Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Phathom Pharmaceuticals, Inc. (PHAT)
A forensic read on Phathom Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-21.0
Altman Z-score
Watch
Earnings quality
3
Forensic signals
-232.8%
ROE
$855M
Market cap
Phathom Pharmaceuticals, Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -21.0, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-868%Return on invested capital.Return on invested capital is -868% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+28.8%/yrShare-count dilution.Diluted share count changed +86% over the last 3 years to FY2025 (+28.8%/yr). The count is GROWING — existing holders are being diluted. That's ~28.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~86%.
16% of revStock-based comp load.Stock-based compensation ran 16% of revenue in FY2025 — about $0.39 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-126.3%
Free Cash Flow$-167.0M
Latest Revenue$175.1M
Revenue Growth YoY+216.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Phathom Pharmaceuticals, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PHAT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown