Rigel Pharmaceuticals, Inc.
RIGL Healthcare Biotechnology
Rigel Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $294.3 million, up 64.1% from fiscal 2024. In the quarter to June 2026, revenue fell 22.6%, EPS fell 72.1%, free cash flow fell 230.0% and total debt fell 66.6%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
Follow RIGL
Rigel Pharmaceuticals, Inc. (RIGL) Altman Z-score
Rigel Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is 2.70, in the grey zone (1.81–2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.70 | 11.36 |
| FY2024 | −8.66 | 6.22 |
| FY2023 | −14.88 | (1.49) |
| FY2022 | −13.39 | (5.59) |
| FY2021 | −7.80 | 3.48 |
| FY2020 | −11.28 | (0.82) |
| FY2019 | −10.46 | (5.41) |
| FY2018 | −5.05 | (6.43) |
| FY2017 | 1.37 | 16.41 |
| FY2016 | −15.04 | (8.27) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.27 | — | 0.33 | |
| Retained earnings / total assets | (1.99) | — | −2.79 | |
| EBIT / total assets | 0.24 | — | 0.81 | |
| Market value of equity / total liabilities | 6.31 | — | 3.79 | |
| Sales / total assets | 0.57 | — | 0.57 | |
| Altman Z-score | Grey zone | 2.70 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.31 | ||
Z and Z″ put Rigel Pharmaceuticals, Inc. in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CGEM Cullinan Therapeutics, Inc. compare | 33.6× |
| GLUE Monte Rosa Therapeutics, Inc. compare | 2.9× |
| RIGL Rigel Pharmaceuticals, Inc. | 2.7× |
| ALMS Alumis Inc. compare | −1.4× |
| KURA Kura Oncology, Inc. compare | −1.6× |
| ANRO Alto Neuroscience, Inc. compare | — |
| MLTX MoonLake Immunotherapeutics compare | — |
| AKTS Aktis Oncology, Inc. compare | — |
| JBIO Jade Biosciences, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets