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Phathom Pharmaceuticals Inc (PHAT) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Phathom Pharmaceuticals Inc stock $5.60, price $5.45, upside +2.8%, quality 34 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare US

PP Phathom Pharmaceuticals Inc logo Thin data Nov 10, 2026

Phathom Pharmaceuticals Inc

PHAT · US
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Revenue last quarter +71% vs. a year ago.
Fair value $5.60 · Fairly valued
Mixed Growth (revenue YoY +216.9 %/yr in USD)
Negative equity (buybacks among others)
Mixed vs. peers (3/7)
Quality 34/100
Loss-making · -30.2% net margin (TTM)
Negative free cash flow
Narrow moat 12/100
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$36.83 $2.29 Fair Value $5.60 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range $2.29 – $36.83 · fair‑value band $4.20 – $7.00 · the $5.45 price screens below the $5.60 fair value. As of Nov 10, 2026.

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Company profile

Phathom Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases in the United States.

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It develops VOQUEZNA, which has completed Phase III clinical trials for the treatment of erosive gastroesophageal reflux disease (GERD) and related heartburn in adults; and VOQUEZNA Triple Pak and VOQUEZNA Dual Pak that have completed Phase III clinical trials for treating Helicobacter pylori, as well as VOQUEZNA and vonoprazan for the treatment of heartburn associated with non-erosive GERD and eosinophilic esophagitis in adults and adolescents.

The company was incorporated in 2018 and is headquartered in Florham Park, New Jersey.

Stock analysis

Phathom Pharmaceuticals Inc (PHAT) currently trades at $5.45, while our estimate is $5.60, so the stock looks roughly fairly valued today (gap 2.8%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $4.20 (bear) to $7.00 (bull), the price of $5.45 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 34/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Phathom Pharmaceuticals Inc reported revenue of $175M in FY2025 versus $0 in FY2021. Reported net income was −$221M in FY2025.

Key figures

Market cap $456M Small · P/S ratio 1.55 · EPS (TTM) $−1.01 · Net margin −30.2% · Return on equity −3,489% · Return on assets (EBIT) −70.3% (5-year average) · Operating margin −0.1% · Revenue (TTM) $275M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).

What moves the price

The share trades about 70% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at 3%, PHAT screens cheaper than that median.

Fair Value

Bear $4.20 Fair Value $5.60 Bull $7.00
Price $5.45 · Upside +2.8%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 34/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 89
Are margins and returns getting better?
Cashflow 6
Do the profits arrive as real cash?
Financial strength 33
Debt, balance sheet and risk of trouble
Investment 59
Does it invest with discipline instead of growing at any price?
Low Volatility 44
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

Plus 11 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 10, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 29/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare Phathom Pharmaceuticals Inc with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 849 stocks

Beats the industry median on 3/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 34 · Below median
Fair Value upside +2.8% · Top 25%
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −85.4% · Bottom 25%
Net margin (12 months) −30.2% · Below median
Operating margin (12 months) −0.1% · Below median
Growth and dividend
Revenue growth (quarter YoY) 71.1% · Top 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 1.66× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)37 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 20

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs PHAT
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs PHAT
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs PHAT
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs PHAT
argenx SE ARGX $971.55 $908.40 −7% vs PHAT
CSL Limited CSL A$201.68 A$181.40 −10% vs PHAT
Moderna, Inc MRNA $250.83 $158.70 −37% vs PHAT
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs PHAT
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs PHAT
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs PHAT

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Phathom Pharmaceuticals Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Phathom Pharmaceuticals Inc Fair Value". https://www.fairvalue-calculator.com/stock/PHAT

