<p><strong>Rigel Pharmaceuticals, Inc.</strong>（納斯達克代碼：RIGL）最新的財報讓投資者失望。我們進行了一些深入調查，發現了一些令人擔憂的潛在數據。</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<h2>檢視現金流與 Rigel Pharmaceuticals 的收益</h2>
<p>在高端金融中，用於衡量公司如何將報告的利潤轉化為自由現金流（FCF）的關鍵比率是 <strong>應計比率</strong>（來自現金流）。要計算應計比率，我們首先從一個時期的利潤中減去 FCF，然後將該數字除以該時期的平均運營資產。這個比率告訴我們公司有多少利潤沒有得到自由現金流的支持。</p>
<p>這意味着負應計比率是一個好事，因為它表明公司帶來的自由現金流超過了其利潤所暗示的水平。這並不意味着我們應該擔心正應計比率，但值得注意的是應計比率相對較高。引用 Lewellen 和 Resutek 在 2014 年發表的一篇論文，&#34;應計較高的公司未來往往盈利能力較差&#34;。</p>
<p>截至 2026 年 3 月，Rigel Pharmaceuticals 的應計比率為 1.68。因此，其自由現金流顯著弱於其利潤。一般來説，這對未來的盈利能力預示着不利。具體來説，在此期間它產生了 7900 萬美元的自由現金流，遠低於其報告的 3.642 億美元的利潤。然而，我們注意到，Rigel Pharmaceuticals 在過去一年中自由現金流有所增長。然而，正如我們將在下面討論的那樣，我們可以看到公司的應計比率受到了其税務狀況的影響。這無疑會導致現金轉化能力的疲弱。</p>
<p>這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
<h2>不尋常的税務狀況</h2>
<p>除了顯著的應計比率外，我們還可以看到 Rigel Pharmaceuticals 獲得了 2.42 億美元的税收優惠。這是有意義的，因為公司通常是繳税而不是獲得税收優惠。當然，_prima facie_獲得税收優惠是件好事。然而，細節中的問題在於，這類優惠只在其被記錄的年份產生影響，並且通常是一次性的。在税收優惠不再重複的情況下，我們預計其法定利潤水平會下降，至少在沒有強勁增長的情況下。雖然我們認為公司記錄了税收優惠是件好事，但這意味着法定利潤很可能會高於如果收入經過一次性因素調整後的水平。</p>
<h2>我們對 Rigel Pharmaceuticals 盈利表現的看法</h2>
<p>Rigel Pharmaceuticals 的應計比率表明其現金流相對於收益較弱，這可能部分源於其今年獲得的税收優惠。此外，税收優惠的不可持續性意味着明年的利潤可能會更低，尤其是在沒有強勁增長的情況下。回顧上述因素，我們強烈感覺 Rigel Pharmaceuticals 的潛在盈利能力並不像法定利潤數字所顯示的那樣好。考慮到這一點，除非我們對風險有透徹的理解，否則我們不會考慮投資這隻股票。舉個例子：我們發現了 <strong>Rigel Pharmaceuticals 的 2 個警示信號</strong>，你應該注意。</p>
<p>我們對 Rigel Pharmaceuticals 的審查集中在某些因素上，這些因素可能使其收益看起來比實際情況更好。因此，在這一基礎上，我們有些持懷疑態度。但如果你能夠專注於細節，總會有更多的發現。有些人認為高股本回報率是優質企業的良好標誌。因此，你可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份高內部持股的股票列表。</p>

Rigel制藥

<p>Rigel 製藥最新的財報讓投資者失望，顯示出令人擔憂的應計比率為 1.68，表明相對於報告的利潤，現金流較弱。該公司產生了 7900 萬美元的自由現金流，而報告的利潤為 3.642 億美元。此外，一次性税收收益為 2.42 億美元可能會抬高法定利潤，引發對未來盈利能力的擔憂。分析師建議，如果沒有強勁的增長，Rigel 的利潤水平可能在明年下降。由於這些潛在的財務問題，建議潛在投資者保持謹慎</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>（納斯達克代碼：RIGL）最新的財報讓投資者失望。我們進行了一些深入調查，發現了一些令人擔憂的潛在數據。</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>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><h2>Examining Cashflow Against Rigel Pharmaceuticals' Earnings</h2>
<div class="lb-trans"><h2>檢視現金流與 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，用於衡量公司如何將報告的利潤轉化為自由現金流（FCF）的關鍵比率是 <strong>應計比率</strong>（來自現金流）。要計算應計比率，我們首先從一個時期的利潤中減去 FCF，然後將該數字除以該時期的平均運營資產。這個比率告訴我們公司有多少利潤沒有得到自由現金流的支持。</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>這意味着負應計比率是一個好事，因為它表明公司帶來的自由現金流超過了其利潤所暗示的水平。這並不意味着我們應該擔心正應計比率，但值得注意的是應計比率相對較高。引用 Lewellen 和 Resutek 在 2014 年發表的一篇論文，&#34;應計較高的公司未來往往盈利能力較差&#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 的應計比率為 1.68。因此，其自由現金流顯著弱於其利潤。一般來説，這對未來的盈利能力預示着不利。具體來説，在此期間它產生了 7900 萬美元的自由現金流，遠低於其報告的 3.642 億美元的利潤。然而，我們注意到，Rigel Pharmaceuticals 在過去一年中自由現金流有所增長。然而，正如我們將在下面討論的那樣，我們可以看到公司的應計比率受到了其税務狀況的影響。這無疑會導致現金轉化能力的疲弱。</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>這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
</div><h2>An Unusual Tax Situation</h2>
<div class="lb-trans"><h2>不尋常的税務狀況</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>除了顯著的應計比率外，我們還可以看到 Rigel Pharmaceuticals 獲得了 2.42 億美元的税收優惠。這是有意義的，因為公司通常是繳税而不是獲得税收優惠。當然，_prima facie_獲得税收優惠是件好事。然而，細節中的問題在於，這類優惠只在其被記錄的年份產生影響，並且通常是一次性的。在税收優惠不再重複的情況下，我們預計其法定利潤水平會下降，至少在沒有強勁增長的情況下。雖然我們認為公司記錄了税收優惠是件好事，但這意味着法定利潤很可能會高於如果收入經過一次性因素調整後的水平。</p>
</div><h2>Our Take On Rigel Pharmaceuticals' Profit Performance</h2>
<div class="lb-trans"><h2>我們對 Rigel Pharmaceuticals 盈利表現的看法</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 的應計比率表明其現金流相對於收益較弱，這可能部分源於其今年獲得的税收優惠。此外，税收優惠的不可持續性意味着明年的利潤可能會更低，尤其是在沒有強勁增長的情況下。回顧上述因素，我們強烈感覺 Rigel Pharmaceuticals 的潛在盈利能力並不像法定利潤數字所顯示的那樣好。考慮到這一點，除非我們對風險有透徹的理解，否則我們不會考慮投資這隻股票。舉個例子：我們發現了 <strong>Rigel Pharmaceuticals 的 2 個警示信號</strong>，你應該注意。</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>我們對 Rigel Pharmaceuticals 的審查集中在某些因素上，這些因素可能使其收益看起來比實際情況更好。因此，在這一基礎上，我們有些持懷疑態度。但如果你能夠專注於細節，總會有更多的發現。有些人認為高股本回報率是優質企業的良好標誌。因此，你可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份高內部持股的股票列表。</p>
</div>

法定收益可能並不是理解 Rigel 製藥（NASDAQ:RIGL）真實狀況的最佳途徑