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Phathom PharmaceuticalsPHAT -1.38%25 Net-Net Working Capital is $-5.00 as of Mar. 2026. GuruFocus rates PHAT with a GF Score™ of 25/100. The stock has 3 warning signs investors should review. Among 857 Biotechnology companies, Phathom Pharmaceuticals ranks worse than 116686% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Phathom Pharmaceuticals's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-5.00.
The industry rank for Phathom Pharmaceuticals's Net-Net Working Capital or its related term are showing as below:
PHAT's Price-to-Net-Net-Working-Capital is not ranked *
in the Biotechnology industry.
Industry Median: 5.29 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Phathom Pharmaceuticals (NAS:PHAT) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Phathom Pharmaceuticals Net-Net Working Capital Related Terms
Phathom Pharmaceuticals Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Phathom Pharmaceuticals's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Phathom Pharmaceuticals Net-Net Working Capital Chart
PHAT vs GERN, KURA, ODTX: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Phathom Pharmaceuticals's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Phathom Pharmaceuticals Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Phathom Pharmaceuticals's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Phathom Pharmaceuticals's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-5.00 mean?
Phathom Pharmaceuticals (PHAT) has a Net-Net Working Capital of $-5.00 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Phathom Pharmaceuticals According to the industry distribution chart, Phathom Pharmaceuticals ranks #999999 out of 857 companies in the Biotechnology industry.
Is Phathom Pharmaceuticals' Net-Net Working Capital too high?
Phathom Pharmaceuticals' current Net-Net Working Capital is $-5.00. Based on the distribution chart, Phathom Pharmaceuticals ranks #999999 out of 857 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Phathom Pharmaceuticals has a GF Score™ of 25/100, reflecting its overall financial health beyond just this single metric.
How does Phathom Pharmaceuticals' Net-Net Working Capital compare to GERN and KURA?
According to the Biotechnology industry distribution chart, Phathom Pharmaceuticals ranks #999999 out of 857 companies for Net-Net Working Capital. This places Phathom Pharmaceuticals in the lower half of its industry. The industry median Net-Net Working Capital is 5.29. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.29, based on 857 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Phathom Pharmaceuticals For the Biotechnology industry, the median Net-Net Working Capital is 5.29 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Phathom Pharmaceuticals's current Net-Net Working Capital is $-5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Phathom Pharmaceuticals stock overvalued right now?
Phathom Pharmaceuticals (PHAT) has a current Net-Net Working Capital of $-5.00. The current Net-Net Working Capital is $-5.00. Phathom Pharmaceuticals' overall GF Score™ is 25/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Phathom Pharmaceuticals (PHAT), the current Net-Net Working Capital is $-5.00 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Phathom Pharmaceuticals Inc operates as a clinical-stage biopharmaceutical company. The firm is focused on developing and commercializing novel treatments for gastrointestinal, or GI, diseases. Its product comprises vonoprazan, an oral small-molecule potassium competitive acid blocker medicine that blocks acid secretion in the stomach. Vonoprazan shows rapid, potent, and durable anti-secretory effects and has demonstrated clinical benefits in the treatment of gastroesophageal reflux disease, and in combination with antibiotics for the treatment of Helicobacter pylori infection.
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