Buy Like Buffett
Watchlist

PALATIN TECHNOLOGIES, INC.

PTN · Healthcare · $16.2M mkt cap · FY2026 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
Share / Embed this score
Embed this score

The five investor questions

70

2024–2026 (latest 2 aligned FYs; v3 window cap 5): revenue $4.5M to $13.2M, increasing; diluted EPS -101.16 to -2.96, increasing. 1 fiscal year was not jointly reported; CAGR uses the full 2-year elapsed span. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%. Two-year history is scoreable but carries less confidence than a full-cycle record.

95

Median gross margin 94.6% over 4y, very stable.

—

Not enough years of ROIC data to score returns on capital.

28

Net debt/EBITDA n/ax, interest coverage -1289x.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

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. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$9.08
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 212% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 29, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 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.

18 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $14.2M (FY2010) to $13.2M (FY2026) — about −0.5% a year compounded over 16 years.

ROIC is not available for the latest filed year, FY2026. Across the full 3-year measurable filed record, median ROIC was −60.9%.

PTN's latest filed year, FY2026, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

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.

FY2009–FY2026 · 18 fiscal years, normalized from PTN’s SEC filings

Sales, as filed$13.2M FY2026
$0$50M2009201520212026
Revenue kept after cost of goods97.8% FY2024
0%50%100%2009201520212026
Standard ROIC or separately labeled Operating ROICStandard ROIC 153.2% FY2019

Exact FY and FY-1 financing invested-capital inputs are required.. Exact FY and FY-1 Operating Invested Capital inputs are required.

0%100%2009201520212026
Cash an owner could take out−$8.4M FY2026
−$50M$02009201520212026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the 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.

Flagship explainer

How PALATIN TECHNOLOGIES, INC. makes its money

PALATIN TECHNOLOGIES, INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$13.2M100%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
−$8.7M−66%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Income before tax−$16.8M−127%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Income tax−$8.4M−64%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
−$8.4M−64%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
· event Jun 30, 2026 · retrieved Sep 29, 2026 · annual-row source set

Flagship explainer

What PALATIN TECHNOLOGIES, INC. owns — and owes

PALATIN TECHNOLOGIES, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$8.5M100%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Cash and equivalents$7.5M88%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Stockholders’ equity$6.7M78%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
· event Jun 30, 2026 · retrieved Sep 29, 2026 · annual-row source set

Flagship explainer

What drives PALATIN TECHNOLOGIES, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−878%Tax burden50%net income ÷ pretax incomeInterest burden193%pretax ÷ operating incomeOperating margin−66%operating income ÷ revenueAsset turnover2.24×revenue ÷ average assetsEquity multiplier6.18×average assets ÷ average equityAs of 2026-06-30 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$8.4MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Income before tax−$16.8MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Operating income−$8.7MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
$13.2MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Ending assets$8.5MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Beginning assets$3.3MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
  • 10-K · FY 2025Filing detailsAccession 0001654954-25-011030 · filed Sep 23, 2025
$6.7MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
−$4.8MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
  • 10-K · FY 2025Filing detailsAccession 0001654954-25-011030 · filed Sep 23, 2025
Source: · event Jun 30, 2026 · retrieved Sep 29, 2026 · annual-row source set
Embed this chart

Flagship explainer

Where PALATIN TECHNOLOGIES, INC.'s cash went

PALATIN TECHNOLOGIES, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$13.5M−100%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Depreciation and amortization$626790%
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001493152-26-044572 · filed Sep 28, 2026
· event Jun 30, 2026 · retrieved Sep 29, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding PALATIN TECHNOLOGIES, INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 29, 2026

Flagship explainer

What PALATIN TECHNOLOGIES, INC. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

19 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale59.2 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Sep 29, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Not ratedShallow moatSep 29, 2026
  2. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  3. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  4. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for PTN.

Track record

How PALATIN TECHNOLOGIES, 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.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored PTN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score5102050100200Indexed price · log scale (2012 = 100)201120142017202020232026

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, PTN 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

#115 of 711 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #113HTFL Heartflow, Inc.59.4Shallow moat
  2. #114ABBV AbbVie Inc.59.3Shallow moat
  3. #116VXRT Vaxart, Inc.58.7Shallow moat
  4. #117PAHC Phibro Animal Health Corporation58.5Shallow moat

Compare PTN with its nearest peers →All Healthcare companies on the Index →

Common questions about PTN

Does PALATIN TECHNOLOGIES, INC. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores PALATIN TECHNOLOGIES, INC. (PTN) 59.2 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 70, pricing power 95, returns on capital not measurable from the filings, balance-sheet safety 28, capital allocation 44.
How has PTN's Moat Score changed over time?
The record logs 19 readings since Jul 17, 2026; the latest reads 59.2 out of 100 (shallow moat). Tier changes so far: Not rated → Shallow moat on Sep 29, 2026. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PTN. See the disclaimer.