# Protagonist Therapeutics (PTGX.US)

Canonical: https://gigainvestors.com/s/PTGX

Analysis as of: 2026-10-16T07:31:23.277Z. Financial observations: FY2014–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $136.55 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 8

- Operating margin variation: 2.83×

Chart: Operating margin; fiscal year observations.

- FY2017: -1.89×

- FY2018: -1.37×

- FY2019: -348.58×

- FY2020: -2.25×

- FY2021: -4.60×

- FY2022: -4.94×

- FY2023: -1.56×

- FY2024: 0.58×

- FY2025: -3.44×

- LTM to Jun 2026: 0.21×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -31.0%

- ROIC, second-lowest year: -216.6%

- Years with nonpositive capital: 7

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: -222.7%

- Typical minus recent gross margin: 0.0 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -259.2%

- FY2017: -24.8%

- FY2018: -29.4%

- FY2019: -65.6%

- FY2020: -17.8%

- FY2021: -32.5%

- FY2022: -47.3%

- FY2023: -21.9%

- FY2024: 93.2%

- FY2025: -216.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$175M

- Net income, five-year total: -$183M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -122.6 pp

- Working capital / revenue, final three-year average: 11.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$124M

- FY2022: -$121M

- FY2023: -$76M

- FY2024: $277M

- FY2025: -$130M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -29.4% vs -21.9%

- Per-share earnings: -2.22 to -1.39 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 26.9%

- Ordinary dilution, 5-year annual growth: 13.1%

- Market cap gain: $5.1B

- Cumulative retained earnings: -$406M

- Diluted shares, 10-year annual growth: 26.9%

- Diluted shares, 5-year annual growth: 13.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.83

- Per-share value, starting three-year median: -$2.22

- Per-share value, ending three-year median: -$1.39

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: -$439M

- ROIC, first three-year median: -29.4%

- ROIC, last three-year median: -21.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$2.22

- FY2017: -$2.09

- FY2018: -$1.74

- FY2019: -$2.98

- FY2020: -$1.92

- FY2021: -$2.71

- FY2022: -$2.52

- FY2023: -$1.39

- FY2024: $4.23

- FY2025: -$2.05

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -28.0%

- Receivables to sales index (DSRI): 0.25×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 79.7%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.7%

- FY2017: -24.9%

- FY2018: 7.9%

- FY2019: -23.0%

- FY2020: 2.0%

- FY2021: -5.1%

- FY2022: -6.2%

- FY2023: -2.4%

- FY2024: 12.2%

- FY2025: -28.0%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 839% since Oct 2023 · "Protagonist (PTGX) Swings To A Profit As Two Drugs Near Blockbuster Status" (finance.yahoo.com, Sep 2026) · sales +512.8%

Story as of 2026-10-16T09:59:27.363Z; price observation 2026-10-15.

- 2026-03-01: Why Protagonist Therapeutics (PTGX) Is Up 11.3% After Rusfertide NDA And Collaboration Shift ([finance.yahoo.com](https://finance.yahoo.com/news/why-protagonist-therapeutics-ptgx-11-061356043.html))

- 2026-08-07: Surging Earnings Estimates Signal Upside for Protagonist Therapeutics (PTGX) Stock ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/surging-earnings-estimates-signal-upside-162002493.html))

### Sales · FY2025–2026

sales +512.8%; source https://www.sec.gov/Archives/edgar/data/1377121/000110465926019696/ptgx-20251231x10k.htm; observed 2026-02-25.

- FY2017: $20M 

- FY2018: $31M 

- FY2019: $231K 

- FY2020: $29M 

- FY2021: $27M 

- FY2022: $27M 

- FY2023: $60M 

- FY2024: $434M 

- FY2025: $46M 

- FY2026: $282M 

### Gross margin · FY2025

gross margin 97.3%; source https://www.sec.gov/Archives/edgar/data/1377121/000110465926019696/ptgx-20251231x10k.htm; observed 2026-02-25.

- FY2025: 97.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 46 million.

- Source: https://www.sec.gov/Archives/edgar/data/1377121/000110465926019696/ptgx-20251231x10k.htm (filed 2026-02-25); FY2025: revenue 46016000; grossProfit 44791000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PTGX.US: 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.

### Why customers stay

Margins ranged from 97.3% to 100% during 2023–25; it lost 31% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 100%.

- Source: https://www.sec.gov/Archives/edgar/data/1377121/000110465926019696/ptgx-20251231x10k.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 97.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,-2.5920188830855766],[2017,-0.24818149413091053],[2018,-0.29401026625343385],[2019,-0.6559586491363754],[2020,-0.17847999579780435],[2021,-0.3250224762079123],[2022,-0.4733320107267951],[2023,-0.21900869699068728],[2024,0.9318094833091211],[2025,-2.166273540734575]]; median -0.3095163712306731. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 1355000; owner earnings 276796000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PTGX.US SharesStats.PercentInsiders = 0.709 percentage points; cache date 2026-10-16.

