PHATHOM PHARMACEUTICALS, INC.
PHAT · Healthcare · $760.6M mkt cap · FY2025 filings · Shallow moat ·
Doesn't clear the bar
The five investor questions
2023–2025: revenue 682000.00 to 175110000.00, increasing; diluted EPS -3.93 to -3.03, increasing.
Median gross margin 85.6% over 3y, very stable.
Not enough years of ROIC data to score returns on capital.
Net debt/EBITDA n/ax, interest coverage -2x.
Owner earnings trend unclear, share count growing (dilution).
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
Price vs. owner-earnings value range
- Owner earnings (normalized)
- —
- Value range / share
- —
- Conservative high estimate / share
- —
- Recent price
- $10.65
- Price vs. high estimate
- No price data
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
9 years of fundamentals
The business, in plain English
PHATHOM PHARMACEUTICALS, INC. booked $175.1M of revenue in FY2025 in the Healthcare sector and kept 87.1% of it as gross profit — a high-margin business by that measure. After every other cost, −126.3% of each revenue dollar reached the bottom line.
The balance sheet carried $209.1M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.
The share count rose 188.8% between FY2019 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in PHAT’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How PHATHOM PHARMACEUTICALS, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored PHAT on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, PHAT did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Healthcare context
#170 of 736 scored Healthcare companies, ranked by Moat Score.
Nearest peers by Moat Score
- #168DVA DAVITA INC.51.7 out of 100, Shallow moatShallow moat
- #169SLS SELLAS Life Sciences Group, Inc.51.6 out of 100, Shallow moatShallow moat
- #171FTV Fortive Corp51.5 out of 100, Shallow moatShallow moat
- #172MDT Medtronic plc51.4 out of 100, Shallow moatShallow moat
Compare PHAT with its nearest peers →All Healthcare companies on the Index →
Common questions about PHAT
- Does PHATHOM PHARMACEUTICALS, INC. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores PHATHOM PHARMACEUTICALS, INC. (PHAT) 51.6 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 95, returns on capital not measurable from the filings, balance-sheet safety 28, capital discipline 24.
- How has PHAT's Moat Score changed over time?
- The record logs 8 readings since Jul 17, 2026; the latest reads 51.6 out of 100 (shallow moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.