Protagonist Therapeutics, Inc.
PTGX Healthcare Biotechnology
Protagonist Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $46.0 million, down 89.4% from fiscal 2024. In the quarter to June 2026, revenue grew 3,749.2%, EPS grew 549.1% and free cash flow grew 839.7%, each against the same quarter a year earlier.
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Protagonist Therapeutics, Inc. (PTGX) Altman Z-score
Protagonist Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is 61.55, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 61.55 | 39.07 |
| FY2024 | 22.48 | (12.25) |
| FY2023 | 34.73 | 28.44 |
| FY2022 | 6.29 | (11.91) |
| FY2021 | 18.20 | 9.70 |
| FY2020 | 8.50 | 9.87 |
| FY2019 | −1.37 | (3.49) |
| FY2018 | 2.12 | (2.29) |
| FY2017 | 4.41 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.80 | — | 0.96 | |
| Retained earnings / total assets | (0.70) | — | −0.99 | |
| EBIT / total assets | (0.24) | — | −0.78 | |
| Market value of equity / total liabilities | 103.82 | — | 62.29 | |
| Sales / total assets | 0.07 | — | 0.07 | |
| Altman Z-score | Safe zone | 61.55 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 13.41 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PTGX Protagonist Therapeutics, Inc. | 61.6× |
| KRYS Krystal Biotech, Inc. compare | 39.0× |
| KYMR Kymera Therapeutics, Inc. compare | 23.2× |
| AXSM Axsome Therapeutics, Inc. compare | 6.9× |
| TGTX TG Therapeutics, Inc. compare | 6.3× |
| CAI Caris Life Sciences,�Inc. compare | 3.5× |
| ARWR Arrowhead Pharmaceuticals, Inc. compare | 3.0× |
| CYTK Cytokinetics, Incorporated compare | −2.0× |
| ABVX Abivax SA Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets