Rafael Holdings, Inc. (RFL) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Rafael reported revenue of $917,000, up 44.0% from $637,000 the year before. Net income was -$30.5M (a -3328.2% net margin), or -$1.04 per diluted share. Operating margin was -3179.8%. Operating activities generated -$18.9M of cash, leaving -$18.9M of free cash flow. At fiscal year end, Rafael held $114.1M in total assets against $15.7M in total liabilities, including $52.8M of cash and equivalents.
Open the full interactive Rafael financials → Quarterly statements, key ratios, valuation history and price charts.
Rafael Key Stats
| Share Price | $1.49 |
|---|---|
| Market Cap | $76.3M |
| Revenue YoY Growth | +44.0% |
| 52-Week Range | $1.16 – $3.78 |
| Shares Outstanding | 51.2 million (basic, 2026 Q3) |
Rafael Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $4.9M | $4.0M | $410,000 | $279,000 | $637,000 | $917,000 |
| Gross Profit | — | — | -$3.1M | — | $483,000 | — |
| Operating Income | -$8.5M | -$29.8M | -$60.5M | -$15.0M | -$102.6M | -$29.2M |
| Pre-Tax Income | -$10.9M | -$25.1M | -$140.0M | -$8.7M | -$67.3M | -$33.2M |
| Income Tax | $29,000 | $18,000 | $575,000 | -$255,000 | -$2.7M | -$2.6M |
| Net Income | -$10.4M | -$24.8M | -$140.5M | -$1.9M | -$34.4M | -$30.5M |
| Diluted EPS | -$0.66 | -$1.49 | -$6.31 | -$0.08 | -$1.45 | -$1.04 |
Rafael Quarterly Results
| 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | |
|---|---|---|---|---|
| Revenue | $350,000 | $240,000 | $211,000 | $179,000 |
| Net Income | -$12.1M | -$9.8M | -$6.4M | -$4.2M |
| Diluted EPS | -$0.41 | -$0.19 | -$0.13 | -$0.08 |
Rafael Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.2M | $12.9M | $26.5M | $21.5M | $2.7M | $52.8M |
| Current Assets | $9.8M | $14.8M | $108.3M | $82.9M | $72.5M | $56.7M |
| Total Assets | $136.3M | $154.1M | $118.3M | $98.8M | $96.8M | $114.1M |
| Current Liabilities | $5.7M | $17.3M | $21.0M | $2.1M | $7.5M | $11.6M |
| Total Long-Term Debt | — | — | — | — | — | $692,000 |
| Total Liabilities | $5.8M | $17.4M | $21.1M | $2.2M | $10.6M | $15.7M |
| Shareholders' Equity | $116.8M | $122.3M | $100.5M | $100.3M | $82.2M | $94.4M |
Rafael Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$4.7M | -$15.6M | -$26.1M | -$10.9M | -$7.8M | -$18.9M |
| Cash From Investing | -$1.0M | -$8.2M | -$63.8M | $21.2M | -$10.8M | $44.0M |
| Cash From Financing | -$96,000 | $30.3M | $103.9M | -$15.2M | -$179,000 | $24.8M |
| Free Cash Flow | -$5.2M | -$15.8M | — | -$10.9M | -$7.9M | -$18.9M |
Figures from Rafael's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Rafael financials page for every line item.
Rafael Company Profile
| Ticker | RFL |
|---|---|
| Exchange | NYSE |
| Industry | Pharmaceutical Preparations |
| Headquarters | Newark, New Jersey |
| Incorporated in | Delaware |
| Fiscal Year End | July 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001713863 |
Frequently Asked Questions
What was Rafael's revenue in fiscal 2025?
Rafael (RFL) reported revenue of $917,000 for fiscal 2025.
What is Rafael's annual revenue history?
Rafael's annual revenue by fiscal year: 2020: $4.9M; 2021: $4.0M; 2022: $410,000; 2023: $279,000; 2024: $637,000; 2025: $917,000.
What was Rafael's net income in fiscal 2025?
Rafael reported net income of -$30.5M for fiscal 2025.
What was Rafael's earnings per share (EPS) in fiscal 2025?
Rafael's diluted EPS was -$1.04 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Rafael generate in fiscal 2025?
Rafael generated -$18.9M of free cash flow in fiscal 2025.
What was Rafael's revenue last quarter?
In its most recent reported quarter (2026 Q3), Rafael reported revenue of $179,000.
How much debt does Rafael have?
Rafael reported $692,000 of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Rafael are outstanding?
Rafael reported a weighted average of 51.2 million basic shares outstanding in 2026 Q3.
What is Rafael's market cap?
Based on its latest closing price, Rafael (RFL) has a market capitalization of about $76.3M.
When does Rafael's fiscal year end?
Rafael's fiscal year end, as registered with the SEC, is July 31.
Where is Rafael headquartered?
Rafael lists its business address in Newark, New Jersey in its SEC filings.