A
R&D Expenses	$4.5M0.0%	$4.5M-39.5%	$7.5M+3125.9%	$232K-92.3%	$3.0M+217.1%	$947K-28.6%	$1.3M-14.1%	$1.5M
SG&A Expenses	$2.3M0.0%	$2.3M-20.0%	$2.8M+4793.1%	$58K-98.2%	$3.2M+22.3%	$2.6M+2.7%	$2.5M+8.3%	$2.3M
Operating Income	-$6.7M0.0%	-$6.7M+34.4%	-$10.1M+20.5%	-$12.8M-115.8%	-$5.9M+10.9%	-$6.6M-72.7%	-$3.8M0.0%	-$3.8M
Interest Expense	$36K-77.6%	$161K+0.6%	$160K-4.8%	$168K+1.8%	$165K+1.2%	$163K+0.6%	$162K	N/A
Income Tax	$48K0.0%	$48K+380.0%	$10K+105.7%	-$174K+92.8%	-$2.4M-12155.0%	$20K+66.7%	$12K	N/A
Net Income	-$6.4M0.0%	-$6.4M+34.6%	-$9.8M-3284.8%	-$290K+93.9%	-$4.8M-3.0%	-$4.6M+48.5%	-$9.0M-101.6%	-$4.5M
EPS (Diluted)	$-0.130.0%	$-0.13+31.6%	$-0.19	N/A	$-0.190.0%	$-0.19+48.6%	$-0.37	N/A

RFL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$105.4M+20.0%	$87.8M-8.0%	$95.5M-7.5%	$103.2M-20.9%	$130.4M-3.1%	$134.6M
Current Assets	$48.3M-31.4%	$70.5M-9.0%	$77.5M-18.4%	$94.9M+20.9%	$78.5M+853.0%	$8.2M
Cash & Equivalents	$45.5M+458.1%	$8.2M-38.2%	$13.2M-40.5%	$22.2M-69.4%	$72.4M+901.1%	$7.2M
Inventory	$272K	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$413K+105.5%	$201K-18.0%	$245K+81.5%	$135K-81.0%	$712K+130.4%	$309K
Goodwill	$19.9M+553.7%	$3.0M	N/A	N/A	N/A	N/A
Total Liabilities	$16.2M+55.0%	$10.5M+955.7%	$990K-69.5%	$3.3M-81.3%	$17.3M+227.1%	$5.3M
Current Liabilities	$12.1M+66.8%	$7.2M+675.1%	$934K-70.9%	$3.2M-81.4%	$17.3M+227.6%	$5.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$85.2M+15.9%	$73.5M-25.1%	$98.2M-5.0%	$103.4M-10.9%	$116.0M+0.4%	$115.6M
Retained Earnings	-$242.1M-14.9%	-$210.7M-23.3%	-$171.0M-4.3%	-$163.9M-7.2%	-$152.8M-763.4%	-$17.7M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$99.3M0.0%	$99.3M-5.8%	$105.4M-7.7%	$114.1M+5.6%	$108.1M+30.2%	$83.0M-5.5%	$87.8M-9.3%	$96.8M
Current Assets	$42.4M0.0%	$42.4M-12.2%	$48.3M-14.8%	$56.7M+33.6%	$42.4M-35.5%	$65.8M-6.6%	$70.5M-2.8%	$72.5M
Cash & Equivalents	$37.8M0.0%	$37.8M-17.0%	$45.5M-13.7%	$52.8M+39.1%	$37.9M-21.5%	$48.3M+492.2%	$8.2M+205.0%	$2.7M
Inventory	$271K0.0%	$271K-0.4%	$272K-3.2%	$281K-2.4%	$288K	N/A	N/A	N/A
Accounts Receivable	$295K0.0%	$295K-28.6%	$413K-34.1%	$627K+51.4%	$414K+107.0%	$200K-0.5%	$201K-52.8%	$426K
Goodwill	$19.9M0.0%	$19.9M0.0%	$19.9M0.0%	$19.9M-29.5%	$28.3M	N/A	$3.0M0.0%	$3.0M
Total Liabilities	$16.1M0.0%	$16.1M-0.9%	$16.2M+2.9%	$15.7M-33.3%	$23.6M+125.0%	$10.5M+0.3%	$10.5M-1.2%	$10.6M
Current Liabilities	$12.4M0.0%	$12.4M+2.3%	$12.1M+4.1%	$11.6M+5.2%	$11.0M+55.1%	$7.1M-1.8%	$7.2M-3.7%	$7.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$79.2M0.0%	$79.2M-7.1%	$85.2M-9.8%	$94.4M+17.1%	$80.6M+16.1%	$69.4M-5.6%	$73.5M-10.5%	$82.2M
Retained Earnings	-$248.5M0.0%	-$248.5M-2.7%	-$242.1M-4.2%	-$232.3M-5.5%	-$220.2M-2.2%	-$215.4M-2.2%	-$210.7M-4.5%	-$201.7M

