Protagonist Therapeutics Inc.
Protagonist Therapeutics, Inc. (referred to as Protagonist, the Company, we, our or us ) is an integrated discovery and development company with a validated technology platform. Our programs fall into three broad therapeutic areas: (i) inflammation and immunology ( I&I ), (ii) hematology and (iii) metabolic diseases.
$128.75
-$7.80 (-5.71%)
EOD Oct 16, 2026
The business is unprofitable at the operating level (-343.63% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 89.4% YoY. Margins deteriorated 401.8pp alongside, both lines moving the wrong way.
At 125x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 69% versus the prior year, cash generation momentum has weakened.
125.0x earnings, 63.8x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$282M
▼ -89.4% YoY
Net Income (TTM)
$83M
▼ -147.3% YoY
Op. Margin
20.69%
▼ -401.8pp YoY
ROIC
8.14%
▼ -67.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$131M
▼ -69.3% YoY
Op. Cash Flow (TTM)
$131M
▼ -68.7% YoY
Net Debt
-$773M
Net Cash Position
Cash & Equiv.
$783M
5Y CAGR: +10.0%
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SourceComputed from the 10-Q filed 31 Jul 2026, covering the period ending 30 Jun 2026, as reported to the SEC. Data last refreshed 14 Oct 2026. How this is calculated.
Price from market data, last close as of 16 Oct 2026. Fiscal year ends Dec. Sector medians are approximate S&P 500 benchmarks and update periodically.
Is Protagonist Therapeutics (PTGX) overvalued?
At a P/E of 125.0 and a price-to-free-cash-flow of 63.8, Protagonist Therapeutics (PTGX) trades above a two-stage DCF intrinsic value of about $42.76 per share, so at $128.75 the stock looks overvalued (66.8% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Protagonist Therapeutics scores 54/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is Protagonist Therapeutics's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $42.76 per share for PTGX, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $32.07. At today's $128.75, that puts the stock about 66.8% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is Protagonist Therapeutics a high-quality business?+
Protagonist Therapeutics scores 54 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 20.7% operating margin and a 8.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is Protagonist Therapeutics a good stock to buy right now?+
That depends on valuation and quality together, not either alone. PTGX currently trades above its estimated intrinsic value and scores 54/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.