Phathom Pharmaceuticals, Inc. (PHAT) intrinsic value & 10-year financials
Phathom Pharmaceuticals, Inc. (PHAT) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 9 fiscal years revenue grew 1502.4% a year to $175.1M, with an average return on invested capital of 17.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $6.92
- Market cap
- $504.6M
- Revenue (FY2025)
- $175.1M
- Revenue growth (9-yr CAGR)
- 1502.4%
- ROIC (10-yr avg)
- 17.7%
- Free cash flow (FY2025)
- -$167.0M
PHAT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $175.1M | -$221.2M | -$3.03 | -$167.0M | -91.4% | 45.3% |
| FY2024 | $55.3M | -$334.3M | -$5.29 | -$266.9M | -502.2% | 83.4% |
| FY2023 | $682.0K | -$201.6M | -$3.93 | -$139.2M | -24532.6% | 74.4% |
| FY2022 | $0 | -$197.7M | -$5.05 | -$147.6M | — | 223.8% |
| FY2021 | — | -$143.9M | -$3.89 | -$148.9M | — | 416.1% |
| FY2020 | — | -$129.1M | — | -$70.7M | — | 677.8% |
| FY2019 | — | -$255.1M | — | -$36.6M | — | -1397.2% |
| FY2018 | — | -$1.3M | — | — | — | — |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Phathom Pharmaceuticals, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Phathom Pharmaceuticals, Inc. has earned high returns on invested capital, averaging 28.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Phathom Pharmaceuticals, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Phathom Pharmaceuticals, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-100.64 per share.