(PHAT) Phathom Pharmaceuticals - NASDAQ
Sector: Healthcare | Industry: Biotechnology | Exchange: NASDAQ (USA) | Market Cap: 827m USD | Total Return: 4.4% in 12m
Avg Turnover: 10.3M
Qual. Beats: 1
Rev. Trend: 94.8%
Qual. Beats: 0
Warnings
Negative Equity with losses - insolvent profile
Interest Coverage Ratio -1.4 is critical
Altman Z'' -15.00 < 1.0 - financial distress zone
Choppy
Tailwinds
No distinct edge detected
Phathom Pharmaceuticals (PHAT) is a biopharmaceutical company headquartered in New Jersey, focused on the development and commercialization of acid-suppressant therapies for gastrointestinal disorders. The company’s primary asset is VOQUEZNA (vonoprazan), a potassium-competitive acid blocker (PCAB) designed to treat erosive gastroesophageal reflux disease (GERD) and Helicobacter pylori infections.
The pharmaceutical industry often utilizes the PCAB class as a modern alternative to traditional proton pump inhibitors (PPIs) due to their faster onset of action and more stable acid control. Phathom operates under a specialized business model that prioritizes late-stage clinical development and commercial scaling within the high-volume gastrointestinal market.
You may find further insights into the company’s valuation and competitive positioning by reviewing the data on ValueRay.
- Voquezna market share expansion in the acid reflux and GERD therapeutic categories
- FDA approval timeline for Non-Erosive GERD indication drives near-term valuation
- Commercial adoption and insurance coverage levels for vonoprazan-based treatment protocols
- High marketing and sales expenses impact path toward sustainable profitability
- Success of the Voquezna Dual and Triple Paks in H. pylori treatment markets
| Net Income: -157.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.32 > 0.02 and ΔFCF/TA 64.15 > 1.0 |
| NWC/Revenue: 73.96% < 20% (prev 233.2%; Δ -159.2% < -1%) |
| CFO/TA -0.32 > 3% & CFO -97.5m > Net Income -157.3m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 2.21 > 1.5 & < 3 |
| Outstanding Shares: last quarter (82.1m) vs 12m ago 14.01% < -2% |
| Gross Margin: 84.93% > 18% (prev 86.23%; Δ -1.30% > 0.5%) |
| Asset Turnover: 68.37% > 50% (prev 27.82%; Δ 40.55% > 0%) |
| Interest Coverage Ratio: -1.39 > 6 (EBIT TTM -91.5m / Interest Expense TTM 65.8m) |
| A: 0.50 (Total Current Assets 276.6m - Total Current Liabilities 125.0m) / Total Assets 305.1m |
| B: -4.96 (Retained Earnings -1.51b / Total Assets 305.1m) |
| C: -0.31 (EBIT TTM -91.5m / Avg Total Assets 299.7m) |
| D: -0.52 (Book Value of Equity -337.0m / Total Liabilities 642.1m) |
| Altman-Z'' = -15.53 = D |
| DSRI: 0.89 (Receivables 80.7m/36.4m, Revenue 204.9m/81.9m) |
| GMI: 1.02 (GM 86.23% / 84.93%) |
| AQI: 0.88 (AQ_t 0.08 / AQ_t-1 0.09) |
| SGI: 2.50 (Revenue 204.9m / 81.9m) |
| TATA: -0.20 (NI -157.3m - CFO -97.5m) / TA 305.1m) |
| Beneish M = -2.12 (Cap -4..+1) = BB |
As of June 20, 2026, the stock is trading at USD 10.88 with a total of 1,102,000 shares traded.
Over the past week, the price has changed by +5.94%,
over one month by -4.56%,
over three months by -2.42% and
over the past year by +4.41%.
Phathom Pharmaceuticals has received a consensus analysts rating of 4.56. Therefore, it is recommended to buy PHAT.
- StrongBuy: 6
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 23.7 | 117.8% |
P/S = 4.0366
P/B = 25.3678
Revenue TTM = 204.9m USD
EBIT TTM = -91.5m USD
EBITDA TTM = -90.9m USD
Long Term Debt = 163.7m USD (from longTermDebt, last quarter)
Short Term Debt = 667k USD (from shortTermDebt, last quarter)
Debt = 168.9m USD (from shortLongTermDebtTotal, last quarter) + Leases 2.63m
Net Debt = -12.0m USD (calculated: Debt 168.9m - CCE 180.9m)
Enterprise Value = 815.1m USD (827.1m + Debt 168.9m - CCE 180.9m)
Interest Coverage Ratio = -1.39 (Ebit TTM -91.5m / Interest Expense TTM 65.8m)
EV/FCF = -8.37x (Enterprise Value 815.1m / FCF TTM -97.4m)
FCF Yield = -11.95% (FCF TTM -97.4m / Enterprise Value 815.1m)
FCF Margin = -47.54% (FCF TTM -97.4m / Revenue TTM 204.9m)
Net Margin = -76.77% (Net Income TTM -157.3m / Revenue TTM 204.9m)
Gross Margin = 84.93% ((Revenue TTM 204.9m - Cost of Revenue TTM 30.9m) / Revenue TTM)
Gross Margin QoQ = 79.42% (prev 86.72%)
Tobins Q-Ratio = 2.67 (Enterprise Value 815.1m / Total Assets 305.1m)
Interest Expense / Debt = 38.98% (Interest Expense 65.8m / Debt 168.9m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -72.3m (EBIT -91.5m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 2.21 (Total Current Assets 276.6m / Total Current Liabilities 125.0m)
Debt / Equity = -0.50 (negative equity) (Debt 168.9m / totalStockholderEquity, last quarter -337.0m)
Debt / EBITDA = 0.13 (negative EBITDA) (Net Debt -12.0m / EBITDA -90.9m)
Debt / FCF = 0.12 (negative FCF - burning cash) (Net Debt -12.0m / FCF TTM -97.4m)
Total Stockholder Equity = -400.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -52.49% (Net Income -157.3m / Total Assets 305.1m)
RoE = 39.24% (negative equity) (Net Income TTM -157.3m / Total Stockholder Equity -400.9m)
RoCE = 38.56% (negative capital employed) (EBIT -91.5m / Capital Employed (Equity -400.9m + L.T.Debt 163.7m))
RoIC = -42.38% (negative operating profit) (NOPAT -72.3m / Invested Capital 170.5m)
WACC = 14.93% (E(827.1m)/V(996.0m) * Re(11.69%) + D(168.9m)/V(996.0m) * Rd(38.98%) * (1-Tc(0.21)))
Discount Rate = 11.69% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 23.22%
[DCF] Fair Price = unknown (Cash Flow -97.4m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.46 | # QB: 1
Revenue Correlation: 94.76 | Revenue CAGR: 1.50k% | SUE: 0.80 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.10 | Chg30d=-21.79% | Revisions=-43% | Analysts=3
EPS next Quarter (2026-09-30): EPS=0.05 | Chg30d=-13.51% | Revisions=+0% | Analysts=3
EPS current Year (2026-12-31): EPS=-0.04 | Chg30d=N/A | Revisions=+0% | GrowthEPS=+97.9% | GrowthRev=+90.8%
EPS next Year (2027-12-31): EPS=1.44 | Chg30d=-6.81% | Revisions=-14% | GrowthEPS=+3370.5% | GrowthRev=+61.6%
[Analyst] Revisions Ratio: -43%