Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Protagonist Therapeutics's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -127.68%.
The historical rank and industry rank for Protagonist Therapeutics's ROC (Joel Greenblatt) % or its related term are showing as below:
PTGX'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -5579.16 Med: -2113.74 Max: 3426.99
Current: -1180.17
During the past 12 years, Protagonist Therapeutics's highest ROC (Joel Greenblatt) % was 3426.99%. The lowest was -5579.16%. And the median was -2113.74%.
PTGX's ROC (Joel Greenblatt) % is ranked worse than 69.31% of 1323
companies
in the Biotechnology industry
Industry Median: -297.52
vs PTGX: -1180.17
Protagonist Therapeutics's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Protagonist Therapeutics ROC (Joel Greenblatt) % Related Terms
Protagonist Therapeutics ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Protagonist Therapeutics's ROC (Joel Greenblatt) % 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.
PTGX vs IMVT, SYRE, MIRM: ROC (Joel Greenblatt) % Comparison
For the Biotechnology subindustry, Protagonist Therapeutics's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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.
Protagonist Therapeutics ROC (Joel Greenblatt) % vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Protagonist Therapeutics's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Protagonist Therapeutics's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of -127.68% mean?
Protagonist Therapeutics (PTGX) has a ROC (Joel Greenblatt) % of -127.68% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Protagonist Therapeutics and its competitors. According to the industry distribution chart, Protagonist Therapeutics ranks #917 out of 1323 companies in the Biotechnology industry, placing it in the top 69.3%.
Is Protagonist Therapeutics' ROC (Joel Greenblatt) % too high?
Protagonist Therapeutics' current ROC (Joel Greenblatt) % is -127.68%. Based on the distribution chart, Protagonist Therapeutics ranks #917 out of 1323 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Protagonist Therapeutics has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Protagonist Therapeutics' ROC (Joel Greenblatt) % compare to IMVT and SYRE?
According to the Biotechnology industry distribution chart, Protagonist Therapeutics ranks #917 out of 1323 companies for ROC (Joel Greenblatt) %. This places Protagonist Therapeutics in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a Biotechnology company?
A good ROC (Joel Greenblatt) % depends on the Biotechnology industry context. However, ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Protagonist Therapeutics and its competitors. Protagonist Therapeutics's current ROC (Joel Greenblatt) % is -127.68%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Protagonist Therapeutics stock overvalued right now?
Based on GuruFocus' analysis, Protagonist Therapeutics (PTGX) is currently considered Significantly Overvalued. The stock's GF Value™ is $67.13, compared to a current price of $135.43 — trading 101.7% above its estimated fair value. The current ROC (Joel Greenblatt) % is -127.68%. Protagonist Therapeutics' overall GF Score™ is 47/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Protagonist Therapeutics (PTGX), the current ROC (Joel Greenblatt) % is -127.68% 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.
Is Protagonist Therapeutics (PTGX) Overvalued in 2026?
Based on GuruFocus' analysis, Protagonist Therapeutics stock appears to be overvalued.
The current stock price of $135.43 is trading 101.7% above its estimated GF Value™ of $67.13.
GuruFocus considers Protagonist Therapeutics to be Significantly Overvalued.
Key valuation signals for PTGX:
ROC (Joel Greenblatt) %: -127.68%
GF Value™: $67.13 vs. price of $135.43 (101.7% above fair value)
No single metric tells the full story. See the PTGX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Protagonist Therapeutics Inc is a biopharmaceutical company engaged in the discovery and development of peptide-based therapeutics using its proprietary technology platform. The company focuses on three therapeutic areas: inflammation and immunology, hematology, and metabolic diseases. Its pipeline includes clinical-stage and preclinical candidates such as rusfertide for polycythemia vera, icotrokinra for inflammatory diseases, and other programs targeting IL-17, obesity, and iron metabolism disorders, developed through internal research and strategic collaborations.
47GF Score
Get the complete analysis for PTGX
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
PTGX has been successfully added to your 
