MeritValue

RIGEL PHARMACEUTICALS INC

RIGLdata completeness 88%17 fiscal years on file
The thesis, from the filings

RIGEL PHARMACEUTICALS INC earns about -468% on invested capital, and has bought back 89% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$149.2M1$120.2M2$116.9M3$179.3M3$294.3M3
Net income−$17.9M4−$58.6M5−$25.1M6$17.5M6$367M6
Operating cash flow$5.88M7−$73.8M8−$5.74M9$31.5M9$75.7M9
Capital expenditure$627,00010$450,00010———
Free cash flow (derived)$5.25M7−$74.2M8———
Total debt$20M11$40M12$60M13$60M14$52.5M15
Cash & equivalents$18.9M16$24.5M17$32.8M18$56.7M19$40.6M19
Diluted shares170.5M17.0M17.4M17.7M18.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$207.79
your share of equity
Profit it earned you last year
$194.81
Free cash flow it threw off
—
Debt you’d be carrying
$27.87

10 shares is a claim on $207.79 of net worth that earned you $194.81 last year, against $27.87 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-468% avg · 5y
FY21 -31%FY22 -2252%FY23 —FY24 383%FY25 30%

It earned an average -468% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−89% shares · 5y

Share count is down 89% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 163% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$95.43
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-002475 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-002169 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001034842-26-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-002475 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-002169 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001034842-26-000015 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002475 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-002169 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001034842-26-000015 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-002475 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-22-002551 (LongTermDebt)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-23-003035 (LongTermDebt)
  13. 10-K · period ending 2023-12-31 · accession 0001558370-24-002475 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001558370-25-002169 (LongTermDebt)
  15. 10-K · period ending 2025-12-31 · accession 0001034842-26-000015 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-23-003035 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-002475 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001558370-25-002169 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001034842-26-000015 (CashAndCashEquivalentsAtCarryingValue)