Rafael Holdings
RFL on NYSE. Market value $80m.
Should I look at this?
We have not checked this company yet
This is not advice.
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 43 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Kahn BrothersThomas Kahn | $493,617 | <0.1% | Added |
Largest holders overall
- Vanguard Capital Management$4mAdded
- Geode Capital Management$1mCut
- BlackRock$1mAdded
- Dimensional Fund Advisors LP$914,749
- Vanguard Fiduciary Trust$677,389
- IEQ Capital$541,079Cut
- State Street$515,846Added
- Kahn Brothers$493,617Added
- Jane Street Group$369,722Added
- Wells Fargo & Company$339,774
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Howard S. JonasInsider or founder28.4%Since 5 June 2025
What they said
Item 4 is hereby amended and supplemented as follows: On March 25, 2025, Rafael Holdings, Inc. ("Rafael") completed a business combination transaction with Cyclo Therapeutics, Inc. (the "Merger"). In connection with the Merger, Rafael issued approximately 7,132,228 shares of…
Read the filing - I9 Plus, LLCPassive investor7.0%Since 5 June 2025
What they said
Item 4 is hereby amended and supplemented as follows: On August 5, 2022, I9 Plus sold 33,100 shares of Class B Common Stock, pursuant to a Rule 10b5-1 plan adopted on July 19, 2022 (the "10b5-1 Plan"). On August 8, 2022, I9 Plus sold 14,787 shares of Class B Common Stock,…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Howard S. Jonas Insider or founder | 28.4% | 5 June 2025 | What they saidItem 4 is hereby amended and supplemented as follows: On March 25, 2025, Rafael Holdings, Inc. ("Rafael") completed a business combination transaction with Cyclo Therapeutics, Inc. (the "Merger"). In connection with the Merger, Rafael issued approximately 7,132,228 shares of… Read the filing |
I9 Plus, LLC Passive investor | 7.0% | 5 June 2025 | What they saidItem 4 is hereby amended and supplemented as follows: On August 5, 2022, I9 Plus sold 33,100 shares of Class B Common Stock, pursuant to a Rule 10b5-1 plan adopted on July 19, 2022 (the "10b5-1 Plan"). On August 8, 2022, I9 Plus sold 14,787 shares of Class B Common Stock,… Read the filing |
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 serious warning signs we check for were found. 1 thing worth knowing.
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 29 Oct 2025, plus the 10-Q filed 11 Jun 2026 and 9 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 25% last year. Losing that customer would hurt.
“For the year ended July 31, 2025, one third-party customer, one third-party tenant, and one related-party tenant represented 25%, 21%, and 12% of the Company’s total revenue, respectively.”
From the 10-K filed 29 October 2025, Item 8. Financial Statements and Notes. Read it in the filing
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.