Is REFR or VHC more undervalued in 2026?

CirclFi compares Research Frontiers Incorporated (REFR) and VirnetX Holding Corp (VHC) using 13 institutional-grade valuation models. REFR has a Quality of Company score of 5.7/10 while VHC scores 6.2/10.

Which is a better buy — REFR or VHC?

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 REFR and VHC valuations compare?

REFR at $0.77 and VHC at $17.45 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

REFR vs VHC Valuation Comparison 2026 — Intrinsic Value Analysis

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

VHC

Patent Owners & Lessors

VirnetX Holding Corp

Quality

6.2

out of 10

Value Trap

SAFE

Price

$17.45

Last close

Models

9/13

Active

Model-by-Model Comparison

Model	Type	REFR Fair Value	REFR Upside	VHC Fair Value	VHC Upside
Bayesian DCF	Intrinsic	$0.21	-72.9%	$4.63	-73.4%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	—	—	$3.02	-82.7%
Dynamic NAV	Asset-Based	$0.18	-76.4%	$5.25	-69.9%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%

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REFR vs VHC — Which Stock Is More Undervalued?

VHC scores higher with a 6.2/10 quality rating vs REFR's 5.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Research Frontiers Incorporated (REFR) and VirnetX Holding Corp (VHC) 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.

REFR currently trades at $0.77 with a QOC of 5.7/10, while VHC trades at $17.45 with a QOC of 6.2/10.

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).