RFL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$18.9M-142.6%	-$7.8M+28.3%	-$10.9M+58.3%	-$26.1M-67.2%	-$15.6M-234.4%	-$4.7M
Capital Expenditures	$4K-97.2%	$143K	N/A	$2K-99.0%	$206K-61.4%	$534K
Free Cash Flow	-$18.9M-138.2%	-$7.9M	N/A	-$26.1M-65.0%	-$15.8M-204.0%	-$5.2M
Investing Cash Flow	$44.0M+507.0%	-$10.8M-151.0%	$21.2M+133.2%	-$63.8M-680.8%	-$8.2M-690.2%	-$1.0M
Financing Cash Flow	$24.8M+13971.5%	-$179K+98.8%	-$15.2M-114.7%	$103.9M+242.8%	$30.3M+31660.4%	-$96K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$168K	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	-$7.5M0.0%	-$7.5M-10.5%	-$6.8M+34.4%	-$10.4M-225.3%	-$3.2M-37.8%	-$2.3M+23.9%	-$3.0M-5.3%	-$2.9M
Capital Expenditures	$5K	N/A	N/A	-$1K0.0%	-$1K	$0-100.0%	$6K-25.0%	$8K
Free Cash Flow	-$7.5M	N/A	N/A	-$10.4M-225.2%	-$3.2M-37.8%	-$2.3M+24.0%	-$3.0M-5.2%	-$2.9M
Investing Cash Flow	-$255K0.0%	-$255K+40.7%	-$430K-363.8%	$163K+102.3%	-$7.2M-117.0%	$42.5M+395.6%	$8.6M+557.6%	-$1.9M
Financing Cash Flow	-$32K0.0%	-$32K-6.7%	-$30K-100.1%	$24.9M+226209.1%	$11K+140.7%	-$27K+43.8%	-$48K-100.0%	-$24K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0

RFL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	75.8%	N/A	-753.4%-458.3pp	-295.1%	N/A
Operating Margin	-3179.8%+12931.2pp	-16111.0%-10719.2pp	-5391.8%+9358.7pp	-14750.5%-11234.4pp	-3516.1%-3343.7pp	-172.4%
Net Margin	-3328.2%+2073.6pp	-5401.9%-4729.5pp	-672.4%+29732.0pp	-30404.4%-27529.0pp	-2875.4%-2656.4pp	-219.0%
Return on Equity	-35.8%+11.0pp	-46.8%-44.9pp	-1.9%+118.7pp	-120.6%-100.7pp	-19.9%-10.6pp	-9.3%
Return on Assets	-29.0%+10.2pp	-39.2%-37.2pp	-2.0%+118.8pp	-120.8%-103.1pp	-17.7%-9.7pp	-8.0%
Current Ratio	4.00-5.7	9.74-73.2	82.94+53.3	29.61+25.1	4.55+3.0	1.56
Debt-to-Equity	0.19+0.0	0.14+0.1	0.01-0.0	0.03-0.1	0.15+0.1	0.05
FCF Margin	-2064.1%-816.9pp	-1247.3%	N/A	-6361.2%-4390.3pp	-1970.9%-1865.0pp	-105.9%

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	25.5%	N/A	N/A	N/A	N/A	50.6%-20.4pp	71.1%	N/A
Operating Margin	-13049.0%-9895.0pp	-3154.0%+1071.4pp	-4225.4%-578.8pp	-3646.6%-2013.1pp	-1633.4%+6988.6pp	-8622.1%-5618.9pp	-3003.1%-672.8pp	-2330.3%
Net Margin	-12582.4%-9541.1pp	-3041.2%+1048.8pp	-4090.0%-4007.1pp	-82.9%+1237.3pp	-1320.2%+4707.1pp	-6027.3%+1008.7pp	-7035.9%-4328.1pp	-2707.9%
Return on Equity	-8.1%0.0pp	-8.1%+3.4pp	-11.5%-11.2pp	-0.3%+5.6pp	-5.9%+0.8pp	-6.7%+5.6pp	-12.3%-6.8pp	-5.4%
Return on Assets	-6.5%0.0pp	-6.5%+2.9pp	-9.3%-9.1pp	-0.3%+4.2pp	-4.4%+1.2pp	-5.6%+4.7pp	-10.3%-5.6pp	-4.6%
Current Ratio	3.440.0	3.44-0.6	4.00-0.9	4.89+1.0	3.85-5.4	9.26-0.5	9.74+0.1	9.65
Debt-to-Equity	0.200.0	0.20+0.0	0.19+0.0	0.17-0.1	0.29+0.1	0.150.0	0.14+0.0	0.13
FCF Margin	-14760.8%	N/A	N/A	-2965.1%-2083.7pp	-881.5%+2125.0pp	-3006.5%-625.2pp	-2381.3%-625.5pp	-1755.8%

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Frequently Asked Questions

What is Rafael Holdings's annual revenue?

Rafael Holdings (RFL) reported $917K in total revenue for fiscal year 2025. This represents a 44.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Rafael Holdings's revenue growing?

Rafael Holdings (RFL) revenue grew by 44% year-over-year, from $637K to $917K in fiscal year 2025.

Is Rafael Holdings profitable?

No, Rafael Holdings (RFL) reported a net income of -$30.5M in fiscal year 2025, with a net profit margin of -3328.2%.

What is Rafael Holdings's EBITDA?

Rafael Holdings (RFL) had EBITDA of -$28.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Rafael Holdings's operating margin?

Rafael Holdings (RFL) had an operating margin of -3179.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Rafael Holdings's net profit margin?

Rafael Holdings (RFL) had a net profit margin of -3328.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Rafael Holdings's return on equity (ROE)?

Rafael Holdings (RFL) has a return on equity of -35.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Rafael Holdings's free cash flow?

Rafael Holdings (RFL) generated -$18.9M in free cash flow during fiscal year 2025. This represents a -138.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Rafael Holdings's operating cash flow?

Rafael Holdings (RFL) generated -$18.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Rafael Holdings's total assets?

Rafael Holdings (RFL) had $105.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Rafael Holdings's capital expenditures?

Rafael Holdings (RFL) invested $4K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Rafael Holdings spend on research and development?

Rafael Holdings (RFL) invested $12.8M in research and development during fiscal year 2025.

What is Rafael Holdings's current ratio?

Rafael Holdings (RFL) had a current ratio of 4.00 as of fiscal year 2025, which is generally considered healthy.

What is Rafael Holdings's debt-to-equity ratio?

Rafael Holdings (RFL) had a debt-to-equity ratio of 0.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Rafael Holdings's return on assets (ROA)?

Rafael Holdings (RFL) had a return on assets of -29.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Rafael Holdings's cash runway?

Based on fiscal year 2025 data, Rafael Holdings (RFL) had $45.5M in cash against an annual operating cash burn of $18.9M. This gives an estimated cash runway of approximately 29 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Rafael Holdings's Piotroski F-Score?

Rafael Holdings (RFL) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Rafael Holdings's earnings high quality?

Rafael Holdings (RFL) has an earnings quality ratio of 0.62x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Rafael Holdings cover its interest payments?

Rafael Holdings (RFL) has an interest coverage ratio of -44.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Rafael Holdings?

Rafael Holdings (RFL) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.