Latest Ratios: P/E Ratio 2.4x · EV/EBITDA 6.9x · ROE 185.9%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $871M | $807M | $297M | $252M | $259M | $452M | $591M | $358M | $369M | $490M | $225M |
| Enterprise Value | $884M | $820M | $301M | $280M | $276M | $463M | $599M | $372M | $293M | $452M | $210M |
| P/E Ratio → | 2.42 | 2.20 | 16.99 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.96 | 2.74 | 1.66 | 2.16 | 2.15 | 3.03 | 5.44 | 6.04 | 8.30 | 109.30 | 11.02 |
| P/B Ratio | 2.27 | 2.06 | 90.48 | — | — | 14.87 | 17.36 | 6.66 | 3.36 | 4.87 | 4.08 |
| P/FCF | 11.52 | 10.67 | 9.57 | — | — | 86.04 | — | — | — | — | — |
| P/OCF | 11.52 | 10.67 | 9.45 | — | — | 76.86 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.79 | 1.68 | 2.40 | 2.29 | 3.11 | 5.52 | 6.27 | 6.58 | 100.83 | 10.33 |
| EV / EBITDA | 6.91 | 6.41 | 11.38 | — | — | — | — | — | — | — | — |
| EV / EBIT | 7.05 | 6.35 | 11.44 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 10.83 | 9.68 | — | — | 88.26 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.3% | 93.3% | 89.6% | 93.9% | 98.5% | 99.3% | 99.2% | 98.5% | 99.4% | -931.9% | -211.3% |
| Operating Margin | 42.6% | 42.6% | 13.5% | -17.5% | -46.2% | -8.4% | -26.7% | -116.5% | -163.3% | -1775.6% | -342.2% |
| Net Profit Margin | 124.7% | 124.7% | 9.8% | -21.5% | -48.7% | -12.0% | -27.4% | -112.2% | -158.3% | -1739.3% | -339.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 185.9% | 185.9% | 531.8% | — | -699.0% | -55.6% | -67.7% | -81.3% | -67.0% | -100.2% | -94.6% |
| ROA | 108.3% | 108.3% | 12.4% | -20.0% | -38.8% | -12.9% | -23.1% | -46.4% | -54.6% | -79.1% | -66.0% |
| ROIC | 45.8% | 45.8% | 641.6% | -1170.0% | -183.0% | -22.1% | -39.4% | -102.4% | -113.3% | -115.4% | -109.8% |
| ROCE | 48.7% | 48.7% | 29.4% | -30.8% | -64.3% | -14.4% | -36.5% | -68.8% | -68.5% | -101.9% | -90.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 18.24 | — | — | 1.01 | 1.15 | 0.67 | — | 0.00 | 0.06 |
| Debt / EBITDA | 0.42 | 0.42 | 2.27 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.03 | 0.98 | — | — | 0.38 | 0.26 | 0.26 | -0.69 | -0.38 | -0.26 |
| Net Debt / EBITDA | 0.10 | 0.10 | 0.12 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.17 | 0.10 | — | — | 2.22 | — | — | — | — | — |
| Interest Coverage | 17.64 | 17.64 | 3.32 | -2.65 | -14.80 | -2.56 | -20.98 | -198.68 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.42 | 2.42 | 2.13 | 1.86 | 1.78 | 2.43 | 2.18 | 2.04 | 4.94 | 6.40 | 3.37 |
| Quick Ratio | 2.30 | 2.30 | 2.04 | 1.76 | 1.64 | 2.33 | 2.14 | 2.02 | 4.91 | 6.40 | 3.37 |
| Cash Ratio | 1.56 | 1.56 | 1.22 | 1.07 | 0.89 | 1.97 | 1.40 | 1.68 | 4.63 | 6.31 | 3.31 |
| Asset Turnover | — | 0.57 | 1.09 | 1.00 | 0.90 | 0.89 | 0.98 | 0.40 | 0.32 | 0.04 | 0.26 |
| Inventory Turnover | 1.71 | 1.71 | 3.11 | 1.29 | 0.19 | 0.16 | 0.55 | 0.67 | 0.32 | — | — |
| Days Sales Outstanding | — | 64.20 | 84.73 | 95.40 | 122.39 | 37.84 | 53.67 | 62.25 | 33.43 | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 41.4% | 45.5% | 5.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 8.7% | 9.4% | 10.4% | — | — | 1.2% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $19M | $18M | $17M | $17M | $17M | $17M | $17M | $16M | $13M | $9M |
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying RIGL stock.
Rigel Pharmaceuticals, Inc.'s current P/E ratio is 2.4x. The historical average is 41.3x. This places it at the 33th percentile of its historical range.
