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

We calculate from audited financials what Phathom Pharmaceuticals Inc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

Valuation from Jun 23, 2026. With the latest figures (losses, negative cash flow), a fair value can no longer be calculated.
  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Healthcare · US · ISIN US71722W1071

PP Phathom Pharmaceuticals Inc logo Thin data Jun 23, 2026

Phathom Pharmaceuticals Inc

PHAT · US

Low PriorityFair Value upside is limited and quality is weak.

·Fair value $6.53 · Fairly valued (−7%)
!Quality 29/100
!Mixed Growth (revenue YoY +216.9 %/yr)
!Loss-making · -41.3% net margin (TTM)
!Negative equity (buybacks among others) · negative free cash flow
!Mixed vs. peers (4/7)
!Narrow moat 9/100
!Insider activity 20/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 25 out of 100
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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 $6.53 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jun 23, 2026.

How to read this chart

60‑month range $2.29 – $36.83 · fair‑value band $4.90 – $8.17 · the $6.99 price screens above the $6.53 fair value. Dashed = 300-day average. As of Jun 23, 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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Phathom Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases in the United States. 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 $6.99, while our model-based Fair Value estimate is $6.53, implying the stock looks roughly 7.0% fairly valued today.

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Valuation

How firm this estimate is: it rests on 3 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $4.90 (bear) to $8.17 (bull), the price of $6.99 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 29/100 (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 $585M · P/S ratio 2.52 · EPS (TTM) $−1.21 · Net margin −126% · Return on equity −3,489% · Return on assets (EBIT) −70.3% · Operating margin −5.3% · Revenue (TTM) $240M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 61% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −7%, PHAT screens richer than that median.

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Quality Score breakdown

Overall quality 29/100

Of which business quality 34 · Market factors (momentum, volatility) 17

Profitability 36
Margins and returns on capital today
Quality Growth 89
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 59
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 6
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

Open the full quality analysis →

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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Earlier news

News mood ⓘNews mood, the average tone of recent news (83 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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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 · 651 stocks

Beats the industry median on 4/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside −7% · Above median
Profitability
Return on equity (TTM) 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 −9% · Above median
Net margin (TTM) −41% · Bottom 25%
Operating margin (TTM) −5% · Below median
Growth and dividend
Revenue growth 88% · 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 (TTM) 2.44× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)25 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)0 · sector 23

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
Vertex Pharmaceuticals Incorporated VRTX $514.99 $566.49 +10%
Regeneron Pharmaceuticals, Inc REGN $803.90 $1,252 +56%
argenx SE ARGX $963.79 $918.60 −5%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
CSL Limited CSL A$179.24 A$197.16 +10%
Alnylam Pharmaceuticals, Inc ALNY $251.65 $218.36 −13%
Royalty Pharma plc RPRX $58.52 $24.22 −59%
BeOne Medicines AG 6160 HK$218.20 HK$169.72 −22%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
BioNTech SE BNTX $100.87 $63.62 −37%

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Phathom Pharmaceuticals Inc · Fair Value
$6.53 −7%Fair Value
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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 Jun 23, 2026, our model estimates a fair value of $6.53 versus a price of $6.99, about −7% upside (fairly valued).
What is the fair value of PHAT?
Our model-based fair value for Phathom Pharmaceuticals Inc is $6.53 (as of Jun 23, 2026), built from audited fundamentals. The current price: $6.99.
What is the quality score of PHAT?
Phathom Pharmaceuticals Inc has a Quality Score of 29/100. 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 model-based price target is the fair value of $6.53 (as of Jun 23, 2026) from 3 valuation models. Cautious scenario $4.90, optimistic scenario $8.17. It is a calculation from audited fundamentals, not an analyst target.
What is the Phathom Pharmaceuticals Inc stock forecast for 2026?
Our models put fair value at $6.53, about −7% upside versus a price of $6.99 (fairly valued). Cautious scenario $4.90, optimistic scenario $8.17. 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 $240M (latest available figure, as of Jun 23, 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 $6.53 per share (as of Jun 23, 2026), against a price of $6.99. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Phathom Pharmaceuticals Inc stock overvalued or undervalued in 2026?
As of Jun 23, 2026, PHAT trades above its calculated fair value: price $6.99, fair value $6.53, a gap of about −7% (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 ($6.99); the fair value is what the company's own numbers justify ($6.53). For Phathom Pharmaceuticals Inc the two are $0.4570 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 $585M (market capitalisation, as of Jun 23, 2026). Per share that is $6.99; our models calculate a fair value of $6.53 per share.
What do the bullish and bearish scenarios say about PHAT?
Our models span a range for Phathom Pharmaceuticals Inc: cautious scenario $4.90, base $6.53, optimistic $8.17 per share (as of Jun 23, 2026, price $6.99). 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 Jun 23, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is PHAT from its 52-week high?
Phathom Pharmaceuticals Inc trades at $6.99, about 61% below its 52-week high of $18.08 and at the low of $6.99 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $6.53 is for.
Which stocks are comparable to Phathom Pharmaceuticals Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, 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 Jun 23, 2026: price $6.99, calculated fair value $6.53 (−7%), Quality Score 29/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PHAT calculated?
We run Phathom Pharmaceuticals Inc through 3 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $6.53, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Phathom Pharmaceuticals Inc itself currently trades above fair value. 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 Sep 23, 2026 was $6.99. Our model-based fair value is $6.53, about −7% 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 $585M. 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 2.52 (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 $−1.21. 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 −126% (fiscal year 2025). 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 −5.3% (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 +88.0% 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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