RF Industries, Ltd.
- Open
- 13.26
- Day high
- 13.70
- Day low
- 13.24
- Prev close
- 13.03
- Volume
- 25K
- Mkt cap
- $143M
- P/E (TTM)
- 102.5
- EPS (TTM)
- $0.13
- P/B
- 3.9
- P/S
- 1.7
- Yield
- —
- Per share
- —
RF Industries, Ltd. (RFIL) is a Industrials company listed on NASDAQ. The stock is up 75% over the past year.
RF Industries, Ltd. (RFIL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RFIL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 15, 2026 | $0.09 | $0.14 | +55.6% | $21M | +5.2% |
| Mar 16, 2026 | $0.03 | $0.06 | +100.0% | $19M | -1.7% |
| Sep 11, 2025 | $0.06 | $0.10 | +66.7% | $20M | +2.1% |
| Jun 16, 2025 | $0.04 | $0.07 | +75.0% | $19M | +9.7% |
| Mar 17, 2025 | $0.03 | $0.04 | +33.3% | $19M | +4.0% |
| Sep 16, 2024 | $0.06 | $-0.01 | -116.7% | $17M | -5.7% |
| Jun 13, 2024 | $0.00 | $0.01 | +139.8% | $16M | -1.0% |
| Mar 18, 2024 | $-0.06 | $-0.06 | +0.0% | $13M | -7.1% |
| Sep 14, 2023 | $0.08 | $-0.08 | -200.0% | $16M | -6.3% |
| Jun 14, 2023 | $0.03 | $0.13 | +333.3% | $22M | +10.4% |
| Mar 13, 2023 | $0.10 | $-0.02 | -120.0% | $18M | -6.9% |
| Sep 14, 2022 | $0.13 | $0.12 | -7.7% | $24M | +9.1% |
RFIL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 14, 2026 | Yin Peterofficer: Chief Financial Officer | Tax | 144 | $17.43 |
| Jul 14, 2026 | Bibisi Ray Michaelofficer: President and COO | Tax | 182 | $17.43 |
| Jul 14, 2026 | Yin Peterofficer: Chief Financial Officer | Tax | 264 | $17.43 |
| Jul 14, 2026 | Bibisi Ray Michaelofficer: President and COO | Tax | 20 | $17.43 |
| Jul 14, 2026 | Dawson Robert Ddirector, officer: CEO | Tax | 1,197 | $17.43 |
| Jul 14, 2026 | Dawson Robert Ddirector, officer: CEO | Tax | 528 | $17.43 |
| Jul 14, 2026 | Bibisi Ray Michaelofficer: President and COO | Tax | 116 | $15.76 |
| Jul 14, 2026 | Dawson Robert Ddirector, officer: CEO | Tax | 834 | $15.76 |
| Jul 14, 2026 | Yin Peterofficer: Chief Financial Officer | Tax | 118 | $15.76 |
| Apr 14, 2026 | Dawson Robert Ddirector, officer: CEO | Tax | 420 | $11.83 |
| Apr 14, 2026 | Dawson Robert Ddirector, officer: CEO | Tax | 1,025 | $11.83 |
| Apr 14, 2026 | Yin Peterofficer: Chief Financial Officer | Tax | 245 | $12.25 |
| Apr 14, 2026 | Yin Peterofficer: Chief Financial Officer | Tax | 222 | $11.83 |
| Apr 14, 2026 | Dawson Robert Ddirector, officer: CEO | Tax | 662 | $12.25 |
| Apr 14, 2026 | Bibisi Ray Michaelofficer: President and COO | Tax | 35 | $11.83 |
Source: RFIL SEC Form 4 filings, latest Jul 14, 2026. For informational purposes only — not investment advice.
See the full RFIL insider & 13F page →RF Industries, Ltd. company profile
Overview
RF Industries, Ltd. (NASDAQ:RFIL) is a San Diego-based manufacturer of interconnect products and systems that has been serving the telecommunications and industrial markets since its incorporation in 1979. Originally founded as Celltronics, Inc., the company changed its name to RF Industries in 1990 and went public in 1994. The company has evolved from a traditional RF connector manufacturer into a solutions provider focused on wireless infrastructure, custom cable assemblies, and emerging technologies like 5G small cell deployments and thermal cooling systems for network equipment.
