Phathom Pharmaceuticals, Inc.
PHAT Healthcare Biotechnology
Phathom Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $175.1 million, up 216.9% from fiscal 2024. In the quarter to June 2026, revenue grew 88.0%, EPS grew 80.0%, free cash flow grew 96.9% and total debt fell 19.8%, each against the same quarter a year earlier.
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Phathom Pharmaceuticals, Inc. (PHAT) Piotroski F-score
Phathom Pharmaceuticals, Inc.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (69.41%) | (84.41%) | Fail | 0 |
| Positive operating cash flow | (166.77m) | (266.77m) | Fail | 0 |
| Rising return on assets | (69.41%) | (84.41%) | Pass | 1 |
| Cash flow above net income | 54.47m | 67.56m | Pass | 1 |
| Falling long-term leverage | 0.66 | 0.51 | Fail | 0 |
| Rising current ratio | 1.73 | 4.20 | Fail | 0 |
| No new shares issued | 72,919,000 | 63,176,000 | Fail | 0 |
| Rising gross margin | 87.09% | 85.57% | Pass | 1 |
| Rising asset turnover | 0.55 | 0.14 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| ZVRA Zevra Therapeutics, Inc. compare | 6 |
| PHAT Phathom Pharmaceuticals, Inc. | 4 |
| WVE WAVE Life Sciences Ltd. compare | 3 |
| SLN Silence Therapeutics PLC Sponsored ADR compare | 2 |
| CLYM Climb Bio, Inc. compare | — |
| OLMA Olema Pharmaceuticals, Inc. compare | — |
| SLDB Solid Biosciences Inc. compare | — |
| NVCT Nuvectis Pharma, Inc. compare | — |
| CRMD CorMedix Inc compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover