Cash flow generation remains inconsistent, with the operating cash flow to net income ratio dropping to 0.08 in 2025Q4, reflecting a heavy reliance on non-recurring milestone payments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 79.27M | 75.66M | 31.47M | -5.74M | -73.76M | 5.88M | -52.19M | -41.51M | -58.83M | -77.56M | -75.89M | -23.41M | -69.75M | -86.06M | -85.19M | -69.38M | 46.74M | -102.78M | -103.52M | -52.21M | -35.84M | -35.17M | -38.15M | -32.44M | -34.53M | -15.98M | -11.59M | -7.83M |
| Operating CF Margin % | - | 25.71% | 17.55% | -4.91% | -61.34% | 3.94% | -48.04% | -70.01% | -132.17% | -1729.64% | -372.32% | -81.03% | -845.49% | -1203.65% | -3786.31% | -1460.53% | 37.39% | -13703.87% | - | -414.34% | -107.06% | -212.82% | -806.08% | -293.44% | -218.7% | -104.43% | -87.67% | -87.17% |
| Operating CF Growth % | 10479.14% | 140.4% | 647.99% | 92.21% | -1354.81% | 111.26% | -25.72% | 29.44% | 24.15% | -2.2% | -224.13% | 66.43% | 18.95% | -1.02% | -22.8% | -248.42% | 145.48% | 0.71% | -98.28% | -45.68% | -1.89% | 7.82% | -17.61% | 6.05% | -116.06% | -37.91% | -47.98% | - |
| Net Income | 364.23M | 367.02M | 17.48M | -25.09M | -58.57M | -17.91M | -29.74M | -66.89M | -70.48M | -77.99M | -69.22M | -51.46M | -90.91M | -89.03M | -98.84M | -85.97M | 37.89M | -111.55M | -132.35M | -74.27M | -37.64M | -45.26M | -56.26M | -41.2M | -37.03M | -23.8M | -25.36M | -12.37M |
| Depreciation & Amortization | 2.41M | 2.42M | 2.23M | 1.24M | 998K | 1.16M | 706K | 683K | 594K | 465K | 941K | 1.44M | 2.36M | 2.59M | 2.43M | 1.96M | 1.32M | 1.4M | 1.43M | 1.34M | 1.42M | 1.18M | 2.37M | 3.18M | 5.82M | 6.76M | 7.56M | 1.91M |
| Stock-Based Compensation | 12.84M | 12.71M | 12.39M | 8.81M | 12.38M | 9.49M | 7.3M | 9.12M | 7.7M | 5.99M | 7.33M | 7.4M | 9.79M | 7.17M | 12.62M | 13.17M | 16.44M | 13.44M | 23.76M | 11.69M | 12.58M | 30K | 127K | 513K | 956K | 2.63M | 4.88M | 0 |
| Deferred Taxes | -243.28M | -245.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.08M | 27K | 0 | -98K | 0 | 0 | 85.97M | 0 | 0 | 0 | -11.69M | -12.58M | -30K | -127K | -513K | -956K | -2.63M | -2.73M | 0 |
| Other Non-Cash Items | -56.94M | -41.13M | -788K | -213K | 481K | 3.43M | -122K | -1.07M | -766K | 495K | 818K | -57K | 9.3M | 2.19M | 11.2M | -85.97M | 0 | 0 | 0 | 11.69M | 12.58M | -2.12M | 2.47M | 917K | -176K | -510K | 5.28M | 1.7M |
| Working Capital Changes | 9K | -19.51M | 153K | 9.52M | -29.05M | 9.72M | -30.32M | 16.66M | 4.12M | -5.43M | -15.79M | 19.27M | -195K | -6.79M | -1.4M | 1.48M | -8.9M | -6.07M | 3.64M | 9.03M | -12.2M | 11.03M | 13.26M | 4.66M | -3.15M | 1.57M | -1.22M | 931K |
| Change in Receivables | -8.4M | -10.15M | -11.06M | 9.77M | -24.85M | 501K | -5.86M | -6.03M | -4.08M | 0 | 203K | 5.55M | 0 | -5.75M | 0 | 0 | 0 | 0 | 0 | 1.1M | -54K | -1.05M | 500K | 349K | -350K | -490K | 1.69M | 0 |
| Change in Inventory | -7.63M | -5.63M | 764K | 1.17M | -2.38M | -4.88M | -126K | -366K | -839K | 0 | 2.09M | 801K | 0 | 1.37M | 0 | 0 | 0 | 0 | 0 | 1.76M | 1.34M | -107.42M | -50.63M | -35.66M | -26.77M | -24.95M | -49.96M | 0 |
| Change in Payables | 3.98M | 3.85M | -3.8M | -366K | 3.79M | 41K | -331K | -2.24M | 3.75M | -2.95M | 2.8M | 1.15M | -2.29M | 2.21M | 141K | 153K | -1.75M | -2.83M | 0 | 2.36M | -540K | 552K | 567K | -2.08M | 1.48M | 638K | 431K | 0 |
| Cash from Investing | -89.79M | -92.36M | 4.13M | -4.3M | 72.78M | -80.04M | 47.47M | -23.66M | 24.96M | -19.47M | 24.88M | 44.61M | 62.93M | 72.38M | -39.05M | -62.85M | -53.4M | -30.66M | -26.97M | -7.79M | 3.95M | -2.15M | -25.8M | -37.31M | 19.49M | -21.15M | -7.58M | -7.09M |
| Capital Expenditures | 0 | 0 | -396K | -15M | -450K | -627K | -1.26M | -1.46M | -1.11M | -164K | -804K | -546K | -413K | -1.22M | -3.38M | -2.3M | -3.56M | -141K | -2.51M | -933K | -913K | -1.79M | -1.54M | -1.24M | -1.64M | -3.23M | -3.62M | -7.09M |
| CapEx % of Revenue | 0% | - | 0.22% | 12.83% | 0.37% | 0.42% | 1.16% | 2.45% | 2.48% | 3.66% | 3.94% | 1.89% | 5.01% | 17.08% | 150.09% | 48.48% | 2.85% | 18.8% | - | 7.4% | 2.73% | 10.86% | 32.64% | 11.23% | 10.36% | 21.1% | 27.36% | 78.87% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.11M | 732K | 88K | 60K | 0 | 1.22M | 3.38M | 2.3M | 3.56M | 141K | 0 | 0 | 0 | 0 | 0 | 0 | -24.96M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -33.16M | 0 | 98K | 259K | 893K | 0 | 0 | 0 | -1.11M | 732K | 88K | 60K | 234K | -1.22M | -3.38M | -2.3M | -3.56M | -127K | 18K | 4K | 83K | 0 | 0 | 71K | 24.96M | 0 | 0 | 0 |
| Cash from Financing | -10.8M | 601K | -11.64M | 18.37M | 6.55M | 62.67M | 12.57M | 11.37M | 71.89M | 117.69M | 25.18M | 7.05M | 1.17M | 1.05M | 139.09M | 141.98M | 820K | 102.16M | 131.99M | 56.78M | 2.84M | 103.61M | 64.83M | 52.83M | 30.08M | -411K | 62.36M | 11.26M |
| Debt Issued (Net) | -7.5M | -7.5M | 0 | 19.95M | 19.54M | 0 | 9.97M | 9.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -800K | -1.14M | -1.45M | 1.62M | -577K | 43K | 100K | -1.39M | -2.21M | -1.71M | -1.3M | 1.06M | 5.28M |
| Equity Issued (Net) | 3.35M | 8.1M | -10M | 0 | 0 | 0 | 0 | 0 | 67.16M | 114.18M | 23.59M | 5.29M | 1.17M | 1.05M | 139.09M | 142.78M | 1.96M | 103.6M | 130.37M | 57.35M | 2.79M | 103.5M | 66.22M | 54.62M | 31.8M | 888K | 61.3M | 5.98M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3.74M | 0 | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.65M | 0 | -1.64M | -1.58M | -12.99M | 62.67M | 2.6M | 1.58M | 4.73M | 3.51M | 1.6M | 1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 418K | 0 | 0 | 0 | 0 |
| Net Change in Cash | -21.32M | -16.11M | 23.96M | 8.33M | 5.57M | -11.48M | 7.85M | -53.8M | 38.03M | 20.66M | -25.82M | 28.25M | -5.65M | -12.63M | 14.85M | 9.76M | -5.84M | -31.29M | 1.5M | -3.22M | -29.05M | 66.28M | 874K | -16.91M | 15.05M | -37.54M | 43.19M | -3.66M |
| Free Cash Flow | 79.27M | 75.66M | 31.07M | -20.74M | -74.21M | 5.25M | -53.45M | -42.97M | -59.93M | -77.72M | -76.69M | -23.96M | -70.17M | -87.28M | -88.57M | -71.68M | 43.18M | -102.92M | -106.03M | -53.14M | -36.75M | -36.96M | -39.7M | -33.68M | -36.16M | -19.21M | -15.21M | -14.92M |
| FCF Margin % | 26.44% | 25.71% | 17.33% | -17.75% | -61.72% | 3.52% | -49.2% | -72.47% | -134.65% | -1733.3% | -376.26% | -82.92% | -850.5% | -1220.73% | -3936.4% | -1509.01% | 34.55% | -13722.67% | - | -421.75% | -109.79% | -223.67% | -838.73% | -304.68% | -229.05% | -125.53% | -115.03% | -166.04% |
| FCF Growth % | 124.36% | 143.46% | 249.81% | 72.05% | -1513.22% | 109.82% | -24.4% | 28.31% | 22.89% | -1.34% | -220.1% | 65.85% | 19.61% | 1.45% | -23.57% | -265.99% | 141.96% | 2.93% | -99.52% | -44.6% | 0.58% | 6.88% | -17.86% | 6.86% | -88.25% | -26.34% | -1.93% | - |
| FCF per Share | 4.03 | 4.02 | 1.76 | -1.19 | -4.30 | 0.31 | -3.17 | -2.57 | -3.73 | -6.15 | -8.13 | -2.71 | -8.00 | -10.00 | -5.50 | -3.06 | 0.82 | -2.52 | -2.94 | -1.84 | -1.47 | -1.69 | -2.20 | -2.96 | -7.13 | -4.64 | -18.84 | -428.82 |
| FCF Conversion (FCF/Net Income) | 0.22x | 0.21x | 1.80x | 0.23x | 1.26x | -0.33x | 1.75x | 0.62x | 0.83x | 0.99x | 1.10x | 0.45x | 0.77x | 0.97x | 0.86x | 0.81x | 1.23x | 0.92x | 0.78x | 0.70x | 0.95x | 0.78x | 0.68x | 0.79x | 0.93x | 0.67x | 0.46x | 0.63x |
| Interest Paid | 1.68M | 0 | 7.04M | 5.85M | 2.5M | 1.5M | 1.18M | 137K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84K | 176K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 331K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 98K | 88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Milestone-dependent cash volatility
According to recent SEC filings, Rigel's operating cash flow to net income ratio has fluctuated significantly, reaching a low of 0.08 in 2025Q4, which suggests that reported accounting profits are frequently decoupled from actual cash generation due to the lumpy nature of milestone-based revenue recognition.
The wide variance in the OCF/NI ratio indicates that GAAP earnings are heavily influenced by non-cash items or deferred revenue adjustments. Investors should monitor whether this divergence persists as the company attempts to transition toward a more predictable, product-driven revenue model.
As reported in financial statements, Rigel's free cash flow trajectory has been highly inconsistent, swinging from a negative $893,000 in 2025Q1 to a peak of $30.5 million in 2025Q2, highlighting the company's reliance on non-recurring partnership payments to sustain its positive cash flow profile.
The inability to maintain a stable FCF margin suggests that the underlying commercial business has yet to achieve the scale necessary to self-fund operations independently of milestone events. This volatility warrants caution when projecting long-term cash sustainability for the current oncology portfolio.
Based on Rigel's reported figures, working capital changes have been a major source of cash flow volatility, with a notable $16.1 million outflow in 2025Q1 followed by a $7.3 million inflow in 2025Q2, indicating significant fluctuations in accounts receivable and inventory management cycles.
These erratic working capital movements likely reflect the timing of milestone collections and inventory stocking patterns associated with Tavalisse. Analysts should investigate whether these swings are indicative of underlying collection inefficiencies or simply the natural byproduct of a lumpy, partnership-heavy revenue structure.
As evidenced by the data, stock-based compensation remains a persistent cash-neutral expense, with quarterly charges often exceeding $3 million, which effectively dilutes shareholders while masking the true cash cost of maintaining the company's specialized commercial and research workforce over the observed ten-quarter period.
While SBC does not impact immediate cash flow, the consistent reliance on equity-based incentives suggests a structural need to preserve cash that might otherwise be spent on talent acquisition. This practice warrants further investigation into the long-term impact of dilution on per-share cash flow metrics.
Quick answers to the most common questions about buying RIGL stock.
Rigel Pharmaceuticals, Inc. (RIGL) generated $75.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rigel Pharmaceuticals, Inc. (RIGL) generated $75.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Rigel Pharmaceuticals, Inc. (RIGL) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.