Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 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
Safe
Financial health
13.0
Distress distance
Watch
Earnings quality
6
Forensic signals
19.7
P / E (ttm)
69.0%
ROE
$8.6B
Market cap
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 (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.
Tg Therapeutics, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 13.0, placing it in the Safe 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.
+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.
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.
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 Equity69.0%
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?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Tg Therapeutics, Inc. (TGTX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
+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: 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%.
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.
13.4%
FY2025
Return on invested capital.Return on invested capital is 13.4% in the latest fiscal year and rising across FY2023–FY2025 from 10.2%. After-tax operating profit was $19M in FY2023 and $111M in FY2025, with operating income at 8.8% of revenue in FY2023, 12.7% in FY2024 and 20.0% in FY2025. The capital base behind it grew +354% across FY2023–FY2025, from $183M to $830M, and the return did not fall doing it, so the dollars added over that window earned at least the 10.2% the older base was already earning.