← All companies ← PTC Manual PTEN → ← PRTA Pharmaceuticals PTGX →

PTCT, PTC Therapeutics Inc.

We are a global biopharmaceutical company dedicated to the discovery, development and commercialization of clinically differentiated medicines for children and adults living with rare disorders.

We have a diversified therapeutic portfolio that includes several commercial products and product candidates in various stages of development, including discovery, research and clinical stages, focused on the development of new treatments for multiple therapeutic areas for rare diseases relating to neurology and metabolism.

Sephience is approved in the United States, European Economic Area, or EEA, Japan and additional geographies. o Global DMD Franchise We have two products, Translarna TM (ataluren) and Emflaza (deflazacort), for the treatment of Duchenne muscular dystrophy, or DMD, a rare, life-threatening disorder.

Latest annual: FY2025 10-K

PTCT · PTC Therapeutics Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.7B

+114.5% YoY · 35% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $827M 5-yr avg $943M

Operating margin −7.1% 5-yr avg −33.6%

Owner-earnings margin −27% 5-yr avg −20%

Free cash flow margin −27% 5-yr avg −20%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Collaboration and License Revenue (58%) and Royalty (14%), with 5 more lines behind.
What moves the needle: Operating margin has reached 50% at its best but run negative through the cycle (median −64%) on a 96% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Stock-based pay runs about 14% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −45%, above 15% in 0 of 6 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 7 lines, the largest Collaboration and License Revenue at 58%.

Revenue by product line, FY2025

Collaboration and License Revenue58%$998M
Royalty14%$244M
Translarna14%$235M
Emflaza8%$146M
Sephience6%$111M
Upstaza/Kebilidi3%$57M
Other-4%($61M)

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$83M	$194M	$265M	$307M	$381M	$539M	$699M	$938M	$807M	$1.7B	$827M	RevenueRevenue
100%	98%	95%	96%	—	—	—	—	—	—	99%	Gross marginGross mgn
117%	62%	58%	66%	64%	53%	47%	35%	37%	20%	43%	SG&A / revenueSG&A/rev
142%	60%	65%	84%	125%	100%	93%	71%	66%	26%	54%	R&D / revenueR&D/rev
($132M)	($64M)	($116M)	($241M)	($432M)	($374M)	($447M)	($440M)	($303M)	$867M	($58M)	Operating incomeOp. inc.
−159.7%	−33.1%	−43.7%	−78.6%	−113.4%	−69.5%	−64.0%	−46.9%	−37.5%	50.1%	−7.1%	Operating marginOp. mgn
($142M)	($79M)	($128M)	($252M)	($438M)	($524M)	($559M)	($627M)	($363M)	$683M	($187M)	Net incomeNet inc.
											Cash flow & returns
($104M)	($10M)	($28M)	($99M)	($194M)	($251M)	($357M)	($158M)	($108M)	$711M	($218M)	Operating cash flowOp. cash
$3M	$18M	$26M	$32M	$43M	$64M	$129M	$237M	$76M	$39M	$47M	DepreciationDeprec.
$245K	$21M	$41M	$79M	$130M	$105M	($37M)	$130M	$105M	($85M)	($158M)	Working capital & otherWC & other
$2M	$3M	$7M	$14M	$18M	$28M	$32M	$28M	$7M	$9M	$8M	CapexCapex
2.1%	1.6%	2.7%	4.5%	4.7%	5.2%	4.6%	3.0%	0.8%	0.5%	1.0%	Capex / revenueCapex/rev
($105M)	($13M)	($35M)	($112M)	($212M)	($280M)	($389M)	($187M)	($114M)	$702M	($226M)	Owner earningsOwner earn.
−127.4%	−6.8%	−13.1%	−36.6%	−55.7%	−51.9%	−55.6%	−19.9%	−14.2%	40.6%	−27.4%	Owner earnings marginOE mgn
($105M)	($13M)	($35M)	($112M)	($212M)	($280M)	($389M)	($187M)	($114M)	$702M	($226M)	Free cash flowFCF
−127.4%	−6.8%	−13.1%	−36.6%	−55.7%	−51.9%	−55.6%	−19.9%	−14.2%	40.6%	−27.4%	Free cash flow marginFCF mgn
$0	$0	$49M	$0	—	—	—	—	—	—	$0	AcquisitionsAcquis.
-65%	-27%	-27%	-31%	-59%	-122%	—	—	—	—	—	ROICROIC
-119%	-50%	-37%	-42%	-91%	-36433%	—	—	—	—	—	Return on equityROE
−119%	−50%	−37%	−42%	−91%	n/m	—	—	—	—	—	Retained to equityRetained/eq
											Balance sheet
$232M	$191M	$228M	$687M	$1.1B	$773M	$411M	$877M	$1.1B	$1.9B	$1.9B	Cash & investmentsCash+inv
$25M	$40M	$68M	$56M	$70M	$110M	$156M	$161M	$159M	$182M	$220M	ReceivablesReceiv.
$0	$11M	$16M	$19M	$19M	$16M	$22M	$31M	$23M	$80M	$76M	InventoryInvent.
$6M	$15M	$6M	$10M	$19M	$23M	$27M	$6M	$17M	$45M	$25M	Accounts payablePayables
$19M	$36M	$78M	$64M	$70M	$103M	$150M	$185M	$164M	$216M	$270M	Operating working capitalOper. WC
$261M	$249M	$321M	$779M	$1.2B	$954M	$694M	$1.2B	$1.4B	$2.3B	$2.3B	Current assetsCur. assets
$50M	$82M	$167M	$236M	$277M	$509M	$406M	$603M	$581M	$968M	$924M	Current liabilitiesCur. liab.
5.3×	3.0×	1.9×	3.3×	4.4×	1.9×	1.7×	2.0×	2.4×	2.3×	2.4×	Current ratioCurr. ratio
—	$0	$82M	$82M	$82M	$82M	$82M	$82M	$82M	$82M	$82M	GoodwillGoodwill
$269M	$392M	$1.1B	$1.6B	$2.2B	$1.9B	$1.7B	$1.9B	$1.7B	$2.9B	$2.9B	Total assetsAssets
$98M	$145M	$153M	$314M	$309M	$431M	$572M	$284M	$285M	$287M	$573M	Total debtDebt
($133M)	($46M)	($75M)	($373M)	($795M)	($342M)	$161M	($593M)	($854M)	($1.7B)	($1.3B)	Net debt / (cash)Net debt
$120M	$156M	$351M	$594M	$482M	$1M	($347M)	($819M)	($1.1B)	($205M)	($180M)	Shareholders’ equityEquity
42.3%	15.7%	12.6%	13.7%	18.5%	19.2%	15.8%	10.8%	9.2%	4.3%	9.7%	Stock comp / revenueSBC/rev
											Per share
34.0M	39.2M	46.6M	58.9M	66.0M	70.5M	71.7M	74.8M	76.8M	88.3M	82.5M	Shares out (diluted)Shares
$2.43	$4.96	$5.68	$5.22	$5.77	$7.64	$9.74	$12.53	$10.50	$19.60	$10.02	Revenue / shareRev/sh
$-4.17	$-2.02	$-2.75	$-4.27	$-6.64	$-7.43	$-7.79	$-8.37	$-4.73	$7.73	$-2.26	EPS (diluted)EPS
$-3.09	$-0.34	$-0.75	$-1.91	$-3.21	$-3.97	$-5.42	$-2.50	$-1.49	$7.95	$-2.74	Owner earnings / shareOE/sh
$-3.09	$-0.34	$-0.75	$-1.91	$-3.21	$-3.97	$-5.42	$-2.50	$-1.49	$7.95	$-2.74	Free cash flow / shareFCF/sh
$0.05	$0.08	$0.15	$0.23	$0.27	$0.40	$0.45	$0.38	$0.08	$0.10	$0.10	Cap. spending / shareCapex/sh
$3.51	$3.99	$7.53	$10.10	$7.30	$0.02	$-4.84	$-10.94	$-14.29	$-2.32	$-2.19	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+26.1%/yr	+27.7%/yr
Capital spending / share	+7.5%/yr	−18.0%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Collaboration and License Revenue+328306.9%
“Collaboration and license revenue was $998.4 million for the year ended December 31, 2025, an increase of $998.1 million, or over 100%, from collaboration revenue of $0.3 million for the year ended December 31, 2024. The increase in collaboration and license revenue was primarily due to the recognition of $1.0 billion of license revenues from the Novartis Agreement related to our votoplam HD program, which was partially offset by a $3.5 million refund for a prior collaboration arrangement in relation to votoplam.”
✓ figure matches the filed record
Royalty+19.8%
“Royalty revenue was $244.2 million for the year ended December 31, 2025, an increase of $40.4 million, or 20%, from $203.9 million for the year ended December 31, 2024. The increase in royalty revenue was due to higher Evrysdi sales in the year ended December 31, 2025, compared to the year ended December 31, 2024.”
✓ figure matches the filed record
Manufacturing-100.0%
“Manufacturing revenue was $0.0 million for the year ended December 31, 2025, a decrease of $1.7 million, or 100%, from $1.7 million for the year ended December 31, 2024. The decrease was due to the prior completion of all manufacturing services related to the production of plasmid DNA and AAV vectors for gene therapy applications for external customers.”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

88Mpeak FY2025

ROIC

−122%low FY2021

Gross margin

96%low FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$702Mowner earningsvs.$683Mnet incomelow FY2022

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $683M of profit into $702M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$683M

