Rafael Holdings Financials
Rafael Holdings (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).
Rafael Holdings is operating as a development-stage vehicle: external funding and asset transactions, not revenue, currently finance recurring cash consumption.
In FY2025,$52.8M of cash coexisted with operating cash flow of-$18.9M , so liquidity does not yet come from self-funding operations. That cushion was supported by$44.0M of investing inflows and$24.8M of financing inflows, rather than operating earnings.
R&D reached
Liquidity currently outweighs near-term obligations: cash was about 3.4x total liabilities and the current ratio was 4.9x. That balance-sheet cushion coexists with recurring cash consumption, making funding activity central to the operating model.
Financial Health Signals
Rafael Holdings 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.
Rafael Holdings scores 1.23, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($116.5M) 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.
Rafael Holdings 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.
Rafael Holdings 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.
Rafael Holdings 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
Earnings & Revenue
Rafael Holdings generated $917K in revenue in fiscal year 2025. This represents an increase of 44.0% from the prior year.
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.
Rafael Holdings reported -$30.5M in net income in fiscal year 2025. This represents an increase of 11.3% from the prior year.
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
Rafael Holdings recorded an outflow of $18.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 138.2% from the prior year.
Rafael Holdings held $52.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Rafael Holdings's ROE was -32.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 9.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Rafael Holdings invested $12.8M in research and development in fiscal year 2025. This represents an increase of 207.5% from the prior year.
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.
Not reported for fiscal year 2025.
RFL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 (Diluted) | — | -$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 |
TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RFL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
Not reported in any period shown, so not listed: Long-Term Debt.
RFL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q4 FY2025 through Q3 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RFL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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% |
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: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Rafael Holdings Ranks
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 44.0% 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.
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 return on equity (ROE)?
Rafael Holdings (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's free cash flow?
Rafael Holdings (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's operating cash flow?
Rafael Holdings (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's total assets?
Rafael Holdings (RFL) had $114.1M 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 4.89 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 0.17 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 -26.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Rafael Holdings's Altman Z-Score?
Rafael Holdings (RFL) has an Altman Z-Score of 1.23, 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's Piotroski F-Score?
Rafael Holdings (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's earnings high quality?
Rafael Holdings (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 cover its interest payments?
Rafael Holdings (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.