Rafael Holdings, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in July.
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Under review: every model's value for Rafael Holdings, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Rafael Holdings, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Rafael has little or no product revenue yet; it used $30m of cash in the twelve months to July 2026. It passes 4 of our 6 financial-health checks.
Our model value for Rafael Holdings is under review, so past values are not shown until it is resolved.
Source: 10-K filed October 29, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Rafael Holdings, Inc.'s trailing-twelve-month revenue fell 4.7% year on year, with a free-cash-flow margin of -3431.0%.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -4.7% (-38.6pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
| At fiscal year end | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Share price | $8.97 | $20.41 | $13.78 | $49.91 | $1.99 | $1.97 | $1.47 | $1.69 | $1.94 |
| Market value | $113614 | $275m | $220m | $836m | $40m | $47m | $35m | $50m | $100m |
| + Net debt (− = net cash) | −$16m | $3m | −$6m | $7m | −$12m | −$21m | −$288000 | −$50m | −$21m |
| Enterprise value | −$16m | $278m | $214m | $843m | $28m | $25m | $35m | −$653447 | $78m |
| Multiples | |||||||||
| Price / sales | 0.0x | 55.7x | 44.9x | n/m | 97.4x | 166.8x | 54.8x | 54.2x | 114.1x |
| Price / earnings | — | — | — | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
Weak moat
How hard Rafael Holdings's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -15.0% of total assets over 9 years.
Operating margin has been a median -3516.1%; its worst year was -16111.0%.
Free cash flow was positive in 1 of 7 years, at a median -80.7% of revenue.
The diluted share count rose 226.0% over five years; stock-based pay has been a median 231.5% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (14 before it).
Next results: December 10, 2026, before the open.
No analyst estimates are published for Rafael Holdings, Inc.: too few analysts cover it.
Last 12 months −26.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $917000 | $874000 | −4.7% |
| P/S multiple | 71.6x | 58.8x | −17.9% |
| Share count | 48m | 51m | −6.0% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years −42.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $279000 | $874000 | +213.3% |
| P/S multiple | n/m | 58.8x | −79.8% |
| Share count | 47m | 51m | −9.5% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| RFL | −78% | −63% | −2% | −10% | −28% | −15% |
| Industry peers (median) | −35% | −56% | −18% | −29% | −5% | −27% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| RFL | 42% | 25% | 50% | 25% | 17% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| RFL | −92% | −69% | −42% | −33% | −59% | −74% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since March 27, 2018: 98% from July 12, 2021 to November 2, 2026. Getting back needed a 6171% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | −10.7% | −2.1% | — | — |
| June 11, 2026 | +25.8% | +2.2% | +53.4% | +34.8% |
| March 16, 2026 | +3.1% | +1.3% | −1.6% | −4.7% |
| December 11, 2025 | −4.6% | −0.8% | −19.0% | −19.0% |
| October 29, 2025 | +0.7% | −1.1% | −0.7% | −11.9% |
| June 11, 2025 | −22.8% | +0.1% | −44.9% | −22.5% |
| March 14, 2025 | +2.8% | +2.9% | +3.3% | −8.3% |
| December 11, 2024 | +3.2% | +0.3% | −8.1% | +1.1% |
| November 7, 2024 | +2.6% | +1.2% | −2.1% | +0.5% |
| June 14, 2024 | 0.0% | +0.9% | −4.1% | +2.0% |
| March 14, 2024 | +3.6% | −0.9% | +2.4% | +9.0% |
| December 14, 2023 | +0.6% | +0.2% | +2.3% | −5.6% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q1 | $277K |
| FY24 Q2 | $275K |
| FY24 Q3 | $540K |
| FY24 Q4 | $637K |
| FY25 Q1 | $697K |
| FY25 Q2 | $706K |
| FY25 Q3 | $732K |
| FY25 Q4 | $917K |
| FY26 Q1 | $1M |
| FY26 Q2 | $1.2M |
| FY26 Q3 | $980K |
| FY26 Q4 | $874K |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q1 | -4.2% |
| FY24 Q2 | -3.5% |
| FY24 Q3 | 92.9% |
| FY24 Q4 | 128.3% |
| FY25 Q1 | 151.6% |
| FY25 Q2 | 156.7% |
| FY25 Q3 | 35.6% |
| FY25 Q4 | 44.0% |
| FY26 Q1 | 47.6% |
| FY26 Q2 | 64.7% |
| FY26 Q3 | 33.9% |
| FY26 Q4 | -4.7% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q1 | -4469.0% |
| FY24 Q2 | -4095.6% |
| FY24 Q3 | -18776.5% |
| FY24 Q4 | -16111.0% |
| FY25 Q1 | -14920.1% |
| FY25 Q2 | -15225.1% |
| FY25 Q3 | -2765.2% |
| FY25 Q4 | -3179.8% |
| FY26 Q1 | -3445.7% |
| FY26 Q2 | -3050.0% |
| FY26 Q3 | -3717.2% |
| FY26 Q4 | -3821.2% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q4 | -1970.9% |
| FY22 Q1 | 32520.0% |
| FY22 Q2 | 2527.8% |
| FY22 Q3 | 1674.4% |
| FY22 Q4 | -6361.2% |
| FY25 Q2 | -1223.1% |
| FY25 Q3 | -1564.1% |
| FY25 Q4 | -2064.1% |
| FY26 Q1 | -2204.9% |
| FY26 Q2 | -2398.6% |
| FY26 Q3 | -3264.3% |
| FY26 Q4 | -3431.0% |
| Fiscal year | 2016 Jul 2016 | 2017 Jul 2017 | 2018 Jul 2018 | 2019 Jul 2019 | 2020 Jul 2020 | 2021 Jul 2021 | 2022 Jul 2022 | 2023 Jul 2023 | 2024 Jul 2024 | 2025 Jul 2025 | 2026 Jul 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 6 | 6 | 4 | 5 | 5 | 1 | 0 | 0 | 1 | 1 | 1 |
| Gross profit | — | — | — | — | — | −2 | −3 | — | 0 | — | — |
| EBITDA | 3 | 2 | −2 | −5 | −7 | −28 | −60 | −15 | −102 | −29 | −33 |
| Operating income | 1 | 0 | −4 | −7 | −8 | −28 | −60 | −15 | −103 | −29 | −33 |
| Net income | 1 | 0 | −12 | −5 | −11 | −23 | −125 | −2 | −34 | −31 | −30 |
| Diluted EPS | $0.06 | $0.01 | −$0.92 | −$0.35 | −$0.66 | −$1.49 | −$6.31 | −$0.08 | −$1.45 | −$1.04 | −$0.58 |
| Growth (year on year) | |||||||||||
| Revenue | — | +0.5% | −22.2% | +12.8% | −0.4% | −83.7% | −48.9% | −32.0% | +128.3% | +44.0% | −4.7% |
| EBITDA | — | −33.3% | −213.4% | — | — | — | — | — | — | — | — |
| Operating income | — | −81.5% | <−999% | — | — | — | — | — | — | — | — |
| Net income | — | −80.6% | <−999% | — | — | — | — | — | — | — | — |
| Diluted EPS | — | −83.3% | <−999% | — | — | — | — | — | — | — | — |
| Margins | |||||||||||
| Gross margin | — | — | — | — | — | −295.1% | −753.4% | — | 75.8% | — | — |
| EBITDA margin | 50.7% | 33.6% | −49.0% | −99.7% | −134.4% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | 21.3% | 3.9% | −87.9% | −135.8% | −172.4% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | 12.7% | 2.5% | −266.5% | −95.2% | −219.0% | <−999% | <−999% | −672.4% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | −26.5% | −61.3% | −57.8% | −71.6% | −105.9% | <−999% | <−999% | — | <−999% | <−999% | <−999% |
| Cash flow | |||||||||||
| Cash from operations | 0 | −2 | −2 | −3 | −5 | −16 | −26 | −11 | −8 | −19 | −30 |
| Capital spending | 2 | 2 | 1 | 0 | 1 | 0 | 0 | — | 0 | 0 | 0 |
| Free cash flow | −1 | −3 | −3 | −4 | −5 | −16 | −26 | — | −8 | −19 | −30 |
| Stock-based pay | — | — | 0 | — | 1 | 7 | −1 | 2 | 2 | 2 | 1 |
| Free cash flow after stock pay | — | — | −3 | — | −6 | −22 | −25 | — | −10 | −21 | −31 |
| Balance sheet | |||||||||||
| Cash | 2 | 12 | 16 | 12 | 6 | 8 | 27 | 21 | 3 | 53 | 22 |
| Total debt | 0 | 0 | 0 | 15 | — | 15 | 15 | 0 | 2 | 2 | 1 |
| Net debt (negative = net cash) | −2 | −12 | −16 | 3 | −6 | 7 | −12 | −21 | −0 | −50 | −21 |
| Diluted shares | — | — | — | 13m | 16m | 17m | 20m | 24m | 24m | 29m | 51m |
| Returned to shareholders | |||||||||||
| Buybacks | — | — | — | — | — | — | — | — | 0 | — | — |
| Total returned | — | — | — | — | — | — | — | — | 0 | — | — |
| Quarter | 2025 Q1 Oct 2024 | 2025 Q2 Jan 2025 | 2025 Q3 Apr 2025 | 2025 Q4 Jul 2025 | 2026 Q1 Oct 2025 | 2026 Q2 Jan 2026 | 2026 Q3 Apr 2026 | 2026 Q4 Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | 0 | 0 | — | — | — | — | — | — |
| EBITDA | −4 | −7 | −6 | −13 | −10 | −7 | −7 | −10 |
| Operating income | −4 | −7 | −6 | −13 | −10 | −7 | −7 | −10 |
| Net income | −9 | −5 | −5 | −0 | −10 | −6 | −4 | −9 |
| Diluted EPS | −$0.37 | −$0.19 | −$0.19 | −$0.31 | −$0.19 | −$0.13 | −$0.08 | −$0.18 |
| Growth (year on year) | ||||||||
| Revenue | +88.2% | +13.2% | +7.7% | +112.1% | +87.5% | +174.0% | −50.6% | −30.3% |
| Net income | — | −176.7% | — | — | — | — | — | — |
| Diluted EPS | — | −176.0% | — | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | 71.1% | 50.6% | — | — | — | — | — | — |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | −82.9% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | −880.9% | <−999% | — | — | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −3 | −2 | −3 | −10 | −7 | −8 | −7 | −8 |
| Capital spending | 0 | 0 | −0 | −0 | — | — | 0 | −0 |
| Free cash flow | −3 | −2 | −3 | −10 | — | — | −7 | −8 |
| Stock-based pay | 0 | 1 | 0 | 1 | 1 | 0 | 0 | 0 |
| Free cash flow after stock pay | −3 | −3 | −4 | −11 | — | — | −7 | −9 |
| Last 12 months unless stated | RFL | MNOV | STTK | LGVN | DARE | RNAC | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $874000 | $920481 | $1m | $1m | $1m | $1m | $55m |
| Revenue growth, last 12 months | −4.7% | 875.7% | −66.6% | −42.7% | >999% | 44.0% | 12.2% |
| Revenue growth, 3-year average | 46.3% | — | 5.2% | 10.4% | — | −68.8% | 14.3% |
| Revenue growth, latest quarter | −30.3% | 240.6% | −66.6% | −9.2% | 499.6% | −100.0% | 10.2% |
| Gross margin | 67.6% | 100.0% | — | 69.8% | — | — | 82.8% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | −813.4% | <−999% | −191.1% |
| Operating margin, 3-year average | <−999% | −905.8% | <−999% | <−999% | >999% | <−999% | −365.3% |
| Net margin | <−999% | <−999% | <−999% | <−999% | −804.4% | <−999% | −172.8% |
| Cash from operations / revenue | <−999% | −989.7% | <−999% | <−999% | −826.8% | <−999% | −168.8% |
| Free-cash-flow margin | <−999% | −991.2% | <−999% | <−999% | −860.6% | <−999% | −168.1% |
| Free-cash-flow margin, 3-year average | <−999% | <−999% | <−999% | <−999% | >999% | <−999% | −313.4% |
| Stock pay / revenue | 158.8% | 100.3% | 853.2% | 132.8% | 110.0% | 625.6% | 20.7% |
| Change in share count | 1.3% | 0.2% | 15.3% | — | 62.5% | 143.3% | 8.1% |
| Line of business | Revenue | YoY |
|---|---|---|
| Product Revenue | $519,000 | ▲ 0.8% |
| Health Care | $519,000 | ▲ 1630.0% |
| Rental Third Party | $236,000 | ▲ 19.8% |
| Rental Related Party | $119,000 | ▲ 6.2% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Rafael Holdings, Inc.'s 10-K filed October 29, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $4.5M | 1.4M | 35.1% | ▲ 8.4% |
| Geode Capital Management, LLC | $1.4M | 430K | 11.1% | ▼ 2.8% |
| Blackrock, Inc. | $1.3M | 390K | 10.0% | ▲ 6.7% |
| Dimensional Fund Advisors LP | $914,749 | 279K | 7.2% | 0.0% |
| Vanguard Fiduciary Trust Co | $677,389 | 207K | 5.3% | ▲ 0.8% |
| Ieq Capital, LLC | $541,079 | 165K | 4.2% | ▼ 13.2% |
| State Street Corp | $515,846 | 157K | 4.0% | ▲ 153.0% |
| Kahn Brothers Group Inc | $493,617 | 150K | 3.9% | ▲ 157.0% |
| Jane Street Group, LLC | $369,722 | 113K | 2.9% | ▲ 150.2% |
| Wells Fargo & Company | $339,774 | 104K | 2.7% | ▲ 0.2% |
| Northern Trust Corp | $290,614 | 89K | 2.3% | ▲ 5.5% |
| Susquehanna International Group, LLP | $231,807 | 71K | 1.8% | ▲ 203.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Rafael Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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