RF Industries Ltd
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Whoever buys today is betting that the margin staircase keeps climbing, carrier budgets come back and the aerospace expansion delivers before a large customer with no purchase obligation skips a quarter — at a P/E near 165, the price forgives very little. Whoever waits checks three lines in every quarterly report (10-Q): the backlog (does it grow beyond the $20.0 million of 04/30/2026?), operating cash flow (does it turn sustainably positive?) and the tax footnote on the valuation allowance (does the one-time book gain arrive, and how does the market treat it?). A surprise streak rarely ends with advance notice — a valuation near 165 times earnings corrects all the faster. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
RF Industries is the rare case in which the streak euphoria and the books are both right: the turnaround is real — record revenue, a margin staircase to 35.1 percent, a backlog up 29 percent, four surprise quarters in a row — and at the same time it is tiny: $0.9 million of net income in the best quarter, $3.4 million in cash, slightly negative first-half operating cash flow and going-concern vocabulary in the footnote. In between sits a valuation near 165 times trailing earnings that presupposes a steep continuation, plus the prospect of a one-time tax book gain from releasing the valuation allowance that will distort the optics of a future quarter. Whoever invests here is not buying the state achieved but the extension of a streak. Not investment advice.
Turnaround & surprise streak
Four consecutive quarters of pre-tax income, earnings per share at least 20 percent above the analyst estimate in each of the last four quarters (most recently ~71 percent; fundamental data, as of 07/18/2026), record revenue of $80.6 million in fiscal 2025 (+24.2 percent) after two loss years — the swing is documented in the SEC filings (10-K 2025; 10-Q as of 04/30/2026).
Margin & backlog
Gross margin up from 29.1 (FY2024) through 33.2 (FY2025) to 35.1 percent in the quarter ended 04/30/2026; backlog grown within six months from $15.5 million to $20.0 million (+29 percent); custom cabling +45 percent in FY2025 on the aerospace push.
Scale of profits & cash flow
The record quarterly profit is $0.9 million, the full fiscal year 2025 produced $0.1 million (91 percent tax rate); first-half fiscal 2026 operating cash flow was slightly negative at −$47,000 — the percentage records stand on a very small dollar base (10-K 2025; 10-Q as of 04/30/2026).
Valuation
P/E near 165 (trailing), price-to-sales around 2.8, price-to-book around 6.2 at a market value around $230 million (data as of 07/18/2026); even four repeated record quarters ($0.32/share p.a.) would still leave a P/E near 65 — the market is paying for the extrapolation, not the state.
Customer concentration
Single large customers account for up to 26 percent of receivables (wireless carrier, FY2025) and 14 percent of revenue (aerospace customer, Q2 FY2026) — without minimum purchase obligations; the small cell project business swung −37 and −17 percent with carrier budget cycles (Q1/Q2 FY2026; 10-K Item 1A, 10-Q).
Balance sheet & liquidity
Cash of $3.4 million plus the secured EBC credit facility ($6.1 million drawn; maturity extended to March 2029, terms improved in November 2025), current ratio 1.9, Altman Z around 6.5, Piotroski 7 of 9 — direction is solid, but Note 1 of the 10-Q explicitly frames the going-concern basis around future profits and the credit line, and the rally lifted every option into the money (diluted share count +7 percent).
Worth Noting
RFIL joined the research list as rank 3 of our in-house Big Earnings Surprise scanner (U.S. selection, as of July 18, 2026) — part of our series on the top 20 of that selection.
Scanner metrics (P/E, P/S, P/B, Piotroski, Altman Z, RS and EPS rating, surprise history) use trailing twelve-month figures as of the July 18, 2026 data cut-off; the confluence additionally spanned 13 trend and momentum scanners.
Price and market value figures (~$21, ~$230 million) from the July 18, 2026 feed, sanity-checked against 10,851,265 shares outstanding per the quarterly report 10-Q as of April 30, 2026; analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at RFIL since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.70 $ to 21.50 $ · Last price: 7.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electrical Equipment & Parts
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| RF Industries Ltd RFIL | 0.1 | 60.5 | 18.3 | 35.1 | – | 24.3 | 12.0 |
| Vertiv Holdings Co VRT | 104.3 | 55.5 | 38.8 | 38.0 | 16.4 | 27.7 | 76.7 |
| Bloom Energy Corp BE | 79.9 | – | 232.5 | 31.7 | 9.6 | 37.3 | 252.4 |
| nVent Electric PLC NVT | 24.5 | 48.7 | 23.6 | 36.4 | 16.0 | 29.5 | 54.5 |
| Hubbell Inc HUBB | 23.7 | 26.3 | 19.4 | 35.3 | 17.8 | 3.8 | 2.1 |
| Forgent Power Solutions, Inc. FPS | 11.6 | 1,906.0 | 68.3 | 34.3 | 10.4 | 315.4 | – |
| Advanced Energy Industries Inc AEIS | 10.8 | 50.1 | 31.6 | 40.0 | 14.3 | 21.4 | 61.5 |
| Acuity Brands Inc AYI | 9.1 | 20.1 | 11.7 | 48.7 | 16.1 | 13.1 | -11.6 |
