Protagonist Therapeutics (PTGX)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $8.4B, Protagonist Therapeutics's free cash flow of $56M (fiscal 2025) would need to grow about 32% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 8 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Protagonist Therapeutics's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from PTGX's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Protagonist Therapeutics's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $27M | $27M | $60M | $434M | $46M |
| Net income | -$126M | -$127M | -$79M | $275M | -$130M |
| Free cash flow | -$109M | -$109M | -$71M | $183M | $56M |
| EPS (diluted) | -$2.71 | -$2.60 | -$1.39 | $4.23 | -$2.05 |
| Operating margin | -460.0% | -494.2% | -156.1% | 58.2% | -343.6% |
Superinvestors who own PTGX
From each investor's latest 13F filing (what a 13F shows). 6 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Tom Steyer Farallon Capital Management LLC |
Held | $778M | 3.6% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Added | $89M | 0.07% | Q2 2026 |
| Stanley Druckenmiller Duquesne Family Office |
Added | $26M | 0.49% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $2M | 0.00% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Added | $2M | 0.00% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $2M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Protagonist Therapeutics's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
What growth does Protagonist Therapeutics's stock price imply?
At a market value of $8.4B, Protagonist Therapeutics would need its free cash flow to grow about 32% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 8 years its free cash flow grew 43% a year.
Are Protagonist Therapeutics insiders buying the stock?
No open-market insider purchases of PTGX in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Protagonist Therapeutics?
6 of the superinvestors Investingly tracks hold PTGX in their latest 13F, including Tom Steyer, Hersh Cohen, Stanley Druckenmiller.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.