<p><strong>Rigel Pharmaceuticals, Inc.</strong>（纳斯达克代码：RIGL）最新的财报让投资者失望。我们进行了一些深入调查，发现了一些令人担忧的潜在数据。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<h2>检视现金流与 Rigel Pharmaceuticals 的收益</h2>
<p>在高端金融中，用于衡量公司如何将报告的利润转化为自由现金流（FCF）的关键比率是 <strong>应计比率</strong>（来自现金流）。要计算应计比率，我们首先从一个时期的利润中减去 FCF，然后将该数字除以该时期的平均运营资产。这个比率告诉我们公司有多少利润没有得到自由现金流的支持。</p>
<p>这意味着负应计比率是一个好事，因为它表明公司带来的自由现金流超过了其利润所暗示的水平。这并不意味着我们应该担心正应计比率，但值得注意的是应计比率相对较高。引用 Lewellen 和 Resutek 在 2014 年发表的一篇论文，&#34;应计较高的公司未来往往盈利能力较差&#34;。</p>
<p>截至 2026 年 3 月，Rigel Pharmaceuticals 的应计比率为 1.68。因此，其自由现金流显著弱于其利润。一般来说，这对未来的盈利能力预示着不利。具体来说，在此期间它产生了 7900 万美元的自由现金流，远低于其报告的 3.642 亿美元的利润。然而，我们注意到，Rigel Pharmaceuticals 在过去一年中自由现金流有所增长。然而，正如我们将在下面讨论的那样，我们可以看到公司的应计比率受到了其税务状况的影响。这无疑会导致现金转化能力的疲弱。</p>
<p>这可能会让你想知道分析师对未来盈利能力的预测。幸运的是，你可以点击这里查看基于他们估计的未来盈利能力的互动图表。</p>
<h2>不寻常的税务状况</h2>
<p>除了显著的应计比率外，我们还可以看到 Rigel Pharmaceuticals 获得了 2.42 亿美元的税收优惠。这是有意义的，因为公司通常是缴税而不是获得税收优惠。当然，_prima facie_获得税收优惠是件好事。然而，细节中的问题在于，这类优惠只在其被记录的年份产生影响，并且通常是一次性的。在税收优惠不再重复的情况下，我们预计其法定利润水平会下降，至少在没有强劲增长的情况下。虽然我们认为公司记录了税收优惠是件好事，但这意味着法定利润很可能会高于如果收入经过一次性因素调整后的水平。</p>
<h2>我们对 Rigel Pharmaceuticals 盈利表现的看法</h2>
<p>Rigel Pharmaceuticals 的应计比率表明其现金流相对于收益较弱，这可能部分源于其今年获得的税收优惠。此外，税收优惠的不可持续性意味着明年的利润可能会更低，尤其是在没有强劲增长的情况下。回顾上述因素，我们强烈感觉 Rigel Pharmaceuticals 的潜在盈利能力并不像法定利润数字所显示的那样好。考虑到这一点，除非我们对风险有透彻的理解，否则我们不会考虑投资这只股票。举个例子：我们发现了 <strong>Rigel Pharmaceuticals 的 2 个警示信号</strong>，你应该注意。</p>
<p>我们对 Rigel Pharmaceuticals 的审查集中在某些因素上，这些因素可能使其收益看起来比实际情况更好。因此，在这一基础上，我们有些持怀疑态度。但如果你能够专注于细节，总会有更多的发现。有些人认为高股本回报率是优质企业的良好标志。因此，你可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份高内部持股的股票列表。</p>

Rigel制药

<p>Rigel 制药最新的财报让投资者失望，显示出令人担忧的应计比率为 1.68，表明相对于报告的利润，现金流较弱。该公司产生了 7900 万美元的自由现金流，而报告的利润为 3.642 亿美元。此外，一次性税收收益为 2.42 亿美元可能会抬高法定利润，引发对未来盈利能力的担忧。分析师建议，如果没有强劲的增长，Rigel 的利润水平可能在明年下降。由于这些潜在的财务问题，建议潜在投资者保持谨慎</p>

<p>The latest earnings release from <strong>Rigel Pharmaceuticals, Inc.</strong> (NASDAQ:RIGL ) disappointed investors. We did some digging and found some underlying numbers that are worrying.</p>
<div class="lb-trans"><p><strong>Rigel Pharmaceuticals, Inc.</strong>（纳斯达克代码：RIGL）最新的财报让投资者失望。我们进行了一些深入调查，发现了一些令人担忧的潜在数据。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><h2>Examining Cashflow Against Rigel Pharmaceuticals' Earnings</h2>
<div class="lb-trans"><h2>检视现金流与 Rigel Pharmaceuticals 的收益</h2>
</div><p>In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the <strong>accrual ratio</strong> (from cashflow). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. This ratio tells us how much of a company's profit is not backed by free cashflow.</p>
<div class="lb-trans"><p>在高端金融中，用于衡量公司如何将报告的利润转化为自由现金流（FCF）的关键比率是 <strong>应计比率</strong>（来自现金流）。要计算应计比率，我们首先从一个时期的利润中减去 FCF，然后将该数字除以该时期的平均运营资产。这个比率告诉我们公司有多少利润没有得到自由现金流的支持。</p>
</div><p>That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, &#34;firms with higher accruals tend to be less profitable in the future&#34;.</p>
<div class="lb-trans"><p>这意味着负应计比率是一个好事，因为它表明公司带来的自由现金流超过了其利润所暗示的水平。这并不意味着我们应该担心正应计比率，但值得注意的是应计比率相对较高。引用 Lewellen 和 Resutek 在 2014 年发表的一篇论文，&#34;应计较高的公司未来往往盈利能力较差&#34;。</p>
</div><p>For the year to March 2026, Rigel Pharmaceuticals had an accrual ratio of 1.68. Ergo, its free cash flow is significantly weaker than its profit. As a general rule, that bodes poorly for future profitability. To wit, it produced free cash flow of US$79m during the period, falling well short of its reported profit of US$364.2m. We note, however, that Rigel Pharmaceuticals grew its free cash flow over the last year. However, as we will discuss below, we can see that the company's accrual ratio has been impacted by its tax situation. This would certainly have contributed to the weak cash conversion.</p>
<div class="lb-trans"><p>截至 2026 年 3 月，Rigel Pharmaceuticals 的应计比率为 1.68。因此，其自由现金流显著弱于其利润。一般来说，这对未来的盈利能力预示着不利。具体来说，在此期间它产生了 7900 万美元的自由现金流，远低于其报告的 3.642 亿美元的利润。然而，我们注意到，Rigel Pharmaceuticals 在过去一年中自由现金流有所增长。然而，正如我们将在下面讨论的那样，我们可以看到公司的应计比率受到了其税务状况的影响。这无疑会导致现金转化能力的疲弱。</p>
</div><p>That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.</p>
<div class="lb-trans"><p>这可能会让你想知道分析师对未来盈利能力的预测。幸运的是，你可以点击这里查看基于他们估计的未来盈利能力的互动图表。</p>
</div><h2>An Unusual Tax Situation</h2>
<div class="lb-trans"><h2>不寻常的税务状况</h2>
</div><p>In addition to the notable accrual ratio, we can see that Rigel Pharmaceuticals received a tax benefit of US$242m. This is meaningful because companies usually pay tax rather than receive tax benefits. Of course, <em>prima facie</em> it's great to receive a tax benefit. However, the devil in the detail is that these kind of benefits only impact in the year they are booked, and are often one-off in nature. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. While we think it's good that the company has booked a tax benefit, it does mean that there's every chance the statutory profit will come in a lot higher than it would be if the income was adjusted for one-off factors.</p>
<div class="lb-trans"><p>除了显著的应计比率外，我们还可以看到 Rigel Pharmaceuticals 获得了 2.42 亿美元的税收优惠。这是有意义的，因为公司通常是缴税而不是获得税收优惠。当然，_prima facie_获得税收优惠是件好事。然而，细节中的问题在于，这类优惠只在其被记录的年份产生影响，并且通常是一次性的。在税收优惠不再重复的情况下，我们预计其法定利润水平会下降，至少在没有强劲增长的情况下。虽然我们认为公司记录了税收优惠是件好事，但这意味着法定利润很可能会高于如果收入经过一次性因素调整后的水平。</p>
</div><h2>Our Take On Rigel Pharmaceuticals' Profit Performance</h2>
<div class="lb-trans"><h2>我们对 Rigel Pharmaceuticals 盈利表现的看法</h2>
</div><p>Rigel Pharmaceuticals' accrual ratio indicates weak cashflow relative to earnings, which perhaps arises in part from the tax benefit it received this year. On top of that, the unsustainable nature of tax benefits mean that there's a chance profit may be lower next year, certainly in the absence of strong growth. On reflection, the above-mentioned factors give us the strong impression that Rigel Pharmaceuticals'underlying earnings power is not as good as it might seem, based on the statutory profit numbers. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Case in point: We've spotted <strong>2 warning signs for Rigel Pharmaceuticals</strong> you should be aware of.</p>
<div class="lb-trans"><p>Rigel Pharmaceuticals 的应计比率表明其现金流相对于收益较弱，这可能部分源于其今年获得的税收优惠。此外，税收优惠的不可持续性意味着明年的利润可能会更低，尤其是在没有强劲增长的情况下。回顾上述因素，我们强烈感觉 Rigel Pharmaceuticals 的潜在盈利能力并不像法定利润数字所显示的那样好。考虑到这一点，除非我们对风险有透彻的理解，否则我们不会考虑投资这只股票。举个例子：我们发现了 <strong>Rigel Pharmaceuticals 的 2 个警示信号</strong>，你应该注意。</p>
</div><p>Our examination of Rigel Pharmaceuticals has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with high insider ownership.</p>
<div class="lb-trans"><p>我们对 Rigel Pharmaceuticals 的审查集中在某些因素上，这些因素可能使其收益看起来比实际情况更好。因此，在这一基础上，我们有些持怀疑态度。但如果你能够专注于细节，总会有更多的发现。有些人认为高股本回报率是优质企业的良好标志。因此，你可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份高内部持股的股票列表。</p>
</div>

法定收益可能并不是理解 Rigel 制药（NASDAQ:RIGL）真实状况的最佳途径