| Enersys ENS | 6.7 | 22.6 | 11.4 | 29.8 | 13.4 | 3.7 | 63.7 |
| Median of companies shown | 11.6 | 49.4 | 23.6 | 35.3 | 15.2 | 24.3 | 58.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 30 | -1 | -4 | -0.47 | -1 | 21 | 27 |
| 2017 | 31 | 0 | 0 | 0.04 | 2 | 21 | 26 |
| 2018 | 50 | 7 | 7 | 0.69 | 6 | 28 | 33 |
| 2019 | 55 | 4 | 4 | 0.36 | -3 | 32 | 38 |
| 2020 | 43 | 0 | 0 | -0.01 | 5 | 32 | 42 |
| 2021 | 57 | 4 | 6 | 0.61 | -3 | 40 | 51 |
| 2022 | 85 | 3 | 1 | 0.14 | 3 | 42 | 93 |
| 2023 | 72 | -4 | -3 | -0.30 | 4 | 40 | 87 |
| 2024 | 65 | -3 | -7 | -0.63 | 3 | 34 | 71 |
| 2025 | 81 | 2 | 0 | 0.01 | 5 | 35 | 77 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | -0.02 | – | 19 | 42.70 | -1.30 | 1 | 1 |
| 2025: Q2 | -0.02 | – | 19 | 17.40 | -1.30 | 2 | 2 |
| 2025: Q3 | 0.04 | – | 20 | 17.50 | 2.00 | 0 | 0 |
| 2025: Q4 | 0.02 | – | 23 | 22.90 | 0.80 | 2 | 2 |
| 2026: Q1 | 0.00 | – | 19 | -1.20 | -0.30 | 1 | 1 |
| 2026: Q2 | 0.08 | – | 21 | 9.40 | 4.20 | -1 | -1 |
| 2026: Q3 | 0.12 | 200.00 | 24 | 21.20 | 5.80 | 2 | 2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Qullamaggie: Top Gainers 6M
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 10/31/2026 | 0.68 | 0.66 – 0.69 | 89 | 68.8% | 2 |
| 10/31/2027 | 0.88 | 0.87 – 0.89 | 98 | 30.4% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 12.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $3.2M |
|---|---|
| Market cap | $88.0M |
| Free cash flow in year ten | $10.0M |
| Terminal value as a share of market value | 59.6% |
For comparison: over the past five years free cash flow grew by 0.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 19.07.2026 gegen den Geschäftsbericht (10-K) für das Geschäftsjahr 2025 (Ende 31.10.2025, eingereicht 14.01.2026), den 10-K 2024 und die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 30.04.2026): In keinem der sechs ausgewerteten SEC-Filings von RF Industries findet sich ein einziger Treffer zu KI-Begriffen (artificial intelligence, machine learning, generative, large language model, AI) — weder eine KI-Umsatzquelle noch operativer KI-Einsatz noch ein konkretes KI-Geschäftsrisiko fürs eigene Modell. RF Industries verkauft Verbindungstechnik (Koax-Steckverbinder, Kabelkonfektion, Kleinzellen-Gehäuse, Kühlsysteme) an Telekom-Netzbetreiber, Netzwerkausrüster und OEMs; einen KI-Bezug stellt das Unternehmen selbst nirgends her — auch die Kühlsysteme werden ausschließlich im Kontext von Mobilfunk-Standorten („small cell“, DAS) beschrieben, nicht für Rechenzentren. Nach dem Kriterienkatalog eindeutig „neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-06-15 · 10-Q 2026-03-16 · 10-Q 2025-09-11 · 10-Q 2025-06-16 · 10-K 2026-01-14 · 10-K 2025-01-21
Rated on July 19, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -1.9%
- More than 10% revenue growth is expected for the coming year 10.5%
- Share count grows by less than 3% a year 1.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 29.6%
- Gross margin at 40% or higher and without meaningful erosion 33.2%
- Goodwill from acquisitions does not grow faster than revenue 10.5%
- Net debt below twice EBITDA 4.1 x EBITDA
- Operating cash flow covers the profits of the last three years 22 m
- Return on capital at 15% or higher, or up versus two years ago 3.2%
- Insiders hold at least 10% or are net buyers 24.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 11.5%
- Exp. sales growth 3Y > 5% 10.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 1,021.2%
- Net debt < 4x EBIT 12.0x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 0.5%
- ROCE > 15% 3.2%
- Expected return > 10% 1,076.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Holdsworth Mark Keith | Director | Other | 7,850 | 0.00 | – |
| Sep 10, 2026 | Tidwell Kay Lee | Director | Other | 7,850 | 0.00 | – |
| Sep 10, 2026 | Garland Gerald T | Director | Other | 7,850 | 0.00 | – |
| Sep 10, 2026 | Cefali Sheryl Lynn | Director | Other | 7,850 | 0.00 | – |
| Jul 13, 2026 | Dawson Robert D | CEO | Other | 834 | 15.76 | 13,144 |
| Jul 13, 2026 | Bibisi Ray Michael | President and COO | Other | 116 | 15.76 | 1,828 |
| Jul 13, 2026 | Yin Peter | Chief Financial Officer | Other | 118 | 15.76 | 1,860 |
| Jul 11, 2026 | Dawson Robert D | CEO | Other | 1,197 | 17.43 | 20,864 |
| Jul 11, 2026 | Dawson Robert D | CEO | Other | 528 | 17.43 | 9,203 |
| Jul 11, 2026 | Bibisi Ray Michael | President and COO | Other | 182 | 17.43 | 3,172 |
The company
About the Company
RF Industries, Ltd. befasst sich mit dem Entwurf, der Herstellung und der Vermarktung von Verbindungsprodukten und -systemen in den USA, Kanada, Deutschland, China und international.
- Employees
- 289
- Headquarters
- San Diego, CA
- Address
- 16868 Via Del Campo Court, 92127 San Diego, United States
- Phone
- 858 549 6340
- Website
- rfindustries.com
- IPO Date
- 05/28/1997
- ISIN
- US7495521053
- Stock Split
- 2:1 on 03/11/2011
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert D. Dawson | CEO & Director | 1974 |
| Ray Bibisi | COO & President | 1965 |
| Peter Yin CPA | Treasurer, CFO & Corporate Secretary | 1984 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.