# Rafael Holdings (RFL.US)

Canonical: https://gigainvestors.com/s/RFL

Analysis as of: 2026-10-16T07:31:32.700Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1.47 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 8

- Operating margin variation: 1.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.04×

- FY2018: -0.88×

- FY2019: -1.36×

- FY2020: -1.72×

- FY2021: -26.43×

- FY2022: -147.50×

- FY2023: -53.92×

- FY2024: -161.11×

- FY2025: -28.47×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 46.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: -9.5%

- ROIC, second-lowest year: -92.2%

- Typical minus recent gross margin: 46.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 54.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 21.0%

- ROIC including acquisitions, ten-year median: -17.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.7%

- FY2017: 0.4%

- FY2018: -4.6%

- FY2019: -4.6%

- FY2020: -6.0%

- FY2021: -13.0%

- FY2022: -91.4%

- FY2023: -57.2%

- FY2024: -520.3%

- FY2025: -92.2%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$267M

- Net income, five-year total: -$216M

- Working capital / revenue, annual change: 16.7 pp

- Working capital / revenue, change between three-year averages: 226.4 pp

- Working capital / revenue, final three-year average: 274.8%

- Return on incremental invested capital: -33.9%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$25M

- FY2022: -$125M

- FY2023: -$53M

- FY2024: -$34M

- FY2025: -$30M

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.4% vs -92.2%

- Per-share earnings: 0.01 to -1.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.9%

- Ordinary dilution, 5-year annual growth: 13.0%

- Market cap gain: -$65M

- Cumulative retained earnings: -$231M

- Diluted shares, 10-year annual growth: 8.9%

- Diluted shares, 5-year annual growth: 13.0%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.05

- Per-share value, starting three-year median: $0.01

- Per-share value, ending three-year median: -$1.04

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: -$242M

- ROIC, first three-year median: 0.4%

- ROIC, last three-year median: -92.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.06

- FY2017: $0.01

- FY2018: -$0.92

- FY2019: -$0.37

- FY2020: -$0.65

- FY2021: -$1.46

- FY2022: -$6.22

- FY2023: -$0.08

- FY2024: -$1.45

- FY2025: -$1.04

### accounting: pass

- Sloan accruals: -10.2%

- Receivables to sales index (DSRI): 0.21×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.0%

- FY2017: 2.0%

- FY2018: -8.4%

- FY2019: -1.3%

- FY2020: -4.2%

- FY2021: -5.8%

- FY2022: -83.3%

- FY2023: 9.1%

- FY2024: -27.5%

- FY2025: -10.2%

## Holders

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 81% since Oct 2021 · sales +44%

Story as of 2026-10-16T09:59:29.696Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +44%; source https://www.sec.gov/Archives/edgar/data/1713863/000121390025103549/ea0262395-10k_rafael.htm; observed 2025-10-29.

- FY2016: $5.6M 

- FY2017: $5.6M 

- FY2018: $4.4M 

- FY2019: $4.9M 

- FY2020: $4.9M 

- FY2021: $802K 

- FY2022: $410K 

- FY2023: $279K 

- FY2024: $637K 

- FY2025: $917K 

### Gross margin · FY2025

gross margin 54%; source https://www.sec.gov/Archives/edgar/data/1713863/000121390025103549/ea0262395-10k_rafael.htm; observed 2025-10-29.

- FY2024: 75.8% 

- FY2025: 54.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are USD 917000.

- Source: https://www.sec.gov/Archives/edgar/data/1713863/000121390025103549/ea0262395-10k_rafael.htm (filed 2025-10-29); FY2025: revenue 917000; grossProfit 495000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 54% to 100% during 2023–25; it lost 9.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2024: grossProfit / revenue = 75.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1713863/000121390025103549/ea0262395-10k_rafael.htm (filed 2025-10-29); FY2025: grossProfit / revenue = 54%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); 10-year return on capital observations [[2016,0.01667168739510264],[2017,0.0036474979871666626],[2018,-0.04584155424289577],[2019,-0.04644162137959492],[2020,-0.05982332155477032],[2021,-0.12986360111662532],[2022,-0.9138643840856924],[2023,-0.5717020253042767],[2024,-5.203140161725067],[2025,-0.9218373184357542]]; median -0.09484346133569782. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2016: growth capex 0; upkeep 1553000; owner earnings 800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); FY2017: growth capex 151000; upkeep 1669000; owner earnings 138000. Growth capex / owner earnings = 1.0942028985507246.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,18335000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); RFL.US SharesStats.PercentInsiders = 38.228 percentage points; cache date 2026-10-05.

