Comprehensive Stock Comparison
Compare Protagonist Therapeutics, Inc. (PTGX) vs RAPT Therapeutics, Inc. (RAPT) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Stability / Safety | PTGX | Lower D/E ratio (1.7% vs 2.4%) |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | RAPT | +5.4% vs PTGX's +145.0% |
| Efficiency (ROA) | PTGX | -19.5% ROA vs RAPT's -63.7%, ROIC -21.8% vs -155.7% |
Who Each Stock Is For
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Protagonist Therapeutics is a clinical-stage biopharmaceutical company developing peptide-based drugs for blood disorders and inflammatory diseases. It generates revenue primarily through collaboration agreements — notably with Janssen Biotech — and has no commercial products yet, relying on milestone payments and potential future royalties. The company's key advantage is its proprietary peptide discovery platform that enables the development of orally available peptide therapeutics, a challenging area in drug development.
RAPT Therapeutics is a clinical-stage biopharmaceutical company developing oral small molecule therapies for cancer and inflammatory diseases. It generates no revenue yet as it's in clinical trials, with future income dependent on potential drug approvals and commercialization. The company's competitive advantage lies in its targeted CCR4 antagonist platform that selectively inhibits immune cell migration to diseased tissues.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
PTGX leads in 2 of 6 categories (Profitability & Efficiency, Total Returns). RAPT leads in 1 (Financial Metrics). 2 tied.
Financial Metrics (TTM)
PTGX and RAPT operate at a comparable scale, with $0 and $0 in trailing revenue.
| Metric | PTGXProtagonist Thera… | RAPTRAPT Therapeutics… |
|---|---|---|
| RevenueTrailing 12 months | $0 | $0 |
| EBITDAEarnings before interest/tax | -$158M | -$112M |
| Net IncomeAfter-tax profit | -$130M | -$106M |
| Free Cash FlowCash after capex | $58M | -$87M |
| Gross MarginGross profit ÷ Revenue | — | — |
| Operating MarginEBIT ÷ Revenue | — | — |
| Net MarginNet income ÷ Revenue | — | — |
| FCF MarginFCF ÷ Revenue | — | — |
| Rev. Growth (YoY)Latest quarter vs prior year | -122.6% | — |
| EPS Growth (YoY)Latest quarter vs prior year | -134.8% | +82.9% |
Valuation Metrics
| Metric | PTGXProtagonist Thera… | RAPTRAPT Therapeutics… |
|---|---|---|
| Market CapShares × price | $5.8B | $7.7B |
| Enterprise ValueMkt cap + debt − cash | $5.6B | $7.5B |
| Trailing P/EPrice ÷ TTM EPS | -44.92x | -2.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 25.45x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | — |
| Price / SalesMarket cap ÷ Revenue | — | — |
| Price / BookPrice ÷ Book value/share | 9.52x | 1.56x |
| Price / FCFMarket cap ÷ FCF | 99.91x | — |
Profitability & Efficiency
PTGX delivers a -21.2% return on equity — every $100 of shareholder capital generates $-21 in annual profit, vs $-70 for RAPT. PTGX carries lower financial leverage with a 0.02x debt-to-equity ratio, signaling a more conservative balance sheet compared to RAPT's 0.02x. On the Piotroski fundamental quality scale (0–9), PTGX scores 4/9 vs RAPT's 2/9, reflecting mixed financial health.
| Metric | PTGXProtagonist Thera… | RAPTRAPT Therapeutics… |
|---|---|---|
| ROE (TTM)Return on equity | -21.2% | -69.5% |
| ROA (TTM)Return on assets | -19.5% | -63.7% |
| ROICReturn on invested capital | -21.8% | -155.7% |
| ROCEReturn on capital employed | -24.0% | -79.3% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 2 |
| Debt / EquityFinancial leverage | 0.02x | 0.02x |
| Net DebtTotal debt minus cash | -$118M | -$165M |
| Cash & Equiv.Liquid assets | $128M | $170M |
| Total DebtShort + long-term debt | $10M | $4M |
| Interest CoverageEBIT ÷ Interest expense | — | — |
Total Returns (with DRIP)
A $10,000 investment in PTGX five years ago would be worth $34,422 today (with dividends reinvested), compared to $3,869 for RAPT. Over the past 12 months, RAPT leads with a +535.7% total return vs PTGX's +145.0%. The 3-year compound annual growth rate (CAGR) favors PTGX at 78.4% vs RAPT's -37.3% — a key indicator of consistent wealth creation.
