Rafael Srl
Rafael Holdings, Inc. operates as a clinical-stage pharmaceutical company focused on developing and commercializing medical devices and therapies, generating minimal revenue from product sales and rental activities while incurring significant research and development expenses.
Business. Rafael Holdings, Inc. (NYSE: RFL) is a pharmaceutical company engaged in the development and sale of pharmaceutical products. The firm operates within the Healthcare sector, specifically focusing on Pharmaceuticals and Medical Research. Headquarters and specific operating segment details are not provided in the available data. The company is primarily listed on the New York Stock Exchange under the ticker symbol RFL.
At a glance
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- Company
- EarningsFY 2026 earnings (expected)2026-09-09 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Rafael Holdings, Inc. (NYSE: RFL) is a pharmaceutical company engaged in the development and sale of pharmaceutical products. The firm operates within the Healthcare sector, specifically focusing on Pharmaceuticals and Medical Research. Headquarters and specific operating segment details are not provided in the available data. The company is primarily listed on the New York Stock Exchange under the ticker symbol RFL.
Rafael Holdings maintains a debt-free capital structure with a debt-to-equity ratio of 0.0 and a current ratio of 3.16, indicating strong short-term liquidity coverage. The company holds $30.5 million in cash and equivalents against total liabilities of $11.2 million, providing a net cash position of approximately $19.3 million. However, the firm is burning cash rapidly, with operating cash flow at -$21.6 million and free cash flow at -$21.6 million for the nine months ended April 30, 2026. This burn rate suggests the current cash reserve may sustain operations for less than 18 months without additional capital raises or significant revenue acceleration.
Profitability remains deeply negative, with a net loss of $20.5 million and an operating loss of $23.7 million for the period. Return on equity stands at -40.48% and return on assets at -33.18%, reflecting the pre-commercial nature of the business. The company reports negligible revenue of $630,000, resulting in an extreme EV/Revenue multiple of 1,361.63 and a negative EV/EBITDA of -1.40. These metrics are consistent with early-stage biopharma firms that have not yet achieved commercial scale, where value is driven by pipeline potential rather than current earnings.
Revenue concentration is heavily skewed toward non-core activities, with product revenue contributing $368,000 and rental income (third-party and related party) contributing $262,000 of the total $630,000. The "Infusion Technology" segment, which previously generated revenue, reported $0 in the current period. This lack of diversified, scalable revenue streams highlights the company's dependence on future clinical milestones and regulatory approvals for any meaningful top-line growth.
Growth trajectory is characterized by high volatility and minimal top-line expansion. Revenue increased slightly from $567,000 in the prior year period to $630,000 in the current nine-month period. However, this growth is overshadowed by a surge in research and development expenses, which rose from $5.3 million to $16.9 million year-over-year. The company has also recorded significant non-cash items, including a $3.1 million goodwill impairment in the prior year and unrealized losses on investments, indicating strategic shifts and asset write-downs.
Risk assessment indicates low liquidity risk due to the strong current ratio, but medium dilution risk is flagged due to the presence of convertible notes payable and the potential need for future capital raises. The company has $610,000 in convertible notes payable, which could lead to equity dilution upon conversion. Additionally, the reliance on external funding for R&D creates execution risk, as any delay in clinical trials or regulatory approvals could accelerate cash burn and necessitate unfavorable financing terms.
Recent filing observations reveal a complex capital structure with Class A and Class B common stock, and significant activity in convertible notes and investments. The company reported a gain on settlement of accounts payable and convertible notes payable of $3.96 million, suggesting active management of its debt obligations. There are no recent news events or transcript observations provided that indicate major strategic shifts or partnerships, leaving the investment thesis reliant on the internal progress of its clinical pipeline.
- Debt-free balance sheet with $30.5M in cash provides a ~15-month runway at current burn rates.
- Extreme cash burn of $21.6M in nine months driven by $16.9M in R&D expenses.
- Negligible revenue of $0.63M results in uninformative valuation multiples (EV/Rev 1,361x).
- Medium dilution risk from convertible notes and potential future capital raises.
- No significant commercial revenue streams; value dependent on clinical pipeline success.
Bull / Bear case
Generated · model-assistedRevenue surged 2,023.3% year-over-year to $637,000 in FY2025, demonstrating significant top-line growth momentum.
