What is Protagonist Therapeutics, Inc worth?
With the base-case assumptions below, a discounted cash flow model on Protagonist Therapeutics, Inc's reported free cash flow gives $29.65 per share. The share price was $136.26 on November 10, 2026, 360% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 5.0% | 10.0% | $21.18 | -84% |
| Base | 10.0% | 9.0% | $29.65 | -78% |
| Bull | 15.0% | 8.0% | $45.44 | -67% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $35.89 | $37.81 | $40.17 | $43.11 | $46.89 |
| 8.0% | $31.22 | $32.46 | $33.94 | $35.71 | $37.87 |
| 9.0% | $27.81 | $28.66 | $29.65 | $30.80 | $32.15 |
| 10.0% | $25.22 | $25.82 | $26.51 | $27.30 | $28.21 |
| 11.0% | $23.19 | $23.63 | $24.13 | $24.69 | $25.32 |
Where the presets come from
Base: years 1 to 5 grow at Protagonist Therapeutics, Inc's revenue growth rate over the last 5 fiscal years (10.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions