← All companies ← TGT Manual TH → ← TEVA Pharmaceuticals TLRY →

TGTX, TG Therapeutics Inc.

Therapeutics is a fully integrated, commercial stage, biotechnology company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases.

Latest annual: FY2025 10-K

TGTX · TG Therapeutics Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$616M

+87.3% YoY · 427% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $700M 5-yr avg $238M

Gross margin 83% 5-yr avg 88%

Operating margin 21.3% 5-yr avg −2590.3%

ROIC 17% 5-yr avg −1021%

Owner-earnings margin −2% 5-yr avg −2156%

Free cash flow margin −2% 5-yr avg −2156%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has reached 20% at its best but run negative through the cycle (median −51953%) on a 88% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Stock-based pay runs about 1604% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −572%, above 15% in 1 of 7 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$152K	$152K	$152K	$152K	$152K	$7M	$3M	$234M	$329M	$616M	$700M	RevenueRevenue
—	—	—	—	—	88%	90%	—	88%	84%	83%	Gross marginGross mgn
n/m	n/m	n/m	n/m	n/m	n/m	n/m	53%	47%	38%	39%	SG&A / revenueSG&A/rev
n/m	n/m	n/m	n/m	n/m	n/m	n/m	33%	29%	26%	23%	R&D / revenueR&D/rev
($79M)	($119M)	($174M)	($169M)	($274M)	($345M)	($218M)	$21M	$42M	$123M	$149M	Operating incomeOp. inc.
n/m	n/m	n/m	n/m	n/m	n/m	n/m	8.8%	12.7%	20.0%	21.3%	Operating marginOp. mgn
($78M)	($118M)	($173M)	($173M)	($279M)	($348M)	($224M)	$13M	$23M	$447M	$462M	Net incomeNet inc.
											Cash flow & returns
($62M)	($94M)	($129M)	($133M)	($215M)	($296M)	($176M)	($31M)	($41M)	($25M)	($14M)	Operating cash flowOp. cash
$63K	$82K	$88K	$100K	$158K	$282K	$303K	$211K	$68K	$59K	$83K	DepreciationDeprec.
$9M	$9M	$32M	$29M	($16M)	($9M)	$3M	($82M)	($107M)	($537M)	($546M)	Working capital & otherWC & other
$344K	$2K	$90K	$131K	$357K	$401K	$14K	$0	$45K	$214K	$240K	CapexCapex
226.3%	1.3%	59.2%	86.2%	234.9%	6.0%	0.5%	0.0%	0.0%	0.0%	0.0%	Capex / revenueCapex/rev
($62M)	($94M)	($129M)	($133M)	($215M)	($296M)	($176M)	($31M)	($41M)	($25M)	($14M)	Owner earningsOwner earn.
n/m	n/m	n/m	n/m	n/m	n/m	n/m	−13.4%	−12.3%	−4.0%	−2.0%	Owner earnings marginOE mgn
($62M)	($94M)	($129M)	($133M)	($215M)	($296M)	($176M)	($31M)	($41M)	($25M)	($14M)	Free cash flowFCF
n/m	n/m	n/m	n/m	n/m	n/m	n/m	−13.4%	−12.3%	−4.1%	−2.0%	Free cash flow marginFCF mgn
-572%	-901%	—	—	—	-4518%	-629%	12%	13%	15%	17%	ROICROIC
-218%	-177%	-722%	-448%	-54%	-147%	-382%	8%	11%	69%	79%	Return on equityROE
−218%	−177%	−722%	−448%	−54%	−147%	−382%	8%	11%	69%	79%	Retained to equityRetained/eq
											Balance sheet
$45M	$85M	$69M	$140M	$605M	$315M	$162M	$218M	$311M	$142M	$514M	Cash & investmentsCash+inv
—	—	—	—	—	$1M	$0	$51M	$129M	$306M	$392M	ReceivablesReceiv.
—	—	—	—	—	—	$0	$40M	$110M	$126M	$129M	InventoryInvent.
$15M	$26M	$36M	$30M	$37M	$51M	$42M	$38M	$58M	$108M	$149M	Accounts payablePayables
—	—	—	—	—	($50M)	($42M)	$52M	$181M	$324M	$372M	Operating working capitalOper. WC
$51M	$93M	$79M	$149M	$612M	$331M	$168M	$318M	$566M	$631M	$1.1B	Current assetsCur. assets
$17M	$28M	$39M	$84M	$88M	$65M	$53M	$54M	$91M	$154M	$187M	Current liabilitiesCur. liab.
3.0×	3.3×	2.0×	1.8×	7.0×	5.1×	3.2×	5.9×	6.2×	4.1×	5.8×	Current ratioCurr. ratio
$799K	$799K	$799K	$799K	$799K	$799K	$799K	$799K	—	—	$799K	GoodwillGoodwill
$55M	$97M	$84M	$163M	$626M	$380M	$194M	$330M	$578M	$1.1B	$1.5B	Total assetsAssets
$69K	$128K	$67K	$29M	$30M	$68M	$71M	$100M	$244M	$246M	$745M	Total debtDebt
($45M)	($85M)	($69M)	($111M)	($576M)	($247M)	($91M)	($117M)	($67M)	$104M	$231M	Net debt / (cash)Net debt
—	-140.5×	-198.9×	-32.0×	-43.2×	-61.2×	-21.4×	1.6×	1.7×	4.6×	5.4×	Interest coverageInt. cov.
$36M	$67M	$24M	$39M	$519M	$237M	$59M	$161M	$222M	$648M	$583M	Shareholders’ equityEquity
n/m	n/m	n/m	n/m	n/m	916.0%	n/m	16.2%	12.9%	10.5%	9.9%	Stock comp / revenueSBC/rev
											Per share
49.0M	62.1M	75.5M	88.4M	115M	132M	135M	149M	160M	161M	160M	Shares out (diluted)Shares
$0.00	$0.00	$0.00	$0.00	$0.00	$0.05	$0.02	$1.57	$2.05	$3.82	$4.38	Revenue / shareRev/sh
$-1.60	$-1.91	$-2.30	$-1.96	$-2.42	$-2.63	$-1.65	$0.09	$0.15	$2.77	$2.89	EPS (diluted)EPS
$-1.26	$-1.51	$-1.71	$-1.50	$-1.86	$-2.24	$-1.30	$-0.21	$-0.25	$-0.15	$-0.09	Owner earnings / shareOE/sh
$-1.26	$-1.51	$-1.71	$-1.50	$-1.86	$-2.24	$-1.30	$-0.21	$-0.25	$-0.15	$-0.09	Free cash flow / shareFCF/sh
$0.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	Cap. spending / shareCapex/sh
$0.73	$1.08	$0.32	$0.44	$4.50	$1.79	$0.43	$1.08	$1.39	$4.01	$3.64	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+120.5%/yr	+392.5%/yr
Capital spending / share	−16.9%/yr	−15.6%/yr
Book value / share	+20.8%/yr	−2.3%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

161Mpeak FY2025

ROIC

15%low FY2021

Gross margin

84%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($25M)owner earningsvs.$447Mnet incomelow FY2021

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned ($25M) of owner earnings, the operating cash left after the $59K it takes just to hold its position. It put $155K more into growth; free cash flow, after that spending, was ($25M).

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$447M	$23M	$13M	($224M)	($348M)
Depreciation & amortizationnon-cash charge added back	+$59K	+$68K	+$211K	+$303K	+$282K
Stock-based compensationreal costnon-cash, but a real cost	+$65M	+$43M	+$38M	+$45M	+$61M
Working capital & othertiming of cash in and out, other non-cash items	−$537M	−$107M	−$82M	+$3M	−$9M
Cash from operations	($25M)	($41M)	($31M)	($176M)	($296M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$59K	−$45K	—	−$14K	−$282K
Owner earnings	($25M)	($41M)	($31M)	($176M)	($296M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$155K	—	—	—	−$119K
Free cash flow	($25M)	($41M)	($31M)	($176M)	($296M)
Owner-earnings marginowner earnings ÷ revenue	-4%	-12%	-13%	-6326%	-4424%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $59K, roughly its depreciation, the rate its assets wear out). The other $155K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $65M), owner earnings is nearer ($90M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 4.6×

Adequate

Operating income $123M ÷ interest expense $27M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $104M · 0.8× operating profit

Modest net debt

Cash $79M + ST investments $63M − debt $246M

What this means
Netting $142M of cash and short-term investments against $246M of debt leaves $104M owed, about 0.8× a year's operating profit (2.0× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 247d

Long (60+ days)

DSO 181 + DIO 455 − DPO 390 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -572%

Below average through the cycle

7-yr median, range -4518%–15%; 15% latest = NOPAT $123M ÷ invested capital $815M

Industry peers: median -7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran 15% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -40559%

Consumes cash through the cycle

10-yr median margin, range -141227%–-4%; latest ($25M) = operating cash ($25M) − maintenance capex $59K

Industry peers: median -13%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -4% of revenue this year, a -40559% median across 10 years. Treating stock comp as the real expense it is (less $65M of SBC) leaves ($90M).
Are earnings backed by cash? -0.06×

Thinly cash-backed

Cash from ops ($25M) ÷ net income $447M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 3.63×

Expanding

Capex $214K ÷ depreciation $59K

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $616M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 4.10×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $246M vs $477M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.05/share (latest year $2.92), the averaged base the calculator's gate runs on, and book value is $4.23/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 10

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 7 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −81597% → 14% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −81597% early to 14% lately, median −51953% — pricing power intact or improving.
Reinvestment, incremental ROIC 38%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Worst year 2020 · −179996.1% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“If we fail to obtain protection for intellectual property rights for any of our intellectual property that may incorporate or be developed using AI technologies, or later have our intellectual property rights invalidated or otherwise diminished, our competitors may be able to take advantage of our research and developm…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.1B

Cash & short-term investments$514M
Receivables$392M
Inventory$129M
Other current assets$51M

Current liabilities$187M

Accounts payable$149M
Other current liabilities$38M

Current ratio5.81×all current assets ÷ what's due · Graham looked for 2×

Quick ratio5.12×stricter: inventory excluded

Cash ratio2.75×strictest: cash alone against what's due

Working capital$900Mthe cushion left after near-term bills

Cash runway36.3 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago+69.6%the freshest read on whether the business is still growing

Current ratio, recent quarters3.6× → 5.8×

Deeper floors

Tangible book value$582Mequity stripped of goodwill & intangibles

Net current asset value$141MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$754M$8M of it operating leases

Deferred revenue$24Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Weiss	$42.7M	−$114.1M	($296M)
2022	Mr. Weiss	$10.4M	−$42.9M	($176M)
2023	Mr. Weiss	$18.5M	$41.2M	($31M)
2024	Mr. Weiss	$18.8M	$91.7M	($41M)
2025	Mr. Weiss	$25.6M	$28.3M	($25M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership8.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio67:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$65M
The slice of the business handed to employees in shares this year, 10% of revenue, equal to 52% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
SUPNSupernus Pharmaceuticals Inc.	$719M	90%	20.0%	11%	26%
KNSAKiniksa Pharmaceuticals International, PLC	$678M	88%	-9.3%	-6%	5%
RAREUltragenyx	$673M	100%	-154.9%	-92%	-113%
AXSMAxsome Therapeutics Inc.	$638M	99%	-79.2%	—	-44%
TGTXTG Therapeutics Inc.	$616M	88%	-29896.1%	-572%	-23443%
OPKOPKO Health Inc.	$607M	34%	-18.8%	-8%	-13%
INSMInsmed Incorporated	$606M	77%	-202.3%	-138%	-182%
CPRXCatalyst Pharmaceuticals Inc.	$589M	86%	35.9%	48%	37%
Group median	—	88%	-49.0%	-8%	-28%

The price

What a price has to assume.

What the price implies

reverse-DCF

TG Therapeutics Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0% Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−2%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh TGTX against another business →

The owners of TGTX: the meeting and the votes →

Cite: Owner Scorecard, "TG Therapeutics Inc. (TGTX), the owner's record," https://ownerscorecard.com/c/TGTX, data as of 2026-07-09.

Manual order: ← TGT its page in the Manual TH →

Industry order: ← TEVA the Pharmaceuticals chapter TLRY →