Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 8, 2026
Tg Therapeutics, Inc. (TGTX)
A forensic read on Tg Therapeutics, 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
Grey Zone
Financial health
2.0
Distress distance
Watch
Earnings quality
6
Forensic signals
102.8%
ROE
87.3%
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 (auditor quality, say on pay, board independence, going concern). 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.
Tg Therapeutics, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-0.20×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was -0.20× 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.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+95.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +95.8% 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 receivables up +137% against revenue +87% and inventory up +14% against +162% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 86% of net operating assets, against an accruals ratio of 95.8%. 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
181d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 143 to 181 days FY2024→FY2025 (receivables +137% vs revenue +87%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Only -20¢ of operating cash arrived for every dollar of profit reported over FY2023–FY2025 (-$96.7M against $483.2M), and the receivables balance is one of the places the rest is sitting. Across FY2023–FY2025 the day count ran 80 → 143 → 181 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue grew +86% over the same period, but billing ahead of recognition does not account for this one: that pattern leaves the day count steady and the cash arriving early, and here the day count has climbed across the years on file while the cash did not arrive. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 7 consecutive quarters (Dec 2024 +3, Mar 2025 +48, Jun 2025 +46, Sep 2025 +24, Dec 2025 +36, Mar 2026 +31, Jun 2026 +3 days). In the latest of them the receivable balance grew +73% against sales +70%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
FCF ($25M)
FY2025
Shareholder returns.Returned $91M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($25M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
+4.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +9% over the last 2 years to FY2025 (+4.3%/yr). The count is growing — 148.5M shares in FY2023, 161.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.3% 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%.
10% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 10% of revenue in FY2025 — about $0.40 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 4.3% a year across FY2023–FY2025, and the rate is falling. 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.
Key fundamentals
Latest Revenue$616.3M
Revenue Growth YoY+87.3%
Revenue CAGR (2yr)+62.4%
Net Margin72.6%
Free Cash Flow-$25.0M
Return on Equity102.8%
Debt / Equity0.38x
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 Tg Therapeutics, Inc.'s actual 10-K/10-Q/8-K filings?