Protagonist Therapeutics, Inc. (PTGX) Key Metrics
PTGX valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $8.33B
- Enterprise value
- $8.20B
- P/E (TTM)
- 125.0
- Forward P/E
- 36.9
- PEG ratio
- —
- Price / sales
- 29.5 10-yr median 21.7
- Price / book
- 10.7 10-yr median 3.7
- EV / EBITDA
- 137.0
- Dividend yield
- —
- Beta
- 1.52
PTGX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPTGX valuation Price multiples at each fiscal year-end price.
Price / sales+1,986.8%
120.7
2025 · hover or tap a bar for each year
20162025
Price / book+142.8%
9.0
2025 · hover or tap a bar for each year
20162025
Price / free cash flow+620.5%
99.0
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−6.3 pts
1.0%
2025 · hover or tap a bar for each year
20162025
PTGX returns How much profit the business earns on the capital it uses.
Return on equity−74.6 pts
−20.2%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−265.9 pts
−76.9%
2025 · hover or tap a bar for each year
20162025
Return on assets−68.3 pts
−18.4%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+79.8 pts
121.9%
2025 · hover or tap a bar for each year
20162025
Asset turnover−91.7%
0.07
2025 · hover or tap a bar for each year
20162025
PTGX per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−89.2%
$0.72
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$2.05
2025 · hover or tap a bar for each year
20162025
Free cash flow per share−68.6%
$0.88
2025 · hover or tap a bar for each year
20162025
Book value per share−6.8%
$9.67
2025 · hover or tap a bar for each year
20162025
Shares outstanding−2.3%
63.6M
2025 · hover or tap a bar for each year
20162025
PTGX financial health Debt, liquidity and how easily interest is covered.
Debt / equity+4.4%
0.02
2025 · hover or tap a bar for each year
20162025
Net debt−$149.0M
−$557.0M
2025 · hover or tap a bar for each year
20162025
Current ratio+1.8%
12.71
2025 · hover or tap a bar for each year
20162025
Debt / assets+5.6%
0.02
2025 · hover or tap a bar for each year
20162025
PTGX efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+611 days
686 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+889 days
1,036 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−278 days
-350 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+3.1 pts
3.5%
2025 · hover or tap a bar for each year
20162025
PTGX valuation history
Fiscal year-endToday10-year median
PTGX returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PTGX debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PTGX cash returned to shareholders
DividendsBuybacksFree cash flow
PTGX price vs earnings per share
Share price at year-endEPS (right axis)
PTGX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.55B | $2.51B | $1.30B | $535.1M | $1.58B | $693.4M | $182.6M | $150.5M | $368.0M | — |
| Enterprise value | $5.00B | $2.10B | $961.1M | $301.4M | $1.26B | $393.6M | $66.5M | $22.7M | $224.0M | — |
| P/E ratio | — | 9.1 | — | — | — | — | — | — | — | — |
| Price / sales | 120.7 | 5.8 | 21.7 | 20.1 | 57.9 | 24.2 | 790.3 | 4.9 | 18.3 | — |
| Price / book | 9.0 | 3.7 | 3.9 | 2.5 | 5.3 | 2.5 | 2.3 | — | — | — |
| Price / free cash flow | 99.0 | 13.7 | — | — | — | — | — | — | 114.8 | — |
| Price / operating cash flow | 96.3 | 13.6 | — | — | — | — | — | — | 95.1 | — |
| EV / sales | 108.6 | 4.8 | 16.0 | 11.3 | 46.2 | 13.7 | 288.1 | 0.7 | 11.2 | — |
| EV / EBITDA | — | 7.5 | — | — | — | — | — | — | — | — |
| EV / free cash flow | 89.1 | 11.5 | — | — | — | — | — | — | 69.9 | — |
| Earnings yield | −2.3% | 11.0% | −6.1% | −23.1% | −7.9% | −9.5% | −42.3% | −25.9% | −10.0% | — |
| Free cash flow yield | 1.0% | 7.3% | −5.4% | −20.4% | −6.9% | −10.5% | −23.3% | −33.5% | 0.9% | — |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | — |
| Shareholder yield (dividends + buybacks) | — | — | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Share price at fiscal year-end | $87.34 | $38.60 | $22.93 | $10.91 | $34.20 | $20.16 | $7.05 | $6.73 | $20.80 | $21.99 |
| Per share | ||||||||||
| Revenue per share | $0.72 | $6.68 | $1.06 | $0.54 | $0.59 | $0.83 | $0.01 | $1.38 | $1.13 | — |
| Earnings per share | −$2.05 | $4.23 | −$1.39 | −$2.52 | −$2.71 | −$1.92 | −$2.98 | −$1.74 | −$2.09 | — |
| Operating cash flow per share | $0.91 | $2.83 | −$1.24 | −$2.20 | −$2.33 | −$2.11 | −$1.60 | −$2.23 | $0.22 | — |
| Free cash flow per share | $0.88 | $2.81 | −$1.25 | −$2.22 | −$2.35 | −$2.12 | −$1.64 | −$2.26 | $0.18 | — |
| Cash per share | $8.92 | $6.44 | $6.02 | $4.84 | $7.06 | $8.89 | $5.14 | $5.76 | $8.14 | — |
| Book value per share | $9.67 | $10.38 | $5.93 | $4.40 | $6.48 | $8.13 | $3.09 | −$6.28 | −$5.74 | — |
| Tangible book value per share | $9.67 | $10.38 | $5.93 | $4.40 | $6.48 | $8.13 | $3.09 | −$6.28 | −$5.74 | — |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | — |
| Capex per share | $0.03 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.04 | $0.02 | $0.04 | — |
| Debt per share | $0.16 | $0.17 | $0.02 | $0.07 | $0.13 | $0.17 | $0.66 | $0.05 | $0.00 | — |
| Shares outstanding | 63.6M | 65.1M | 56.8M | 49.0M | 46.3M | 34.4M | 25.9M | 22.4M | 17.7M | — |
| Change in shares outstanding | −2.3% | +14.6% | +15.7% | +5.9% | +34.7% | +32.8% | +15.8% | +26.4% | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −20.2% | 54.4% | −28.6% | −47.9% | −43.3% | −36.8% | — | — | — | — |
| Return on invested capital (ROIC) | −76.9% | 189.0% | — | — | — | — | — | — | — | — |
| Return on assets (ROA) | −18.4% | 49.9% | −26.1% | −41.4% | −37.4% | −27.6% | −52.4% | −25.7% | −28.7% | −68.3% |
| Return on tangible assets | −19.4% | 37.0% | −22.1% | −49.8% | −36.1% | −20.4% | −49.8% | −27.9% | −22.6% | −39.6% |
| Free cash flow margin | 121.9% | 42.1% | −118.1% | −409.8% | −398.3% | −254.8% | — | −163.1% | 16.0% | — |
| Income quality (OCF / net income) | — | 0.67 | — | — | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $10.3M | $10.9M | $1.1M | $3.7M | $5.9M | $6.0M | $17.0M | $1.1M | $0 | $0 |
| Cash & short-term investments | $567.4M | $418.9M | $341.6M | $237.4M | $326.9M | $305.8M | $133.0M | $128.9M | $144.0M | $77.6M |
| Net debt | −$557.0M | −$408.0M | −$340.5M | −$233.7M | −$321.0M | −$299.9M | −$116.0M | −$127.8M | −$144.0M | −$77.6M |
| Debt / equity | 0.02 | 0.02 | 0.00 | 0.02 | 0.02 | 0.02 | 0.21 | — | — | — |
| Debt / assets | 0.02 | 0.01 | 0.00 | 0.01 | 0.02 | 0.02 | 0.11 | 0.01 | 0.00 | 0.00 |
| Net debt / EBITDA | — | −1.45 | — | — | — | — | — | — | — | — |
| Current ratio | 12.71 | 12.48 | 16.71 | 7.80 | 7.74 | 7.84 | 4.10 | 5.26 | 3.55 | 12.94 |
| Quick ratio | 12.71 | 12.48 | 17.20 | 7.80 | 7.55 | 7.74 | 3.97 | 5.17 | 3.75 | 14.13 |
| Interest coverage | — | — | — | -39.0 | -50.7 | -107.9 | -476.5 | — | — | — |
| Working capital | $532.1M | $544.2M | $334.3M | $211.9M | $296.7M | $275.4M | $109.9M | $111.3M | $108.4M | $76.8M |
| Invested capital | $57.7M | $267.2M | −$3.8M | −$18.1M | −$21.0M | −$20.2M | −$36.0M | −$268.3M | −$245.6M | −$142.2M |
| Tangible asset value | $614.7M | $675.3M | $336.7M | $215.6M | $300.0M | $279.6M | $80.0M | $112.5M | $120.6M | $87.6M |
| Net current asset value | $522.4M | $522.2M | $334.3M | $210.8M | $293.1M | $270.7M | $70.4M | $110.5M | $107.8M | $76.8M |
| Graham number | — | $31.42 | — | — | — | — | — | — | — | — |
