Is Protagonist Therapeutics (PTGX) overvalued or fairly valued?

MarketChacha shows Protagonist Therapeutics's valuation in context — a trailing P/E of about 117.9, a forward P/E of about -903.5, a price-to-book of about 10.6 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Protagonist Therapeutics's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (2.60×) from reported figures — education, not a rating.

What is Protagonist Therapeutics's revenue?

Protagonist Therapeutics reported revenue of $46.0M for FY2025, with net profit of $-130.1M, per official filings.

What is the share price of Protagonist Therapeutics (PTGX)?

Protagonist Therapeutics last traded at $137.99 (+2.6% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

Protagonist Therapeutics

PTGX · NYSE · Healthcare · United States

Snapshot

TickerPTGX

ExchangeNYSE

SectorHealthcare

IndustryBiotechnology

CountryUnited States

Employees141

HeadquartersNewark, United States

Websitewww.protagonist-inc.com

Filings tracked12

About Protagonist Therapeutics

Protagonist Therapeutics, Inc. operates as a discovery and development company in the United States. It develops Icotyde, a first-in-class investigational targeted oral peptide for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis; and Rusfertide, a first-in-class investigational injectable mimetic of the natural hormone hepcidin in Phase 3 development for the treatment of the rare blood disorder polycythemia vera. The company is also developing PN-881, a potential best-in-class oral peptide IL-17 antagonist, for the treatment of immune-mediated skin diseases in Phase 1 clinical trials; PN-477 and PN-458, which are development candidates for the treatment of obesity; PN-8047, an orally administered hepcidin functional mimetic small molecule; L-4R alpha antagonist for the treatment of atopic dermatitis and moderate-to-severe asthma; and amylinR-based oral and subcutaneous mono- and poly-agonists for the treatment of obesity. Protagonist Therapeutics, Inc. was incorporated in 2006 and is headquartered in Newark, California.

Who owns it

Insiders0.7%
Institutions99.3%
Public & other0.0%

493 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.15.93%
Farallon Capital Management LLC9.81%
RTW Investments LP7.82%
Vanguard Portfolio Management LLC5.61%
Wellington Management Group, LLP5.28%
UBS Group AG5.25%
State Street Corporation5.13%
Vanguard Capital Management LLC4.41%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Margin has compressed by about 151.2 points over the period — profitability is trending down.

Cash conversion2.60×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend-131.6% → -282.8%

Margin has compressed by about 151.2 points over the period — profitability is trending down.

Return on equity-21.2%

Latest ROE of -21.2% is on the low side — the business earns a modest return on shareholder capital.

One-off items1 of last 3 yrs

Recent reported profit includes sizeable one-off / non-operating items — the underlying operating trend may differ from the headline.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $33.3M · EPS -0.50

Est. earnings growth +28.2%

Next fiscal year

Rev $211.3M · EPS -0.15

Est. earnings growth -103.3%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$46.0M

Net margin

-282.8%

ROE

-21.2%

Revenue CAGR (2y)

-12.4%

EPS (FY2025)

-2.05

Net profit (FY2025)

$-130.1M

Ask MarketChacha about PTGX

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Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$46.0M	$-130.1M	-2.05	-282.8%	-21.2%
FY2024	$434.4M	$275.2M*	4.23	—	40.8%
FY2023	$60.0M	$-79.0M	-1.39	-131.6%	-23.5%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$213.5M	$162.8M*	2.29	—
2026Q1	$56.4M	$3.8M	0.05	6.7%
2025Q3	$4.7M	$-39.3M	-0.62	-834.9%
2025Q2	$5.5M	$-34.8M	-0.55	-627.0%
2025Q1	$28.3M	$-11.7M	-0.19	-41.2%
2024Q3	$4.7M	$-33.2M	-0.54	-710.4%
2024Q2	$4.2M	$-30.6M	-0.50	-734.7%
2024Q1	$255.0M	$207.3M*	3.26	—
2023Q3	$0	$-34.1M	-0.58	—
2023Q2	$0	$-38.5M	-0.68	—
2023Q1	$0	$-33.7M	-0.67	—

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Results of operations, Reg FD disclosure, Exhibits
SEC8/5/2026material
10-Q filing
SEC8/5/2026
8-K — Executive/director change, Shareholder vote results, Exhibits
SEC6/18/2026material
8-K — Results of operations, Exhibits
SEC5/5/2026material
10-Q filing
SEC5/5/2026
8-K — Results of operations, Exhibits
SEC2/25/2026material
10-K filing
SEC2/25/2026
8-K — Reg FD disclosure, Exhibits
SEC1/12/2026material

2025

8-K — Results of operations, Exhibits
SEC11/6/2025material
10-Q filing
SEC11/6/2025
8-K — Results of operations, Exhibits
SEC8/6/2025material
10-Q filing
SEC8/6/2025

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.