Protagonist Therapeutics Inc (PTGX)

Return on total capital

		Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	148,678	-93,652	-153,217	-147,194	-146,283	-131,373	-131,873	-133,496	-122,935	-125,845	-107,588	-81,406	-68,607	-64,247	-62,787	-72,210	-85,534	-80,521	-78,634	-70,856
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	560,444	336,677	302,149	294,068	216,167	215,608	243,616	267,978	301,778	300,021	329,660	357,447	259,334	279,606	169,590	167,485	62,666	79,964	95,358	84,316
Return on total capital		26.53%	-27.82%	-50.71%	-50.05%	-67.67%	-60.93%	-54.13%	-49.82%	-40.74%	-41.95%	-32.64%	-22.77%	-26.46%	-22.98%	-37.02%	-43.11%	-136.49%	-100.70%	-82.46%	-84.04%

March 31, 2024 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $148,678K ÷ ($—K + $560,444K)
= 26.53%

Protagonist Therapeutics Inc's return on total capital has shown significant variability over the past few quarters, ranging from a high of 26.53% in March 2024 to a low of -136.49% in March 2020. The positive return in March 2024 indicates the company generated a return of 26.53% on its total capital employed during that period. However, the negative returns in several quarters, such as in March 2020 and December 2019, suggest that the company may have experienced challenges in utilizing its capital efficiently to generate profits. Overall, the return on total capital trend seems to have improved in recent quarters compared to earlier periods, although negative returns still persist, indicating the need for continued monitoring and potential strategic adjustments by the company.