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PHATPhathom Pharmaceuticals, Inc.
$10.88$864M
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PHAT logoPhathom Pharmaceuticals, Inc.(PHAT)Earnings, Financials & Key Ratios

PHAT•NASDAQ
Price updated Jun 19, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryCommercial Specialty Pharma
AboutPhathom Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases. The company has the rights in the United States, Europe, and Canada to vonoprazan, a potassium-competitive acid blocker (P-CAB) that blocks acid secretion in the stomach. It is also developing vonoprazan, which is in Phase III clinical trials for the treatment of erosive gastroesophageal reflux disease; and in combination with antibiotics for the treatment of Helicobacter pylori infection. Phathom Pharmaceuticals, Inc. was incorporated in 2018 and is headquartered in Florham Park, New Jersey.Show more
  • Revenue$175M+216.9%
  • EBITDA-$159M+42.4%
  • Net Income-$221M+33.8%
  • EPS (Diluted)-3.03+42.7%
  • Gross Margin87.09%+1.8%
  • EBITDA Margin-91%+81.8%
  • Operating Margin-91.36%+81.8%
  • Net Margin-126.35%+79.1%

PHAT Key Insights

Phathom Pharmaceuticals, Inc. (PHAT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗Profits declining 11.4% over 5 years
  • ✗Negative free cash flow
  • ✗Shares diluted 15.4% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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PHAT Price & Volume

Phathom Pharmaceuticals, Inc. (PHAT) stock price & volume — 10-year historical chart

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PHAT Growth Metrics

Phathom Pharmaceuticals, Inc. (PHAT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM150.3%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM63.29%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM59.54%

Return on Capital

10 Years-76.74%
5 Years-80.39%
3 Years-74.83%
Last Year-76.24%

PHAT Recent Earnings

Phathom Pharmaceuticals, Inc. (PHAT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 5/12 qtrs (50%)
Q2 2026Latest
Apr 30, 2026
Metric
Actual
Est
EPS
$0.37-37.0%
$0.27
Rev
$58M+4.3%
$56M
Q1 2026
Feb 26, 2026
Metric
Actual
Est
EPS
$0.16+49.9%
$0.32
Rev
$58M+0.7%
$57M
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$0.15+50.0%
$0.30
Rev
$50M-13.8%
$57M
Q3 2025
Aug 7, 2025
Metric
Actual
Est
EPS
$0.79-3.9%
$0.76
Rev
$40M-15.5%
$47M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 30, 2026
$0.37vs $0.27-37.0%
$58Mvs $56M+4.3%
Q1 2026Feb 26, 2026
$0.16vs $0.32+49.9%
$58Mvs $57M+0.7%
Q4 2025Oct 30, 2025
$0.15vs $0.30+50.0%
$50Mvs $57M-13.8%
Q3 2025Aug 7, 2025
$0.79vs $0.76-3.9%
$40Mvs $47M-15.5%
Based on last 12 quarters of dataView full earnings history →

PHAT Peer Comparison

Phathom Pharmaceuticals, Inc. (PHAT) competitors in Commercial Specialty Pharma — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ACAD logoACADACADIA Pharmaceuticals Inc.Direct Competitor3.7B21.629.4411.87%34.3%35.65%0.04
SUPN logoSUPNSupernus Pharmaceuticals, Inc.Direct Competitor2.56B44.38-65.268.63%-3.74%-2.73%0.04
PRGO logoPRGOPerrigo Company plcDirect Competitor1.42B10.25-1.00-2.75%-43.5%-50.65%1.35
IRWD logoIRWDIronwood Pharmaceuticals, Inc.Direct Competitor582.73M3.5423.60-15.72%28.26%
PTGX logoPTGXProtagonist Therapeutics, Inc.Product Competitor7.26B112.86-55.05-89.41%-6.48%-17.76%0.02
MDGL logoMDGLMadrigal Pharmaceuticals, Inc.Product Competitor11.66B505.75-39.36432.05%-27.32%-50.15%0.59
TAK logoTAKTakeda Pharmaceutical Company LimitedSupply Chain48.84B15.6339.284.28%4.25%2.62%0.63
AZN logoAZNAstraZeneca PLCSupply Chain271.19B174.9326.758.63%17.19%22.24%0.61

Compare PHAT vs Peers

Phathom Pharmaceuticals, Inc. (PHAT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ACAD

Most directly comparable listed peer for PHAT.

Scale Benchmark

vs AZN

Larger-name benchmark to compare PHAT against a more recognizable public peer.

Peer Set

Compare Top 5

vs ACAD, SUPN, PRGO, IRWD

PHAT Income Statement

Phathom Pharmaceuticals, Inc. (PHAT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
00000682K55.25M175.11M204.89M
Revenue Growth %
------8001.47%216.93%150.3%
Cost of Goods Sold
08K300K521K620K167K7.97M22.6M30.87M
COGS % of Revenue
-----24.49%14.43%12.91%-
Gross Profit
0▲ 0%
-8K▲ 0%
-300K▼ 3650.0%
-521K▼ 73.7%
-620K▼ 19.0%
515K▲ 183.1%
47.28M▲ 9080.4%
152.51M▲ 222.6%
174.02M▲ 0%
Gross Margin %
-----75.51%85.57%87.09%84.93%
Gross Profit Growth %
---3650%-73.67%-19%183.06%9080.39%222.58%-
Operating Expenses
1.23M106.22M125.36M134.56M171.82M167.83M324.75M312.5M270.62M
OpEx % of Revenue
-----24608.06%587.75%178.46%-
Selling, General & Admin
1.21M6.94M27.22M62.22M100.38M117.93M290.66M279.72M239.25M
SG&A % of Revenue
-----17291.5%526.07%159.74%-
Research & Development
20K99.27M98.15M72.34M71.44M49.9M34.08M32.78M31.37M
R&D % of Revenue
-----7316.57%61.68%18.72%-
Other Operating Expenses
000000000
Operating Income
-1.23M▲ 0%
-106.22M▼ 8570.6%
-125.67M▼ 18.3%
-135.08M▼ 7.5%
-172.44M▼ 27.7%
-167.31M▲ 3.0%
-277.47M▼ 65.8%
-159.99M▲ 42.3%
-96.6M▲ 0%
Operating Margin %
------24532.55%-502.18%-91.36%-47.15%
Operating Income Growth %
--8570.61%-18.31%-7.49%-27.66%2.97%-65.84%42.34%-
EBITDA
0-106.21M-125.36M-134.56M-171.82M-166.74M-276.67M-159.35M-96.14M
EBITDA Margin %
------24448.24%-500.75%-91%-46.92%
EBITDA Growth %
---18.04%-7.33%-27.69%2.96%-65.93%42.4%66.34%
