Latest Ratios: P/E Ratio -5.4x · EV/EBITDA N/A · ROE N/A. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $419M | $1.2B | $513M | $468M | $439M | $728M | $1.1B | $770M | — |
| Enterprise Value | $501M | $1.3B | $418M | $226M | $381M | $636M | $865M | $550M | — |
| P/E Ratio → | -5.37 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.52 | 6.91 | 9.28 | 686.61 | — | — | — | — | — |
| P/B Ratio | — | — | — | — | — | 10.09 | 5.68 | 3.38 | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.38 | 7.56 | 331.24 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.1% | 87.1% | 85.6% | 75.5% | — | — | — | — | — |
| Operating Margin | -91.4% | -91.4% | -502.2% | -24532.6% | — | — | — | — | — |
| Net Profit Margin | -126.3% | -126.3% | -605.1% | -29558.9% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -108.0% | -61.1% | -185.1% | — |
| ROA | -69.4% | -69.4% | -84.4% | -69.7% | -111.6% | -59.4% | -46.7% | -162.5% | -142.8% |
| ROIC | — | — | — | — | — | — | — | -2110.8% | — |
| ROCE | -76.2% | -76.2% | -83.1% | -65.1% | -111.6% | -65.9% | -51.0% | -84.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 1.27 | 0.25 | 0.10 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | -1.27 | -1.23 | -0.97 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.25 | -2.25 | -3.64 | -3.80 | -6.24 | -20.20 | -27.17 | -60.08 | -98.08 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.73 | 1.73 | 4.20 | 10.25 | 6.12 | 9.86 | 5.25 | 68.20 | 0.41 |
| Quick Ratio | 1.69 | 1.69 | 4.16 | 10.22 | 6.12 | 9.86 | 5.25 | 68.20 | 0.41 |
| Cash Ratio | 0.98 | 0.98 | 3.47 | 9.83 | 5.92 | 9.69 | 5.18 | 65.04 | 0.40 |
| Asset Turnover | — | 0.68 | 0.15 | 0.00 | — | — | — | — | — |
| Inventory Turnover | 4.10 | 4.10 | 2.49 | 0.14 | — | — | — | — | — |
| Days Sales Outstanding | — | 162.85 | 256.30 | 876.11 | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $73M | $63M | $51M | $39M | $37M | $33M | $25M | $9M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PHAT stock.
Phathom Pharmaceuticals, Inc.'s current P/E ratio is -5.4x. This places it at the 50th percentile of its historical range.
Based on historical data, Phathom Pharmaceuticals, Inc. is trading at a P/E of -5.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Phathom Pharmaceuticals, Inc. has 87.1% gross margin and -91.4% operating margin.
Key Metrics
Top Statement Risk
Negative equity and debt reliance
Metrics are mathematically derived from official filings.
Sales Multiple Prices Growth Ahead of Earnings
Based on PHAT's reported figures, the price-to-sales multiple of 2.39 and forward EV/EBITDA of 24.14 sit against negative trailing P/E of -1.73, indicating the market is pricing in future margin recovery rather than current earnings power.
With trailing earnings negative, the P/E multiple is not meaningful and the market is effectively valuing PHAT on revenue scale. The forward EV/EBITDA of 24.14 implies investors expect operating earnings to materialize, a premise that rests on sustaining the recent operating breakeven. Investors should monitor whether revenue growth converts to durable EBITDA before treating this multiple as anchored to fundamentals.
Gross Margin Strength Undermined by Opex
According to reported income statements, gross margins of 78% to 87% contrast with operating margin of -0.1% in 2026Q3 and net margin of -16.4%, suggesting operating expenses absorb nearly all gross profit.
The high gross margin profile is characteristic of a specialty pharmaceutical model, yet it is insufficient on its own to demonstrate earning power. The gap between gross and net margin points to a substantial overhead and non-operating burden. The single quarter of near-breakeven operating margin should be weighed against operating margins of -26.5% in 2026Q1 and -10.3% in 2025Q4 before inferring a sustained turn.
Debt Swings Keep Coverage Unreliable
As reported in financial statements, debt-to-EBITDA reached 4,798.8x in 2026Q3 and interest coverage stood at 0.10, implying that operating earnings provide negligible cover for interest obligations.
Coverage ratios near zero indicate that debt service is not being met from operating income, and the reported total debt swing from $574.5M in 2025Q2 to $2.5M in 2026Q2 followed by $168.0M in 2026Q3 suggests refinancing or repayment activity of uncertain durability. These figures warrant further investigation into the terms and maturity profile of the renewed borrowing before assessing refinancing risk.
Cash Buffer Shrinking Against Deficit
Based on PHAT's reported figures, the current ratio fell from 3.58 in 2025Q1 to 1.76 in 2026Q3 while cash held near $180M to $185M, indicating a narrowing but still meaningful near-term buffer.
The decline in current ratio alongside stable cash suggests current liabilities have grown faster than the liquid asset base. Headline liquidity remains adequate on a standalone basis, but it coexists with a stockholders' deficit, which may limit the cushion available under stress. Investors should monitor the trajectory of current liabilities against cash burn.
Gross Margin Misleads on Profit Quality
Gross margin is the ratio most commonly over-relied upon for specialty pharma, and for PHAT it obscures the operating and net losses that dominate the reported economics.
Investors often treat high gross margins as proof of a durable franchise, but for a company with heavy commercial and R&D spend, gross margin excludes the costs that determine whether revenue becomes profit. An operating cash flow or free cash flow margin, measured over multiple quarters, better captures whether scale is converting into cash, and PHAT's negative FCF in most of the ten quarters suggests this lens is more informative.