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RFL Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About RFL Interactive Breakdown Better Bets vs. RFL Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Rafael (RFL)

Market Price (5/20/2026): $1.29 | Market Cap: $66.1 Mil
Sector: Real Estate | Industry: Real Estate Operating Companies

Rafael (RFL)

Market Price (5/20/2026): $1.29
Market Cap: $66.1 Mil
Sector: Real Estate
Industry: Real Estate Operating Companies

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -54%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 65%

Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, Artificial Intelligence, and Cybersecurity. Themes include Drone Technology, Show more.

Weak multi-year price returns
2Y Excs Rtn is -54%, 3Y Excs Rtn is -107%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3050%

Expensive valuation multiples
P/SPrice/Sales ratio is 59x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 193%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2399%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2399%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -52%

Key risks
RFL key risks include [1] its critical dependence on the clinical success of its single lead drug candidate, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -54%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 65%
2 Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, Artificial Intelligence, and Cybersecurity. Themes include Drone Technology, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -54%, 3Y Excs Rtn is -107%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3050%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 59x
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 193%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2399%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2399%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -52%
9 Key risks
RFL key risks include [1] its critical dependence on the clinical success of its single lead drug candidate, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Rafael (RFL) stock has gained about 15% since 1/31/2026 because of the following key factors:

1. Advancement of Lead Drug Candidate.

Rafael Holdings announced on March 16, 2026, that the Data Monitoring Committee (DMC) recommended continuing the pivotal Phase 3 TransportNPC™ study for its lead drug candidate, Trappsol® Cyclo™, for the treatment of Niemann-Pick Disease Type C1. This recommendation followed a review of 48-week safety and efficacy data, providing a significant positive signal for the drug's clinical development pathway.

2. Expansion into Alzheimer's Disease Market.

On April 22, 2026, Rafael Holdings' subsidiary, Cyclo Therapeutics, secured an exclusive patent licensing agreement with the Massachusetts Institute of Technology (MIT). This agreement covers the use of cyclodextrins for improving myelination in ApoE4-positive Alzheimer's Disease, strategically expanding the potential market for Trappsol® Cyclo™ into a patient population estimated to represent 50-70% of all Alzheimer's cases. Preclinical data supporting this expansion indicated improved central nervous system cholesterol transport, reduced tau pathology, and memory benefits in mice.

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Stock Movement Drivers

Fundamental Drivers

The 16.4% change in RFL stock from 1/31/2026 to 5/19/2026 was primarily driven by a 13.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)13120265192026Change
Stock Price ($)1.161.3516.4%
Change Contribution By: 
Total Revenues ($ Mil)1113.0%
P/S Multiple57.759.53.1%
Shares Outstanding (Mil)5151-0.1%
Cumulative Contribution16.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/19/2026
ReturnCorrelation
RFL16.4% 
Market (SPY)6.3%24.3%
Sector (XLRE)6.8%17.2%

Fundamental Drivers

The -0.7% change in RFL stock from 10/31/2025 to 5/19/2026 was primarily driven by a -19.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)103120255192026Change
Stock Price ($)1.361.35-0.7%
Change Contribution By: 
Total Revenues ($ Mil)1126.8%
P/S Multiple61.159.5-2.7%
Shares Outstanding (Mil)4151-19.5%
Cumulative Contribution-0.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/19/2026
ReturnCorrelation
RFL-0.7% 
Market (SPY)8.2%14.9%
Sector (XLRE)9.3%-1.7%

Fundamental Drivers

The -13.3% change in RFL stock from 4/30/2025 to 5/19/2026 was primarily driven by a -52.9% change in the company's Shares Outstanding (Mil).
(LTM values as of)43020255192026Change
Stock Price ($)1.561.35-13.3%
Change Contribution By: 
Total Revenues ($ Mil)1164.7%
P/S Multiple53.359.511.6%
Shares Outstanding (Mil)2451-52.9%
Cumulative Contribution-13.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/19/2026
ReturnCorrelation
RFL-13.3% 
Market (SPY)33.8%13.0%
Sector (XLRE)10.1%13.8%

Fundamental Drivers

The -34.8% change in RFL stock from 4/30/2023 to 5/19/2026 was primarily driven by a -65.1% change in the company's P/S Multiple.
(LTM values as of)43020235192026Change
Stock Price ($)2.071.35-34.8%
Change Contribution By: 
Total Revenues ($ Mil)01308.1%
P/S Multiple170.659.5-65.1%
Shares Outstanding (Mil)2351-54.1%
Cumulative Contribution-34.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/19/2026
ReturnCorrelation
RFL-34.8% 
Market (SPY)83.3%15.0%
Sector (XLRE)29.1%11.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RFL Return-78%-63%-2%-10%-27%9%-94%
Peers Return23%25%-4%12%32%2%122%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
RFL Win Rate42%25%50%25%17%60% 
Peers Win Rate58%57%45%62%63%48% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
RFL Max Drawdown-92%-68%-42%-33%-59%-19% 
Peers Max Drawdown-14%-18%-23%-17%-15%-22% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: RTX, LMT, NOC, GD, LHX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/19/2026 (YTD)

How Low Can It Go

EventRFLS&P 500
2025 US Tariff Shock
  % Loss-37.3%-18.8%
  % Gain to Breakeven59.4%23.1%
  Time to Breakeven12 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-27.9%-9.5%
  % Gain to Breakeven38.6%10.5%
  Time to Breakeven348 days24 days
2023 SVB Regional Banking Crisis
  % Loss-28.6%-6.7%
  % Gain to Breakeven40.0%7.1%
  Time to Breakeven62 days31 days
2020 COVID-19 Crash
  % Loss-49.3%-33.7%
  % Gain to Breakeven97.3%50.9%
  Time to Breakeven235 days140 days

Compare to RTX, LMT, NOC, GD, LHX

In The Past

Rafael's stock fell -37.3% during the 2025 US Tariff Shock. Such a loss loss requires a 59.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventRFLS&P 500
2025 US Tariff Shock
  % Loss-37.3%-18.8%
  % Gain to Breakeven59.4%23.1%
  Time to Breakeven12 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-27.9%-9.5%
  % Gain to Breakeven38.6%10.5%
  Time to Breakeven348 days24 days
2023 SVB Regional Banking Crisis
  % Loss-28.6%-6.7%
  % Gain to Breakeven40.0%7.1%
  Time to Breakeven62 days31 days
2020 COVID-19 Crash
  % Loss-49.3%-33.7%
  % Gain to Breakeven97.3%50.9%
  Time to Breakeven235 days140 days

Compare to RTX, LMT, NOC, GD, LHX

In The Past

Rafael's stock fell -37.3% during the 2025 US Tariff Shock. Such a loss loss requires a 59.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Rafael (RFL)

Rafael Holdings, Inc. holds interests in clinical and early stage pharmaceutical companies, and commercial real estate assets in the United States and Israel. The company operates in two segments, Pharmaceuticals and Real Estate. It engages in the leasing of a commercial office building, as well as an associated 800-car public garage; and development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells. The company's lead drug candidate is CPI-613 (devimistat), which is being evaluated in various clinical studies, including two Phase III registrational clinical trials for the treatment of metastatic pancreatic cancer and r/r acute myeloid leukemia. Rafael Holdings, Inc. is headquartered in Newark, New Jersey.

AI Analysis | Feedback

A biotech company like a smaller BioNTech or Moderna, but also owning a substantial commercial real estate portfolio.

A holding company somewhat like a micro Berkshire Hathaway, with its primary bets on advanced biotech drug development and commercial real estate.

AI Analysis | Feedback

  • Commercial Real Estate Leasing: The company leases commercial office buildings and an associated public parking garage.
  • Pharmaceutical Drug Development: Rafael Holdings is engaged in the development and commercialization of cancer therapies, with CPI-613 (devimistat) being their lead drug candidate.

AI Analysis | Feedback

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Rafael Holdings, Inc. (RFL) operates in two primary segments: Pharmaceuticals and Real Estate.

  • Pharmaceuticals Segment: This segment is focused on the development and commercialization of therapies, with its lead drug candidate, CPI-613 (devimistat), currently undergoing Phase III clinical trials. As such, it does not currently have commercial customers for pharmaceutical products.
  • Real Estate Segment: This segment engages in the leasing of a commercial office building and an associated 800-car public garage. The major customers for this segment fall into the following categories:
    1. Commercial Office Tenants: These are businesses, organizations, and other entities that lease office space within Rafael Holdings' commercial office building. Specific names of these tenant companies are not provided in the company description.
    2. Individual Public Garage Users: Drivers who utilize the 800-car public garage for parking.
    3. Corporate Parking Clients: Businesses or organizations that may lease parking spaces in the public garage for their employees or clients.
```

AI Analysis | Feedback

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Howard S. Jonas, Chief Executive Officer, President, Founder and Executive Chairman

Howard S. Jonas has served as Chief Executive Officer, President, Founder, and Executive Chairman of Rafael Holdings, Inc.. He also previously served as CEO from March 2018 through April 2021. Mr. Jonas founded IDT Corporation in August 1990 and served as its Chairman since inception and CEO for various periods. Rafael Holdings, Inc. emerged as a spin-off from IDT Corporation. He also founded Jonas Media Group in 1979.

David A. Polinsky, Chief Financial Officer

David A. Polinsky has served as the Chief Financial Officer of Rafael Holdings, Inc. since January 28, 2023, and previously held the position from December 2017 through September 2021. Mr. Polinsky co-founded Cornerstone Pharmaceuticals, serving as its Vice President, General Counsel, and Corporate Secretary from 2002-2018, and later as its President, General Counsel, and Secretary from 2016 through March 2018. He also founded and served as CEO of a company that licensed and developed TheLaw.com, in partnership with former New York City Mayor Edward I. Koch.

Joshua M. Fine, Chief Operating Officer

Joshua M. Fine has served as Chief Operating Officer of Rafael Holdings, Inc. since August 2025. He also served as Chief Financial Officer of Cyclo Therapeutics, LLC (a wholly-owned subsidiary of Rafael Holdings) since June 2019. Mr. Fine previously held the role of Vice President of Finance and Operations at Icagen, Inc. from 2017 until its wind-down in November 2020 after a successful sale of its assets.

Joyce J. Mason, Corporate Secretary

Joyce J. Mason serves as the Corporate Secretary of Rafael Holdings, Inc..

AI Analysis | Feedback

The key risks for Rafael Holdings, Inc. (RFL) primarily stem from its reliance on the success of its pharmaceutical pipeline and the inherent challenges of drug development.

  1. Clinical Trial Failure and Regulatory Approval Risk for Trappsol Cyclo: Rafael Holdings' pharmaceutical segment is heavily dependent on the successful development and regulatory approval of its current lead drug candidate, Trappsol Cyclo. This drug is in Phase III trials for Niemann-Pick Disease Type C1. The failure of these trials to demonstrate efficacy and safety, or the inability to obtain necessary regulatory approvals, would significantly harm the company's business prospects and valuation. This risk is particularly pronounced given that a previous lead drug candidate, CPI-613 (devimistat), failed its Phase III trials in metastatic pancreatic cancer and relapsed or refractory acute myeloid leukemia in October 2021.
