Protagonist Therapeutics (PTGX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Protagonist Therapeutics

NasdaqGM•Healthcare•Biotechnology

$143.40-0.30(<0.01%)Market open

Market Cap

$9.47B

P/E

114.3x

P/S

33.6x

P/B

11.3x

Protagonist Therapeutics, Inc. operates as a discovery and development company in the United States. It develops Icotyde, a first-in-class investigational targeted oral peptide for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis; and Rusfertide, a first-in-class investigational injectable mimetic of the natural hormone hepcidin in Phase 3 development for the treatment of the rare blood disorder polycythemia vera. The company is also developing PN-881, a potential best-in-class oral peptide IL-17 antagonist, for the treatment of immune-mediated skin diseases in Phase 1 clinical trials; PN-477 and PN-458, which are development candidates for the treatment of obesity; PN-8047, an orally administered hepcidin functional mimetic small molecule; L-4R alpha antagonist for the treatment of atopic dermatitis and moderate-to-severe asthma; and amylinR-based oral and subcutaneous mono- and poly-agonists for the treatment of obesity. Protagonist Therapeutics, Inc. was incorporated in 2006 and is headquartered in Newark, California.

How this company scores

GoodMetricSide Score: 70/100

Strongest: Profitability (21/25); weakest: Cash & Earnings Quality (15/25).

Profitability21/25

Growth19/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality15/25

Strengths

Growing revenueRising free cash flowStrong marginsRising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 114.3x5y range 8.7x – 114.3x

Currently above its 8-quarter median.

P/S · 33.6x5y range 5.5x – 1324.1x

Currently above its 18-quarter median.

P/B · 11.3x5y range 1.5x – 11.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $9.47B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $281.99M
Q. Revenue: $213.47M
TTM EBITDA: $59.88M
TTM Op. Income: $58.34M
Q. Op. Income: $158.77M
TTM Net Income: $82.91M
Q. Net Income: $162.85M
EPS: $2.47
Shares Out.: $65.94M

$281.99M in TTM revenue grew 34.8% YoY, reaching $213.47M last quarter. TTM EBITDA of $59.88M and TTM operating income of $58.34M show growth is flowing through to the bottom line. TTM net income of $82.91M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 74.6%
Op. Margin: 74.4%
Net Margin: 76.3%

Op. margin of 74.4% is up 832.4% YoY — cost efficiency is improving. Net margin at 76.3% Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 114.3x
P/S Ratio: 33.6x
P/B Ratio: 11.3x

At 114.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 33.6x and P/B of 11.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 6 quarters, P/E has risen for 4 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $885.54M
Cash: $420.08M
Long-Term Debt: N/A
Book Value: $841.54M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $219.05M
TTM Free Cash Flow: $130.58M
FCF Margin: 46.3%
FCF / Net Income: 1.6

TTM FCF of $130.58M on $219.05M in operating cash flow. The FCF / Net Income ratio of 1.6x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 252% — an improving trend.