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

Rafael Holdings, Inc. (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, Inc. (RFL) Financials

RFL

FY2025 annual

Revenue $917K +44.0% YoY

Net Income -$30.5M +11.3% YoY

EPS (Diluted) -$1.04 +28.3% YoY

Free Cash Flow -$18.9M -138.2% YoY

Market Cap $77.5M as of Oct 14, 2026

Price / Sales 79.1x on $980K revenue, trailing 12 months to April 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to April 30, 2026

Price / Book 1.0x on $75.4M equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Apr 30, 2026 Reported Jun 11, 2026 Currency USD FYE July

Newest figures come from the 10-Q for Q3 FY2026, filed Jun 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RFL SEC filings page.

Rafael Holdings, Inc. (RFL) reported $917K in revenue for fiscal year 2025, up 44.0% from the prior fiscal year. This page shows its 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).

Rhea AI RFL FY2025 2026-10-04

The numbers describe a development-stage business where research spending and operating cash needs far exceed its still-small sales base.

R&D intensity rose from $4.2M in FY2024 to $12.8M in FY2025 while the sales base remained very small, revealing an operation still centered on development rather than commercial scale. Operating cash outflow widened from $7.8M to $18.9M over the same periods, so added investment has not yet translated into comparable cash generation.

Despite recurring losses, FY2025 liabilities were $15.7M against $114.1M of assets, and debt-to-equity was 0.2x; the balance sheet is therefore not dominated by borrowing. The supplied liquidity measure equaled 33.5 months of reported FY2025 operating outflow, while the current ratio was 4.9x, indicating substantial short-term asset coverage of near-term liabilities.

The FY2025 net loss of $30.5M exceeded operating cash outflow of $18.9M, indicating accounting charges or working-capital effects beyond cash paid. Free cash flow tracked operating cash flow closely, so capital spending was not the main source of cash use.

Financial Health Signals

Financial health score not available

Rafael Holdings, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

-0.26

Rafael Holdings, Inc. scores -0.26, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($77.5M) relative to total liabilities ($15.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

3/6

Rafael Holdings, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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 No Cash Backing

N/A

Rafael Holdings, Inc. reported a net loss of $30.5M while operations used $18.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Rafael Holdings, Inc. reported an operating loss of $29.2M against $658K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$179K

YoY-50.6%

QoQ-15.2%

Rafael Holdings, Inc. generated $179K in revenue in Q3 2026. This represents a decrease of 50.6% from the same quarter a year earlier. Against the prior quarter it is down 15.2%.

EBITDA

-$6.8M

YoY-16.6%

QoQ-3.4%

Rafael Holdings, Inc.'s EBITDA was -$6.8M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 16.6% from the same quarter a year earlier. Against the prior quarter it is down 3.4%.

Net Income

-$4.2M

YoY+11.6%

QoQ+34.1%

Rafael Holdings, Inc. reported -$4.2M in net income in Q3 2026. This represents an increase of 11.6% from the same quarter a year earlier. Against the prior quarter it is up 34.1%.

EPS (Diluted)

-$0.08

QoQ+38.5%

Rafael Holdings, Inc. earned -$0.08 per diluted share (EPS) in Q3 2026. Against the prior quarter it is up 38.5%.

Cash & Balance Sheet

Free Cash Flow

-$7.3M

YoY-128.3%

Rafael Holdings, Inc. recorded an outflow of $7.3M in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents a decrease of 128.3% from the same quarter a year earlier.

Cash & Debt

$30.5M

YoY-19.6%

QoQ-19.3%

5Y CAGR+45.5%

Rafael Holdings, Inc. held $30.5M in cash as of Q3 2026; long-term debt is not reported for that period.

Shares Outstanding

Diluted avg 51M

Rafael Holdings, Inc. had a weighted average of 51M diluted shares in Q3 2026; the shares outstanding count is not reported for that period.

Dividends Per Share

Not reported for Q3 2026.

Margins & Returns

Return on Equity

-5.6%

YoY+0.3pp

QoQ+2.5pp

Rafael Holdings, Inc.'s ROE was -5.6% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.5 percentage points.

Gross Margin

Not reported for Q3 2026.

