PTGX (Protagonist Therapeutics) Scaled Net Operating Assets: 0.18 (As of Mar. 2026)


PTGX Protagonist Therapeutics Inc PTGX
51 GF Score
Price $128.16
GF Value $59.12
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Protagonist Therapeutics Scaled Net Operating Assets?

Protagonist Therapeutics PTGX +2.39% 51 Scaled Net Operating Assets is 0.18 as of Mar. 2026. GuruFocus rates PTGX with a GF Score™ of 51/100 and a GF Value™ of $59.12 (Significantly Overvalued). The stock has 7 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Protagonist Therapeutics's operating assets for the quarter that ended in Mar. 2026 was $149.67 Mil. Protagonist Therapeutics's operating liabilities for the quarter that ended in Mar. 2026 was $32.21 Mil. Protagonist Therapeutics's Total Assets for the quarter that ended in Dec. 2025 was $668.19 Mil. Therefore, Protagonist Therapeutics's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.18.


Protagonist Therapeutics Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Protagonist Therapeutics's Scaled Net Operating Assets 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.

Protagonist Therapeutics Scaled Net Operating Assets Chart

Protagonist Therapeutics Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.07 -0.05 -0.02 0.75 0.08

Protagonist Therapeutics Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.17 0.15 0.11 0.08 0.18

PTGX vs IMVT, SYRE, MIRM: Scaled Net Operating Assets Comparison

For the Biotechnology subindustry, Protagonist Therapeutics's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Protagonist Therapeutics's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Protagonist Therapeutics's Scaled Net Operating Assets falls into.


PTGX
51GF Score
Protagonist Therapeutics Inc PTGX
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Protagonist Therapeutics Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Protagonist Therapeutics's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(100.824-43.158)/744.725
=0.08

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=668.188 - 567.364
=100.824

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=53.481 - 8.04 - 2.283
=43.158

Protagonist Therapeutics's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(149.673-32.21)/668.188
=0.18

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=697.459 - 547.786
=149.673

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=41.986 - 7.437 - 2.339
=32.21

* 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 Scaled Net Operating Assets of 0.18 mean?
Protagonist Therapeutics (PTGX) has a Scaled Net Operating Assets of 0.18 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Protagonist Therapeutics and its competitors.
Is Protagonist Therapeutics' Scaled Net Operating Assets too high?
Protagonist Therapeutics' current Scaled Net Operating Assets is 0.18. Overall, Protagonist Therapeutics has a GF Score™ of 51/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Protagonist Therapeutics' Scaled Net Operating Assets compare to IMVT and SYRE?
Protagonist Therapeutics' Scaled Net Operating Assets of 0.18 can be compared against companies in the Biotechnology industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Biotechnology company?
A good Scaled Net Operating Assets depends on the Biotechnology industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Protagonist Therapeutics and its competitors. Protagonist Therapeutics's current Scaled Net Operating Assets is 0.18. 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 $59.12, compared to a current price of $128.16 — trading 116.8% above its estimated fair value. The current Scaled Net Operating Assets is 0.18. Protagonist Therapeutics' overall GF Score™ is 51/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Protagonist Therapeutics (PTGX), the current Scaled Net Operating Assets is 0.18 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 $128.16 is trading 116.8% above its estimated GF Value™ of $59.12. GuruFocus considers Protagonist Therapeutics to be Significantly Overvalued.

Key valuation signals for PTGX:

  • Scaled Net Operating Assets: 0.18
  • GF Value™: $59.12 vs. price of $128.16 (116.8% above fair value)
  • GF Score™: 51/100 with 7 warning signs

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 Business Description

Address 7707 Gateway Boulevard, Suite 140, Newark, CA, USA, 94560
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.
51GF Score

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$128.16
Price
$59.12
GF Value