Latest Ratios: P/E Ratio 2.1x · EV/EBITDA 5.9x · 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 | $745M | $807M | $297M | $252M | $259M | $452M | $591M | $358M | $369M | $490M | $225M |
| Enterprise Value | $758M | $820M | $301M | $280M | $276M | $463M | $599M | $372M | $293M | $452M | $210M |
| P/E Ratio → | 2.07 | 2.20 | 16.99 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.53 | 2.74 | 1.66 | 2.16 | 2.15 | 3.03 | 5.44 | 6.04 | 8.30 | 109.30 | 11.02 |
| P/B Ratio | 1.94 | 2.06 | 90.48 | — | — | 14.87 | 17.36 | 6.66 | 3.36 | 4.87 | 4.08 |
| P/FCF | 9.84 | 10.67 | 9.57 | — | — | 86.04 | — | — | — | — | — |
| P/OCF | 9.84 | 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 | 5.92 | 6.41 | 11.38 | — | — | — | — | — | — | — | — |
| EV / EBIT | 6.04 | 6.53 | 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 | 17.14 | 17.14 | 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 | 48.4% | 45.5% | 5.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 10.2% | 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 |
Milestone-dependent revenue volatility
According to recent market data, Rigel trades at a trailing P/E of 1.99, which appears artificially compressed by non-recurring milestone gains and tax benefits, suggesting that investors should prioritize forward-looking metrics over historical GAAP multiples to gauge the true valuation of the company's commercialized hematology portfolio.
The current P/E ratio is heavily distorted by accounting anomalies, making it a poor proxy for operational health. When compared to peers like ACADIA or PTC Therapeutics, the valuation appears to reflect a market discount for Rigel's historical reliance on a single asset, despite the recent pivot toward a multi-product oncology platform.
As reported in financial statements, Rigel's ROIC has exhibited extreme volatility, swinging from -4.3% in 2024Q1 to a peak of 74.2% in 2025Q2, which indicates that returns on invested capital are currently driven by lumpy partnership payments rather than consistent, organic compounding of the core business.
The wide variance in ROIC suggests that the company's capital allocation is highly sensitive to the timing of R&D milestones. Investors should monitor whether the integration of Gavreto can stabilize these returns by shifting the revenue mix toward more predictable, recurring product sales rather than episodic collaboration fees.
Based on Rigel's reported figures, the cash conversion cycle has fluctuated significantly, ranging from -8 days to 249 days over the last ten quarters, reflecting the inherent difficulty in managing inventory and receivables within a business model that relies on both direct sales and complex partnership agreements.
The high variability in the cash conversion cycle, particularly the elevated days inventory outstanding, suggests potential inefficiencies in supply chain management or inventory stocking patterns. This volatility warrants further investigation into whether the company's working capital requirements will normalize as the commercial footprint expands with new oncology assets.
According to recent SEC filings, Rigel's debt-to-equity ratio has improved dramatically from 18.24 in 2024Q4 to 0.11 in 2026Q1, signaling that the company has successfully utilized equity expansion and operational cash flow to de-risk its balance sheet and reduce reliance on external financing for ongoing operations.
The significant reduction in leverage suggests a much more comfortable debt service profile, as evidenced by the improved interest coverage ratios. While the balance sheet appears healthy, the company's long-term solvency remains tied to its ability to maintain positive operating cash flow without resorting to further dilutive capital raises.
As evidenced by the data, the net margin of 124.72% is a commonly misapplied metric for Rigel, as it obscures the underlying operating performance by including non-recurring tax asset releases and milestone payments that do not reflect the sustainable earning power of the company's commercialized drug portfolio.
Analysts should instead focus on operating margins and free cash flow to better understand the core business trajectory. Relying on GAAP net income for valuation purposes may lead to an overestimation of the company's profitability, as these accounting distortions are unlikely to repeat in future periods.
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 2.1x. The historical average is 41.3x.
Rigel Pharmaceuticals, Inc.'s current EV/EBITDA is 5.9x. 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 2.1x. 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.