Rigel Pharmaceuticals, Inc. (RIGL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-171.8%

-$36.30

vs $50.53 price

Levered DCF

-$29.88

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.57

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	2.1×	16.99×	-10.07×	-4.41×	-24.09×	-19.44×	-5.35×	-5.23×
P/B	1.97×	89.93×	-8.81×	-18.99×	14.87×	17.36×	6.65×	3.36×
P/S	2.62×	1.65×	2.16×	2.15×	3.03×	5.44×	6.04×	8.3×
EV / EBITDA	5.95×	10.48×	-16.5×	-5.12×	-41.06×	-21.65×	-5.64×	-4.19×
Gross margin	93.3%	89.6%	93.9%	98.5%	99.3%	99.2%	98.5%	99.4%
Operating margin	42.6%	13.5%	-17.5%	-46.2%	-8.4%	-26.7%	-116.5%	-163.3%
Net margin	124.7%	9.8%	-21.5%	-48.7%	-12.0%	-27.4%	-112.2%	-158.3%
Current ratio	2.42×	2.13×	1.86×	1.78×	2.43×	2.18×	2.04×	4.94×
Debt / equity	0.14×	18.24×	-2.11×	-3.05×	1.01×	1.15×	0.67×	0×
Interest coverage	17.14×	3.06×	-2.98×	-14.99×	-2.57×	-21.41×	-206.24×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	93.8%	531.8%	87.6%	430.2%	-59.0%	-87.4%	-123.7%	-64.1%
Return on invested capital	28.2%	21.3%	-28.5%	-79.1%	-11.0%	-37.1%	-71.5%	-65.3%
Return on assets	71.5%	10.7%	-21.4%	-43.6%	-10.7%	-26.9%	-45.1%	-50.7%
Free cash flow yield	9.8%	10.5%	-8.2%	-28.7%	1.2%	-9.0%	-12.0%	-16.2%
Earnings yield	47.6%	5.9%	-9.9%	-22.6%	-4.0%	-5.0%	-18.6%	-19.1%
Enterprise value	$783.1M	$298.9M	$280.1M	$275.7M	$463.5M	$599.4M	$371.7M	$292.9M
Net debt / EBITDA	0.1×	0.11×	-1.64×	-0.32×	-1.03×	-0.31×	-0.21×	1.09×
Cash conversion cycle (days)	144	137	12	-2,672	989	-790	-1,065	-6,958