Owner earnings$702M · 41% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$683M	($363M)	($627M)	($559M)	($524M)
Depreciation & amortizationnon-cash charge added back	+$39M	+$76M	+$237M	+$129M	+$64M
Stock-based compensationreal costnon-cash, but a real cost	+$75M	+$75M	+$102M	+$110M	+$104M
Working capital & othertiming of cash in and out, other non-cash items	−$85M	+$105M	+$130M	−$37M	+$105M
Cash from operations	$711M	($108M)	($158M)	($357M)	($251M)
Capital expenditurecash put back in to keep running and to grow	−$9M	−$7M	−$28M	−$32M	−$28M
Owner earnings	$702M	($114M)	($187M)	($389M)	($280M)
Owner-earnings marginowner earnings ÷ revenue	41%	-14%	-20%	-56%	-52%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $75M), owner earnings is nearer $628M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$1.4B

Net cash

Cash $985M + ST investments $961M − debt $572M

What this means
Cash and short-term investments exceed every dollar of debt by $1.4B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 1066d

Long (60+ days)

DSO 38 + DIO 2396 − DPO 1368 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not meaningful here

Invested capital ($618M) = debt $572M + equity ($205M) − cash

Industry peers: median -2%

What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
Owner-earnings margin 41%

Positive this year, negative across the cycle

latest $702M = operating cash $711M − maintenance capex $9M (positive this year), after an earlier loss stretch (10-yr median -37%)

Industry peers: median 3%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 41% of revenue this year, a -37% median across 10 years. Treating stock comp as the real expense it is (less $75M of SBC) leaves $628M.
Are earnings backed by cash? 1.04×

Cash-backed

Cash from ops $711M ÷ net income $683M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.23×

Harvesting

Capex $9M ÷ depreciation $39M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.7B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.35×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $572M vs $1.3B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 9 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-12.35/share (latest year $82.30), the averaged base the calculator's gate runs on, and book value is $-24.75/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 10

What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 6 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −79% → −11% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about −79% early to −11% lately, median −64% — pricing power intact or improving.
Reinvestment, incremental ROIC —

What this means
The reinvested base moved too little against the change in profit to read a reliable return on it here — the figure would be a small-denominator artifact, not a moat. Judge this one on the owner-earnings record and the cash it returns instead.
Worst year 2016 · −159.7% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.3B

Cash & short-term investments$1.9B
Receivables$220M
Inventory$76M
Other current assets$66M

Current liabilities$924M

Debt due within a year$287M
Accounts payable$25M
Other current liabilities$611M

Current ratio2.44×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.36×stricter: inventory excluded

Cash ratio2.05×strictest: cash alone against what's due

Working capital$1.3Bthe cushion left after near-term bills

Debt due this year vs. cash$287M due · $1.9B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Cash runway8.4 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago−76.8%the freshest read on whether the business is still growing

Current ratio, recent quarters2.2× → 2.4×

Deeper floors

Tangible book value($643M)equity stripped of goodwill & intangibles

Net current asset value($796M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$675M$102M of it operating leases

Deferred revenue$498Kcustomer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Matthew Klein	$11.0M	−$4.9M	($280M)
2022	Matthew Klein	$7.2M	$5.4M	($389M)
2023	Matthew Klein	$5.7M	−$3.5M	($187M)
2023	Matthew Klein	$8.9M	$4.8M	($187M)
2024	Matthew Klein	$7.4M	$14.7M	($114M)
2025	Matthew Klein	$23.3M	$41.2M	$702M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership5.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$75M
The slice of the business handed to employees in shares this year, 4% of revenue, equal to 9% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why PTC Therapeutics Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid debt outgrow the business?$98M → $573M
Debt rose from $98M to $573M while owner earnings went from about ($51M) to $134M: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.

And these came back clean

Is it less profitable than it was?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Inventory, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AMRXAmneal Pharmaceuticals Inc.	$3.0B	37%	7.9%	3%	9%
SRPTSarepta	$1.9B	—	-93.0%	-25%	-63%
PTCTPTC Therapeutics Inc.	$1.7B	97%	-55.4%	-45%	-28%
ALKSAlkermes	$1.5B	84%	-4.8%	-7%	3%
PAHCPhibro Animal Health Corporation	$1.3B	32%	8.8%	16%	3%
INDVIndivior Pharmaceuticals Inc.	$1.2B	82%	-2.9%	—	-2%
PBHPrestige Consumer Healthcare	$1.1B	56%	29.0%	8%	21%
ACADACADIA Pharmaceuticals Inc.	$1.1B	94%	-54.1%	-48%	-29%
Group median	—	82%	-3.8%	-7%	0%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what PTC Therapeutics Inc. has delivered.

PTC Therapeutics Inc.’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle ($134M) Net of stock comp (−$80M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($226M) on 8M shares outstanding, per the 10-Q cover, as of 2026-05-05; net cash $1.3B. The if-converted diluted count is 83M, 895% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh PTCT against another business →

Cite: Owner Scorecard, "PTC Therapeutics Inc. (PTCT), the owner's record," https://ownerscorecard.com/c/PTCT, data as of 2026-07-09.

Manual order: ← PTC its page in the Manual PTEN →

Industry order: ← PRTA the Pharmaceuticals chapter PTGX →