Frequently asked questions

Is Phathom Pharmaceuticals Inc (PHAT) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is $5.60 versus a price of $5.45, about +3% upside (fairly valued).
What is the fair value of PHAT?
Our estimate for Phathom Pharmaceuticals Inc is $5.60 (as of Nov 10, 2026), built from audited fundamentals. The current price: $5.45.
What is the quality score of PHAT?
Phathom Pharmaceuticals Inc has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Phathom Pharmaceuticals Inc (PHAT)?
Our calculated price target is the estimate of $5.60 (as of Nov 10, 2026). Cautious scenario $4.20, optimistic scenario $7.00. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Phathom Pharmaceuticals Inc stock forecast for 2026?
Our estimate puts fair value at $5.60, about +3% upside versus a price of $5.45 (fairly valued). Cautious scenario $4.20, optimistic scenario $7.00. The calculation is refreshed regularly with new filings.
What is the revenue of Phathom Pharmaceuticals Inc (PHAT)?
Phathom Pharmaceuticals Inc reported trailing-twelve-month revenue of about $275M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Phathom Pharmaceuticals Inc (PHAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Phathom Pharmaceuticals Inc it is $5.60 per share (as of Nov 10, 2026), against a price of $5.45.
Is Phathom Pharmaceuticals Inc stock overvalued or undervalued in 2026?
As of Nov 10, 2026, PHAT trades below its calculated fair value: price $5.45, fair value $5.60, a gap of about +3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PHAT?
No. The price is what the market pays today ($5.45); the fair value is what the company's own numbers justify ($5.60). For Phathom Pharmaceuticals Inc the two are $0.1550 per share apart. That gap is exactly why we show both numbers side by side.
How much is Phathom Pharmaceuticals Inc worth?
The market values Phathom Pharmaceuticals Inc at about $456M (market capitalisation, as of Nov 10, 2026). Per share that is $5.45; our models calculate a fair value of $5.60 per share.
What do the bullish and bearish scenarios say about PHAT?
Our models span a range for Phathom Pharmaceuticals Inc: cautious scenario $4.20, base $5.60, optimistic $7.00 per share (as of Nov 10, 2026, price $5.45). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Phathom Pharmaceuticals Inc (PHAT)?
Balance-sheet figures for Phathom Pharmaceuticals Inc (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is PHAT from its 52-week high?
Phathom Pharmaceuticals Inc trades at $5.45, about 70% below its 52-week high of $18.08 and 7% above the low of $5.08 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $5.60 is for.
Which stocks are comparable to Phathom Pharmaceuticals Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Phathom Pharmaceuticals Inc stock attractive at the current price?
The data as of Nov 10, 2026: price $5.45, calculated fair value $5.60 (+3%), Quality Score 34/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Phathom Pharmaceuticals Inc currently trades 3% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Phathom Pharmaceuticals Inc (PHAT)?
The closing price on Nov 10, 2026 was $5.45. Our estimate is $5.60, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Phathom Pharmaceuticals Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Phathom Pharmaceuticals Inc

How large is the market capitalisation of Phathom Pharmaceuticals Inc (PHAT)?
The market capitalisation of Phathom Pharmaceuticals Inc is $456M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Phathom Pharmaceuticals Inc (PHAT)?
The price-to-sales ratio of Phathom Pharmaceuticals Inc is 1.55 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Phathom Pharmaceuticals Inc (PHAT)?
Earnings per share at Phathom Pharmaceuticals Inc are $−1.01. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Phathom Pharmaceuticals Inc (PHAT)?
The net margin of Phathom Pharmaceuticals Inc is −30.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Phathom Pharmaceuticals Inc (PHAT)?
The return on equity (ROE) of Phathom Pharmaceuticals Inc is −3,489% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Phathom Pharmaceuticals Inc (PHAT)?
On an EBIT basis the return on assets of Phathom Pharmaceuticals Inc is −70.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Phathom Pharmaceuticals Inc (PHAT)?
The operating margin of Phathom Pharmaceuticals Inc is −0.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Phathom Pharmaceuticals Inc (PHAT)?
Revenue at Phathom Pharmaceuticals Inc is growing +71.1% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Phathom Pharmaceuticals Inc (PHAT) generate?
The free cash flow of Phathom Pharmaceuticals Inc is −$167M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Phathom Pharmaceuticals Inc (PHAT) carry?
The net debt of Phathom Pharmaceuticals Inc is $81.8M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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