### What the price says

The price is 47.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-29); Closing price 1.47 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.031166919723701347; price multiple 47.16539244274809. FY2025 cash earnings/share -1.027658652961651. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-03: $4.85 per share

- 2018-04: $8.20 per share

- 2018-05: $9.15 per share

- 2018-06: $9.19 per share

- 2018-07: $9.10 per share

- 2018-08: $9.42 per share

- 2018-09: $8.40 per share

- 2018-10: $8.14 per share

- 2018-11: $8.30 per share

- 2018-12: $7.93 per share

- 2019-01: $15.42 per share

- 2019-02: $15.80 per share

- 2019-03: $12.65 per share

- 2019-04: $16.20 per share

- 2019-05: $16.25 per share

- 2019-06: $28.75 per share

- 2019-07: $20.70 per share

- 2019-08: $20.20 per share

- 2019-09: $20.96 per share

- 2019-10: $17.37 per share

- 2019-11: $16.92 per share

- 2019-12: $17.84 per share

- 2020-01: $20.24 per share

- 2020-02: $18.76 per share

- 2020-03: $12.81 per share

- 2020-04: $14.11 per share

- 2020-05: $17.29 per share

- 2020-06: $14.37 per share

- 2020-07: $13.97 per share

- 2020-08: $17.42 per share

- 2020-09: $15.50 per share

- 2020-10: $16.40 per share

- 2020-11: $21.42 per share

- 2020-12: $23.32 per share

- 2021-01: $23.48 per share

- 2021-02: $35.78 per share

- 2021-03: $39.92 per share

- 2021-04: $41.34 per share

- 2021-05: $51.70 per share

- 2021-06: $51.05 per share

- 2021-07: $50.61 per share

- 2021-08: $41.85 per share

- 2021-09: $30.73 per share

- 2021-10: $7.56 per share

- 2021-11: $5.49 per share

- 2021-12: $5.10 per share

- 2022-01: $4.14 per share

- 2022-02: $3.15 per share

- 2022-03: $2.51 per share

- 2022-04: $2.15 per share

- 2022-05: $1.95 per share

- 2022-06: $1.87 per share

- 2022-07: $2.02 per share

- 2022-08: $2.17 per share

- 2022-09: $1.80 per share

- 2022-10: $1.77 per share

- 2022-11: $1.96 per share

- 2022-12: $1.87 per share

- 2023-01: $2.06 per share

- 2023-02: $2.17 per share

- 2023-03: $1.55 per share

- 2023-04: $2.10 per share

- 2023-05: $2.04 per share

- 2023-06: $2.09 per share

- 2023-07: $2.00 per share

- 2023-08: $2.19 per share

- 2023-09: $1.90 per share

- 2023-10: $1.78 per share

- 2023-11: $1.78 per share

- 2023-12: $1.83 per share

- 2024-01: $1.81 per share

- 2024-02: $1.72 per share

- 2024-03: $1.72 per share

- 2024-04: $1.59 per share

- 2024-05: $1.53 per share

- 2024-06: $1.44 per share

- 2024-07: $1.49 per share

- 2024-08: $1.45 per share

- 2024-09: $1.94 per share

- 2024-10: $1.85 per share

- 2024-11: $1.88 per share

- 2024-12: $1.65 per share

- 2025-01: $2.06 per share

- 2025-02: $2.02 per share

- 2025-03: $1.87 per share

- 2025-04: $1.58 per share

- 2025-05: $1.43 per share

- 2025-06: $1.73 per share

- 2025-07: $1.69 per share

- 2025-08: $1.47 per share

- 2025-09: $1.36 per share

- 2025-10: $1.36 per share

- 2025-11: $1.18 per share

- 2025-12: $1.18 per share

- 2026-01: $1.16 per share

- 2026-02: $1.27 per share

- 2026-03: $1.25 per share

- 2026-04: $1.27 per share

- 2026-05: $1.37 per share

- 2026-06: $3.28 per share

- 2026-07: $1.94 per share

- 2026-08: $2.57 per share

- 2026-09: $1.32 per share

- 2026-10: $1.47 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:17.787Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1713863/000121390025103549/ea0262395-10k_rafael.htm); period 2025-07-31, filed 2025-10-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Thomas Graham Kahn](https://gigainvestors.com/KB): 150,493 RFL shares; USD 494,000 reported position value; 0.08% of portfolio; add; quarter 2026 Q2.

# RFL — Rafael Holdings Inc.

Held by 1 investor · USD 494,000 total · 2026 Q2 · reported price USD 3.28 (split-adjusted).
Page: https://gigainvestors.com/s/RFL

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Thomas Graham Kahn (https://gigainvestors.com/KB) | USD 494,000 | 0.1% | add +157% |

## Total held by quarter

- 2018 Q1: USD 1,553,581 · 1 holder · USD 4.85
- 2018 Q2: USD 2,935,488 · 1 holder · USD 9.19
- 2018 Q3: USD 2,673,082 · 1 holder · USD 8.40
- 2018 Q4: USD 2,518,441 · 1 holder · USD 7.93
- 2019 Q1: USD 3,947,243 · 1 holder · USD 12.65
- 2019 Q2: USD 12,417,729 · 1 holder · USD 28.75
- 2019 Q3: USD 9,110,474 · 1 holder · USD 20.96
- 2019 Q4: USD 7,681,958 · 1 holder · USD 17.84
- 2020 Q1: USD 5,649,824 · 1 holder · USD 13.20
- 2020 Q2: USD 6,039,654 · 1 holder · USD 14.37
- 2020 Q3: USD 6,414,962 · 1 holder · USD 16.21
- 2020 Q4: USD 7,799,980 · 1 holder · USD 23.32
- 2021 Q1: USD 12,589,677 · 1 holder · USD 37.64
- 2021 Q2: USD 16,032,406 · 1 holder · USD 51.05
- 2021 Q3: USD 9,579,617 · 1 holder · USD 30.73
- 2021 Q4: USD 1,443,336 · 1 holder · USD 5.10
- 2022 Q1: USD 704,384 · 1 holder · USD 2.51
- 2022 Q2: USD 524,844 · 1 holder · USD 1.87
- 2022 Q3: USD 507,895 · 1 holder · USD 1.80
- 2022 Q4: USD 526,184 · 1 holder · USD 1.87
- 2023 Q1: USD 433,278 · 1 holder · USD 1.55
- 2023 Q2: USD 575,243 · 1 holder · USD 2.09
- 2023 Q3: USD 519,099 · 1 holder · USD 1.90
- 2023 Q4: USD 497,881 · 1 holder · USD 1.83
- 2024 Q1: USD 465,024 · 1 holder · USD 1.72
- 2024 Q2: USD 386,905 · 1 holder · USD 1.44
- 2024 Q3: USD 519,136 · 1 holder · USD 1.94
- 2024 Q4: USD 276,311 · 1 holder · USD 1.65
- 2025 Q1: USD 303,486 · 1 holder · USD 1.87
- 2025 Q2: USD 278,585 · 1 holder · USD 1.73
- 2025 Q3: USD 215,797 · 1 holder · USD 1.36
- 2025 Q4: USD 69,910 · 1 holder · USD 1.18
- 2026 Q1: USD 73,196 · 1 holder · USD 1.25
- 2026 Q2: USD 494,000 · 1 holder · USD 3.28