Retractable Technologies Inc (RVP)

Price—Loading quote

AI: Fair-priced

Price checkThe stock trades at about a third of its reported net worth, yet continuing losses justify caution.

At the observed price the whole company is valued near $22 million, roughly 0.3 times its $73 million net worth and about 0.6 times trailing sales. After subtracting cash and investments, the implied business value is negative by roughly $17 million, so buyers get the investment portfolio for less than nothing on paper. Against that, operating losses reached about $11 million in the first half alone and shareholder equity has shrunk roughly $14 million over the past year and a half, eroding the cushion. The deep asset discount and the real deterioration offset each other, supporting a fair-priced verdict.

Big pictureRevenue keeps shrinking after the pandemic syringe boom ended, leaving the company far smaller than planned.

Annual sales peaked near $188 million during the pandemic buying surge, collapsed to $38 million last year, and the two most recent quarters each brought about $7.2 million, down roughly a quarter from a year earlier, led by dropping demand for its EasyPoint needle line. Hospitals worldwide over-ordered safety syringes during COVID and have spent years working through stockpiles, so industry prices and volumes stay weak. Meanwhile the Texas factory, enlarged with pandemic-era spending, carries heavy fixed costs; depreciation alone ran about $7.8 million last year while products sold for barely more than their making cost.

Business strengthAlmost no debt and a large investment stash fund ongoing losses, but margins stay razor thin.

The balance sheet is clean: borrowings total under $1 million against roughly $2.6 million of cash plus an investment portfolio of about $34 million, and current assets near $66 million dwarf short-term obligations near $13 million. Free cash flow — cash left after running and investing in the business — has turned negative, with operations using about $3.1 million in the first half, covered by selling investments. Last year's gross profit was nearly zero, so every sale adds little toward overhead. Share count has stayed flat near 29.9 million with no dilution, while small preferred payouts rank ahead of common holders.

What could change the storyDomestic production and fresh cost cuts could shrink losses, but falling orders remain the main threat.

Steep United States tariffs on Chinese syringes and needles ran above 100 percent and cost $1.8 million last year; the company responded by moving production home, reaching about 42 percent of units made domestically in the first half, and tariff expense fell to almost nothing in the second quarter. A spring workforce cut of about 16 percent should save roughly $2.2 million yearly. Watch whether gross margin turns positive and sales stop sliding; sustained unit declines would drain the investment cushion within a few years, while a rebound in hospital ordering or portfolio gains could restore the undervalued case.

AI: News

Second-quarter sales dropQuarterly sales slid to $7.2 million from $10.4 million a year earlier; a $6.4 million investment gain masked operating losses.

Results released last week showed first-half sales of $14.4 million versus $18.7 million a year earlier and operating losses widening to $11.3 million from $9.8 million. The company attributed lower unit volumes mainly to weaker EasyPoint needle demand and order timing. Reported quarterly net income of $2.8 million came almost entirely from a realized gain selling equity securities, not operations. Shares rose modestly after the release, though attribution is uncertain given the stock's thin trading.

Sixteen percent workforce reductionThe company cut about a sixth of its staff in spring, expecting roughly $2.2 million in yearly savings.

Announced about four months ago, the reduction concentrated on manufacturing and support roles, about 58 percent of the cuts, as the company shifts syringe production from China to its Texas plant to dodge steep import tariffs. One-time separation costs were estimated near $122,000, small against the promised savings equal to roughly 13 percent of total workforce costs. The stock fell sharply that day, though the broader market context makes precise attribution uncertain. Savings matter because overhead currently dwarfs gross profit.

Full-year loss and tariffsLast year's report showed sales up 16 percent yet a $21 million operating loss amid heavy China tariffs.

Released about five months ago, the annual report detailed revenue of $38.3 million, helped by a 64 percent jump in international sales, alongside a $21.2 million operating loss. Tariffs on Chinese imports ran as high as 120 percent and cost $1.8 million, with roughly 63 percent of products still sourced from China, and management warned tariffs would keep weighing on operations. The company also disclosed $34.4 million in debt and equity securities against just $2.6 million of cash, framing today's asset-backed valuation.

Hospital group recognizes EasyPoint holderA major hospital purchasing group gave a new blood-collection product an innovation designation, potentially opening doors to more sales.

About nine months ago, Vizient, a large healthcare buying consortium, awarded its Innovative Technology designation to the company's EasyPoint blood collection tube holder with needle, which retracts the needle automatically to protect nurses from accidental sticks. Such designations flag products to member hospitals during contracting and can help win adoption against entrenched rivals. Commercial impact remains unproven, and recent quarters show overall volumes still falling, so investors should treat this as a potential support for future orders rather than confirmed growth.

Loading local price history

Revenue

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$38.3M	$33.0M	$43.6M	$94.8M	$188.4M	$81.9M	$41.8M	$33.3M	$34.5M	$29.8M	$29.6M	$34.5M	$30.8M	$33.6M	$32.1M	$36.2M	$39.0M
Gross profit	$47,046	−$1.0M	$9.1M	$28.3M	$95.4M	$37.0M	$14.1M	$10.2M	$10.0M	$10.3M	$10.6M	$12.0M	$10.3M	$11.2M	$10.9M	$12.5M	$13.5M
Gross margin	0.12%	−3.11%	20.89%	29.80%	50.62%	45.21%	33.83%	30.72%	28.91%	34.67%	35.75%	34.82%	33.49%	33.22%	33.96%	34.57%	34.67%
Research & development	$675,567	$673,944	$581,172	$525,727	$901,381	$574,527	$516,095	$621,365	$740,567	$571,842	$607,527	$616,784	$837,073	$871,851	$815,018	$885,445	$1.0M
Operating expenses	$21.2M	$20.1M	$20.6M	$29.1M	$22.8M	$12.9M	$11.2M	$11.8M	$13.8M	$13.8M	$13.8M	$14.2M	$16.2M	$15.1M	$15.0M	$19.2M	$26.8M
Operating income	−$21.2M	−$21.1M	−$11.5M	−$852,976	$72.6M	$24.1M	$3.0M	−$1.3M	−$3.8M	−$3.5M	−$3.2M	−$2.2M	−$5.9M	−$3.9M	−$4.1M	−$6.7M	−$13.3M
Operating margin	−55.34%	−63.86%	−26.35%	−0.90%	38.54%	29.40%	7.11%	−4.00%	−10.95%	−11.76%	−10.85%	−6.25%	−19.27%	−11.71%	−12.74%	−18.40%	−34.11%
EBITDA	−$13.4M	−$13.5M	−$4.0M	$3.7M	$73.9M	$24.9M	$3.8M	−$442,717	−$2.9M	−$2.6M	−$2.3M	−$1.1M	−$4.6M	−$2.6M	−$2.8M	−$5.1M	−$11.9M
EBITDA margin	−35.04%	−40.96%	−9.09%	3.95%	39.20%	30.42%	9.15%	−1.33%	−8.53%	−8.83%	−7.95%	−3.14%	−15.09%	−7.74%	−8.65%	−14.21%	−30.52%
Net income	−$12.6M	−$11.9M	−$7.0M	$5.1M	$56.1M	$24.2M	$3.1M	−$1.3M	−$3.7M	−$3.7M	$4.3M	−$2.4M	−$6.2M	−$4.1M	$1.4M	$2.4M	−$9.4M
Net profit margin	−32.84%	−35.97%	−16.08%	5.36%	29.76%	29.59%	7.53%	−4.03%	−10.83%	−12.39%	14.60%	−6.82%	−20.18%	−12.28%	4.42%	6.63%	−24.17%
Basic EPSper basic share	-$0.43	-$0.40	-$0.24	$0.15	$1.65	$0.80	$0.07	-$0.06	-$0.14	-$0.15	$0.21	-$0.12	-$0.26	-$0.19	$0.02	$0.04	-$0.45
Diluted EPSper diluted share	-$0.43	-$0.40	-$0.24	$0.15	$1.63	$0.80	$0.07	-$0.06	-$0.14	-$0.15	$0.20	-$0.12	-$0.26	-$0.19	$0.02	$0.04	-$0.45

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈55.66%of listed shares

SHAW THOMAS J16.66M shares · Nov 14, 2025

View holders

Top 20 reported holders of RVP
Holder	% owned
SHAW THOMAS J	≈55.66%16.66M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.94%581.74K shares
Eversept Partners, LP	1.94%580.92K shares
RENAISSANCE TECHNOLOGIES LLC	1.47%441.41K shares
BlackRock, Inc.	0.81%241.12K shares
GEODE CAPITAL MANAGEMENT, LLC	0.40%121.01K shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	0.30%88.54K shares
CITADEL ADVISORS LLC	0.29%87.33K shares
VANGUARD FIDUCIARY TRUST CO	0.28%85.26K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	0.26%78.86K shares
STATE STREET CORP	0.20%59.8K shares
WealthTrust Axiom LLC	0.17%51.33K shares
LPL Financial LLC	0.16%47.57K shares
Avidian Wealth Enterprises, LLC	0.10%30.8K shares
NORTHERN TRUST CORP	0.10%28.44K shares
PFG Investments, LLC	0.09%26.25K shares
XTX Topco Ltd	0.08%23.22K shares
Frisch Financial Group, Inc.	0.06%19K shares
Pasadena Private Wealth, LLC	0.03%10.4K shares
CX Institutional	0.02%7K shares

Percentages use 29.94M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys110$1.03M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Nov 14, 2025Form 4 · 10b5-1	SHAW THOMAS JPRESIDENT AND CEO	BuyCommon Stock	5.7K	$0.77	$4.4K	15.83M
Nov 11, 2025Form 4 · 10b5-1	SHAW THOMAS JPRESIDENT AND CEO	BuyCommon Stock	100	$0.81	$81.00	15.83M
Nov 5, 2025Form 4 · 10b5-1	SHAW THOMAS JPRESIDENT AND CEO	BuyCommon Stock	7.5K	$0.83	$6.2K	15.83M
Oct 30, 2025Form 4 · 10b5-1	SHAW THOMAS JPRESIDENT AND CEO	BuyCommon Stock	15.0K	$0.86	$12.9K	15.82M
Oct 28, 2025Form 4 · 10b5-1	SHAW THOMAS JPRESIDENT AND CEO	BuyCommon Stock	35.0K	$0.92	$32.2K	15.80M

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about RVP yet. Start the conversation.

Write the first post

Retractable Technologies Inc (RVP)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.