Research Frontiers
REFR on Nasdaq. Market value $25m.
Should I look at this?
We have not checked this company yet
This is not advice.
Who owns it
None of the long-term investors we follow own it. 34 funds in all.
Largest holders overall
- MGO One Seven$461,033Cut
- Vanguard Capital Management$301,940Added
- BlackRock$276,922Cut
- Focus Partners Wealth$258,139
- Geode Capital Management$159,088
- Vanguard Fiduciary Trust$92,056
- Susquehanna International Group, LLP$80,635
- State Street$54,924
- Shufro Rose$50,700
- Northern Trust$27,368
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Morgan Stephen L.Passive investor6.9%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Morgan Stephen L. Passive investor | 6.9% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 2 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.