Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Protagonist Therapeutics, Inc (PTGX)
A forensic read on Protagonist Therapeutics, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
13.4
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-17.8%
ROE
$7.8B
Market cap
Protagonist Therapeutics, Inc earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 13.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-25%Return on invested capital.Return on invested capital is -25% and rising from -114% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+9.9%/yrShare-count dilution.Diluted share count changed +30% over the last 3 years to FY2025 (+9.9%/yr). The count is GROWING — existing holders are being diluted. That's ~9.9% 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 ~30%.
100% of revStock-based comp load.Stock-based compensation ran 100% of revenue and 82% of free cash flow in FY2025 — about $0.72 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-282.8%
Debt / Equity0.02x
Free Cash Flow$56.1M
Latest Revenue$46.0M
Return on Equity-21.2%
Revenue Growth YoY-89.4%
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 Protagonist Therapeutics, Inc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PTGX'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