Recent News
March 3, 2026: Rigel released Q4 and full-year 2025 results and provided a 2026 business update with guidance and commentary on commercial growth and R289 clinical progress. February–March 2026: Management reiterated elevated 2026 revenue targets and noted continued enrollment and dose-expansion activity for R289 in lower‑risk MDS; company materials and analyst coverage highlighted robust 2025 revenue growth and updated investor slides. February 18, 2026: analyst coverage discussed Tavalisse positioning versus competing launches.
Technical Analysis
ADX at 31.68 indicates a strong trend in price action and supports the near-term directional bias tied to improving commercial performance.
DI+ sits at 20.04 and is increasing while DI- at 26.53 is decreasing; the directional setup therefore tilts bullish as positive directional strength climbs versus waning downside pressure.
MACD registers -0.74, has crossed above its -1.46 signal line, and is increasing — a bullish momentum signal even though the absolute MACD value remains negative.
MRO stands at 14.0 and is increasing; the positive reading implies price sits above the internal target and therefore carries a measurable mean‑reversion risk that tempers rapid upside from current levels.
RSI at 42.87 and rising indicates improving buying momentum without an overbought condition, leaving room for additional upside before short‑term exhaustion.
Price relationships show the close at $30.51 above the 20‑day average ($27.23) and above the 12‑day EMA ($28.07) while remaining below the 200‑day average ($33.21); short‑term moving averages and EMA trends align with near‑term bullish pressure, while the 200‑day average marks longer‑term resistance relevant to valuation re‑rating.
Bollinger bands compress modestly (20‑day stdev $1.66) with the close near the upper 1x band, supporting the case for a short‑term continuation that may face volatility if MRO mean‑reversion accelerates.
Fundamental Analysis
Revenue and profitability: Total revenue $69,802,000 with YoY revenue change reported as -88.19% and quarter‑over‑quarter change showing -101.54%; YoY dynamics contrast with strong margin recovery. Gross margin stands at 91.47% and operating margin at 33.19%; EBIT of $24,413,000 yields an EBIT margin of 34.98%, up 17.28% year‑over‑year but down 17.69% quarter‑over‑quarter.
Earnings and cash flow: Net income $268,065,000 and operating cash flow $21,980,000; free cash flow $21,992,000 produces a free cash flow yield of 3.24%. EPS actual $1.12 missed the $1.20 estimate by $0.08, an EPS surprise of -6.67%.
Balance sheet strength: Cash and short‑term investments $154,955,000, cash ratio 1.56 and current ratio 2.42 provide liquidity to support commercial expansion and clinical development. Total debt $53,303,000 produces a debt‑to‑assets ratio of 10.38% and debt‑to‑equity of 13.62%, keeping financial leverage modest relative to the balance sheet.
Valuation multiples and returns: Price‑to‑earnings 2.74 and price‑to‑book 1.74 sit alongside an enterprise multiple of 23.11 and return on assets of 70.91% and return on equity of 68.48%, highlighting exceptionally high profitability metrics in reported periods. WMDST values the stock as under‑valued based on current cash flow, margin profile, and risk‑adjusted growth expectations.
Peer comparisons where available: EBIT margin at 34.98% sits meaningfully above the industry peer mean of approximately -0.89% and above the industry peer median near 0.21%, underscoring a relative profitability advantage within the provided peer range.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-03 |
| NEXT REPORT DATE: | 2026-06-02 |
| CASH FLOW | Begin Period Cash Flow | $ 48.6 M |
| Operating Cash Flow | $ 22.0 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -3.34 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -7.95 M | |
| End Period Cash Flow | $ 40.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 69.8 M | |
| Forward Revenue | $ 1.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 6.0 M | |
| Depreciation | $ 601.0 K | |
| Depreciation and Amortization | $ 601.0 K | |
| Research and Development | $ 10.7 M | |
| Total Operating Expenses | $ 46.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 63.8 M | |
| EBITDA | $ 25.0 M | |
| EBIT | $ 24.4 M | |
| Operating Income | $ 23.2 M | |
| Interest Income | $ 1.2 M | |
| Interest Expense | $ 1.7 M | |
| Net Interest Income | $ -456.00 K | |
| Income Before Tax | $ 22.7 M | |
| Tax Provision | $ -245.35 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 268.1 M | |
| Net Income From Continuing Operations | $ 268.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.20 | |
| EPS Actual | $ 1.12 | |
| EPS Difference | $ -0.08 | |
| EPS Surprise | -6.667 % | |
| Forward EPS | $ 1.20 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 513.6 M | |
| Intangible Assets | $ 24.7 M | |
| Net Tangible Assets | $ 366.7 M | |
| Total Current Assets | $ 240.2 M | |
| Cash and Short-Term Investments | $ 155.0 M | |
| Cash | $ 40.6 M | |
| Net Receivables | $ 51.8 M | |
| Inventory | $ 11.5 M | |
| Long-Term Investments | $ 1.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 7.2 M | |
| Short-Term Debt | $ 29.8 M | |
| Total Current Liabilities | $ 99.2 M | |
| Net Debt | $ 11.7 M | |
| Total Debt | $ 53.3 M | |
| Total Liabilities | $ 122.1 M | |
| EQUITY | ||
| Total Equity | $ 391.5 M | |
| Retained Earnings | $ -1.02 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 21.38 | |
| Shares Outstanding | 18.311 M | |
| Revenue Per-Share | $ 3.81 | |
| VALUATION | Market Capitalization | $ 679.8 M |
| Enterprise Value | $ 578.2 M | |
| Enterprise Multiple | 23.113 | |
| Enterprise Multiple QoQ | 47.967 % | |
| Enterprise Multiple YoY | 42.036 % | |
| Enterprise Multiple IPRWA | high: 67.346 median: 47.169 RIGL: 23.113 mean: 12.107 low: -114.076 |
|
| EV/R | 8.283 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.312 | |
| Asset To Liability | 4.206 | |
| Debt To Capital | 0.12 | |
| Debt To Assets | 0.104 | |
| Debt To Assets QoQ | -58.657 % | |
| Debt To Assets YoY | 134.002 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.121 RIGL: 0.104 median: 0.003 low: 0.0 |
|
| Debt To Equity | 0.136 | |
| Debt To Equity QoQ | -73.697 % | |
| Debt To Equity YoY | -93.844 % | |
| Debt To Equity IPRWA | high: 1.588 mean: 0.137 RIGL: 0.136 median: 0.005 low: -0.957 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.737 | |
| Price To Book QoQ | -62.644 % | |
| Price To Book YoY | -98.411 % | |
| Price To Book IPRWA | high: 19.432 median: 6.164 mean: 5.216 RIGL: 1.737 low: -10.511 |
|
| Price To Earnings (P/E) | 2.742 | |
| Price To Earnings QoQ | -86.714 % | |
| Price To Earnings YoY | -89.249 % | |
| Price To Earnings IPRWA | high: 75.085 RIGL: 2.742 mean: -0.803 median: -17.181 low: -119.903 |
|
| PE/G Ratio | 0.003 | |
| Price To Sales (P/S) | 9.739 | |
| Price To Sales QoQ | 23.74 % | |
| Price To Sales YoY | 56.076 % | |
| Price To Sales IPRWA | high: 773.807 mean: 49.123 median: 20.207 RIGL: 9.739 low: -75.758 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 32.919 | |
| Forward PE/G | 0.04 | |
| Forward P/S | 475.635 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -35.31 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.185 | |
| Asset Turnover Ratio QoQ | -40.292 % | |
| Asset Turnover Ratio YoY | -51.372 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 RIGL: 0.185 mean: 0.116 median: 0.109 low: -0.066 |
|
| Receivables Turnover | 1.429 | |
| Receivables Turnover Ratio QoQ | -11.707 % | |
| Receivables Turnover Ratio YoY | -10.441 % | |
| Receivables Turnover Ratio IPRWA | high: 7.397 mean: 1.438 RIGL: 1.429 median: 1.333 low: -1.505 |
|
| Inventory Turnover | 0.48 | |
| Inventory Turnover Ratio QoQ | 19.82 % | |
| Inventory Turnover Ratio YoY | -55.277 % | |
| Inventory Turnover Ratio IPRWA | high: 2.663 mean: 0.582 RIGL: 0.48 median: 0.471 low: 0.007 |
|
| Days Sales Outstanding (DSO) | 63.852 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 196.052 | |
| Cash Conversion Cycle Days QoQ | 6.601 % | |
| Cash Conversion Cycle Days YoY | 151.891 % | |
| Cash Conversion Cycle Days IPRWA | high: 974.716 RIGL: 196.052 median: 189.511 mean: 188.675 low: -1689.26 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.495 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 414.0 M | |
| Net Invested Capital | $ 443.8 M | |
| Invested Capital | $ 443.8 M | |
| Net Tangible Assets | $ 366.7 M | |
| Net Working Capital | $ 140.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.561 | |
| Current Ratio | 2.42 | |
| Current Ratio QoQ | 6.297 % | |
| Current Ratio YoY | 13.389 % | |
| Current Ratio IPRWA | high: 27.397 mean: 3.909 median: 2.827 RIGL: 2.42 low: 0.027 |
|
| Quick Ratio | 2.304 | |
| Quick Ratio QoQ | 7.881 % | |
| Quick Ratio YoY | 12.975 % | |
| Quick Ratio IPRWA | high: 13.851 mean: 2.76 median: 2.452 RIGL: 2.304 low: 0.078 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.131 | |
| Cost Of Debt | 2.351 % | |
| Interest Coverage Ratio | 14.369 | |
| Interest Coverage Ratio QoQ | -7.79 % | |
| Interest Coverage Ratio YoY | 63.541 % | |
| Interest Coverage Ratio IPRWA | high: 671.002 mean: 40.518 RIGL: 14.369 median: 3.11 low: -1571.333 |
|
| Operating Cash Flow Ratio | 2.7 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 105.946 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 111.762 % | |
| Revenue Growth | 0.489 % | |
| Revenue Growth QoQ | -101.543 % | |
| Revenue Growth YoY | -88.186 % | |
| Revenue Growth IPRWA | high: 443.939 % mean: 13.077 % median: 2.844 % RIGL: 0.489 % low: -242.388 % |
|
| Earnings Growth | 827.397 % | |
| Earnings Growth QoQ | -1591.128 % | |
| Earnings Growth YoY | 5691.663 % | |
| Earnings Growth IPRWA | RIGL: 827.397 % high: 178.788 % median: -14.286 % mean: -17.021 % low: -233.333 % |
|
| MARGINS | ||
| Gross Margin | 91.469 % | |
| Gross Margin QoQ | -1.812 % | |
| Gross Margin YoY | 1.69 % | |
| Gross Margin IPRWA | high: 102.453 % RIGL: 91.469 % mean: 78.813 % median: 78.702 % low: -14.773 % |
|
| EBIT Margin | 34.975 % | |
| EBIT Margin QoQ | -17.685 % | |
| EBIT Margin YoY | 17.275 % | |
| EBIT Margin IPRWA | high: 3501.566 % RIGL: 34.975 % median: 21.25 % mean: -88.769 % low: -7602.597 % |
|
| Return On Sales (ROS) | 33.194 % | |
| Return On Sales QoQ | -18.869 % | |
| Return On Sales YoY | 11.303 % | |
| Return On Sales IPRWA | high: 1116.376 % RIGL: 33.194 % median: 27.297 % mean: -94.482 % low: -7602.597 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 22.0 M | |
| Free Cash Flow Yield | 3.235 % | |
| Free Cash Flow Yield QoQ | -26.36 % | |
| Free Cash Flow Yield YoY | -19.687 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % RIGL: 3.235 % median: 0.303 % mean: 0.16 % low: -50.821 % |
|
| Free Cash Growth | -8.439 % | |
| Free Cash Growth QoQ | -60.464 % | |
| Free Cash Growth YoY | -74.574 % | |
| Free Cash Growth IPRWA | high: 177.21 % RIGL: -8.439 % median: -24.462 % mean: -31.249 % low: -197.482 % |
|
| Free Cash To Net Income | 0.082 | |
| Cash Flow Margin | 383.9 % | |
| Cash Flow To Earnings | 1.0 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 70.905 % | |
| Return On Assets QoQ | 470.894 % | |
| Return On Assets YoY | 650.0 % | |
| Return On Assets IPRWA | RIGL: 70.905 % high: 33.814 % median: 1.099 % mean: -2.715 % low: -59.608 % |
|
| Return On Capital Employed (ROCE) | 5.892 % | |
| Return On Equity (ROE) | 0.685 | |
| Return On Equity QoQ | 188.644 % | |
| Return On Equity YoY | -84.301 % | |
| Return On Equity IPRWA | high: 0.809 RIGL: 0.685 median: 0.036 mean: 0.001 low: -1.16 |
|
| DuPont ROE | 105.312 % | |
| Return On Invested Capital (ROIC) | 4.346 % | |
| Return On Invested Capital QoQ | -66.946 % | |
| Return On Invested Capital YoY | -122.434 % | |
| Return On Invested Capital IPRWA | high: 35.992 % RIGL: 4.346 % median: 3.016 % mean: -0.134 % low: -58.737 % |
|