Vaxcyte, Inc. (PCVX) vs Protagonist Therapeutics, Inc. (PTGX)

Vaxcyte, Inc. and Protagonist Therapeutics, Inc. are both Biotechnology companies. Vaxcyte, Inc. and Protagonist Therapeutics, Inc. are of similar size ($8.9B and $8.5B). Vaxcyte, Inc. has negative trailing earnings, so its P/E is not meaningful; Protagonist Therapeutics, Inc. trades at 117×. Protagonist Therapeutics, Inc. has the higher net margin (29.4% vs 0.00%) and the higher return on invested capital (61.8% vs −57.3%). Across the 13 metrics below, Protagonist Therapeutics, Inc. leads on 10 and Vaxcyte, Inc. on 3.

Valuation

Metric PCVX PTGX Biotechnology median
P/E n/m 116.99 7.88
P/S n/m 33.37 11.47
P/B 2.95 11.18 2.52
Price to free cash flow n/m 72.07 21.16
EV/EBITDA n/m 153.05 0.74
EV/Sales n/m 30.60 10.73
Earnings yield (13.57%) 0.85% (28.84%)
Free cash flow yield (11.01%) 1.39% (23.03%)

Profitability

Metric PCVX PTGX Biotechnology median
Gross margin 0.00% 100.00% 65.16%
Operating margin 0.00% 20.69% 0.00%
Net margin 0.00% 29.40% 0.00%
Free cash flow margin 0.00% 46.31% 0.00%
Return on equity (36.51%) 10.98% (57.72%)
Return on assets (33.03%) 10.34% (49.22%)
Return on invested capital (57.30%) 61.84% 0.00%

Growth

Metric PCVX PTGX Biotechnology median
Revenue growth (TTM) — 34.81% 5.64%
EPS growth (last fiscal year) (48.16%) (148.46%) —
Revenue growth, 5-year CAGR — 9.96% 8.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric PCVX PTGX Biotechnology median
Debt to equity 0.00 0.00 0.00
Current ratio 5.72 21.71 4.73
Net debt to EBITDA 1.71 3.49 0.96

Dividend

Metric PCVX PTGX Biotechnology median
Dividend yield — — 2.10%
Payout ratio 0.00 0.00 0.00

Size

Metric PCVX PTGX Biotechnology median
Market cap 8.47b 8.88b 162.10m

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