PTGXProtagonist Therapeutics, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (2.3×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PTGX?
Protagonist Therapeutics, Inc. earns 78% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 69 points above what the capital costs: growth creates value
- Operating margin
- 21%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Cash conversion
- 2.29×
Cash conversion · 1.70× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +12%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −225% |
| FY2021 | −460% |
| FY2022 | −494% |
| FY2023 | −156% |
| FY2024 | 58% |
| FY2025 | −344% |
Details›
- Operating margin12 months to Q2 2026
- 21%
- Net margin12 months to Q2 2026
- 29%
- Free cash flow margin
- 46%
- R&D as % of revenue
- 62%
- Revenue, trailing twelve months
- $282M
- Free cash flow, trailing twelve months
- $131M
- Net income, trailing twelve months
- $83M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 78%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.