Protalix BioTherapeutics, Inc. (PLX) stock analysis
Close on Nov 11, 2026Market cap $252.19MP/E 12.5Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Solid16 of 30 checks passed
Protalix BioTherapeutics passes 16 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 4/6
- Growth
- 2/6
- Past performance
- 4/6
- Financial health
- 6/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 48.5% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $3.13 is below our fair value estimate of $6.08.
Return on capital over 10%
Return on invested capital was 41.0%, above the 10% that usually covers the cost of capital.
No debt
Protalix BioTherapeutics has no borrowings on its latest balance sheet.
What to watch
Revenue growing under 10% a year
Revenue grew 3.5% a year over the last three fiscal years, short of the 10% we look for.
Guidance lowered
Protalix BioTherapeutics lowered its Full ‑ year 2026 revenues from sales of Elelyso ® outlook on Aug 12, 2026.
EV/EBITDA above its 5-year median
Protalix BioTherapeutics's EV/EBITDA of 9.1 is above its 5-year median of 8.2.
P/B above the industry
Protalix BioTherapeutics's price-to-book of 3.13 is above the Drugs median of 2.29.
Valuation4/6
P/E below its 5-year median
Protalix BioTherapeutics's P/E of 12.5 is below its own 5-year median of 36.5.
P/E below the industry
Protalix BioTherapeutics's P/E of 12.5 is below the Drugs median of 25.1.
EV/EBITDA above its 5-year median
Protalix BioTherapeutics's EV/EBITDA of 9.1 is above its 5-year median of 8.2.
P/B above the industry
Protalix BioTherapeutics's price-to-book of 3.13 is above the Drugs median of 2.29.
Trading below fair value
The share price of $3.13 is below our fair value estimate of $6.08.
Margin of safety over 20%
The price is 48.5% below fair value, more than the 20% cushion we look for.
Growth2/6
Revenue growing under 10% a year
Revenue grew 3.5% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 37.0% over the last twelve months; the Drugs median is 8.0%.
Guidance lowered
Protalix BioTherapeutics lowered its Full ‑ year 2026 revenues from sales of Elelyso ® outlook on Aug 12, 2026.
Gross margin improving
Gross margin was 71.2% over the last twelve months, against 57.5% a year earlier.
Past performance4/6
Return on equity
Needs positive equity and five years of results.
Return on capital over 10%
Return on invested capital was 41.0%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Protalix BioTherapeutics's return on equity of 30.8% is above the Drugs median of -58.8%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 24.3% over the last twelve months, against a 5-year average of -19.5%.
Net margin above the industry
Protalix BioTherapeutics's net margin of 24.3% is above the Drugs median of -53.0%.
Financial health6/6
No debt
Protalix BioTherapeutics has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 3.27 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 6.13; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Protalix BioTherapeutics has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$6.08
The share price is 48% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 30.8× | 36.5× | 25.1× | $7.71 | 53% |
| EV/EBITDA | 12.6× | 8.2× | 17.1× | $4.21 | 47% |
| Fair value | $6.08 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 36.5
- Drugs median 25.1
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $2.55M
- Value traded per 1% price move
- $1.00M
Downside
High risk
- Typical loss in a bad month
- 28.3%
- Volatility (annualized)
- 56%
- Sharpe ratio, 1 year
- 0.76
- Beta to the S&P 500 (5Y)
- 0.87
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -1.2% | +3.5% | -3.5% | +28.3% | |
| Gross profit | -11.4% | -2.8% | -13.1% | +21.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -6411.6% | 13.4% | -14.4% | |
| Return on assets | -32.7% | -11.5% | -8.5% | |
| Current ratio | 1.09 | 0.64 | 2.51 | |
| Inventory turnover | 1.5× | 1.0× | 1.1× | |
| Capex to revenue | 9.2% | 1.0% | 3.1% | |
| Diluted shares | 10M | 29M | 79M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Protalix BioTherapeutics generated $57.27M from operations and spent $6.16M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -12.5% | 0.68× | 1.70× | -14.4% |
| FY2024 | 5.5% | 0.68× | 2.06× | 7.6% |
| FY2023 | 12.7% | 0.93× | 6.12× | 72.5% |
| FY2022 | -31.3% | 0.74× | -7.76× | 179.0% |
| FY2021 | -71.9% | 0.54× | -4.28× | 166.8% |
| FY2020 | -10.4% | 1.11× | -1.16× | 13.4% |
| FY2019 | -33.4% | 1.03× | -0.86× | 29.7% |
| FY2018 | -77.3% | 0.51× | -1.62× | 64.3% |
| FY2017 | -395.9% | 0.27× | -3.92× | 423.4% |
| FY2016 | -319.2% | 0.10× | 195.96× | -6411.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$6.60M
- Cash generatingOperating cash flow above zero-$11.99M
- Return on assets improvedROA up on the prior year3.5% → -9.0%
- Earnings backed by cashOperating cash flow above net income-$11.99M vs -$6.60M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.34 → 2.51
- No dilutionShare count did not rise81M → 79M
- Gross margin improvedGross margin up on the prior year54.46% → 48.82%
- More efficientAsset turnover rose0.63 → 0.72
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