Latest Ratios: P/E Ratio 27.7x · EV/EBITDA 25.2x · ROE -20.2%. (2014–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.5B | $5.6B | $2.5B | $1.3B | $535M | $1.6B | $693M | $183M | $151M | $368M | $143M |
| Enterprise Value | $8.4B | $5.4B | $2.4B | $1.1B | $413M | $1.5B | $582M | $167M | $68M | $262M | $122M |
| P/E Ratio → | 27.67 | — | 9.13 | — | — | — | — | — | — | — | — |
| P/S Ratio | 15.39 | 120.66 | 5.78 | 21.69 | 20.13 | 57.91 | 24.22 | 790.27 | 4.87 | 18.34 | — |
| P/B Ratio | 13.66 | 9.03 | 3.72 | 3.87 | 2.48 | 5.28 | 2.48 | 2.28 | — | — | — |
| P/FCF | 76.68 | 99.01 | 13.74 | — | — | — | — | — | — | 114.80 | — |
| P/OCF | 147.24 | 96.28 | 13.64 | — | — | — | — | — | — | 95.05 | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 118.10 | 5.58 | 18.60 | 15.54 | 53.60 | 20.33 | 721.03 | 2.21 | 13.06 | — |
| EV / EBITDA | 25.18 | — | 9.48 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 8.68 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 96.90 | 13.27 | — | — | — | — | — | — | 81.73 | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.3% | 97.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — |
| Operating Margin | -343.6% | -343.6% | 58.2% | -156.1% | -494.2% | -460.0% | -225.4% | -34857.6% | -136.7% | -188.9% | — |
| Net Profit Margin | -282.8% | -282.8% | 63.3% | -131.6% | -479.3% | -458.9% | -231.1% | -33414.3% | -125.9% | -184.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -20.2% | -20.2% | 54.4% | -28.6% | -49.4% | -43.3% | -36.8% | -96.5% | — | — | — |
| ROA | -18.4% | -18.4% | 49.9% | -26.1% | -42.8% | -37.4% | -27.6% | -52.4% | -25.7% | -28.7% | -68.3% |
| ROIC | -21.8% | -21.8% | 51.3% | -57.4% | -71.5% | -53.9% | -41.7% | -94.4% | — | — | — |
| ROCE | -23.9% | -23.9% | 48.9% | -33.8% | -50.5% | -42.8% | -32.0% | -69.2% | -36.1% | -36.3% | -65.8% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.00 | 0.02 | 0.02 | 0.02 | 0.21 | — | — | — |
| Debt / EBITDA | — | — | 0.04 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.19 | -0.13 | -0.55 | -0.57 | -0.39 | -0.40 | -0.20 | — | — | — |
| Net Debt / EBITDA | — | — | -0.34 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.11 | -0.47 | — | — | — | — | — | — | -33.07 | — |
| Interest Coverage | — | — | — | — | — | — | -107.89 | -459.82 | — | — | — |
Net cash position: cash ($128M) exceeds total debt ($10M)
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.71 | 12.71 | 12.48 | 16.71 | 7.80 | 7.74 | 7.84 | 4.10 | 5.26 | 3.55 | 12.94 |
| Quick Ratio | 12.71 | 12.71 | 12.48 | 16.71 | 7.80 | 7.74 | 7.84 | 4.10 | 5.17 | 3.75 | 14.13 |
| Cash Ratio | 12.49 | 12.49 | 8.84 | 16.06 | 7.61 | 7.43 | 7.60 | 3.76 | 4.93 | 3.38 | 12.06 |
| Asset Turnover | — | 0.07 | 0.58 | 0.17 | 0.11 | 0.08 | 0.09 | 0.00 | 0.22 | 0.12 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 35.66 | 141.56 | 62.85 | 0.71 | 71.15 | 48.72 | 10673.48 | 54.14 | 33.04 | — |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | — | 11.0% | — | — | — | — | — | — | — | — |
| FCF Yield | 1.3% | 1.0% | 7.3% | — | — | — | — | — | — | 0.9% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $64M | $65M | $57M | $49M | $46M | $34M | $26M | $22M | $18M | $7M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying PTGX stock.
Protagonist Therapeutics, Inc.'s current P/E ratio is 27.7x. The historical average is 9.1x. This places it at the 100th percentile of its historical range.
Protagonist Therapeutics, Inc.'s current EV/EBITDA is 25.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.5x.
Protagonist Therapeutics, Inc.'s return on equity (ROE) is -20.2%. The historical average is -58.8%.
Based on historical data, Protagonist Therapeutics, Inc. is trading at a P/E of 27.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Protagonist Therapeutics, Inc. has 97.3% gross margin and -343.6% operating margin.
Key Metrics
Top Statement Risk
Lumpy milestone-dependent revenue and burn
Metrics are mathematically derived from official filings.
Premium Multiples Priced on Partner Milestones
At a 27.67 trailing P/E and 15.39 P/S, PTGX trades at a premium to its own earnings base, as reported multiples appear to price in future Janssen-linked milestones rather than current operating profit, according to reported market data and filings.
The trailing P/E of 27.67 is distorted by a single quarter of $3.07 EPS, so it should not be read as a stable earnings multiple. The forward P/E of 28.13 is nearly unchanged, which suggests the market is not extrapolating a durable earnings step-up and instead appears to be valuing the platform and late-stage pipeline. The P/FCF of 76.68 reinforces that current cash generation is inconsistent with the valuation, warranting continued monitoring of partner receipt timing.
Gross Margin Masks Operating Losses
Near-100% gross margins and operating margins that swung from -68.2% to 79.6% indicate that reported profitability reflects milestone timing rather than a repeatable commercial cost structure, based on reported quarterly figures.
The gross margin near 100% reflects licensing revenue with no cost of goods sold, so it does not signal pricing power for a future commercial product. Operating margins were negative in most quarters, including -9.9% in Q3 2025 and -6.5% in Q1 2026, which implies that fixed R&D spending of roughly $33M to $47M per quarter is the true driver of earning power. Net margin should therefore be treated as a lumpy indicator rather than a trend, and investors should monitor whether the Q3 2026 margin of 80.2% recurs.
ROIC Swings Reflect Milestone Recognition
ROIC moved from -10.2% in Q3 2024 to 31.9% in Q3 2026, a pattern that appears driven by discrete milestone recognition rather than sustained compounding of invested capital, according to reported figures.
The shift from persistently negative ROE and ROIC through 2025 to positive readings in 2026 suggests that returns are a function of partner revenue timing rather than improving operating efficiency. With asset turnover near 0.27 and no clear trend in invested capital productivity, the ROIC series does not yet demonstrate compounding. Returns should be evaluated over several quarters before being interpreted as a structural change.
Liquidity Strong but Highly Variable
A current ratio of 19.85 and cash of $498.3M appear to provide ample near-term coverage, yet cash fell to $97.2M in late 2024, indicating liquidity has been highly dependent on the timing of partner inflows, as reported in financial statements.
The current ratio is elevated because liquid assets are large relative to minimal current liabilities, which is typical of a pre-commercial company but does not reflect recurring cash generation. The swing in cash from roughly $97M to nearly $500M within two years suggests that the balance sheet can change sharply with milestone receipts. Under a stress scenario in which milestones are delayed, the operating burn implied by quarterly outflows of up to $48.9M would likely reduce the cushion materially.
Leverage Advantage Versus Peer Losses
With a debt-to-equity ratio near 0.01 against peers such as ARDX at 1.27, PTGX leads the group on balance sheet leverage, though its ROE of 22.8% in Q3 2026 stands apart from peers reporting deeply negative returns, based on reported peer figures.
The low leverage relative to peers is structural in that the company has funded itself largely through equity and partnership proceeds rather than debt. The peer ROE comparison is distorted because most peers, including IMVT at -69.6% and ACRS at -59.2%, still report losses, so PTGX's positive reading reflects a single strong quarter rather than a sustained lead. Gaps in profitability appear temporary, whereas the balance sheet advantage appears more durable.
Misapplied Earnings Multiple Obscures Burn
The trailing P/E is the ratio most commonly misapplied to PTGX, since a single $3.07 EPS quarter against a consensus of $-0.50 can produce a multiple that appears reasonable while the underlying business remains loss-making, based on reported figures.
For a milestone-driven biotech, earnings per share is dominated by lumpy collaboration recognition, so the P/E of 27.67 may imply a profitability base that the trailing operating margin of -343.6% does not support. Analysts should instead anchor on cash burn, pipeline-adjusted enterprise value, and milestone-probability-weighted cash flows. Investors should monitor whether subsequent quarters show revenue sustained near the Q3 2026 level of $274.4M.