| Metric | PTGXProtagonist Thera… | RAPTRAPT Therapeutics… |
|---|---|---|
| YTD ReturnYear-to-date | +5.6% | +82.0% |
| 1-Year ReturnPast 12 months | +145.0% | +535.7% |
| 3-Year ReturnCumulative with dividends | +467.7% | -75.4% |
| 5-Year ReturnCumulative with dividends | +244.2% | -61.3% |
| 10-Year ReturnCumulative with dividends | +687.0% | -44.3% |
| CAGR (3Y)Annualised 3-year return | +78.4% | -37.3% |
Risk & Volatility
PTGX is the less volatile stock with a -0.11 beta — it tends to amplify market swings less than RAPT's 0.78 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. RAPT currently trades 100.0% from its 52-week high vs PTGX's 95.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PTGXProtagonist Thera… | RAPTRAPT Therapeutics… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.11x | 0.78x |
| 52-Week HighHighest price in past year | $96.54 | $57.99 |
| 52-Week LowLowest price in past year | $35.97 | $5.67 |
| % of 52W HighCurrent price vs 52-week peak | +95.4% | +100.0% |
| RSI (14)Momentum oscillator 0–100 | 62.7 | 79.2 |
| Avg Volume (50D)Average daily shares traded | 594K | 2.8M |
Analyst Outlook
Wall Street rates PTGX as "Buy" and RAPT as "Hold". Consensus price targets imply 21.4% upside for PTGX (target: $112) vs 3.5% for RAPT (target: $60).
| Metric | PTGXProtagonist Thera… | RAPTRAPT Therapeutics… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $111.75 | $60.00 |
| # AnalystsCovering analysts | 24 | 15 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Protagonist Therape… (PTGX) | 100 | 1,064.74 | +964.7% |
| RAPT Therapeutics, … (RAPT) | 100 | 36.47 | -63.5% |
Protagonist Therape… (PTGX) returned +244% over 5 years vs RAPT Therapeutics, … (RAPT)'s -61%. A $10,000 investment in PTGX 5 years ago would be worth $34,422 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Protagonist Therape… (PTGX) | $0.00 | $0.00 | — |
| RAPT Therapeutics, … (RAPT) | $0.00 | $0.00 | — |
Protagonist Therapeutics, Inc.'s revenue grew from $0M (2016) to $0M (2025) — a 0.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Protagonist Therape… (PTGX) | -184.2% | 63.3% | +134.4% |
| RAPT Therapeutics, … (RAPT) | -10.5% | -54.9% | -423.4% |
Protagonist Therapeutics, Inc.'s net margin went from -184% (2017) to 63% (2024).
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Protagonist Therape… (PTGX) | -5.72 | -2.05 | +64.2% |
| RAPT Therapeutics, … (RAPT) | -10.95 | -25.49 | -132.9% |
Protagonist Therapeutics, Inc.'s EPS grew from $-5.72 (2016) to $-2.05 (2025).
Chart 5Free Cash Flow — 5 Years
Protagonist Therapeutics, Inc. generated $58M FCF in 2025 (+153% vs 2021). RAPT Therapeutics, Inc. generated $-83M FCF in 2024 (-35% vs 2021).
PTGX vs RAPT: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is PTGX or RAPT a better buy right now?
Analysts rate Protagonist Therapeutics, Inc. (PTGX) a "Buy" — based on 24 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — PTGX or RAPT?
Over the past 5 years, Protagonist Therapeutics, Inc. (PTGX) delivered a total return of +244.2%, compared to -61.3% for RAPT Therapeutics, Inc. (RAPT). A $10,000 investment in PTGX five years ago would be worth approximately $34K today (assuming dividends reinvested). Over 10 years, the gap is even starker: PTGX returned +687.0% versus RAPT's -44.3%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — PTGX or RAPT?
By beta (market sensitivity over 5 years), Protagonist Therapeutics, Inc. (PTGX) is the lower-risk stock at -0.11β versus RAPT Therapeutics, Inc.'s 0.78β — meaning RAPT is approximately -812% more volatile than PTGX relative to the S&P 500. On balance sheet safety, Protagonist Therapeutics, Inc. (PTGX) carries a lower debt/equity ratio of 2% versus 2% for RAPT Therapeutics, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — PTGX or RAPT?
Protagonist Therapeutics, Inc. (PTGX) is the more profitable company, earning 0.0% net margin versus 0.0% for RAPT Therapeutics, Inc. — meaning it keeps 0.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PTGX leads at 0.0% versus 0.0% for RAPT. At the gross margin level — before operating expenses — PTGX leads at 0.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is PTGX or RAPT more undervalued right now?
Analyst consensus price targets imply the most upside for PTGX: 21.4% to $111.75.
06Which pays a better dividend — PTGX or RAPT?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is PTGX or RAPT better for a retirement portfolio?
For long-horizon retirement investors, Protagonist Therapeutics, Inc. (PTGX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.11), +687.0% 10Y return). Both have compounded well over 10 years (PTGX: +687.0%, RAPT: -44.3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between PTGX and RAPT?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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