D&A (Non-Cash Add-back)
1.23M8K300K521K620K575K795K633K456K
EBIT
-1.27M-250.95M-124.49M-137.09M-170.42M-159.62M-262.32M-159.99M-81.12M
Net Interest Income
0-3.09M-3.49M-6.75M-25.17M-34.09M-56.85M-61.07M-45.64M
Interest Income
01.09M1.09M41K2.13M7.88M15.16M7.04M6.14M
Interest Expense
13K4.18M4.58M6.79M27.3M41.97M72.01M68.11M34.25M
Other Income/Expense
-63K-148.92M-3.4M-8.8M-25.28M-34.28M-56.86M-61.26M-45.81M
Pretax Income
-1.29M▲ 0%
-255.13M▼ 19708.3%
-129.07M▲ 49.4%
-143.88M▼ 11.5%
-197.72M▼ 37.4%
-201.59M▼ 2.0%
-334.33M▼ 65.8%
-221.25M▲ 33.8%
-126.93M▲ 0%
Pretax Margin %
------29558.94%-605.09%-126.35%-61.95%
Income Tax
13K00000000
Effective Tax Rate %
-1.01%0%0%0%0%0%0%0%0%
Net Income
-1.29M▲ 0%
-209.74M▼ 16184.5%
-129.07M▲ 38.5%
-143.88M▼ 11.5%
-197.72M▼ 37.4%
-201.59M▼ 2.0%
-334.33M▼ 65.8%
-221.25M▲ 33.8%
-126.93M▲ 0%
Net Margin %
------29558.94%-605.09%-126.35%-61.95%
Net Income Growth %
--16184.47%38.46%-11.48%-37.42%-1.96%-65.84%33.82%63.29%
Net Income (Continuing)
-1.29M-255.13M-129.07M-143.88M-197.72M-201.59M-334.33M-221.25M-126.93M
Discontinued Operations
000000000
Minority Interest
000000000
EPS (Diluted)
-0.15▲ 0%
-8.48▼ 5553.3%
-4.01▲ 52.7%
-4.00▲ 0.2%
-5.70▼ 42.5%
-3.93▲ 31.1%
-5.29▼ 34.6%
-3.03▲ 42.7%
-1.55▲ 0%
EPS Growth %
--5553.33%52.71%0.25%-42.5%31.05%-34.61%42.72%59.54%
EPS (Basic)
-0.15-8.48-4.01-4.00-5.70-3.93-5.29-3.03-
Diluted Shares Outstanding
8.58M24.73M33.23M37M39.12M51.29M63.18M72.92M82.05M
Basic Shares Outstanding
8.58M24.73M33.23M37M39.12M51.29M63.18M72.92M82.05M
Dividend Payout Ratio
---------

