Phathom Pharmaceuticals, Inc.

NasdaqGS:PHAT Stock Report

Market Cap: US$556.6m

Phathom Pharmaceuticals Valuation

Is PHAT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PHAT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PHAT ($8.37) is trading below our estimate of fair value ($158.08)

Significantly Below Fair Value: PHAT is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PHAT?

Key metric: As PHAT is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PHAT. This is calculated by dividing PHAT's market cap by their current revenue.
What is PHAT's PS Ratio?
PS Ratio21.8x
SalesUS$26.27m
Market CapUS$556.59m

Price to Sales Ratio vs Peers

How does PHAT's PS Ratio compare to its peers?

The above table shows the PS ratio for PHAT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average14.1x
CRMD CorMedix
42.3x49.8%US$504.2m
AVDL Avadel Pharmaceuticals
7.5x29.1%US$1.1b
BSEM BioStem Technologies
1.3x20.1%US$286.7m
SCPH scPharmaceuticals
5.4x45.4%US$160.1m
PHAT Phathom Pharmaceuticals
21.8x53.0%US$556.6m

Price-To-Sales vs Peers: PHAT is expensive based on its Price-To-Sales Ratio (21.8x) compared to the peer average (21.7x).

Price to Sales Ratio vs Industry

How does PHAT's PS Ratio compare vs other companies in the US Pharmaceuticals Industry?

67 CompaniesPrice / SalesEstimated GrowthMarket Cap
OGN Organon
0.6x0.04%US$3.75b
PRGO Perrigo
0.8x3.4%US$3.64b
BHC Bausch Health Companies
0.3x1.5%US$2.81b
PAHC Phibro Animal Health
0.9x12.5%US$917.00m
PHAT 21.8xIndustry Avg. 2.9xNo. of Companies67PS03.67.210.814.418+
67 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PHAT is expensive based on its Price-To-Sales Ratio (21.8x) compared to the US Pharmaceuticals industry average (2.9x).

Price to Sales Ratio vs Fair Ratio

What is PHAT's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PHAT PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio21.8x
Fair PS Ratio20x

Price-To-Sales vs Fair Ratio: PHAT is expensive based on its Price-To-Sales Ratio (21.8x) compared to the estimated Fair Price-To-Sales Ratio (20x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PHAT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$8.37
US$24.86
+197.0%
18.8%US$28.00US$17.00n/a7
Dec ’25US$8.87
US$25.29
+185.1%
15.9%US$28.00US$18.00n/a7
Nov ’25US$18.27
US$22.57
+23.5%
23.5%US$28.00US$12.00n/a7
Oct ’25US$16.98
US$22.57
+32.9%
23.5%US$28.00US$12.00n/a7
Sep ’25US$16.52
US$22.57
+36.6%
23.5%US$28.00US$12.00n/a7
Aug ’25US$11.43
US$22.29
+95.0%
26.5%US$28.00US$10.00n/a7
Jul ’25US$10.81
US$22.29
+106.2%
26.5%US$28.00US$10.00n/a7
Jun ’25US$9.42
US$22.29
+136.6%
26.5%US$28.00US$10.00n/a7
May ’25US$9.26
US$22.00
+137.6%
28.7%US$28.00US$10.00n/a6
Apr ’25US$10.60
US$22.00
+107.5%
28.7%US$28.00US$10.00n/a6
Mar ’25US$10.69
US$22.00
+105.8%
28.7%US$28.00US$10.00n/a6
Feb ’25US$6.66
US$22.00
+230.3%
28.7%US$28.00US$10.00n/a6
Jan ’25US$9.13
US$21.50
+135.5%
28.4%US$28.00US$10.00n/a6
Dec ’24US$7.30
US$21.50
+194.5%
28.4%US$28.00US$10.00US$8.876
Nov ’24US$9.61
US$21.00
+118.5%
27.9%US$28.00US$9.00US$18.276
Oct ’24US$10.37
US$21.00
+102.5%
27.9%US$28.00US$9.00US$16.986
Sep ’24US$14.52
US$21.00
+44.6%
27.9%US$28.00US$9.00US$16.526
Aug ’24US$15.10
US$16.80
+11.3%
29.3%US$23.00US$9.00US$11.435
Jul ’24US$14.32
US$16.80
+17.3%
29.3%US$23.00US$9.00US$10.815
Jun ’24US$11.63
US$16.80
+44.5%
29.3%US$23.00US$9.00US$9.425
May ’24US$11.10
US$16.40
+47.7%
30.8%US$23.00US$9.00US$9.265
Apr ’24US$7.14
US$16.40
+129.7%
30.8%US$23.00US$9.00US$10.605
Mar ’24US$9.01
US$18.20
+102.0%
40.7%US$30.00US$9.00US$10.695
Feb ’24US$11.72
US$21.00
+79.2%
42.9%US$35.00US$9.00US$6.665
Jan ’24US$11.22
US$26.20
+133.5%
44.9%US$38.00US$9.00US$9.135
Dec ’23US$9.84
US$26.20
+166.3%
44.9%US$38.00US$9.00US$7.305

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/17 23:00
End of Day Share Price 2024/12/17 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Phathom Pharmaceuticals, Inc. is covered by 11 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullBMO Capital Markets Equity Research
Chase KnickerbockerCraig-Hallum Capital Group LLC
Umer RaffatEvercore ISI