Business
RF Industries operates in the electrical equipment and parts sector, specifically focusing on connectivity solutions for telecommunications and industrial applications. The company's business is organized into two primary segments that reflect its evolution from component manufacturing to integrated solutions. The RF Connector and Cable Assembly segment represents the company's traditional core business, designing and manufacturing coaxial connectors and cable assemblies. These products are essential components that enable signal transmission in wireless networks, serving as the physical connections between antennas, base stations, and other network equipment. This segment produces standard RF connectors, adapters, and pre-assembled cable solutions that telecommunications carriers and equipment manufacturers integrate into their infrastructure. The Custom Cabling Manufacturing and Assembly segment has become increasingly important as the company transitions toward higher-value solutions. This division creates custom copper and fiber cable assemblies, hybrid fiber optic and power solution cables, and specialized products like energy-efficient cooling systems for wireless base stations. A key growth area within this segment is the production of custom-designed pole-ready 5G small cell integrated enclosures, which are compact wireless equipment housings that can be quickly deployed on utility poles and street furniture to densify network coverage. The company also manufactures electromechanical wiring harnesses for various industries including automotive, medical equipment, and military applications. Recent strategic focus has shifted toward developing integrated solutions such as Direct Air Cooling (DAC) thermal management systems for network equipment and TruField small cell concealment products that help wireless carriers deploy 5G infrastructure while maintaining aesthetic appeal in urban environments. Revenue distribution between segments fluctuates based on market conditions, but the Custom Cabling segment has been growing in importance as RF Industries pursues higher-margin, value-added solutions. The company serves both the wireless carrier ecosystem (approximately 43% of revenue) and diverse industrial end markets (57% of revenue), with roughly half of sales flowing through distribution channels and the remainder through direct customer relationships.
Revenue model
RF Industries generates revenue primarily through product sales of manufactured connectivity solutions, operating on a traditional manufacturing business model where it designs, produces, and sells physical products to customers who integrate them into larger systems or infrastructure projects. The company's primary revenue streams come from selling RF connectors, cable assemblies, and custom-engineered solutions to telecommunications carriers, equipment manufacturers, and industrial customers. Revenue is generated when products are shipped and delivered, with pricing typically based on product specifications, volume commitments, and competitive market dynamics. The company maintains approximately $15-20 million in backlog, representing firm orders that provide near-term revenue visibility. Customers include major wireless carriers (Verizon, AT&T, T-Mobile), telecommunications equipment manufacturers, industrial original equipment manufacturers (OEMs), and distributors who resell products to smaller customers. The company serves these markets through both direct sales relationships and distribution partnerships, with about 50% of revenue flowing through each channel. Several factors influence RF Industries' profitability and margins. Positive margin drivers include the ongoing shift toward higher-value integrated solutions like small cell enclosures and thermal cooling systems, which command premium pricing compared to commodity connectors. The company's focus on custom-engineered solutions allows for better pricing power and reduces direct competition with low-cost overseas manufacturers. Additionally, wireless network densification trends driven by 5G deployment create demand for more sophisticated connectivity solutions. Margin pressures come from commodity product competition, particularly from Asian manufacturers offering standard connectors at lower prices. Raw material costs for copper, fiber optic components, and specialized metals can impact margins, especially when the company cannot immediately pass through cost increases to customers. Economic downturns that reduce telecommunications capital expenditure spending directly impact demand, as seen during recent carrier spending slowdowns. The company's relatively small scale also limits its ability to achieve economies of scale compared to larger competitors, making operational efficiency improvements crucial for maintaining profitability.