Operating Margin

Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$4.9M

YoY+61.6%

QoQ+7.2%

Rafael Holdings, Inc. invested $4.9M in research and development in Q3 2026. This represents an increase of 61.6% from the same quarter a year earlier. Against the prior quarter it is up 7.2%.

Capital Expenditures

YoY-100.0%

Rafael Holdings, Inc. reported no capital expenditure in Q3 2026. This represents a decrease of 100.0% from the same quarter a year earlier.

Share Buybacks

Not reported for Q3 2026.

RFL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RFL quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Revenue	$980K	$917K+44.0%	$637K+128.3%	$279K-32.0%	$410K-48.9%	$802K-83.7%	$4.9M-0.4%	$4.9M+12.8%	$4.4M-22.2%	$5.6M+0.5%	$5.6M
Cost of Revenue	N/A	N/A	$154K	N/A	$3.5M+10.4%	$3.2M	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	$483K	N/A	-$3.1M-30.5%	-$2.4M	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$17.1M	$12.8M+207.5%	$4.2M-33.9%	$6.3M-27.8%	$8.7M+78.2%	$4.9M+105.2%	$2.4M+132.8%	$1.0M+3.2%	$995K	N/A	N/A
SG&A Expenses	$7.3M	$13.8M+55.6%	$8.9M-0.9%	$8.9M-47.4%	$17.0M-0.3%	$17.0M+86.7%	$9.1M+3.4%	$8.8M+59.8%	$5.5M+48.0%	$3.7M+35.4%	$2.8M
Operating Income	-$36.4M	-$29.2M+71.6%	-$102.6M-582.2%	-$15.0M+75.1%	-$60.5M-114.5%	-$28.2M-233.1%	-$8.5M-26.4%	-$6.7M-74.3%	-$3.8M-1838.0%	$221K-81.5%	$1.2M
EBITDA	N/A	-$28.9M+71.8%	-$102.4M-584.3%	-$15.0M+75.2%	-$60.4M-114.7%	-$28.1M-326.3%	-$6.6M-34.2%	-$4.9M-129.4%	-$2.1M-213.4%	$1.9M-33.3%	$2.8M
Interest Expense	$495K	$658K+165.3%	$248K	N/A	$6K-50.0%	$12K	$0-100.0%	$40K+150.0%	$16K+60.0%	$10K+150.0%	-$20K
Income Tax	-$110K	-$2.6M+4.7%	-$2.7M-951.0%	-$255K	N/A	$18K-37.9%	$29K+252.6%	-$19K-100.2%	$8.4M+12683.3%	$66K-85.3%	$449K
Net Income	-$20.7M	-$30.5M+11.3%	-$34.4M-1734.2%	-$1.9M+98.5%	-$124.7M-440.6%	-$23.1M-114.5%	-$10.8M-129.1%	-$4.7M+59.7%	-$11.6M-8541.3%	$138K-80.6%	$710K
EPS (Basic)	N/A	-$1.04+28.3%	-$1.45-1712.5%	-$0.08+98.7%	-$6.31-323.5%	-$1.49	N/A	N/A	-$0.93-9400.0%	$0.01-83.3%	$0.06
EPS (Diluted)	-$0.71	-$1.04+28.3%	-$1.45-1712.5%	-$0.08+98.7%	-$6.31-323.5%	-$1.49	N/A	N/A	-$0.93-9400.0%	$0.01-83.3%	$0.06
Diluted Shares (Avg)	N/A	29M+23.9%	24M+2.1%	23M+17.7%	20M+19.6%	17M	N/A	N/A	12,4850.0%	12,4850.0%	12,485

