NYQ · Financial Statements

Rafael Holdings, Inc. (RFL) Financial Statements

$1.31 NYQ: RFL Market Cap $67.09M

Rafael Holdings, Inc. most recently reported annual revenue of $1.0M, a net loss of $31.0M. Revenue declined at an average annual rate of 27.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Rafael Holdings, Inc.: Revenue fell from $6.0M in 2016 to $1.0M in 2025, a change of -83.3% over 9 years; net profit was positive in 1 of 10 reported years; operating margin moved from 21.3% to -2847.2%, a shift of -2868.5 percentage points; the most recent year shows a net loss of $31.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$6.0M	$6.0M	$4.0M	$5.0M	$5.0M	$1.0M	$0	$0	$1.0M	$1.0M
Operating Expenses	$4.0M	$5.0M	$8.0M	$12.0M	$13.0M	$22.0M	$61.0M	$15.0M	$103.0M	$27.0M
Operating Profit	$1.0M	$0	$-4.0M	$-7.0M	$-8.0M	$-21.0M	$-60.0M	$-15.0M	$-103.0M	$-26.0M
Operating Margin	21.3%	3.9%	-87.9%	-135.8%	-172.4%	-2643.3%	-14750.5%	-5391.8%	-16111.0%	-2847.2%
Other Income	$0	$0	$0	$2.0M	$2.0M	$5.0M	$-80.0M	$6.0M	$35.0M	$-7.0M
Interest	$0	$0	$0	$1.0M	$0	$0	$0	$0	$0	$1.0M
Depreciation	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$0	$0	$0	$0	$0
Profit Before Tax	$1.0M	$0	$-4.0M	$-5.0M	$-7.0M	$-23.0M	$-141.0M	$-9.0M	$-68.0M	$-33.0M
Tax	$38.7M	$32.4M	$-231.8M	$380,000	$-420,000	$-80,000	$0	$2.9M	$4.0M	$7.7M
Net Profit	$1.0M	$0	$-12.0M	$-5.0M	$-10.0M	$-25.0M	$-125.0M	$-2.0M	$-34.0M	$-31.0M
EPS	$0.06	$0.01	$-0.93	$-0.37	$-0.44	$-1.47	$-6.31	$-0.08	$-1.45	$-1.04
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Jun '23	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26
Revenue	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Operating Expenses	$3.0M	$3.0M	$3.0M	$93.0M	$4.0M	$4.0M	$7.0M	$6.0M	$13.0M	$10.0M	$7.0M	$7.0M
Operating Profit	$-3.0M	$-2.0M	$-3.0M	$-93.0M	$-4.0M	$-4.0M	$-7.0M	$-6.0M	$-13.0M	$-10.0M	$-7.0M	$-7.0M
Operating Margin	-3839.7%	-3644.1%	-4622.1%	-27726.5%	-2330.3%	-3003.1%	-8622.1%	-1633.4%	-3646.6%	-4225.4%	-3154.0%	-3838.0%
Interest	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Profit Before Tax	$1.0M	$-4.0M	$6.0M	$-65.0M	$-5.0M	$-9.0M	$-5.0M	$-6.0M	$-12.0M	$-10.0M	$-6.0M	$-3.0M
Tax	$320,000	$-160,000	$0	$4.0M	$1.8M	$-130,000	$-380,000	$37.3M	$1.4M	$-100,000	$-760,000	$-210,000
Net Profit	$1.0M	$-4.0M	$6.0M	$-32.0M	$-4.0M	$-9.0M	$-5.0M	$-5.0M	$-12.0M	$-10.0M	$-6.0M	$-4.0M
EPS	$0.05	$-0.15	$0.26	$-1.36	$-0.19	$-0.37	$-0.19	$-0.19	$-0.28	$-0.19	$-0.13	$-0.08

Over the 10 years reported for Rafael Holdings, Inc., cash stood at $53.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 4.75 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$64.0M	$86.0M	$117.0M	$142.0M	$136.0M	$154.0M	$118.0M	$99.0M	$97.0M	$114.0M
Current Assets	$3.0M	$12.0M	$45.0M	$13.0M	$10.0M	$15.0M	$108.0M	$83.0M	$73.0M	$57.0M
Cash	$2.0M	$12.0M	$16.0M	$12.0M	$6.0M	$8.0M	$27.0M	$21.0M	$3.0M	$53.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Receivables	$0	$0	$4.0M	$1.0M	$0	$1.0M	$0	$3.0M	$6.0M	$2.0M
Fixed Assets	$51.0M	$51.0M	$50.0M	$49.0M	$44.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$2.0M	$13.0M	$40.0M	$72.0M	$80.0M	$80.0M	$37.0M	$66.0M	$75.0M	$2.0M
Other Assets	$0	$0	$0	$0	$0	$0	$0	$0	$3.0M	$20.0M
Total Liabilities	$15.0M	$24.0M	$1.0M	$17.0M	$6.0M	$17.0M	$21.0M	$2.0M	$11.0M	$16.0M
Current Liabilities	$0	$0	$1.0M	$1.0M	$6.0M	$17.0M	$21.0M	$2.0M	$8.0M	$12.0M
Borrowings	$0	$0	$0	$15.0M	$0	$15.0M	$15.0M	$0	$2.0M	$1.0M
Other Liabilities	$15.0M	$24.0M	$1.0M	$2.0M	$6.0M	$3.0M	$6.0M	$2.0M	$8.0M	$15.0M
Equity	$49.0M	$50.0M	$0	$0	$0	$0	$0	$0	$0	$1.0M
Reserves	$49.0M	$53.0M	$107.0M	$111.0M	$117.0M	$122.0M	$101.0M	$100.0M	$82.0M	$94.0M

For Rafael Holdings, Inc., operating cash flow was positive in 0 of 10 reported years; free cash flow in the latest year was negative at $19.0M; free cash flow was positive in 1 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$0	$-2.0M	$-2.0M	$-3.0M	$-5.0M	$-16.0M	$-26.0M	$-11.0M	$-8.0M	$-19.0M
Investing Cash Flow	$-9.0M	$-24.0M	$4.0M	$-32.0M	$-2.0M	$-7.0M	$-64.0M	$73.0M	$-11.0M	$44.0M
Financing Cash Flow	$7.0M	$22.0M	$2.0M	$13.0M	$0	$14.0M	$-6.0M	$-15.0M	$1.0M	$0
Net Cash Flow	$-3.0M	$9.0M	$4.0M	$-4.0M	$-6.0M	$7.0M	$14.0M	$-5.0M	$-19.0M	$50.0M
Free Cash Flow	$-1.0M	$-3.0M	$-3.0M	$-4.0M	$-5.0M	$-16.0M	$-26.0M	$41.0M	$-8.0M	$-19.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	-0.08
EV / EBITDA	-1.58
FCF Yield	-40.55%
Quick Ratio	3.14
Interest Coverage	-73.59
Return 1Y	6.36%
Return 3Y	12.99%
Return 5Y	-95.71%

Rafael Holdings, Inc. (RFL) financials — frequently asked questions

What is Rafael Holdings, Inc.'s annual revenue?

Rafael Holdings, Inc. (RFL) reported annual revenue of $1.0M in its most recent fiscal year.

What is Rafael Holdings, Inc.'s net profit?

Rafael Holdings, Inc. (RFL) reported a net loss of $31.0M in its most recent fiscal year.

What is RFL EV/EBITDA?

Rafael Holdings, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -1.58. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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