Competitive moat
RF Industries operates in a competitive market with limited sustainable competitive advantages, though it has developed some defensive positioning through specialization and customer relationships. The company's primary moat comes from its engineering capabilities in custom solutions and its established relationships with major telecommunications carriers and equipment manufacturers. The company's strongest competitive position lies in its ability to provide integrated, custom-engineered solutions rather than commodity products. Its expertise in combining RF connectivity, fiber optics, power management, and thermal cooling into complete systems creates higher barriers to entry than simple connector manufacturing. The development of specialized products like small cell concealment solutions and DAC thermal cooling systems represents attempts to build more defensible market positions through technical differentiation. Customer relationships provide another layer of protection, particularly the company's position on approved vendor lists with major wireless carriers. These relationships, built over decades, create switching costs and provide recurring revenue opportunities as carriers expand and upgrade their networks. The company's ability to work closely with customers on custom applications also creates some stickiness, as replacing a proven solution provider involves risk and integration costs. However, RF Industries' moat is relatively narrow and faces significant competitive pressures. The RF connector market includes numerous competitors ranging from large multinational corporations to specialized manufacturers, many with greater scale and resources. Commodity products face intense price competition from overseas manufacturers, particularly in Asia, which limits pricing power on standard products. The company's small size (under $70 million in annual revenue) constrains its ability to invest in research and development or achieve manufacturing economies of scale compared to larger competitors. Technological disruption poses another threat, as wireless technologies evolve rapidly and new connectivity standards could potentially obsolete existing product lines. The company must continuously invest in new product development to stay relevant, but its limited resources make it challenging to compete with larger players in developing next-generation solutions. Additionally, customer consolidation in the telecommunications industry reduces the number of potential buyers and increases their negotiating power.
Risks & safety
RF Industries presents a moderate margin of safety profile with manageable debt levels but limited financial cushion and cyclical earnings volatility. **Overall Assessment:** The company maintains adequate liquidity and manageable debt levels, but operates with thin margins and limited financial flexibility during downturns. **Cash and Debt Position:** - Cash and short-term investments: $1.3 million (Q1 2025) - Total debt: Approximately $8.2 million (down from $14.1 million in fiscal 2023) - Current ratio: 1.66x indicating adequate short-term liquidity - Debt-to-equity ratio: 0.82x representing moderate leverage - Free cash flow: $574,000 (Q1 2025), showing recent improvement after periods of negative cash generation **Valuation Metrics:** - EV/EBITDA: 30.5x (elevated due to low EBITDA base) - Price-to-book ratio: 1.62x - Market capitalization: Approximately $43 million - Trading near tangible book value with limited premium **Other Considerations:** - Cyclical business model tied to telecommunications capital expenditure cycles creates earnings volatility - Recent operational improvements showing positive momentum with consecutive quarters of operating profits - Small company size limits access to capital markets and creates liquidity constraints during stress periods - Inventory levels around $15 million represent significant working capital tied up in slow-moving stock
Recent development
Over the past several years, RF Industries has undergone a strategic transformation from a traditional RF connector manufacturer to a solutions-oriented company targeting higher-value applications in wireless infrastructure. This pivot has been driven by the need to differentiate from commodity competition and capture more value from the 5G network deployment cycle. The company's most significant strategic move was the 2022 acquisition of Microlab for $24 million, which added distributed antenna system (DAS) capabilities and expanded the company's product portfolio into commercial building wireless solutions. This acquisition contributed $15 million in annual revenue and brought higher-margin products with gross margins in the low 40% range. Product development efforts have focused on integrated solutions that address multiple customer pain points simultaneously. The company has developed Direct Air Cooling (DAC) thermal management systems that help wireless carriers reduce energy consumption at cell sites while improving equipment reliability. These systems represent a significant departure from traditional connectivity products and command premium pricing due to their energy-saving benefits. Another major development has been the creation of TruField small cell concealment solutions and integrated enclosures that allow carriers to deploy 5G infrastructure in urban environments while maintaining aesthetic appeal. These pole-ready solutions combine RF connectivity, power management, and weatherproof housing into complete deployment packages, reducing installation complexity and time for carriers. The company has also restructured its sales organization, bringing in experienced professionals with existing customer relationships to accelerate market penetration. This sales team rebuild has been accompanied by efforts to diversify beyond traditional wireless carrier customers into adjacent markets like aerospace, defense, and industrial applications. Operationally, RF Industries has consolidated manufacturing facilities and reduced annual operating expenses by approximately $2.5 million while maintaining production capacity. The company has also focused on inventory rationalization and working capital optimization to improve cash flow generation. Recent quarters have shown the benefits of these efforts, with the company achieving consecutive quarters of operating profitability and positive adjusted EBITDA after several years of losses.
RFIL company profile · for informational purposes only — not investment advice.
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