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$179K-50.6%	$211K+174.0%	$240K+87.5%	$350K+112.1%	$362K+7.7%	$77K+13.2%	$128K+88.2%	$165K+142.6%
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$38K	$37K	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	$39K	$91K	N/A
R&D Expenses	$4.9M+61.6%	$4.5M+378.2%	$7.5M+464.4%	$232K-85.0%	$3.0M+96.8%	$947K+54.7%	$1.3M+171.2%	$1.5M+21.9%
SG&A Expenses	$2.1M-32.5%	$2.3M-12.4%	$2.8M+12.5%	$58K-97.5%	$3.2M+64.8%	$2.6M+1.2%	$2.5M+23.7%	$2.3M+67.0%
Operating Income	-$6.9M-16.2%	-$6.7M-0.2%	-$10.1M-163.8%	-$12.8M-231.9%	-$5.9M+93.7%	-$6.6M-111.2%	-$3.8M-55.1%	-$3.8M-47.3%
EBITDA	-$6.8M-16.6%	-$6.6M-0.8%	-$10.1M-168.5%	-$12.7M-236.6%	-$5.9M+93.7%	-$6.5M-110.9%	-$3.8M-52.7%	-$3.8M-45.7%
Interest Expense	$6K-96.4%	$161K-1.2%	$160K-1.2%	$168K	$165K+94.1%	$163K	$162K	N/A
Income Tax	$6K+100.2%	$48K+140.0%	$10K-16.7%	-$174K	-$2.4M+7.2%	$20K	$12K+100.0%	N/A
Net Income	-$4.2M+11.6%	-$6.4M-38.3%	-$9.8M-9.0%	-$290K+93.5%	-$4.8M+85.2%	-$4.6M-176.7%	-$9.0M-147.6%	-$4.5M-466.5%
EPS (Basic)	-$0.08+57.9%	-$0.13+31.6%	-$0.19+48.6%	-$0.31-63.2%	-$0.19+86.0%	-$0.19-173.1%	-$0.37-146.7%	-$0.19-416.7%
EPS (Diluted)	-$0.08	-$0.13	-$0.19	-$0.31	-$0.19+86.0%	-$0.19-176.0%	-$0.37-146.7%	-$0.19-416.7%
Diluted Shares (Avg)	51M	51M	51M	N/A	25M+6.1%	24M-1.0%	24M+1.8%	N/A

RFL Balance Sheet

RFL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Total Assets	$114.1M+17.8%	$96.8M-2.0%	$98.8M-16.5%	$118.3M-23.2%	$154.1M+13.0%	$136.3M-4.1%	$142.1M+21.6%	$116.9M+35.6%	$86.2M	N/A
Current Assets	$56.7M-21.8%	$72.5M-12.6%	$82.9M-23.4%	$108.3M+633.9%	$14.8M+50.2%	$9.8M-25.9%	$13.3M-70.2%	$44.5M+265.8%	$12.2M	N/A
Cash & Equivalents	$52.8M+1872.7%	$2.7M-87.6%	$21.5M-19.0%	$26.5M+237.9%	$7.9M+26.6%	$6.2M-48.4%	$12.0M-23.9%	$15.8M+34.4%	$11.8M+402.6%	$2.3M
Short-Term Investments	$0-100.0%	$63.3M+9.6%	$57.7M+57.3%	$36.7M	$0	$0	$0-100.0%	$24.7M	$0	$0
Inventory	$281K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$627K+47.2%	$426K+100.0%	$213K+35.7%	$157K-33.2%	$235K0.0%	$235K-47.8%	$450K+56.8%	$287K+8.7%	$264K	N/A
Long-Term Investments	$0	$0	$0	$0-100.0%	$79.1M+13.0%	$70.0M+180.1%	$25.0M+1150.0%	$2.0M+12.5%	$1.8M	$0
Goodwill	$19.9M+553.7%	$3.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$15.7M+48.8%	$10.6M+380.6%	$2.2M-89.6%	$21.1M+21.7%	$17.4M+198.2%	$5.8M-66.5%	$17.4M+1182.6%	$1.4M-94.4%	$24.1M	N/A
Current Liabilities	$11.6M+54.4%	$7.5M+250.3%	$2.1M-89.8%	$21.0M+21.5%	$17.3M+202.1%	$5.7M+301.3%	$1.4M+60.2%	$891K+145.5%	$363K	N/A
Non-Current Liabilities	$4.1M+35.2%	$3.1M+5463.6%	$55K-37.5%	$88K+83.3%	$48K-47.8%	$92K-99.4%	$16.0M+3337.9%	$464K-98.0%	$23.8M	N/A
Total Equity	$94.4M+14.9%	$82.2M-18.1%	$100.3M-0.2%	$100.5M-17.8%	$122.3M+4.7%	$116.8M+5.2%	$111.0M+4.0%	$106.7M+102.3%	$52.7M+8.1%	$48.8M
Retained Earnings	-$232.3M-15.1%	-$201.7M-20.6%	-$167.3M-1.1%	-$165.5M-305.5%	-$40.8M-151.0%	-$16.3M-178.3%	-$5.8M-427.1%	-$1.1M	N/A	N/A