PHAT Balance Sheet

Phathom Pharmaceuticals, Inc. (PHAT) balance sheet — assets, liabilities & shareholders' equity

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
902K255.6M291.37M186.53M160.51M397.43M360.13M228.97M276.57M
Cash & Short-Term Investments
879K243.76M287.5M183.26M155.38M381.39M297.26M129.97M180.9M
Cash Only
879K243.76M287.5M183.26M155.38M381.39M297.26M129.97M180.9M
Short-Term Investments
000000000
Accounts Receivable
0082K001.64M38.8M78.13M80.72M
Days Sales Outstanding
-----876.11256.3162.85118.42
Inventory
00-82K001.21M3.21M5.52M6.51M
Days Inventory Outstanding
-----2.64K146.8689.1256.36
Other Current Assets
003.87M3.27M5.13M13.19M20.87M15.35M8.44M
Total Non-Current Assets
01.58M3.74M2.9M4.3M16.41M18.18M30.18M28.55M
Property, Plant & Equipment
01.4M3.36M2.56M3.49M3.62M2.09M3.67M3.52M
Fixed Asset Turnover
-----0.19x26.45x47.75x62.30x
Goodwill
000000000
Intangible Assets
000000000
Long-Term Investments
0000505K02.86M05.72M
Other Non-Current Assets
0181K384K341K299K12.79M13.23M26.51M25.02M
Total Assets
902K▲ 0%
257.18M▲ 28412.0%
295.11M▲ 14.7%
189.43M▼ 35.8%
164.81M▼ 13.0%
413.84M▲ 151.1%
378.32M▼ 8.6%
259.15M▼ 31.5%
305.12M▲ 0%
Asset Turnover
-----0.00x0.15x0.68x0.78x
Asset Growth %
-28411.97%14.75%-35.81%-13%151.1%-8.58%-31.5%-87.39%
Total Current Liabilities
2.19M3.75M55.52M18.92M26.24M38.78M85.73M132.04M125.04M
Accounts Payable
55K699K16.78M5.15M10M12.6M10.51M4.98M6.37M
Days Payables Outstanding
-31.89K20.42K3.61K5.89K27.54K481.0180.4848.57
Short-Term Debt
1.95M07.35M00019.78M648K667K
Deferred Revenue (Current)
-1.95M00000000
Other Current Liabilities
0413K00020.43M54.94M126.41M118.01M
Current Ratio
0.41x68.20x5.25x9.86x6.12x10.25x4.20x1.73x2.21x
Quick Ratio
0.41x68.20x5.25x9.86x6.12x10.22x4.16x1.69x2.16x
Cash Conversion Cycle
------24.02K-77.85171.49126.21
Total Non-Current Liabilities
025.48M45.32M98.35M213.39M447.82M546.17M565.27M517.03M
Long-Term Debt
022.78M39.63M89.67M95.26M137.84M534.67M2.06M1.96M
Capital Lease Obligations
0635K1.56M1.18M1.1M462K00589K
Deferred Tax Liabilities
000000000
Other Non-Current Liabilities
02.06M4.13M7.5M117.03M309.52M11.5M563.21M515.07M
Total Liabilities
2.19M29.22M100.84M117.28M239.62M486.6M631.9M697.32M642.08M
Total Debt
1.95M23.57M49.02M91.34M97.07M139.03M554.95M2.71M2.63M
Net Debt
1.07M-220.19M-238.48M-91.92M-58.31M-242.36M257.68M-127.26M-178.28M
Debt / Equity
-0.10x0.25x1.27x-----0.01x
Debt / EBITDA
---------0.03x
Net Debt / EBITDA
--------1.85x
Interest Coverage
-98.08x-60.08x-27.17x-20.20x-6.24x-3.80x-3.64x-2.35x-2.37x
Total Equity
-1.29M▲ 0%
227.96M▲ 17825.9%
194.27M▼ 14.8%
72.16M▼ 62.9%
-74.81M▼ 203.7%
-72.76M▲ 2.7%
-253.58M▼ 248.5%
-438.17M▼ 72.8%
-336.95M▲ 0%
Equity Growth %
-17825.89%-14.78%-62.86%-203.68%2.75%-248.52%-72.79%-271.75%
Book Value per Share
-0.159.225.851.95-1.91-1.42-4.01-6.01-4.11
Total Shareholders' Equity
-1.29M227.96M194.27M72.16M-74.81M-72.76M-253.58M-438.17M-336.95M
Common Stock
02K3K3K3K5K6K6K7K
Retained Earnings
-1.29M-256.42M-385.49M-529.37M-727.09M-928.68M-1.26B-1.48B-1.51B
Treasury Stock
000000000
Accumulated OCI
000000000
Minority Interest
000000000

PHAT Cash Flow Statement

Phathom Pharmaceuticals, Inc. (PHAT) cash flow — operating, investing & free cash flow history

