Phathom Pharmaceuticals, Inc. (PHAT) Key Metrics
PHAT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $559.8M
- Enterprise value
- $550.1M
- P/E (TTM)
- —
- Forward P/E
- 6.6
- PEG ratio
- —
- Price / sales
- 2.3 10-yr median 9.3
- Price / book
- 25.4 10-yr median 5.7
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 0.50
PHAT key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPHAT valuation Price multiples at each fiscal year-end price.
Price / sales−25.6%
6.9
2025 · hover or tap a bar for each year
20182025
Free cash flow yield+38.2 pts
−13.8%
2025 · hover or tap a bar for each year
20182025
PHAT returns How much profit the business earns on the capital it uses.
Return on assets+15.0 pts
−69.4%
2025 · hover or tap a bar for each year
20182025
Free cash flow margin+387.8 pts
−95.2%
2025 · hover or tap a bar for each year
20182025
Asset turnover+293.8%
0.55
2025 · hover or tap a bar for each year
20182025
PHAT per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+174.6%
$2.40
2025 · hover or tap a bar for each year
20182025
Earnings per share
−$3.03
2025 · hover or tap a bar for each year
20182025
Free cash flow per share
−$2.29
2025 · hover or tap a bar for each year
20182025
Book value per share
−$6.01
2025 · hover or tap a bar for each year
20182025
Shares outstanding+15.4%
72.9M
2025 · hover or tap a bar for each year
20182025
PHAT financial health Debt, liquidity and how easily interest is covered.
Net debt+$177.2M
$81.8M
2025 · hover or tap a bar for each year
20182025
Current ratio−58.7%
1.73
2025 · hover or tap a bar for each year
20182025
Interest coverage
-2.3
2025 · hover or tap a bar for each year
20182025
Debt / assets+53.1%
0.82
2025 · hover or tap a bar for each year
20182025
PHAT efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−12 days
122 days
2025 · hover or tap a bar for each year
20182025
Days of inventory−31 days
70 days
2025 · hover or tap a bar for each year
20182025
Days payables outstanding−404 days
125 days
2025 · hover or tap a bar for each year
20182025
Cash conversion cycle+362 days
67 days
2025 · hover or tap a bar for each year
20182025
Capex / revenue−0.1 pts
0.1%
2025 · hover or tap a bar for each year
20182025
PHAT valuation history
Fiscal year-endToday8-year median
PHAT returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PHAT debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PHAT price vs earnings per share
Share price at year-endEPS (right axis)
PHAT key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $1.21B | $513.0M | $468.3M | $438.9M | $727.8M | $1.10B | $770.0M | — |
| Enterprise value | $1.29B | $417.6M | $225.9M | $380.6M | $635.9M | $865.4M | $549.8M | — |
| Price / sales | 6.9 | 9.3 | 686.6 | — | — | — | — | — |
| Price / book | — | — | — | — | 10.1 | 5.7 | 3.4 | — |
| EV / sales | 7.4 | 7.6 | 331.2 | — | — | — | — | — |
| Earnings yield | −18.3% | −65.2% | −43.1% | −45.0% | −19.8% | −11.7% | −27.2% | — |
| Free cash flow yield | −13.8% | −52.0% | −29.7% | −33.6% | −20.4% | −6.4% | −8.0% | — |
| Shareholder yield (dividends + buybacks) | — | — | — | — | 0.0% | 0.0% | 0.0% | — |
| Share price at fiscal year-end | $16.59 | $8.12 | $9.13 | $11.22 | $19.67 | $33.22 | $31.14 | — |
| Per share | ||||||||
| Revenue per share | $2.40 | $0.87 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | — |
| Earnings per share | −$3.03 | −$5.29 | −$3.93 | −$5.05 | −$3.89 | −$3.88 | −$8.48 | — |
| Operating cash flow per share | −$2.29 | −$4.22 | −$2.68 | −$3.75 | −$4.01 | −$2.10 | −$1.48 | — |
| Free cash flow per share | −$2.29 | −$4.22 | −$2.71 | −$3.77 | −$4.02 | −$2.13 | −$2.50 | — |
| Cash per share | $1.78 | $4.71 | $7.44 | $3.97 | $4.95 | $8.65 | $9.86 | — |
| Book value per share | −$6.01 | −$4.01 | −$1.42 | −$1.91 | $1.95 | $5.85 | $9.22 | — |
| Tangible book value per share | −$6.01 | −$4.01 | −$1.42 | −$1.91 | $1.95 | $5.85 | $9.22 | — |
| Capex per share | $0.00 | $0.00 | $0.03 | $0.03 | $0.01 | $0.03 | $1.02 | — |
| Debt per share | $2.90 | $3.20 | $2.71 | $2.48 | $2.47 | $1.48 | $0.95 | — |
