Is the business good?
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.
78%
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 −72% · 12 months to Q2 2026
- Cash conversion
- 1.57×
Cash conversion · 0.71× a year ago · every dollar of reported profit arrived as cash, and more
- 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 from the cash flow statement.