The company maintains a low leverage band with a debt-to-equity ratio of 0.17, reducing financial distress risk.
A current ratio of 4.89 indicates strong short-term liquidity, providing a buffer against immediate operational cash needs.
Capital expenditure intensity is above the 75th percentile of peers, suggesting aggressive investment in future growth drivers.
Free cash flow improved by 58.0% year-over-year, indicating better cash generation efficiency despite ongoing losses.
Net margin of -36.0% places the company in the bottom quartile of the pharmaceutical cohort, indicating poor cost control.
The company faces medium dilution risk, which could erode existing shareholder equity value in future financing rounds.
Interest coverage of -44.31 reveals an inability to cover interest expenses with operating income, highlighting financial strain.
In focus — financials by report
Revenue $630.0k; Operating income -$23.7M.
- ▍Revenue $630.0k
- ▍Operating income -$23.7M
- ▍Net margin -3247.5%
Revenue $451.0k; Operating income -$16.8M.
- ▍Revenue $451.0k
- ▍Operating income -$16.8M
- ▍Net margin -3599.3%
Revenue $240.0k; Operating income -$10.1M.
- ▍Revenue $240.0k
- ▍Operating income -$10.1M
- ▍Net margin -4090.0%
Revenue $30.0k; Operating income -$29.2M.
- ▍Revenue $30.0k
- ▍Operating income -$29.2M
- ▍Net margin -101733.3%
Revenue $637.0k; Operating income -$102.6M.
- ▍Revenue $637.0k
- ▍Operating income -$102.6M
- ▍Net margin -5401.9%
Revenue $637.0k; Operating income -$102.6M.
- ▍Revenue $637.0k
- ▍Operating income -$102.6M
- ▍Net margin -5401.9%
Revenue $279.0k; Operating income -$15.0M.
- ▍Revenue $279.0k
- ▍Operating income -$15.0M
- ▍Net margin -672.4%
Revenue $279.0k; Operating income -$15.0M.
- ▍Revenue $279.0k
- ▍Operating income -$15.0M
- ▍Net margin -672.4%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
Options
Short squeeze
Earnings-call key lines
Estimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Chief Operating Officer · Stock Options (right to buy) → Class B Common StockAcquired 24 558 @ $1,38grant · 2025-09-03
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Cash Conversion Ratiooperating_cash_flow / net_income
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Return On Equitynet_income / total_equity
- Market Capmarket_price * shares_outstanding_diluted
- Rafael Holdings, Inc. company facts · 2026-07-28
- Rafael Holdings, Inc. 10-Q 2026-06-11 · 2026-07-28
- Rafael Holdings, Inc. 10-Q 2026-03-16 · 2026-07-28
- Rafael Holdings, Inc. 10-Q 2025-12-12 · 2026-07-28
- Rafael Holdings, Inc. 10-K 2025-10-29 · 2026-07-28
- reconciler_enqueue (reconciler) on RFL · 2026-07-28
- Rafael Holdings Inc Market data — ESG · 2026-07-28
Ownership & reference
Leadership
- Bill ConklingPresident, Chief Executive Officer
- Howard S. JonasExecutive Chairman of the Board
Insider activity
- Director, Exec Chairman, CEO & President, 10% owner · Class B Common Stock, $.01 par value per shareOther 54 945 @ $2,73$150K · 2026-07-29
- Chief Financial Officer · Class B Common Stock, par value $.01 per shareOther 2 386 @ $2,63$6K · 2026-06-21
- Director, Exec Chairman, CEO & President, 10% owner · Class B Common Stock, $.01 par value per shareOther 8 786 @ $2,33$20K · 2026-06-13
- Director, Exec Chairman, CEO & President, 10% owner · Class B Common Stock, $.01 par value per shareOther 142 857 @ $1,75$250K · 2026-06-13
- Chief Financial Officer · Class B Common Stock, par value $.01 per shareOther 2 318 @ $1,27$3K · 2026-03-21