| Shares outstanding | 72.9M | 63.2M | 51.3M | 39.1M | 37.0M | 33.2M | 24.7M | — |
| Change in shares outstanding | +15.4% | +23.2% | +31.1% | +5.7% | +11.4% | +34.4% | — | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | — | — | — | — | −108.0% | −61.1% | −185.1% | — |
| Return on assets (ROA) | −69.4% | −84.4% | −69.7% | −111.6% | −59.4% | −46.7% | −162.5% | −142.8% |
| Return on tangible assets | −85.4% | −88.4% | −48.7% | −120.0% | −76.0% | −43.7% | −81.6% | −142.8% |
| Free cash flow margin | −95.2% | −483.1% | — | — | — | — | — | — |
| Financial health | ||||||||
| Total debt | $211.8M | $201.9M | $139.0M | $97.1M | $91.3M | $49.0M | $23.6M | $1.9M |
| Cash & short-term investments | $130.0M | $297.3M | $381.4M | $155.4M | $183.3M | $287.5M | $243.8M | $879,000 |
| Net debt | $81.8M | −$95.4M | −$242.4M | −$58.3M | −$91.9M | −$238.5M | −$220.2M | $1.1M |
| Debt / equity | — | — | — | — | 1.27 | 0.25 | 0.10 | — |
| Debt / assets | 0.82 | 0.53 | 0.34 | 0.59 | 0.48 | 0.17 | 0.09 | 2.16 |
| Current ratio | 1.73 | 4.20 | 10.25 | 6.12 | 9.86 | 5.25 | 68.20 | 0.41 |
| Quick ratio | 1.69 | 4.16 | 10.22 | 6.12 | 9.86 | 5.25 | 68.20 | 0.41 |
| Interest coverage | -2.3 | -3.9 | -4.0 | -6.3 | -19.9 | -27.4 | -25.4 | -94.2 |
| Working capital | $96.9M | $274.4M | $358.7M | $134.3M | $167.6M | $235.8M | $251.9M | −$1.3M |
| Invested capital | −$356.3M | −$348.9M | −$315.1M | −$133.1M | −$19.8M | −$44.2M | $7.8M | −$215,000 |
| Tangible asset value | −$438.2M | −$253.6M | −$72.8M | −$74.8M | $72.2M | $194.3M | $228.0M | −$1.3M |
| Net current asset value | −$468.3M | −$271.8M | −$89.2M | −$79.1M | $69.3M | $190.5M | $226.4M | −$1.3M |
| Graham net-net per share | −$6.94 | −$4.81 | −$2.02 | −$2.15 | $1.78 | $5.62 | $8.68 | — |
| Capital allocation | ||||||||
| Share buybacks (net) | — | — | — | — | $0 | $0 | $0 | $0 |
| Capex / revenue | 0.1% | 0.2% | 239.6% | — | — | — | — | — |
| Capex / depreciation | 0.36 | 0.17 | 2.84 | 1.68 | 0.63 | 3.22 | 3,156.25 | 0.11 |
| Stock-based compensation / revenue | 16.4% | 43.5% | 6,601.9% | — | — | — | — | — |
| R&D / revenue | 18.7% | 61.7% | 7,316.6% | — | — | — | — | — |
| SG&A / revenue | 159.7% | 526.1% | 17,291.5% | — | — | — | — | — |
| Efficiency | ||||||||
| Days sales outstanding | 121.9 | 133.6 | 438.1 | — | — | — | — | — |
| Days of inventory on hand | 70.5 | 101.1 | 1,320.1 | — | — | -99.8 | — | — |
| Days payables outstanding | 125.1 | 528.9 | 24,695.4 | 4,458.6 | 7,682.5 | 10,634.3 | 17,200.6 | — |
| Cash conversion cycle (days) | 67.2 | -294.3 | -22,937.2 | — | — | — | — | — |
| Receivables turnover | 3.00 | 2.73 | 0.83 | — | — | 0.00 | — | — |
| Payables turnover | 2.92 | 0.69 | 0.01 | 0.08 | 0.05 | 0.03 | 0.02 | — |
| Inventory turnover | 5.18 | 3.61 | 0.28 | — | — | — | — | — |
| Asset turnover | 0.55 | 0.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Average receivables | $58.5M | $20.2M | $818,500 | $0 | — | $82,000 | — | — |
| Average payables | $7.7M | $11.6M | $11.3M | $7.6M | $11.0M | $8.7M | $377,000 | $55,000 |
| Average inventory | $4.4M | $2.2M | $604,000 | $0 | — | −$82,000 | — | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from PHAT's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PHAT valuation and financial ratios
It ended the year with $211.8 million of debt and $130.0 million in cash and short-term investments, net debt of $81.8 million.
See the PHAT income statement, the PHAT chart for price history, or the PHAT stock overview for the latest quote and news.
PHAT key metrics FAQ
How much debt does Phathom Pharmaceuticals have?
Phathom Pharmaceuticals had total debt of $211.8 million at the end of fiscal 2025.
What is Phathom Pharmaceuticals's free cash flow yield?
Phathom Pharmaceuticals generated -$166.8 million of free cash flow in fiscal 2025, a free cash flow yield of −13.8% on its market value at year-end ($1.2 billion).
What is Phathom Pharmaceuticals's current ratio?
Phathom Pharmaceuticals's current ratio was 1.73 at the end of fiscal 2025: current assets were 1.73 times current liabilities.