Protagonist Therapeutics - Public Comps and Valuation Multiples

Protagonist Therapeutics Overview

About Protagonist Therapeutics

Protagonist Therapeutics Inc is a clinical-stage biopharmaceutical company having a proprietary technology platform that enables the discovery and development of novel constrained peptide-based drug candidates to address medical needs. Its pipeline products include Rusfertide (PTG-300) and JNJ-2113.

Founded

2006

HQ

Employees

126

Website

protagonist-inc.com

Sectors

Drug Development & Therapeutics
BioTech

Financials

LTM Revenue $155M

LTM EBITDA -$37.0M

EV

$3.4B

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Protagonist Therapeutics Financials

As of September 2025, Protagonist Therapeutics reported last 12-month revenue of $155M and EBITDA of -$37.0M.

In the same period, Protagonist Therapeutics achieved -$14.8M in LTM net income.

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Protagonist Therapeutics P&L

In the most recent fiscal year, Protagonist Therapeutics reported revenue of $434M and EBITDA of $256M.

Protagonist Therapeutics expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$155M	XXX	$434M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	-$37.0M	XXX	$256M	XXX	XXX	XXX
EBITDA Margin	-24%	XXX	59%	XXX	XXX	XXX
EBIT	-$35.9M	XXX	$253M	XXX	XXX	XXX
EBIT Margin	-23%	XXX	58%	XXX	XXX	XXX
Net Profit	-$14.8M	XXX	$275M	XXX	XXX	XXX
Net Margin	-10%	XXX	63%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Protagonist Therapeutics including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $155M. EBITDA for the last twelve months was -$37.0M. In the most recent fiscal year, Protagonist Therapeutics achieved $434M in revenue and $256M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$155M	Analyst estimates available to subscribers	$434M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$37.0M	Analyst estimates available to subscribers	$256M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-23.9% EBITDA margin	Analyst estimates available to subscribers	58.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$35.9M	Analyst estimates available to subscribers	$253M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-23.2% EBIT margin	Analyst estimates available to subscribers	58.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$14.8M	Analyst estimates available to subscribers	$275M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-9.6% net profit margin	Analyst estimates available to subscribers	63.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Protagonist Therapeutics

This financial data table provides comprehensive performance metrics for Protagonist Therapeutics, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Protagonist Therapeutics generated $155M in revenue over the last twelve months.
The company achieved -$37.0M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$14.8M.

Fiscal Year Performance

In the most recent fiscal year, Protagonist Therapeutics reported $434M in total revenue.
Fiscal year EBITDA was $256M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was 58.9%.
Net profit margin reached 63.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Protagonist Therapeutics. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Protagonist Therapeutics Stock Performance

Protagonist Therapeutics has current market cap of $4.0B, and EV of $3.4B.

Market Cap Evolution

Protagonist Therapeutics Stock Data

As of October 2, 2025, Protagonist Therapeutics's stock price is $64.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.4B	$4.0B	XXX	XXX	XXX	XXX	$-0.24

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Protagonist Therapeutics Valuation Multiples

Protagonist Therapeutics's trades at 7.9x EV/Revenue multiple, and 13.4x EV/EBITDA.

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Protagonist Therapeutics Financial Valuation Multiples

As of October 2, 2025, Protagonist Therapeutics has market cap of $4.0B and EV of $3.4B.

Equity research analysts estimate Protagonist Therapeutics's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Protagonist Therapeutics has a P/E ratio of -269.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.0B	XXX	$4.0B	XXX	XXX	XXX
EV (current)	$3.4B	XXX	$3.4B	XXX	XXX	XXX
EV/Revenue	22.1x	XXX	7.9x	XXX	XXX	XXX
EV/EBITDA	-92.6x	XXX	13.4x	XXX	XXX	XXX
EV/EBIT	-95.3x	XXX	13.5x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-269.3x	XXX	14.5x	XXX	XXX	XXX
EV/FCF	27.6x	XXX	18.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Protagonist Therapeutics Margins & Growth Rates

Protagonist Therapeutics's last 12 month revenue growth is 19%

Protagonist Therapeutics's revenue per employee in the last FY averaged $3.4M, while opex per employee averaged $1.4M for the same period.

Protagonist Therapeutics's rule of 40 is -131% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Protagonist Therapeutics's rule of X is 25% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Protagonist Therapeutics Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	19%	XXX	-28%	XXX	XXX	XXX
EBITDA Margin	-24%	XXX	59%	XXX	XXX	XXX
EBITDA Growth	-92%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-131%	XXX	78%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	25%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$3.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.4M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	32%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	42%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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