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$92.0M-14.9%	$99.3M+19.6%	$105.4M+20.0%	$114.1M+17.8%	$108.1M+6.4%	$83.0M-21.8%	$87.8M-8.0%	$96.8M-2.0%
Current Assets	$34.9M-17.9%	$42.4M-35.5%	$48.3M-31.4%	$56.7M-21.8%	$42.4M-42.5%	$65.8M-12.3%	$70.5M-9.0%	$72.5M-12.6%
Cash & Equivalents	$30.5M-19.6%	$37.8M-21.8%	$45.5M+458.1%	$52.8M+1872.7%	$37.9M+410.2%	$48.3M+577.1%	$8.2M-38.2%	$2.7M-87.6%
Short-Term Investments	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$46.1M	$63.3M+9.6%
Inventory	$276K-4.2%	$271K	$272K	$281K	$288K	N/A	N/A	N/A
Accounts Receivable	$294K-29.0%	$295K+47.5%	$413K+105.5%	$627K+47.2%	$414K-6.5%	$200K-47.2%	$201K-18.0%	$426K+100.0%
Long-Term Investments	$750K	$750K	$500K	$0	$0	$0	$0	$0
Goodwill	$19.9M-29.5%	$19.9M	$19.9M+553.7%	$19.9M+553.7%	$28.3M+691.9%	N/A	$3.0M	$3.0M
Total Liabilities	$11.2M-52.6%	$16.1M+53.2%	$16.2M+55.0%	$15.7M+48.8%	$23.6M+113.1%	$10.5M+169.0%	$10.5M+955.7%	$10.6M+380.6%
Current Liabilities	$11.0M-0.1%	$12.4M+73.8%	$12.1M+66.8%	$11.6M+54.4%	$11.0M+46.3%	$7.1M+117.9%	$7.2M+675.1%	$7.5M+250.3%
Non-Current Liabilities	$167K-98.7%	$3.7M+9.8%	$4.1M+28.2%	$4.1M+35.2%	$12.5M+256.2%	$3.4M+433.1%	$3.2M+5635.7%	$3.1M+5463.6%
Total Equity	$75.4M-6.4%	$79.2M+14.1%	$85.2M+15.9%	$94.4M+14.9%	$80.6M-6.4%	$69.4M-33.9%	$73.5M-25.1%	$82.2M-18.1%
Retained Earnings	-$252.7M-14.8%	-$248.5M-15.4%	-$242.1M-14.9%	-$232.3M-15.1%	-$220.2M-11.6%	-$215.4M-30.6%	-$210.7M-23.3%	-$201.7M-20.6%

Not reported in any period shown, so not listed: Long-Term Debt.

