Is DLB or REFR more undervalued in 2026?

CirclFi compares Dolby Laboratories (DLB) and Research Frontiers Incorporated (REFR) using 13 institutional-grade valuation models. DLB has a Quality of Company score of 9.0/10 while REFR scores 5.7/10.

Which is a better buy — DLB or REFR?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do DLB and REFR valuations compare?

DLB at $55.81 and REFR at $0.77 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

DLB vs REFR Valuation Comparison 2026 — Intrinsic Value Analysis

DLB

Patent Owners & Lessors

Dolby Laboratories

Quality

9.0

out of 10

Value Trap

SAFE

Price

$55.81

Last close

Models

13/13

Active

REFR

Patent Owners & Lessors

Research Frontiers Incorporated

Quality

5.7

out of 10

Value Trap

SAFE

Price

$0.77

Last close

Models

8/13

Active

Model-by-Model Comparison

Model	Type	DLB Fair Value	DLB Upside	REFR Fair Value	REFR Upside
Bayesian DCF	Intrinsic	$53.91	-3.4%	$0.21	-72.9%
Earnings Power Value	Intrinsic	$36.97	-33.8%	—	—
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$15.73	-71.8%	$0.18	-76.4%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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DLB vs REFR — Which Stock Is More Undervalued?

DLB scores higher with a 9.0/10 quality rating vs REFR's 5.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Dolby Laboratories (DLB) and Research Frontiers Incorporated (REFR) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

DLB currently trades at $55.81 with a QOC of 9.0/10, while REFR trades at $0.77 with a QOC of 5.7/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).