### What the price says

The price is 188.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Closing price 136.55 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.7238287520837446; price multiple 188.6495937152295. FY2025 cash earnings/share -2.0521117691258093. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $18.80 per share

- 2016-11: $24.95 per share

- 2016-12: $21.99 per share

- 2017-01: $18.04 per share

- 2017-02: $13.86 per share

- 2017-03: $12.81 per share

- 2017-04: $10.12 per share

- 2017-05: $11.17 per share

- 2017-06: $11.31 per share

- 2017-07: $12.19 per share

- 2017-08: $16.33 per share

- 2017-09: $17.67 per share

- 2017-10: $14.97 per share

- 2017-11: $19.50 per share

- 2017-12: $20.80 per share

- 2018-01: $22.86 per share

- 2018-02: $16.95 per share

- 2018-03: $8.59 per share

- 2018-04: $8.64 per share

- 2018-05: $7.28 per share

- 2018-06: $6.72 per share

- 2018-07: $6.92 per share

- 2018-08: $9.63 per share

- 2018-09: $10.29 per share

- 2018-10: $7.99 per share

- 2018-11: $6.47 per share

- 2018-12: $6.73 per share

- 2019-01: $8.15 per share

- 2019-02: $8.02 per share

- 2019-03: $12.57 per share

- 2019-04: $10.33 per share

- 2019-05: $10.06 per share

- 2019-06: $12.11 per share

- 2019-07: $11.02 per share

- 2019-08: $13.03 per share

- 2019-09: $12.01 per share

- 2019-10: $13.45 per share

- 2019-11: $8.70 per share

- 2019-12: $7.05 per share

- 2020-01: $7.55 per share

- 2020-02: $7.80 per share

- 2020-03: $7.06 per share

- 2020-04: $6.75 per share

- 2020-05: $16.53 per share

- 2020-06: $17.66 per share

- 2020-07: $15.73 per share

- 2020-08: $22.40 per share

- 2020-09: $19.55 per share

- 2020-10: $18.95 per share

- 2020-11: $24.16 per share

- 2020-12: $20.16 per share

- 2021-01: $20.71 per share

- 2021-02: $23.57 per share

- 2021-03: $25.90 per share

- 2021-04: $28.94 per share

- 2021-05: $35.11 per share

- 2021-06: $44.88 per share

- 2021-07: $49.43 per share

- 2021-08: $48.50 per share

- 2021-09: $17.72 per share

- 2021-10: $31.16 per share

- 2021-11: $33.62 per share

- 2021-12: $34.20 per share

- 2022-01: $29.29 per share

- 2022-02: $24.28 per share

- 2022-03: $23.68 per share

- 2022-04: $9.09 per share

- 2022-05: $8.76 per share

- 2022-06: $7.91 per share

- 2022-07: $9.95 per share

- 2022-08: $8.72 per share

- 2022-09: $8.43 per share

- 2022-10: $8.10 per share

- 2022-11: $7.91 per share

- 2022-12: $10.91 per share

- 2023-01: $13.29 per share

- 2023-02: $16.22 per share

- 2023-03: $23.00 per share

- 2023-04: $22.60 per share

- 2023-05: $26.07 per share

- 2023-06: $27.62 per share

- 2023-07: $19.40 per share

- 2023-08: $19.82 per share

- 2023-09: $16.68 per share

- 2023-10: $14.54 per share

- 2023-11: $18.21 per share

- 2023-12: $22.93 per share

- 2024-01: $25.01 per share

- 2024-02: $30.38 per share

- 2024-03: $28.93 per share

- 2024-04: $25.11 per share

- 2024-05: $28.15 per share

- 2024-06: $34.65 per share

- 2024-07: $37.44 per share

- 2024-08: $42.89 per share

- 2024-09: $45.00 per share

- 2024-10: $45.84 per share

- 2024-11: $43.80 per share

- 2024-12: $38.60 per share

- 2025-01: $37.80 per share

- 2025-02: $37.59 per share

- 2025-03: $48.36 per share

- 2025-04: $45.82 per share

- 2025-05: $47.47 per share

- 2025-06: $55.27 per share

- 2025-07: $53.86 per share

- 2025-08: $59.05 per share

- 2025-09: $66.43 per share

- 2025-10: $78.62 per share

- 2025-11: $90.00 per share

- 2025-12: $87.34 per share

- 2026-01: $81.80 per share

- 2026-02: $92.08 per share

- 2026-03: $105.40 per share

- 2026-04: $98.97 per share

- 2026-05: $99.56 per share

- 2026-06: $122.58 per share

- 2026-07: $136.64 per share

- 2026-08: $147.75 per share

- 2026-09: $140.89 per share

- 2026-10: $136.55 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:08.151Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1377121/000110465926019696/ptgx-20251231x10k.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.