RFL Cash Flow Statement

RFL quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Operating Cash Flow	-$32.0M	-$18.9M-142.6%	-$7.8M+28.3%	-$10.9M+58.3%	-$26.1M-67.2%	-$15.6M-234.4%	-$4.7M-49.0%	-$3.1M-72.6%	-$1.8M-11.8%	-$1.6M-2354.2%	$72K
Depreciation & Amortization	N/A	$288K+28.0%	$225K+188.5%	$78K+8.3%	$72K+2.9%	$70K-96.2%	$1.9M+4.9%	$1.8M+4.8%	$1.7M+1.7%	$1.7M+1.6%	$1.6M
Stock-Based Compensation	N/A	$2.1M-7.5%	$2.3M+4.9%	$2.2M+338.6%	-$917K-113.8%	$6.6M+869.7%	$684K	N/A	$51K	N/A	N/A
Capital Expenditures	N/A	$4K-97.2%	$143K	N/A	$2K-99.0%	$206K-61.4%	$534K+33.8%	$399K-43.8%	$710K-61.0%	$1.8M+17.2%	$1.6M
Free Cash Flow	N/A	-$18.9M-138.2%	-$7.9M	N/A	-$26.1M-65.0%	-$15.8M-204.0%	-$5.2M-47.3%	-$3.5M-39.8%	-$2.5M+26.7%	-$3.4M-132.5%	-$1.5M
Investing Cash Flow	-$516K	$44.0M+507.0%	-$10.8M-151.0%	$21.2M+133.2%	-$63.8M-680.8%	-$8.2M-690.2%	-$1.0M+96.7%	-$31.2M-860.2%	$4.1M+136.6%	-$11.2M-207.1%	-$3.7M
Financing Cash Flow	$24.8M	$24.8M+13971.5%	-$179K+98.8%	-$15.2M-114.7%	$103.9M+242.8%	$30.3M+31660.4%	-$96K-100.3%	$30.9M+1665.1%	$1.8M-92.1%	$22.3M+8300.0%	$265K
Share Buybacks	N/A	N/A	$168K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	-$7.3M-128.3%	-$7.5M-225.0%	-$6.8M-123.7%	-$10.4M-259.2%	-$3.2M-1170.9%	-$2.3M+8.5%	-$3.0M-42.6%	-$2.9M-99.5%
Depreciation & Amortization	$48K-22.6%	$55K-38.9%	$50K-41.9%	$50K-26.5%	$62K-39.2%	$90K+136.8%	$86K+405.9%	$68K+277.8%
Stock-Based Compensation	$172K-51.3%	$387K-22.9%	$598K+66.6%	N/A	$353K-28.8%	$502K-29.8%	$359K-44.7%	N/A
Capital Expenditures	$0-100.0%	N/A	N/A	-$1K-87.5%	-$1K-99.2%	$0	$6K	$8K
Free Cash Flow	-$7.3M-128.3%	N/A	N/A	-$10.4M-258.2%	-$3.2M-750.9%	-$2.3M	-$3.0M	-$2.9M
Investing Cash Flow	$6K+100.1%	-$255K-100.6%	-$430K-105.0%	$163K+108.7%	-$7.2M-1241.7%	$42.5M+1622.8%	$8.6M+226.4%	-$1.9M-125.3%
Financing Cash Flow	-$28K-354.5%	-$32K-18.5%	-$30K+37.5%	$24.9M+103825.0%	$11K+136.7%	-$27K+97.1%	-$48K-105.9%	-$24K+31.4%
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0

Not reported in any period shown, so not listed: Dividends Paid.

RFL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

RFL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K
Gross Margin	N/A	75.8%	N/A	-753.4%	-295.1%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-3179.8%	-16111.0%	-5391.8%	-14750.5%	-3516.1%	-172.4%	-135.8%	-87.9%-91.8pp	3.9%-17.4pp	21.3%
Net Margin	-3328.2%	-5401.9%	-672.4%	-30404.4%	-2875.4%	-219.0%	-95.2%	-266.5%	2.5%-10.2pp	12.7%
Return on Equity	-32.3%+9.5pp	-41.9%-40.0pp	-1.9%+122.2pp	-124.0%-105.2pp	-18.9%-9.6pp	-9.2%-5.0pp	-4.2%+6.7pp	-10.9%-11.2pp	0.3%-1.2pp	1.5%
Return on Assets	-26.8%+8.8pp	-35.5%-33.6pp	-1.9%+103.5pp	-105.4%-90.4pp	-15.0%-7.1pp	-7.9%-4.6pp	-3.3%+6.7pp	-10.0%-10.1pp	0.2%	N/A
Current Ratio	4.89-4.8x	9.65-29.0x	38.67+33.5x	5.15+4.3x	0.85-0.9x	1.72-7.6x	9.29-40.7x	49.96+16.4x	33.52	N/A
Debt-to-Equity	0.170.0x	0.13+0.1x	0.02-0.2x	0.21+0.1x	0.14+0.1x	0.05-0.1x	0.16+0.1x	0.01-0.4x	0.46	N/A
Asset Turnover	0.010.0x	0.010.0x	0.000.0x	0.000.0x	0.010.0x	0.040.0x	0.030.0x	0.040.0x	0.07	N/A
FCF Margin	-2064.1%	-1247.3%	N/A	-6361.2%	-1970.9%	-105.9%	-71.6%-13.8pp	-57.8%+3.5pp	-61.3%-34.8pp	-26.5%