Rigel Pharmaceuticals, Inc.'s current EV/EBITDA is 6.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
Rigel Pharmaceuticals, Inc.'s return on equity (ROE) is 185.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -62.9%.
Based on historical data, Rigel Pharmaceuticals, Inc. is trading at a P/E of 2.4x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rigel Pharmaceuticals, Inc. has 93.3% gross margin and 42.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Rigel Pharmaceuticals, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Milestone dependence and competitive pressure
Metrics are mathematically derived from official filings.
Milestone-Driven Margin Distortions
Rigel's gross margin remains robust at 89.2% in 2026Q2, but net margin of 22.0% is inflated by a one-time tax benefit, as reported in financial statements. Operating margin of 30.0% reflects underlying efficiency.
The 93.33% average gross margin underscores the low variable cost of small-molecule manufacturing, but the recent dip to 89.2% suggests a mix shift or increased rebates. Operating margin swung from -23.6% in 2024Q1 to 60.1% in 2025Q2, then settled at 30.0% in 2026Q2, indicating that fixed costs are leveraged only when milestone revenue spikes. The net margin of 124.72% in the latest period is clearly distorted by a non-cash tax valuation allowance release, as evidenced by the $268.1M net income on $69.8M revenue in 2025Q4; investors should strip this out to assess normalized earning power.
Volatile Returns Masked by Tax Benefits
ROIC swung from -4.3% in 2024Q1 to 74.2% in 2025Q2, but the latest 4.3% reflects a return to normalcy. According to reported figures, the 2025Q4 ROE of 105.3% is inflated by a one-time tax benefit.
The extreme volatility in ROIC and ROE—ranging from negative to triple-digit—is primarily driven by milestone payments and the $268.1M tax benefit, not operational compounding. The 2026Q2 ROIC of 4.3% and ROE of 4.2% are more indicative of the underlying business, which appears to generate modest returns on invested capital. The asset-light model (PPE of $647K) means returns are driven by margin expansion and working capital efficiency, not asset turnover, which remains low at 0.15x.
Working Capital Swings Signal Lumpiness
Cash conversion cycle deteriorated from 66 days in 2024Q3 to 155 days in 2026Q2, driven by rising DSO and DIO. As per financial statements, DSO reached 61 days and DIO 139 days, indicating slower collections and higher inventory.
The CCC expansion from 66 to 155 days over the past two years suggests that working capital is absorbing cash, likely due to inventory stocking for Gavreto and slower receivable collections from specialty pharmacies. DPO has also increased to 45 days, but not enough to offset the DSO and DIO increases. This trend, combined with the lumpy milestone revenue, explains the volatile FCF margins, which swung from -17.4% to 38.9% over the period.
Rapid Deleveraging Strengthens Balance Sheet
Debt-to-equity plummeted from 18.24 in 2024Q4 to 0.09 in 2026Q2, with interest coverage improving to 31.28x. Based on reported figures, total debt fell to $40.0M, reflecting a strategic shift toward a cleaner capital structure.
The dramatic deleveraging is partly due to the $268.1M tax benefit that boosted equity, but also reflects debt repayment. Interest coverage of 31.28x in 2026Q2 is comfortable, though it was as low as 0.49x in 2024Q2, highlighting the volatility in earnings. The D/EBITDA of 1.64x is manageable, but investors should note that EBITDA is inflated by milestone payments, so the true leverage may be higher on a normalized basis.
Adequate Liquidity with Thin Cash Buffer
Current ratio improved to 1.95 in 2026Q2, but cash of $60.8M covers only about 1.3 quarters of operating expenses, as per SEC filings. Quick ratio of 1.79 indicates limited inventory dependence.
The current ratio of 1.95 is healthy, but the cash position is thin relative to the quarterly burn, which averaged around $45M in operating expenses. The quick ratio of 1.79 suggests that inventory is not a major liquidity concern, but the reliance on milestone payments for cash flow creates uncertainty. Under a severe stress scenario—such as a delay in milestones or increased competition—the company may need to raise capital, though the low debt levels provide some flexibility.
Misapplied P/E on Distorted Earnings
The trailing P/E of 2.09 is misleading because net income is inflated by a one-time tax benefit; forward P/E of 12.11 is more indicative. As reported, the 124.72% net margin in 2026Q2 is not sustainable.
The most commonly misapplied ratio for Rigel is the P/E, given the massive non-cash tax benefit that inflated net income to $268.1M in 2025Q4. This makes the trailing P/E of 2.09 appear extremely cheap, but it does not reflect the underlying earning power. Investors should use EV/EBITDA (6.00x) or P/FCF (9.98x) instead, but even these are distorted by milestone lumpiness. A better approach is to normalize earnings by excluding the tax benefit and averaging milestone revenue over several quarters to assess the true valuation.