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-1.02M-36.51M-69.69M-148.46M-146.53M-137.58M-266.77M-166.78M-97.49M
Operating CF Margin %
------20173.02%-482.82%-95.24%-
Operating CF Growth %
--3468.91%-90.87%-113.03%1.3%6.11%-93.9%37.48%262.79%
Net Income
-1.29M-255.13M-129.07M-143.88M-197.72M-201.59M-334.33M-221.25M-126.93M
Depreciation & Amortization
08K323K521K620K575K795K633K566K
Stock-Based Compensation
0406K5.84M16.81M24.13M45.02M24.05M28.72M28.71M
Deferred Taxes
000000000
Other Non-Cash Items
50K227.73M1.5M5.41M21M32.06M58.01M37.5M33.99M
Working Capital Changes
215K-9.52M51.72M-27.32M5.44M-13.64M-15.3M-12.38M-3.46M
Change in Receivables
00000-1.64M-37.16M-39.33M-44.36M
Change in Inventory
00000-9.44M-6.14M-11.78M1.21M
Change in Payables
225K2.27M24.01M-9.79M8.68M6.41M34.94M34.1M37.94M
Cash from Investing
0-25.25M-1.04M-328K-1.04M-1.63M-135K-229K-272K
Capital Expenditures
0-132K-1.04M-328K-1.04M-1.63M-135K-229K18K
CapEx % of Revenue
-----239.59%0.24%0.13%0.01%
Acquisitions
000000000
Investments
---------
Other Investing
0-25.12M000000-290K
Cash from Financing
1.9M304.65M114.46M44.71M120.04M367.58M182.77M-288K66.35M
Debt Issued (Net)
1.9M113.17M25M42.76M95.45M39.32M59.4M00
Equity Issued (Net)
0191.47M88.83M024.6M155.46M121.78M1.64M0
Dividends Paid
000000000
Share Repurchases
000000000
Other Financing
2K0629K1.94M0172.8M1.6M-1.93M66.35M
Net Change in Cash
879K▲ 0%
242.89M▲ 27532.1%
43.73M▼ 82.0%
-104.08M▼ 338.0%
-27.87M▲ 73.2%
228.37M▲ 919.3%
-84.13M▼ 136.8%
-167.29M▼ 98.8%
-31.41M▲ 0%
Free Cash Flow
-1.02M▲ 0%
-61.76M▼ 5937.1%
-70.73M▼ 14.5%
-148.78M▼ 110.4%
-147.57M▲ 0.8%
-139.21M▲ 5.7%
-266.9M▼ 91.7%
-166.78M▲ 37.5%
-97.4M▲ 0%
FCF Margin %
------20412.61%-483.07%-95.24%-47.54%
FCF Growth %
--5937.15%-14.52%-110.36%0.82%5.66%-91.72%37.52%65.54%
FCF per Share
-0.12-2.50-2.13-4.02-3.77-2.71-4.22-2.29-1.19
FCF Conversion (FCF/Net Income)
0.79x0.17x0.54x1.03x0.74x0.68x0.80x0.75x0.77x
Interest Paid
01.01M3.46M4.07M00000
Taxes Paid
000000000

PHAT Key Ratios

Phathom Pharmaceuticals, Inc. (PHAT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2019202020212022202320242025TTM
Return on Equity (ROE)
-185.07%-61.14%-108.01%----31.66%
Return on Invested Capital (ROIC)
-2110.79%------17.93%
Gross Margin
----75.51%85.57%87.09%84.93%
Net Margin
-----29558.94%-605.09%-126.35%-61.95%
Debt / Equity
0.10x0.25x1.27x-----0.01x
Interest Coverage
-60.08x-27.17x-20.20x-6.24x-3.80x-3.64x-2.35x-2.37x
FCF Conversion
0.17x0.54x1.03x0.74x0.68x0.80x0.75x0.77x
Revenue Growth
-----8001.47%216.93%150.3%
Related:PHAT Dividend History·PHAT Revenue History·PHAT Price History·PHAT P/E History·PHAT Financial Ratios·PHAT Institutional Holders

PHAT SEC Filings & Documents

Phathom Pharmaceuticals, Inc. (PHAT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 30, 2026·SEC

Material company update

Feb 26, 2026·SEC

Material company update

Jan 8, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 26, 2026·SEC

FY 2025

Mar 6, 2025·SEC

FY 2024

Mar 7, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Aug 7, 2025·SEC

PHAT Frequently Asked Questions

Phathom Pharmaceuticals, Inc. (PHAT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Phathom Pharmaceuticals, Inc. (PHAT) reported $204.9M in revenue for fiscal year 2025.

Phathom Pharmaceuticals, Inc. (PHAT) grew revenue by 216.9% over the past year. This is strong growth.

Phathom Pharmaceuticals, Inc. (PHAT) reported a net loss of $126.9M for fiscal year 2025.

Dividend & Returns

Phathom Pharmaceuticals, Inc. (PHAT) had negative free cash flow of $97.4M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in PHAT back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

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