  2. Heavy Reliance on a Single Lead Drug Candidate and Limited Pipeline: The company is largely viewed as a "pure-play biotech gamble" or a "binary bet" on the success of a single drug candidate, Trappsol Cyclo. While Rafael Holdings has interests in other early-stage pharmaceutical companies, its future growth and valuation are disproportionately tied to the outcome of this one program. A limited pipeline means that the failure of this lead candidate, at any stage from clinical trials to commercialization, would have a substantially negative impact on the company.
  3. Significant Cash Burn and Need for Additional Capital: Rafael Holdings operates with a high cash burn due to the substantial costs associated with late-stage clinical trials and research and development. The company reported a significant net loss in fiscal year 2025. While it has cash reserves, these provide a short-term runway, indicating a continued need to raise additional capital. Such capital raises can be more challenging and costly, especially in a high-interest-rate environment.

AI Analysis | Feedback

The clear emerging threat for Rafael (RFL) is the long-term impact of remote and hybrid work models on the demand for commercial office space and associated services, such as public garages. This trend, exacerbated by recent global events, poses a significant risk to RFL's Real Estate segment, potentially leading to decreased occupancy rates, lower rental income, and reduced property values for its commercial office building and 800-car public garage. This shift in how companies utilize office space is analogous to the disruptive impact of Netflix on Blockbuster, as it fundamentally alters the underlying demand for RFL's physical assets.

AI Analysis | Feedback

For the public company Rafael (symbol: RFL), the addressable market for their main product, Trappsol® Cyclo™ for Niemann-Pick Disease Type C1 (NPC1), is estimated to be approximately USD 89.0 million globally in 2026. This estimate is derived from the Niemann-Pick Disease Drug Type C treatment market, which was valued at USD 100.9 million globally in 2026. The Niemann-Pick Disease Drug Type C1 segment, which Trappsol® Cyclo™ targets, is expected to constitute 88.2% of this market in 2026.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Rafael Holdings, Inc. (RFL) over the next 2-3 years:

  1. Commercialization of Trappsol Cyclo for Niemann-Pick Disease Type C1 (NPC1): Rafael Holdings' lead drug candidate is Trappsol Cyclo, which is currently in a Phase 3 clinical trial for the treatment of Niemann-Pick Disease Type C1 (NPC1), a rare, fatal, and progressive genetic disorder. Successful completion of this trial and subsequent regulatory approval would be a significant driver of pharmaceutical revenue growth within the next two to three years.
  2. Successful Commercialization of CPI-613 (devimistat) for Relapsed or Refractory Acute Myeloid Leukemia (r/r AML): While the Phase 3 AVENGER 500 trial for CPI-613 in metastatic pancreatic cancer did not meet its primary endpoint in 2021, the ARMADA 2000 Phase 3 clinical trial for devimistat in relapsed or refractory acute myeloid leukemia (AML) was recommended to continue after an interim futility analysis in 2021. Positive results and eventual commercialization for this indication could provide a substantial revenue stream.
  3. Growth and Optimization of Real Estate Assets: Rafael Holdings continues to operate its Real Estate segment, which includes commercial office buildings and associated public parking garages in the United States, as well as real estate holdings in Israel. Sustained leasing activity, potential property enhancements, or strategic acquisitions within its real estate portfolio could contribute to incremental revenue growth.
  4. Advancement and Potential Commercialization of Earlier-Stage Pharmaceutical Pipeline Assets: The company has other drug candidates, such as Promitil, which has completed Phase 1A and 1B clinical studies for advanced cancers. Additionally, through its Barer Institute, the company is developing a pipeline of compounds focused on the regulation of cancer and immune metabolism. Successful progression of these earlier-stage assets through clinical development could lead to future revenue, although significant commercial revenue within a 2-3 year timeframe is less certain compared to late-stage candidates.

AI Analysis | Feedback

Share Repurchases

  • Rafael Holdings authorized a share repurchase program for up to $5 million of its Class B common stock in April 2023.

Share Issuance

  • In August 2021, the company completed a secondary share offering that raised approximately $99 million.
  • As part of a merger in March 2025, Rafael Holdings issued shares of Class B common stock to Cyclo Therapeutics' shareholders, representing approximately 22% of the combined company.
  • A $25 million rights offering was completed in June 2025, which included a $21 million backstop private placement from CEO Howard Jonas and affiliates.

Inbound Investments

  • The company received approximately $21 million from CEO Howard Jonas and affiliates through a backstop private placement as part of a rights offering in June 2025.

Outbound Investments

  • Rafael Holdings sold its principal real estate holding for $33 million in net proceeds in fiscal year 2023.
  • In fiscal 2023, Rafael Holdings made strategic investments in Cyclo Therapeutics and Day Three Laboratories.
  • During fiscal 2024, the company increased its ownership in Day Three Labs to a majority interest of 79% and acquired a 67% ownership of Cornerstone Pharmaceuticals.

Capital Expenditures

  • The Capital Expenditure Compound Annual Growth Rate (CAGR) for the last five years has averaged approximately -99.72%, suggesting minimal traditional capital expenditures.
  • Research and development expenses, reflecting investment in pharmaceutical development, were $5.3 million for the nine months ended April 30, 2025, and $1.3 million for the quarter ended July 31, 2023.

Better Bets vs. Rafael (RFL)

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Peer Comparisons

Peers to compare with:

Financials

RFLRTXLMTNOCGDLHXMedian
NameRafael RTX Lockheed.Northrop.General .L3Harris. 
Mkt Price1.35174.49526.63556.34340.14308.15324.14
Mkt Cap0.1235.2121.179.191.957.685.5
Rev LTM190,37375,10642,36753,80822,47748,088
Op Inc LTM-359,8207,4224,6965,5082,2335,102
FCF LTM-287,9715,6623,3056,2012,5894,484
FCF 3Y Avg-156,2795,6212,4053,8712,0023,138
CFO LTM-2811,1177,3684,6667,4233,0536,017
CFO 3Y Avg-159,4427,3684,0224,8782,4394,450

Growth & Margins

RFLRTXLMTNOCGDLHXMedian
NameRafael RTX Lockheed.Northrop.General .L3Harris. 
Rev Chg LTM64.7%10.6%4.6%5.0%9.3%5.8%7.6%
Rev Chg 3Y Avg72.6%9.7%4.3%4.6%10.5%8.9%9.3%
Rev Chg Q174.0%8.7%0.3%4.4%10.3%11.9%9.5%
QoQ Delta Rev Chg LTM13.0%2.0%0.1%1.0%2.4%2.8%2.2%
Op Inc Chg LTM66.0%46.5%0.9%21.3%9.5%3.8%15.4%
Op Inc Chg 3Y Avg-240.2%29.1%-4.0%13.2%9.2%7.1%8.2%
Op Mgn LTM-3,050.0%10.9%9.9%11.1%10.2%9.9%10.1%
Op Mgn 3Y Avg-7,312.9%8.1%10.8%9.1%10.2%9.7%9.4%
QoQ Delta Op Mgn LTM99.2%0.4%-0.4%0.9%0.0%0.1%0.2%
CFO/Rev LTM-2,398.6%12.3%9.8%11.0%13.8%13.6%11.7%
CFO/Rev 3Y Avg-2,100.6%11.7%10.2%9.8%9.8%11.4%10.0%
FCF/Rev LTM-2,398.6%8.8%7.5%7.8%11.5%11.5%8.3%
FCF/Rev 3Y Avg-2,109.6%7.7%7.8%5.8%7.7%9.3%7.7%

Valuation

RFLRTXLMTNOCGDLHXMedian
NameRafael RTX Lockheed.Northrop.General .L3Harris. 
Mkt Cap0.1235.2121.179.191.957.685.5
P/S59.52.61.61.91.72.62.2
P/Op Inc-1.924.016.316.816.725.816.8
P/EBIT-2.021.317.912.816.221.817.1
P/E-2.132.425.317.321.233.223.2
P/CFO-2.521.216.416.912.418.916.7
Total Yield-47.9%4.6%5.9%6.6%6.5%4.6%5.3%
Dividend Yield0.0%1.6%1.9%0.8%1.8%1.6%1.6%
FCF Yield 3Y Avg-28.3%3.5%4.8%2.9%4.6%4.2%3.8%
D/E0.00.20.20.20.10.20.2
Net D/E-0.50.10.20.20.10.20.1

Returns

RFLRTXLMTNOCGDLHXMedian
NameRafael RTX Lockheed.Northrop.General .L3Harris. 
