RF Industries

RFIL · NASDAQ

$7.16+$0.09 (+1.27%)TodayMarket closed · Oct 20, 5:20 PM ET

Prev close $7.07

RFIL analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 4 analysts

Average $14.79 (+106.6% upside)

Low: $12.12
Now: $7.16
High: $17.85

Upgrades and downgrades

The latest rating actions, newest first

RFIL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
B. Riley Securities	Sep 15, 2026	Maintains	Buy	$15.00 → $12.00	44%
Lake Street	Sep 15, 2026	Maintains	Buy	$19.00 → $17.00	0%
B. Riley Securities	Aug 21, 2026	Upgrade	Neutral → Buy	$18.00 → $15.00	44%
Lake Street	Aug 13, 2026	Initiates	Buy	$19.00	0%
B. Riley Securities	Jun 16, 2026	Maintains	Neutral	$11.25 → $18.00	44%
B. Riley Securities	Mar 17, 2026	Maintains	Neutral	$10.25 → $11.25	44%

The case for and against

Updated Oct 15, 2026

Bull case

RF Industries is supported by record F3Q26 revenue of $24.0M, up 21% Y/Y and 16% Q/Q, alongside EBITDA of $2.7M at an 11.1% margin, showing strong operating leverage as sales stayed above the $20M level for a second straight quarter. Its outlook is strengthened by a healthier mix and backlog visibility, with custom cabling up 29.8% Y/Y to $8.4M, backlog at $20.1M, and a ~1.3x book-to-bill, while aerospace and DAC growth broaden revenue beyond legacy carrier exposure. Although integrated systems was soft in F2Q due to timing, management expects sequential improvement, and the company’s minimal net debt, $4.5M cash, and reduced revolver draw provide flexibility to fund growth.

Bear case

RF Industries is facing a weak fundamental setup because its integrated systems business entered FY26 behind plan, with small cell shipments delayed by tier-one carrier budget timing and integrated systems still down 22.4% Y/Y through nine months. Bookings of $22.5M produced only a 0.94x book-to-bill and backlog slipped to $18.6M before recovering to $19.8M, highlighting uneven demand in a project-based model that remains exposed to carrier capital spending, customer concentration, and large-contract timing. Even after beating F2Q revenue, gross margin, EBITDA, and EPS estimates, the stock’s rerating reflects vulnerability from acquisition integration risk, competitive pressure, and execution risk, which could compress margins and cash flow if growth initiatives underdeliver.

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