| Graham net-net per share | $8.11 | $7.31 | $5.69 | $4.18 | $6.21 | $7.73 | $2.53 | $4.76 | $5.53 | — |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | — | — | $769,000 | $188,000 | $189,000 | $0 | $0 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | — | 0.0% | — |
| Capex / revenue | 3.5% | 0.3% | 1.0% | 3.0% | 4.0% | 1.6% | 418.6% | 1.6% | 3.3% | — |
| Capex / operating cash flow | 2.8% | 0.7% | — | — | — | — | — | — | 17.2% | — |
| Capex / depreciation | 1.24 | 0.46 | 0.18 | 0.24 | 0.40 | 0.17 | 0.38 | 0.92 | 1.64 | 1.20 |
| Stock-based compensation / revenue | 99.9% | 8.6% | 48.8% | 91.0% | 59.9% | 27.6% | 3,616.0% | 22.4% | 21.1% | — |
| R&D / revenue | 346.2% | 31.8% | 200.3% | 474.8% | 460.6% | 265.4% | 28,139.8% | 192.4% | 230.2% | — |
| SG&A / revenue | 97.5% | 10.0% | 55.8% | 119.4% | 99.4% | 65.1% | 6,817.7% | 44.3% | 58.7% | — |
| Efficiency | ||||||||||
| Days sales outstanding | 686.1 | 75.1 | 31.6 | 37.0 | 61.1 | 67.4 | 8,960.7 | 37.8 | 36.9 | — |
| Days of inventory on hand | — | — | -574.5 | 1,487.1 | 820.7 | — | — | — | -52.0 | -3,678.2 |
| Days payables outstanding | 1,036.0 | 147.0 | 243.1 | 926.6 | 307.5 | — | — | — | 7.7 | 1,387.5 |
| Cash conversion cycle (days) | -349.9 | -71.9 | -786.0 | 597.4 | 574.3 | — | — | — | -22.8 | — |
| Receivables turnover | 0.53 | 4.86 | 11.56 | 9.87 | 5.98 | 5.41 | 0.04 | 9.66 | 9.89 | 0.00 |
| Payables turnover | 0.35 | 2.48 | 1.50 | 0.39 | 1.19 | 0.00 | 0.00 | 0.00 | 47.57 | 0.26 |
| Inventory turnover | — | — | — | — | 0.44 | 0.00 | 0.00 | — | — | — |
| Asset turnover | 0.07 | 0.79 | 0.20 | 0.09 | 0.08 | 0.12 | 0.00 | 0.20 | 0.16 | 0.00 |
| Average receivables | $86.5M | $89.4M | $5.2M | $2.7M | $4.6M | $5.3M | $5.7M | $3.2M | $2.0M | $1.5M |
| Average payables | $3.5M | $1.2M | $2.2M | $2.6M | $2.3M | $2.9M | $4.3M | $3.5M | $1.2M | $1.2M |
| Average inventory | — | — | −$5.2M | $4.2M | $6.2M | $4.4M | $3.5M | −$3.3M | −$8.2M | −$3.2M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from PTGX's annual financial statements (latest annual report filed February 25, 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.
PTGX valuation and financial ratios
Based on the latest twelve months, the trailing P/E is 125.0 and the forward P/E is 36.9. Protagonist Therapeutics earned a return on equity of −20.2% and a return on invested capital of −76.9% in fiscal 2025. It ended the year with $10.3 million of debt and $567.4 million in cash and short-term investments, a net cash position of $557.0 million.
See the PTGX income statement, the PTGX chart for price history, or the PTGX stock overview for the latest quote and news.
PTGX key metrics FAQ
What is Protagonist Therapeutics's P/E ratio?
Protagonist Therapeutics's trailing P/E ratio is 125.0 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 36.9. At the end of fiscal 2025 it was —.
What is Protagonist Therapeutics's return on equity?
Protagonist Therapeutics's return on equity (ROE) was −20.2% in fiscal 2025: net income of -$130.1 million on average shareholders' equity of $645.0 million.
What is Protagonist Therapeutics's ROIC?
Protagonist Therapeutics's return on invested capital was −76.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Protagonist Therapeutics have?
Protagonist Therapeutics had total debt of $10.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.02 and more cash than debt.
What is Protagonist Therapeutics's free cash flow yield?
Protagonist Therapeutics generated $56.1 million of free cash flow in fiscal 2025, a free cash flow yield of 1.0% on its market value at year-end ($5.6 billion).
What is Protagonist Therapeutics's current ratio?
Protagonist Therapeutics's current ratio was 12.71 at the end of fiscal 2025: current assets were 12.71 times current liabilities.