Latest Ratios: P/E Ratio -3.8x · EV/EBITDA N/A · ROE N/A. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $917M | $1.2B | $513M | $468M | $439M | $728M | $1.1B | $770M | — |
| Enterprise Value | $790M | $1.1B | $771M | $226M | $381M | $636M | $865M | $550M | — |
| P/E Ratio → | -3.81 | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.24 | 6.91 | 9.28 | 686.61 | — | — | — | — | — |
| P/B Ratio | — | — | — | — | — | 10.09 | 5.68 | 3.38 | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.18 | 13.95 | 331.24 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.1% | 87.1% | 85.6% | 75.5% | — | — | — | — | — |
| Operating Margin | -91.4% | -91.4% | -502.2% | -24532.6% | — | — | — | — | — |
| Net Profit Margin | -126.3% | -126.3% | -605.1% | -29558.9% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -108.0% | -61.1% | -185.1% | — |
| ROA | -69.4% | -69.4% | -84.4% | -69.7% | -111.6% | -59.4% | -46.7% | -162.5% | -142.8% |
| ROIC | — | — | — | — | — | — | — | -2110.8% | — |
| ROCE | -76.2% | -76.2% | -83.1% | -65.1% | -111.6% | -65.9% | -51.0% | -84.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 1.27 | 0.25 | 0.10 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | -1.27 | -1.23 | -0.97 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.35 | -2.35 | -3.64 | -3.80 | -6.24 | -20.20 | -27.17 | -60.08 | -98.08 |
Net cash position: cash ($130M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.73 | 1.73 | 4.20 | 10.25 | 6.12 | 9.86 | 5.25 | 68.20 | 0.41 |
| Quick Ratio | 1.69 | 1.69 | 4.16 | 10.22 | 6.12 | 9.86 | 5.25 | 68.20 | 0.41 |
| Cash Ratio | 0.98 | 0.98 | 3.47 | 9.83 | 5.92 | 9.69 | 5.18 | 65.04 | 0.40 |
| Asset Turnover | — | 0.68 | 0.15 | 0.00 | — | — | — | — | — |
| Inventory Turnover | 4.10 | 4.10 | 2.49 | 0.14 | — | — | — | — | — |
| Days Sales Outstanding | — | 162.85 | 256.30 | 876.11 | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $73M | $63M | $51M | $39M | $37M | $33M | $25M | $9M |
Liquidity and dilution risk
Based on current market data, Phathom trades at a 4.86x price-to-sales multiple, which appears to price in significant future market share capture rather than current earnings, as the company remains in a loss-making phase while attempting to displace established generic proton pump inhibitors in the US market.
The P/S multiple suggests that investors are valuing the company as a growth-stage asset rather than a traditional pharmaceutical firm. This valuation is highly sensitive to the pace of prescription ramp-up, as any deceleration in adoption could lead to a significant compression of the current multiple.
As reported in recent financial statements, Phathom's cash conversion cycle has fluctuated wildly, moving from extreme negative values to 125 days in 2026Q1, which suggests that the company is still navigating the initial stocking and distribution friction inherent in a new product launch phase.
The high DSO of 123 days indicates that the company is likely offering extended payment terms to wholesalers to incentivize inventory stocking. Investors should monitor whether these metrics stabilize as the product moves from initial channel filling to consistent, demand-driven pull-through.
According to the latest quarterly filings, Phathom maintains a current ratio of 2.21, yet the persistent operating losses and negative equity position suggest that the company's liquidity is highly dependent on external financing rather than internal cash generation to sustain its ongoing commercial operations.
While the current ratio appears adequate on the surface, the rapid consumption of cash reserves to fund the sales force footprint warrants caution. The company's ability to maintain this liquidity position without further dilutive equity raises remains the primary risk factor for current shareholders.
As indicated by the company's reported figures, the persistent negative equity position renders traditional leverage ratios like debt-to-equity effectively meaningless, which may obscure the true extent of the company's financial risk to investors relying on standard valuation metrics for assessing long-term solvency.
Analysts should instead focus on the cash burn rate relative to available liquidity to assess solvency, as the debt-to-equity ratio fails to capture the operational reality of a pre-profit biotech. Relying on standard leverage metrics in this context may lead to a false sense of security regarding the company's financial stability.
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Quick answers to the most common questions about buying PHAT stock.
Phathom Pharmaceuticals, Inc.'s current P/E ratio is -3.8x. This places it at the 50th percentile of its historical range.
Based on historical data, Phathom Pharmaceuticals, Inc. is trading at a P/E of -3.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Phathom Pharmaceuticals, Inc. has 87.1% gross margin and -91.4% operating margin.