Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Rigel Pharmaceuticals Inc (RIGL)
A forensic read on Rigel Pharmaceuticals Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.7
Distress distance
Watch
Earnings quality
5
Forensic signals
2.7
P / E (ttm)
93.8%
ROE
$899M
Market cap
64.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Rigel Pharmaceuticals Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.7, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.28×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.28× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+193.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +193.6% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by inventory up +92% against +5% in cost of sales and receivables up +24% against revenue +64%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 142% of net operating assets, against an accruals ratio of 193.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
163d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 113 to 163 FY2024→FY2025 (against cost of goods sold; inventory +92% vs +5% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+4.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +8% over the last 2 years to FY2025 (+4.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~8%.
Key fundamentals
Latest Revenue$294.3M
Revenue Growth YoY+64.1%
Revenue CAGR (2yr)+58.6%
Net Margin124.7%
Return on Equity93.8%
Debt / Equity0.13x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Rigel Pharmaceuticals Inc's actual 10-K/10-Q/8-K filings?
Stock-based comp load.Stock-based compensation ran 4% of revenue in FY2025 — about $0.67 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 4.1% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.