PHAT
Phathom Pharmaceuticals, Inc.
PHAT lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
PHAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
PHAT's revenue is currently healthy, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
PHAT PE Valuation
PHAT has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 29x next year's earnings.
PHAT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect PHAT to return to profit, with revenue growing. However, they disagree widely on these estimates.
PHAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.22 | — |
| Q3 2026 | -$1.00 | +$2.76 |
| Q2 2026 | -$1.25 | +$3.42 |
| Q1 2026 | -$2.09 | +$3.09 |
| Q4 2025 | -$3.03 | +$2.26 |
| Q3 2025 | -$3.76 | +$1.98 |
| Q2 2025 | -$4.67 | +$0.51 |
| Q1 2025 | -$5.18 | -$0.72 |
| Q4 2024 | -$5.29 | -$1.36 |
PHAT is still losing money, but far less than before: $1.00 per share over the past year, against $24.12 at its worst in early 2020.
PHAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $84.7M | +71% |
| Q2 2026 | $74.3M | +88% |
| Q1 2026 | $58.3M | +104% |
| Q4 2025 | $57.6M | +94% |
| Q3 2025 | $49.5M | +203% |
| Q2 2025 | $39.5M | +439% |
| Q1 2025 | $28.5M | +1392% |
PHAT's revenue has grown year over year every quarter since early 2025: $85M last quarter, up 71% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.1% | +31 points |
| Q2 2026 | -5.3% | +146 points |
| Q1 2026 | -27% | +250 points |
| Q4 2025 | -10% | +190 points |
| Q3 2025 | -31% | +402 points |
| Q2 2025 | -152% | +904 points |
| Q1 2025 | -277% | +3382 points |
| Q4 2024 | -200% | N/A |
PHAT's operating margin was −0.1% last quarter, up 31 points from the same quarter a year ago, near the top of its range since 2024.
PHAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.7M | +$15.9M |
| Q2 2026 | -$2M | +$60.9M |
| Q1 2026 | -$15.7M | +$69.2M |
| Q4 2025 | -$5.1M | +$58.4M |
| Q3 2025 | -$14.1M | +$49.5M |
| Q2 2025 | -$62.8M | +$7.9M |
| Q1 2025 | -$84.9M | -$15.9M |
| Q4 2024 | -$63.5M | -$19.2M |
PHAT has burned cash in almost every quarter: −$21M over the past year, against −$225M the year before.
PHAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.4% | +1.1M shares |
| 1 year | +16% | +11.5M shares |
| 3 years | +50% | +28.1M shares |
| 5 years | +128% | +47.6M shares |
| Available history | +244% | +60.2M shares |
PHAT has 85M diluted shares, up 16% from a year ago.
PHAT Net Leverage
PHAT's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
PHAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.0 | Neutral |
| Stochastic | 13.6 | Oversold |
PHAT's weekly RSI is 37 (neutral) and its Stochastic is 14 (oversold).
PHAT PE vs Healthcare Sector
PHAT has no meaningful PE right now: it lost money over the past year.
PHAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.42 | 3% below |
| 20 week MA | $8.39 | 26% below |
| 50 week MA | $10.9 | 43% below |
| 100 week MA | $9.72 | 36% below |
| 200 week MA | $10.4 | 40% below |
PHAT is in a downtrend: it's below all five of its weekly moving averages, and 40% below its 200-week average.
PHAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.0 | $36.3 | +10% |
| 2021 | $36.3 | $19.8 | -46% |
| 2022 | $19.8 | $11.3 | -43% |
| 2023 | $11.3 | $9.13 | -19% |
| 2024 | $9.13 | $8.18 | -10% |
| 2025 | $8.18 | $17.6 | +115% |
| 2026 YTD | $17.6 | $6.23 | -65% |
PHAT's yearly returns have swung widely, from +115% in 2025 to −46% in 2021. It's down 65% so far in 2026.