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what it is
RF Industries makes telecom parts, cables, and cooling gear.
how it gets paid
Last year Rf Industries made $81M in revenue. interconnect hardware was the main engine at $33M, or 41% of sales.
why it's growing
Revenue grew 24.3% last year. 31.8% gross margin matters because it is the gap between sales and pain.
what just happened
Revenue hit $58M, while EPS was -$0.01.
At a glance
C+ balance sheet — struggling to keep the lights on
30/100 earnings predictability — expect surprises
1048.0x trailing p/e — you're paying up for this one
0.2% return on capital — nothing to write home about
$0.01 fy2025 eps est
xvary composite: 38/100 — weak
What they do
RF Industries makes telecom parts, cables, and cooling gear.
You are buying a 289-person manufacturer that sells into telecom buildouts. Leaving is painful when your cables, connectors, and enclosures are already spec'd into a network. Annual revenue reached $81M, up 24.3%, while gross margin held at 31.8%.
How they make money
$81M
annual revenue · their business grew +24.3% last year
interconnect hardware
$33M
cable assemblies and custom cabling
$21M
cooling systems
$12M
small cell enclosures
$8M
engineering and other
$7M
The products that matter
core interconnect components
rf connectors & adapters
$19M q1 sales
this is the legacy telecom business, generating $19M in quarterly sales but posting a 16% sequential decline. if this line keeps sliding, the turnaround case gets narrower.
legacy segment
tailored network solutions
custom cable assemblies
$44M annual revenue
this segment represents $44M of revenue, or 54% of the business, and helped push backlog up 18% to $18.6M. that's where management needs the growth to come from.
54% of revenue
Key numbers
1048x
trailing P/E
Trailing P/E means price vs. last year's profit. You are paying $1,048 for each $1 of earnings, which is absurd even by penny-profit standards.
5.3%
operating margin
This means $5.30 stays from each $100 of sales. That is thin, so one bad cost swing hurts fast.
0.2%
return on capital
This means the business earns pennies on the money tied up inside it. That is weak output for the capital you fund.
$81M
annual sales
This is a small revenue base. A single customer delay or cost spike can move the whole year.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for RFIL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $58M, while EPS was -$0.01.
Gross margin was 31.8%. Annual revenue was $81M, up 24.3%, so the top line is moving while profit still looks fragile.
$20M
revenue
-$0.01
eps
31.8%
gross margin
gross margin
31.8% gross margin matters because it is the gap between sales and pain. At 5.3% operating margin, there is not much left after overhead.
source: company earnings report, 2026
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What could go wrong
the #1 risk is an auditor-cited fraud-detection risk in recent sec filings.
high
auditor fraud-risk language
the auditor cited a risk of not detecting a material misstatement resulting from fraud in filings for 2023 and 2024. that's not boilerplate readers should ignore.
if confidence in the numbers slips, the damage is not limited to one segment — it hangs over the full $81M revenue base and the equity story with it.
med
customer concentration plus backlog execution
top 10 customers represent 55% of sales. on an $81M revenue base, that's roughly $44.6M tied to a relatively small group of buyers.
the $18.6M backlog looks encouraging, but if a few large orders slip, near-term revenue can miss quickly.
med
flat sales under a premium multiple
quarterly revenue was $19M, down 1% from last year, while the core rf connector segment fell 16% sequentially. the business is not growing cleanly yet.
1048x trailing earnings leaves almost no tolerance for stalled revenue. if sales stay flat, multiple compression does the work for the bear case.
med
micro-cap volatility
the stock traded between $3 and $13 over the last 52 weeks, and its price stability score is 15/100. this name moves hard when sentiment moves.
even if the business improves, your path there can be rough. volatility is not a side detail here — it's part of what you own.
an auditor overhang, concentrated customers, and flat $19M quarterly revenue are a rough mix for a stock trading at 1048x trailing earnings.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
backlog conversion into revenue
$18.6M of backlog is the number carrying the story right now. if shipments do not start showing up in revenue, the market will notice.
calendar
q2 fy26 earnings report
the next report is where you want to see whether the $19M revenue line finally moves. one better quarter helps. two start to look like a trend.
trend
gross margin above 32%
32.3% gross margin was the quarter's bright spot. if margins hold while revenue improves, the earnings story gets more durable.
risk
any change in audit language or filing tone
the audit risk language is specific enough to monitor directly. if it disappears, confidence improves. if it escalates, the story gets harder fast.
Analyst rankings
earnings predictability
30 / 100
in human-speak: analysts do not trust this business to produce smooth, repeatable earnings yet.
balance sheet strength
C+
that is a below-average financial grade. you are not buying fortress-like safety here.
price stability
15 / 100
the stock does not trade quietly. if you own it, expect swings.
source: institutional data
Institutional activity
institutional ownership data for RFIL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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