1M Rtn7.1%-11.2%-11.1%-16.4%1.1%-12.0%-11.1%
3M Rtn13.4%-14.0%-18.5%-20.4%-0.2%-10.8%-12.4%
6M Rtn9.8%0.6%12.4%-1.1%0.5%8.3%4.5%
12M Rtn-1.5%29.3%14.4%20.0%23.1%35.7%21.5%
3Y Rtn-27.9%92.6%25.6%31.9%71.7%77.7%51.8%
1M Excs Rtn5.4%-14.3%-12.8%-18.8%-1.0%-15.0%-13.6%
3M Excs Rtn2.0%-21.4%-25.4%-29.9%-9.1%-19.0%-20.2%
6M Excs Rtn1.5%-9.1%5.3%-8.8%-9.5%-1.9%-5.3%
12M Excs Rtn-29.0%7.6%-7.9%-3.9%-0.0%12.7%-2.0%
3Y Excs Rtn-106.6%15.8%-51.7%-45.0%-6.1%-2.8%-25.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Infusion Technology00   
Real Estate00015
Healthcare000  
Pharmaceuticals    0
Total10015


Operating Income by Segment
$ Mil20252024202320222021
Real Estate0001-6
Infusion Technology-10   
Healthcare-102-15-61-29 
Pharmaceuticals    -3
Total-103-15-60-28-8


Price Behavior

Price Behavior
Market Price$1.35 
Market Cap ($ Bil)0.1 
First Trading Date03/27/2018 
Distance from 52W High-52.6% 
   50 Days200 Days
DMA Price$1.28$1.32
DMA Trenddownindeterminate
Distance from DMA5.4%2.0%
 3M1YR
Volatility54.7%81.3%
Downside Capture117.88243.53
Upside Capture132.35178.11
Correlation (SPY)24.4%15.9%
RFL Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta0.881.051.060.690.910.62
Up Beta1.310.170.400.64-0.440.22
Down Beta-11.550.040.010.46-0.160.35
Up Capture39%148%167%64%183%56%
Bmk +ve Days15223166141428
Stock +ve Days10182649100313
Down Capture176%182%153%95%174%106%
Bmk -ve Days4183056108321
Stock -ve Days9182753121352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with RFL
RFL-9.0%81.3%0.24-
Sector ETF (XLRE)8.3%13.6%0.3413.9%
Equity (SPY)25.0%12.1%1.5515.9%
Gold (GLD)40.0%26.8%1.238.8%
Commodities (DBC)49.4%18.5%2.03-7.0%
Real Estate (VNQ)9.7%13.4%0.4515.7%
Bitcoin (BTCUSD)-25.6%41.9%-0.5919.6%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with RFL
RFL-50.4%72.0%-0.58-
Sector ETF (XLRE)4.8%19.0%0.1514.7%
Equity (SPY)14.2%17.0%0.6520.0%
Gold (GLD)19.3%18.0%0.873.5%
Commodities (DBC)11.0%19.4%0.452.3%
Real Estate (VNQ)4.0%18.8%0.1116.2%
Bitcoin (BTCUSD)9.4%55.6%0.3812.1%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with RFL
RFL-12.3%73.4%0.16-
Sector ETF (XLRE)6.5%20.4%0.2824.6%
Equity (SPY)15.3%17.9%0.7329.2%
Gold (GLD)13.0%16.0%0.672.6%
Commodities (DBC)8.4%17.9%0.389.6%
Real Estate (VNQ)5.1%20.7%0.2126.5%
Bitcoin (BTCUSD)67.2%66.9%1.0613.4%

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Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 415202637.3%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity51.2 Mil
Short % of Basic Shares0.1%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/16/20260.8%-3.8%-6.9%
10/29/20250.7%-0.7%-9.0%
6/11/2025-27.7%-31.9%-22.5%
3/14/20251.1%1.6%-9.8%
11/7/20242.6%-2.1%0.5%
6/14/20243.5%-0.7%5.6%
3/14/20240.6%-0.6%5.8%
10/30/20233.5%4.6%2.3%
...
SUMMARY STATS   
# Positive1179
# Negative7119
Median Positive2.6%3.3%5.8%
Median Negative-5.9%-2.1%-9.8%
Max Positive18.2%22.9%35.0%
Max Negative-27.7%-31.9%-79.1%

SEC Filings

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Report DateFiling DateFiling
01/31/202603/16/202610-Q
10/31/202512/12/202510-Q
07/31/202510/29/202510-K
04/30/202506/11/202510-Q
01/31/202503/14/202510-Q
10/31/202412/11/202410-Q
07/31/202411/07/202410-K
04/30/202406/14/202410-Q
01/31/202403/14/202410-Q
10/31/202312/14/202310-Q
07/31/202310/30/202310-K
04/30/202306/13/202310-Q
01/31/202303/14/202310-Q
10/31/202212/13/202210-Q
07/31/202210/31/202210-K
04/30/202206/14/202210-Q

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Jonas, Howard SExec Chairman, CEO & PresidentGenie A Partners, L.P.Buy60920251.28457,031585,000585,000Form
2Jonas, Howard SExec Chairman, CEO & PresidentIDT A Partners, L.P.Buy60920251.28324,219415,000415,000Form
3Jonas, Howard SExec Chairman, CEO & PresidentHSJ 2019 Remainder TrustBuy60920251.2812,299,20715,742,98515,742,985Form

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