- Director, Exec Chairman, CEO & President, 10% owner · Class B Common Stock, $.01 par value per shareOther 9 826 @ $1,50$15K · 2026-03-13
- Director · Class B Common Stock, par value $.01 per shareOther 29 528 @ $1,27$38K · 2026-01-28
- Director · Class B Common Stock, par value $.01 per shareOther 6 562 @ $1,27$8K · 2026-01-28
- Director · Class B Common Stock, par value $.01 per shareOther 39 370 @ $1,27$50K · 2026-01-28
- Director · Class B Common Stock, par value $.01 per shareOther 39 370 @ $1,27$50K · 2026-01-28
- Chief Financial Officer · Class B Common Stock, par value $.01 per shareOther 50 000 @ $1,25$62K · 2026-01-13
- Chief Financial Officer · Class B Common Stock, par value $.01 per shareOther 4 865 @ $1,25$6K · 2026-01-13
- Director, Exec Chairman, CEO & President, 10% owner · Class B Common Stock, $.01 par value per shareOther 75 000 @ $1,25$94K · 2026-01-13
- Chief Financial Officer · Class B Common Stock, par value $.01 per shareOther 1 961 @ $1,28$3K · 2025-12-21
- Director, Exec Chairman, CEO & President, 10% owner · Class B Common Stock, $.01 par value per shareOther 9 867 @ $1,50$15K · 2025-12-13
- Chief Financial Officer · Class B Common Stock, par value $.01 per shareOther 4 180 @ $1,35$6K · 2025-10-25
- Chief Financial Officer · Class B Common Stock, par value $.01 per shareOther 1 284 @ $1,48$2K · 2025-09-23
- Chief Financial Officer · Class B Common Stock, par value $.01 per shareOther 1 970 @ $1,49$3K · 2025-09-21
- Director, Exec Chairman, CEO & President, 10% owner · Class B Common Stock, $.01 par value per shareOther 9 905 @ $1,34$13K · 2025-09-13
Short positioning
Geographic breakdown
Intel & risk
no material change vs prior analysis (walked 17 fields; 4 schema-expansion field(s) excluded)
- Narrative— → —medium
- Business summary— → —medium
- Conclusion— → —medium
- Key takeaways— → —medium
- Company share pct— → —medium
Evidence & claims
From filings & derived data- Current ratio (FY 2026-01-31): 3.44xDerived (calculated)
- Total liabilities (YoY) (2026-01-31 vs 2025-01-31): 53.2%Derived (calculated)
- Debt-to-equity (FY 2026-01-31): 0.20xDerived (calculated)
- Total assets (YoY) (2026-01-31 vs 2025-01-31): 19.6%Derived (calculated)
- Cash & equivalents (YoY) (2026-01-31 vs 2025-01-31): -21.8%Derived (calculated)
- Shareholders' equity (YoY) (2026-01-31 vs 2025-01-31): 14.1%Derived (calculated)
- Cash & equivalents (annual): USD 37.78MSEC XBRL filing
- Shareholders' equity (annual): USD 79.17MSEC XBRL filing
- Total liabilities (annual): USD 16.06MSEC XBRL filing
- Total assets (annual): USD 99.31MSEC XBRL filing
- Current liabilities (annual): USD 12.36MSEC XBRL filing
- Current assets (annual): USD 42.45MSEC XBRL filing
- Revenue (YoY) (2025-07-31 vs 2024-07-31): 44.0%Derived (calculated)
- EPS (basic) (YoY) (2025-07-31 vs 2024-07-31): 28.3%Derived (calculated)
- R&D expense (YoY) (2025-07-31 vs 2024-07-31): 207.5%Derived (calculated)
- Net margin (FY 2025-07-31): -3,328.2%Derived (calculated)
- EPS (diluted) (YoY) (2025-07-31 vs 2024-07-31): 28.3%Derived (calculated)
- Operating income (YoY) (2025-07-31 vs 2024-07-31): 71.6%Derived (calculated)
- Operating cash flow (YoY) (2025-07-31 vs 2024-07-31): -142.6%Derived (calculated)
- Capex (YoY) (2025-07-31 vs 2024-07-31): -97.2%Derived (calculated)
- Net income (YoY) (2025-07-31 vs 2024-07-31): 11.3%Derived (calculated)
- Revenue (annual): USD 917KSEC XBRL filing
- Operating income (annual): USD -29.16MSEC XBRL filing
- Capex (annual): USD 4KSEC XBRL filing