Is Protagonist Therapeutics (PTGX) overvalued or fairly valued?

MarketChacha shows Protagonist Therapeutics's valuation in context — a forward P/E of about -723.2, a price-to-book of about 13.3 — 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 $136.23 (-1.5% on the day), as of 7/22/2026 — a delayed quote shown for education, not investment advice.

Protagonist Therapeutics

PTGX · NYSE · Healthcare · United States

$136.23-1.5%

Delayed · as reported by Yahoo Finance · as of Jul 22, 2026, 7:34 PM

Snapshot

TickerPTGX

ExchangeNYSE

SectorHealthcare

IndustryBiotechnology

CountryUnited States

Employees131

HeadquartersNewark, United States

Market cap$8.8B

P/B13.3

Volume365.11K

Websitewww.protagonist-inc.com

Filings tracked3

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.

Profile as reported by Yahoo Finance.

Who owns it

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

453 institutional holders

As reported by Yahoo Finance.

Top holders

Blackrock Inc.15.21%
Farallon Capital Management LLC9.87%
UBS Group AG8.05%
RTW Investments LP7.87%
Wellington Management Group, LLP5.60%
Vanguard Portfolio Management LLC5.41%
State Street Corporation4.85%
Janus Henderson Group PLC4.50%

Largest institutional holders, as reported by Yahoo Finance (as of 3/31/2026).

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 $214.9M · EPS 2.36

Est. earnings growth +481.1%

Next fiscal year

Rev $184.6M · EPS -0.19

Est. earnings growth -104.2%

Analyst consensus estimates — not the company's own guidance. As reported by Yahoo Finance.

$50.4952-wk range$143.29

Delayed · as reported by Yahoo Finance

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Market cap

$8.8B

Day change

-1.5%

Fwd P/E

-723.2

P/B

13.3

Beta

1.79

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

Market figures: Delayed · as reported by Yahoo Finance. Financials as reported in company filings.

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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
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 — 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

In the news

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