RF Industries

RFIL

Electrical Equipment & Parts · Industrials

Price

$11.18

-0.07 (-0.62%)

Market Cap

$121.3M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

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Share count rising — dilution

+6.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 10.2M (2021) → 10.8M (2025)

Winston Score History

The full picture

RF Industries makes cables and connectors used to transmit radio frequency (RF) signals. Its products are used in wireless networks, military communications, and industrial equipment. The company sells to telecom carriers, defense contractors, and original equipment manufacturers across North America.

RF Industries earns revenue by selling physical hardware — primarily coaxial cables, cable assemblies, and connectors — to business customers rather than consumers. It operates mainly in the United States and is a small-cap company with around $100 million in market value. Its competitive position relies on custom engineering and quick delivery rather than massive scale, which makes it vulnerable to larger rivals with lower costs. The key growth driver is continued buildout of 5G wireless infrastructure, which requires more RF cabling, but the company's thin operating margins leave little room for error if demand slows or material costs rise.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+452.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$3M/ year

3.7% of revenue

In line with sector average (4%)

Research and development spending

Insider Activity

22.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~11 months

$3M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

RF Industries has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

35.1%

Modest — 35.1% gross margin

Profit after running costs

Operating Margin

5.3%

Thin — 5.3% operating margin

Return on the money invested

ROCE

6.4%

Weak — 6.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+11.9%

Steady sales growth (+11.9% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

125%

Turns 125% of profit into real cash

Spare cash per sale

FCF Margin

1.6%

Thin free cash flow (1.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.22

Conservative — low debt load (0.22)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

86.5x

Expensive — P/E 86.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+67.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (86.5 → 19.5)

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Dividends

Not applicable for this business.

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