Recent News
On Jan. 12, 2026 Rigel issued a business update that included 2026 guidance of $275–$290 million in total revenue and noted ongoing enrollment in the R289 Phase 1b dose‑expansion with preliminary expansion data expected in the second half of 2026. On Feb. 24, 2026 the company announced a March conference call and webcast to report fourth‑quarter and full‑year 2025 results and provide an update to investors.
Technical Analysis
Directional indicators show an active trend: ADX at 28.53 signals a strong trend while DI+ at 25.10 increases and DI‑ at 20.88 decreases, a bullish directional profile that supports short‑term upward bias tied to the valuation thesis.
MACD stands at 0.15 with the MACD trend increasing and the MACD line above the signal line (signal = ‑0.63), which constitutes a bullish momentum confirmation that aligns with the stronger directional indicators.
MRO reads 21.94 and trends higher; because MRO sits positive, price sits above the modeled target and faces moderate mean‑reversion pressure that tempers immediate upside despite bullish momentum.
RSI at 45.84 and rising indicates room to run before overbought conditions; the rising RSI complements the MACD signal while implying the rally carries measured strength rather than extremes.
Price sits above short‑term averages—12‑day EMA $29.79, 20‑day average $28.88, and 50‑day average $30.48—while remaining below the 200‑day average $33.51, a configuration that favors continued short‑term strength but signals the 200‑day level as the primary longer‑term technical hurdle.
Fundamental Analysis
Revenue and commercial execution: total revenue stands at $69,802,000 with net product sales growth reflected in company guidance for higher 2026 sales; reported revenue growth calculates to 0.49% over the trailing period while revenue growth year‑over‑year shows a reported decline of ‑88.19% in the provided metric, a discordant pair that merits attention to how the company recognizes contract and non‑cash items when reconciling reported figures.
Profitability: EBIT equals $24,413,000 and EBIT margin measures 35.00%, a sizable margin that exceeds the industry peer mean (‑0.89%) and the industry peer median (21.25%), representing materially stronger operating conversion versus peer central tendencies. EBIT margin declined about 17.69% quarter‑over‑quarter but improved roughly 17.28% year‑over‑year, indicating volatile short‑term movement against a stronger annual performance.
Cash, liquidity and leverage: cash and short‑term investments total $154,955,000 and the current ratio reads 2.42 with a cash ratio of 1.56, providing ample liquidity to fund clinical programs. Total debt sits at $53,303,000 with debt‑to‑assets around 10.38% and interest coverage near 14.37x, implying manageable leverage relative to operating earnings.
Cash flow and returns: free cash flow equals $21,992,000 for a free cash flow yield of 3.24%, while operating cash flow approximates $21,980,000 and cash conversion to earnings sits near parity. Return on equity measures 68.48% and return on assets 70.91%; these elevated returns likely reflect significant non‑cash tax and accounting items in the period rather than only recurring operating performance—company disclosures note a large non‑cash deferred tax benefit affecting reported income.
Earnings per share: reported EPS actual $1.12 versus estimate $1.20 produced an EPS surprise ratio of ‑6.67%, a modest miss against consensus. Valuation multiples remain compressed relative to near‑term upside drivers: price‑to‑earnings at 2.74 and enterprise value to revenue ~8.28, while forward P/E reads ~32.92 reflecting analyst expectations embedded in forward earnings assumptions.
WMDST valuation: WMDST values the stock as under‑valued given robust gross margin (91.47%), improving operating leverage year‑over‑year, a strong cash position to fund R289 development, and the company’s 2026 revenue guidance that implies continued commercial scaling.
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: 46.684 RIGL: 23.113 mean: 12.082 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: 1.524 mean: 0.136 RIGL: 0.136 median: 0.005 low: -0.893 |
|
| 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: 5.218 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: 74.171 RIGL: 2.742 mean: -0.948 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: 49.12 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: 3.912 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: 0.069 |
|
| 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: 40.51 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: 13.107 % median: 3.233 % 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: -17.169 % low: -237.5 % |
|
| 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: 78.805 % median: 78.702 % low: -63.166 % |
|
| 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: -88.818 % 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: -99.172 % 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: 0.155 % low: -51.848 % |
|
| 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: -24.526 % mean: -32.889 % low: -201.25 % |
|
| 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: -2.717 % low: -65.985 % |
|
| 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: 50.944 % RIGL: 4.346 % median: 3.016 % mean: -0.132 % low: -58.737 % |
|