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	50.6%	71.1%	N/A
Operating Margin	-3838.0%	-3154.0%	-4225.4%	-3646.6%	-1633.4%	-8622.1%	-3003.1%	-2330.3%
Net Margin	-2360.9%	-3041.2%	-4090.0%	-82.9%	-1320.2%	-6027.3%	-7035.9%	-2707.9%
Return on Equity	-5.6%+0.3pp	-8.1%-1.4pp	-11.5%+0.7pp	-0.3%+5.1pp	-5.9%+31.6pp	-6.7%-12.4pp	-12.3%-8.5pp	-5.4%-6.7pp
Return on Assets	-4.6%-0.2pp	-6.5%-0.9pp	-9.3%+0.9pp	-0.3%+4.4pp	-4.4%+27.4pp	-5.6%-11.3pp	-10.3%-6.4pp	-4.6%-5.8pp
Current Ratio	3.16-0.7x	3.44-5.8x	4.00-5.7x	4.89-4.8x	3.85-5.9x	9.26-13.7x	9.74-73.2x	9.65-29.0x
Debt-to-Equity	0.15-0.1x	0.20+0.1x	0.190.0x	0.170.0x	0.29+0.2x	0.15+0.1x	0.14+0.1x	0.13+0.1x
Asset Turnover	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x
FCF Margin	-4069.3%	N/A	N/A	-2965.1%	-881.5%	-3006.5%	-2381.3%	-1755.8%

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Rafael Holdings, Inc. RFL	FY2025	$917K	-$30.5M	N/A	$77.5M	—
EUDA Health Holdings Limited EUDA	FY2025	$6.8M	-$2.8M	-40.6%	$50.9M	2/100
Ohmyhome Limited OMH	FY2025	$9.5M	-$7.2M	-75.2%	$5.3M	2/100
American Strategic Investment Co. NYC	FY2025	N/A	-$21.2M	N/A	$17.7M	—
Fangdd Network Group Ltd. DUO	FY2025	$50.7M	-$12.1M	-23.9%	$27.1M	5/100

Where Rafael Holdings, Inc. Ranks

Frequently Asked Questions

What is Rafael Holdings, Inc.'s annual revenue?

Rafael Holdings, Inc. (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, Inc.'s revenue growing?

Rafael Holdings, Inc. (RFL) revenue grew by 44.0% year-over-year, from $637K to $917K in fiscal year 2025.

Is Rafael Holdings, Inc. profitable?

No, Rafael Holdings, Inc. (RFL) reported a net income of -$30.5M in fiscal year 2025.

What is Rafael Holdings, Inc.'s EBITDA?

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

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

Rafael Holdings, Inc. (RFL) has a return on equity of -32.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Rafael Holdings, Inc.'s free cash flow?

Rafael Holdings, Inc. (RFL) recorded an outflow of $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, Inc.'s operating cash flow?

Rafael Holdings, Inc. (RFL) recorded an outflow of $18.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Rafael Holdings, Inc.'s total assets?

Rafael Holdings, Inc. (RFL) had $114.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Rafael Holdings, Inc.'s capital expenditures?

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

How much does Rafael Holdings, Inc. spend on research and development?

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

What is Rafael Holdings, Inc.'s current ratio?

Rafael Holdings, Inc. (RFL) had a current ratio of 4.89 as of fiscal year 2025, which is generally considered healthy.

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

Rafael Holdings, Inc. (RFL) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Rafael Holdings, Inc. (RFL) had a return on assets of -26.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Rafael Holdings, Inc.'s P/E ratio?

Rafael Holdings, Inc. (RFL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to April 30, 2026). The market capitalization is $77.5M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Rafael Holdings, Inc.'s price-to-sales ratio?

Rafael Holdings, Inc. (RFL) trades at 79.1x sales, its market capitalization divided by revenue of $980K revenue, trailing 12 months to April 30, 2026. The market capitalization is $77.5M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Rafael Holdings, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Rafael Holdings, Inc. (RFL) held $52.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $18.9M over that year. Dividing the one by the other, the reported balance equals about 33 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Rafael Holdings, Inc.'s Altman Z-Score?

Rafael Holdings, Inc. (RFL) has an Altman Z-Score of -0.26, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Rafael Holdings, Inc.'s Piotroski F-Score?

Rafael Holdings, Inc. (RFL) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Rafael Holdings, Inc.'s earnings high quality?

Rafael Holdings, Inc. (RFL) reported a net loss of $30.5M while operations used $18.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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, Inc. cover its interest payments?

Rafael Holdings, Inc. (RFL) reported an operating loss of $29.2M against $658K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.