Phathom Pharmaceuticals, Inc. PHAT Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 84.9%-1.3pp | 87.1%+1.5pp | 87.2%+3.7pp | 86.9%+6.8pp | 86.2%+9.1pp | |
| Operating margin | -47.1%+303pp | -91.4%+411pp | -145%+951pp | -235.9%+2,313pp | -349.8%+7,637pp | |
| Net margin | -76.8%+346pp | -126.3%+479pp | -186.5%+1,106pp | -289.5%+2,706pp | -422.4%+9,085pp | |
| EBITDA margin | -46.9%+302pp | -91%+410pp | -144.6%+948pp | -235.2%+2,306pp | -348.9%+7,614pp | |
| Free cash flow margin | -47.7%+298pp | -95.4%+388pp | -153.1%+790pp | -241%+1,946pp | -345.5%+6,146pp | |
| Returns | ||||||
| Return on assets | -52.5%+53.8pp | -69.4%+15.0pp | -87.5%+21.3pp | -115.9%-14.2pp | -106.3%-7.7pp | |
| Efficiency | ||||||
| Asset turnover | 0.7×+0.4× | 0.5×+0.4× | 0.5×+0.4× | 0.4×+0.4× | 0.3×+0.2× | |
| Inventory turnover | 1.5×+0.7× | 1.4×+0.6× | 1.2×-0.1× | 0.9×+0.4× | 0.7×— | |
| Liquidity | ||||||
| Current ratio | 2.2×-1.4× | 1.7×-2.5× | 2.2×-3.5× | 2.4×-4.1× | 3.6×-4.3× | |
| Quick ratio | 2.1×-1.2× | 1.6×-2.5× | 2×-3.7× | 2.1×-4.2× | 3.3×-4.4× | |
| Cash ratio | 1.4×-1.4× | 1×-2.5× | 1.5×-3.7× | 1.6×-4.2× | 2.9×-4.5× | |
| Leverage | ||||||
| Debt-to-assets | 0.5×-0.1× | 0.8×+0.3× | 0.9×+0.4× | 0.8×+0.3× | 0.7×+0.3× | |
| Interest coverage | -1.5×+2.5× | -2.3×+1.5× | -3×+1.3× | -3.7×+0.7× | -3.9×+0.2× | |
| Per Share | ||||||
| Book value per share | -$4.11+12.7% | -$6.01-49.7% | -$5.76-98.8% | -$5.60-40.2% | -$4.70-84.8% | |
| Valuation | ||||||
| Market capitalization | $846.21M+16.3% | $1.18B+113% | $835.01M-21.1% | $681.39M+13.3% | $436.62M-28.2% | |
| Enterprise value | $831.61M+15.7% | $1.26B+174% | $909.66M+1.0% | $737.78M+47.5% | $427.87M-1.9% | |
| Price / sales | 4.1×-4.8× | 6.7×-3.3× | 5.7×-34.6× | 6×-54.6× | 5.3×-229× | |
| EV / sales | 4.1×-4.7× | 7.2×-1.1× | 6.2×-28.1× | 6.5×-44.0× | 5.2×-163× | |
| Free cash flow yield | -11.6%+27.3pp | -14.2%+33.9pp | -27%-3.6pp | -40.3%-4.3pp | -64.8%-37.1pp | |
| Earnings yield | -18.6%+28.9pp | -18.7%+41.5pp | -32.9%-0.8pp | -48.5%+1.0pp | -79.2%-38.7pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Phathom Pharmaceuticals, Inc.'s profit margins?
- Phathom Pharmaceuticals, Inc. (PHAT) runs a 84.9% gross margin and a -47.1% operating margin, with a -76.8% net margin.
- Where do Phathom Pharmaceuticals, Inc.'s ratios come from?
- Every ratio is computed from Phathom Pharmaceuticals, Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.
