Protagonist Therapeutics, Inc

Pharmaceutical Preparations

PTGXStrong6 of 10 basics passed

$143.00

+2.21%

Market cap $9.25B

$143.00

+2.21%

Market cap $9.25B

Protagonist Therapeutics Inc is a biopharmaceutical company engaged in the discovery and development of peptide-based therapeutics using its proprietary technology platform. The company focuses on three therapeutic areas: inflammation and immunology, hematology, and metabolic diseases.

It is a $9.25B healthcare company. Revenue grew 612.4% over the last year, and it keeps 30¢ of every dollar of sales as profit. It trades at 112.2× earnings — in the most expensive third of its own history.

Website: protagonist-inc.com
Location: Newark, CA
Employees: 141
Sector: Healthcare

Share price · 3 years

$16.38 → $143.00+773.0%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $275M
Profit: keeps 30¢ of every $1 sold; $82.9M
Free cash flow: cash left after running the business; $131M
P/E: years of profit in the price; 112.2
EPS: earnings per share, TTM; $1.30
Shares: up 30% since 2022 — dilution; 63.6M
Volatility: beta vs the market — under 1 swings less; 1.19

52-week range

Low $73.50$143.00High $158.62

Today's price is 82% of the way from the year's low to its high.

P/E vs its history3y

112.2×median 52.2×

Higher than 79% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

112.2×

21%

P/S

33.0×

54%

EV/EBITDA

146.2×

42%

P/B

11.1×

FCF yield

1.4%

41%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$18.7Mnet selling

Purchases$0

Sales$18.7M

Insiders trading, last 14d0 buy · 1 sell

Standing in Healthcare

Size$9.25Btop 94%
Revenue growth+20%top 19%
Net margin29%top 7%
Return on equity12%top 49%
P/E112.2×top 94%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Quality and Moat lag behind.

Valuation10

P/E vs own history79th pct · 5/25
FCF yield1.4% · 5/25
P/S33.0x · 0/25
EV/EBITDA148.3x · 0/25

Growth20

Revenue CAGR13.9% · 20/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth-58.3% · 0/25

Profitability57

ROIC-275.1% · 0/25
ROE12.0% · 12/25
Net margin30.2% · 25/25
Operating margin20.7% · 20/25

Health50

Altman Z139.54 · 25/25
Current ratio21.71 · 25/25
Interest coverage-7.3x · 0/25
Net cash / debtn/a · 0/25

Quality35

Piotroski F4/9 · 10/25
Beneish M1.26 · 0/25
FCF conversion158% · 25/25
Margin stabilityσ 234.5% · 0/25

Moat0

ROIC >12% years1/5 yrs · 0/25
Median gross marginn/a · 0/25
FCF-positive years3/10 yrs · 0/25
Worst-year net marginn/a · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Turned profitable
$275M net income after a loss year
FY2024Financial
Best year on record
$275M net income

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$74 635 today — price return only

Revenue up 612.4% year over year

141 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strongly profitable — 30.2% net margin
Revenue growing 612.4% year over year
Strong cash conversion — FCF is 47.6% of revenue
Altman Z-Score 139.54 — low bankruptcy-risk zone

Watch-outs

Thin interest coverage (-7.3×)
Loss-making in 9 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 10 checks passed

Revenue growing — the company sells more than a year ago+612.4% YoY
Profitable — makes more than it spends$82.9M TTM
Profit growing — earnings are higher than last year-147.3% YoY
Generates cash — cash left after running and investing$131M TTM
Debt under control — could handle its obligationscurrent ratio 21.71
Established company — not a micro-cap — lower blow-up risk$9.25B market cap
Not printing shares — share count not ballooning — you keep your slice+29.6% shares over ~5y
Proven track record — years of profitability behind it1/10 profitable years
Financially stable — balance sheet not near distressAltman Z 139.5 — safe
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 112.2

Peer comparisonProtagonist Therapeutics, Inc vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
PTGX this company	$9.3B	112.2	+612.4%	30.2%	Strong
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: PTGX vs LLY · PTGX vs JNJ · PTGX vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 12Hold 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $275M · net income $82.9M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$275M

YoY 612.4%

Net income (TTM)

$82.9M

Margin 30.2%

Operating margin

20.7%

P/E ratio

112.2

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	-0.1	-0.1	-0.1	-0.1	0.3	-0.2
Net income	-0.1	-0.1	-0.1	-0.1	0.3	-0.1
EPS (diluted)	—	—	-2.60	-1.39	4.23	-2.05

Cash flowFree cash flow $131M · operating cash flow $131M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$131M

Margin 47.6%

Operating cash flow (TTM)

$131M

FCF margin

46.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-0.1	-0.1	-0.1	-0.1	0.2	0.1
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	-0.1	-0.1	-0.1	-0.1	0.2	0.1
FCF margin	—	—	—	—	—	—

Balance sheetAssets $668M · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $668M of assets is financed

92%

Liabilities $53.5M — borrowed moneyEquity $615M — owners' stake

Altman Z-Score

139.54

Safe zone

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

-7.3x

EBIT ÷ interest expense

ROE

12.0%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.3	0.3	0.2	0.3	0.4	0.6
Total assets	0.3	0.3	0.2	0.4	0.7	0.7
Total liabilities	0.0	0.0	0.0	0.0	0.1	0.1
Total debt	—	—	—	—	—	—
Equity	0.3	0.3	0.2	0.3	0.7	0.6
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of PTGX on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $143.00 · market cap $9.25B.