Protalix BioTherapeutics, Inc.
PLXHealthcare|Biotechnology|US
$2.54
+0.03 (+0.99%)
Tangible Book / Share
$0.89
Graham Number
$2.18
Cash / Share
$0.51
Financials
Financial Snapshot
Market Cap
$204.7M
Enterprise Value
$186.4M
Revenue (TTM)
$80.6M
Net Income (TTM)
$18.9M
Cash & Investments
$40.7M
Net Cash
$31.4M
Free Cash Flow (TTM)
$7.7M
Operating CF (TTM)
$9.9M
Debt/Equity
0.13
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $63.3M | $51.2M | $37.8M | $17.8M | $38.5M | $39.0M | $22.2M | $44.6M | $34.8M | $30.3M | $40.7M | |
| Operating Cash Flow | -$32.1M | -$10.0M | -$7.7M | -$19.4M | -$26.1M | -$10.3M | -$25.0M | -$1.3M | $8.7M | -$12.0M | $9.9M | |
| Free Cash Flow | -$32.9M | -$11.0M | -$8.4M | -$20.0M | -$26.8M | -$11.7M | -$25.6M | -$2.5M | $7.4M | -$13.6M | $7.7M | |
| Capital Expenditure | -$849.0K | -$971.0K | -$686.0K | -$627.0K | -$655.0K | -$1.5M | -$628.0K | -$1.1M | -$1.3M | -$1.6M | -$2.3M | |
| Financing Cash Flow | $19.7M | -$1.4M | -$4.8M | $0.00 | $46.5M | $12.1M | $8.2M | $24.7M | -$16.8M | $9.3M | $296.0K |
R&D Spending
R&D (TTM)
$19.9M
R&D Intensity
24.7%
R&D Growth vs Prior
+4.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.2M | $21.1M | $34.2M | $54.7M | $62.9M | $38.4M | $47.6M | $65.5M | $53.4M | $52.7M | $80.6M | |
| R&D Expense | $30.4M | $28.8M | $33.3M | $44.6M | $38.2M | $29.7M | $29.3M | $17.1M | $13.0M | $19.1M | $19.9M | |
| R&D % of Revenue | 330.6% | 136.8% | 97.3% | 81.6% | 60.7% | 77.5% | 61.6% | 26.1% | 24.3% | 36.1% | 24.7% | |
| SG&A | $9.4M | $11.5M | $10.9M | $9.9M | $11.1M | $12.7M | $11.7M | $15.0M | $12.2M | $11.7M | $12.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.2M | $21.1M | $34.2M | $54.7M | $62.9M | $38.4M | $47.6M | $65.5M | $53.4M | $52.7M | $80.6M | |
| Cost of Revenue | $8.4M | $15.2M | $9.3M | $10.9M | $10.9M | $16.3M | $19.6M | $23.0M | $24.3M | $27.5M | $24.8M | |
| Gross Profit | $801.0K | $5.8M | $24.9M | $43.8M | $52.0M | $22.0M | $28.0M | $42.5M | $29.1M | $25.2M | $55.8M | |
| R&D | $30.4M | $28.8M | $33.3M | $44.6M | $38.2M | $29.7M | $29.3M | $17.1M | $13.0M | $19.1M | $19.9M | |
| SG&A | $9.4M | $11.5M | $10.9M | $9.9M | $11.1M | $12.7M | $11.7M | $15.0M | $12.2M | $11.7M | $12.6M | |
| Operating Income | -$33.2M | -$34.5M | -$19.3M | -$10.7M | $2.7M | -$20.5M | -$13.0M | $10.5M | $3.9M | -$5.5M | $23.3M | |
| Interest Expense | $4.2M | $9.7M | $7.7M | $8.0M | $9.7M | $7.5M | $2.5M | $3.2M | $1.1M | $1.2M | $1.3M | |
| Pretax Income | -$29.2M | -$83.4M | -$26.5M | -$18.3M | -$6.5M | -$27.6M | -$14.4M | $8.6M | $4.2M | -$5.6M | $23.5M | |
| Net Income | -$29.4M | -$83.4M | -$26.5M | -$18.3M | -$6.5M | -$27.6M | -$14.9M | $8.3M | $2.9M | -$6.6M | $18.9M | |
| EPS (Diluted) | -0.29 | -6.50 | -1.80 | -1.23 | -0.22 | -0.62 | -0.31 | 0.10 | 0.04 | -0.08 | 0.23 | |
| EBITDA | -$23.0M | -$71.8M | -$17.1M | -$8.7M | $4.5M | -$18.9M | -$10.8M | $12.9M | $6.5M | -$3.0M | $26.3M | |
| Shares Out. (M) | 101.39 | 13.11 | 14.71 | 14.84 | 29.15 | 44.14 | 48.47 | 82.42 | 81.06 | 78.55 | 82.56 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $63.3M | $51.2M | $37.8M | $17.8M | $18.3M | $39.0M | $17.1M | $23.6M | $19.8M | $14.7M | $27.4M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $20.3M | $0.00 | $5.1M | $20.9M | $15.1M | $15.6M | $13.2M | |
| Total Current Assets | $71.9M | $62.7M | $53.0M | $32.5M | $55.7M | $61.7M | $44.9M | $69.9M | $60.1M | $66.7M | $92.2M | |
| Total Assets | $82.2M | $72.2M | $61.1M | $45.4M | $67.9M | $73.7M | $55.8M | $84.4M | $73.4M | $82.3M | $110.3M | |
| Total Current Liabilities | $66.2M | $22.8M | $25.4M | $40.2M | $86.5M | $33.2M | $32.4M | $45.5M | $25.6M | $26.5M | $31.4M | |
| Long-Term Debt | $23.6M | $46.3M | $48.0M | $51.0M | $0.00 | $27.9M | $28.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $92.2M | $103.5M | $114.0M | $115.7M | $95.0M | $79.7M | $66.4M | $50.9M | $30.2M | $34.1M | $38.9M | |
| Stockholders' Equity | -$10.0M | -$31.3M | -$52.9M | -$70.3M | -$27.0M | -$6.0M | -$10.6M | $33.6M | $43.2M | $48.2M | $71.4M | |
| Retained Earnings | -$212.7M | -$297.9M | -$322.6M | -$340.8M | -$347.4M | -$374.9M | -$389.9M | -$381.5M | -$378.4M | -$385.0M | -$362.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$32.1M | -$10.0M | -$7.7M | -$19.4M | -$26.1M | -$10.3M | -$25.0M | -$1.3M | $8.7M | -$12.0M | $9.9M | |
| Capital Expenditure | -$849.0K | -$971.0K | -$686.0K | -$627.0K | -$655.0K | -$1.5M | -$628.0K | -$1.1M | -$1.3M | -$1.6M | -$2.3M | |
| Free Cash Flow | -$32.9M | -$11.0M | -$8.4M | -$20.0M | -$26.8M | -$11.7M | -$25.6M | -$2.5M | $7.4M | -$13.6M | $7.7M | |
| Investing Cash Flow | -$967.0K | -$1.1M | -$591.0K | -$883.0K | -$20.0M | $18.9M | -$5.0M | -$16.7M | $4.2M | -$2.4M | -$1.0M | |
| Financing Cash Flow | $19.7M | -$1.4M | -$4.8M | $0.00 | $46.5M | $12.1M | $8.2M | $24.7M | -$16.8M | $9.3M | $296.0K | |
| Issuance of Stock | $14.0K | $0.00 | $0.00 | $0.00 | $46.2M | $46.2M | $8.2M | $24.0M | $3.6M | $9.3M | $296.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $19.7M | -$1.4M | -$4.8M | $0.00 | -$215.0K | -$34.1M | $0.00 | $0.00 | -$20.4M | $0.00 | $0.00 | |
| Stock Based Comp. | $988.0K | $337.0K | $514.0K | $835.0K | $3.1M | $2.4M | $2.1M | $3.4M | $3.3M | $2.3M | $2.3M | |
| Net Change in Cash | -$13.1M | -$12.1M | -$13.4M | -$20.0M | $473.0K | $20.7M | -$21.9M | $6.5M | -$3.9M | -$4.4M | $9.5M |
Dilution Tracker
Shares outstanding grew 169.5% over 5 years — significant dilution
Shares Outstanding
81M
5-Year Share Growth
+169.5%
Stock Issuance (TTM)
$296.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 101.39 | 13.11 | 14.71 | 14.84 | 29.15 | 44.14 | 48.47 | 82.42 | 81.06 | 78.55 | 82.56 | |
| Change vs Prior % | — | -87.1% | 12.2% | 0.8% | 96.4% | 51.4% | 9.8% | 70.0% | -1.7% | -3.1% | 5.1% | |
| Stock Issuance | $14.0K | $0.00 | $0.00 | $0.00 | $46.2M | $46.2M | $8.2M | $24.0M | $3.6M | $9.3M | $296.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $988.0K | $337.0K | $514.0K | $835.0K | $3.1M | $2.4M | $2.1M | $3.4M | $3.3M | $2.3M | $2.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 8.7% | 27.7% | 72.8% | 80.1% | 82.7% | 57.4% | 58.9% | 64.9% | 54.5% | 47.8% | 69.2% | |
| Operating Margin % | -360.5% | -163.8% | -56.4% | -19.6% | 4.3% | -53.4% | -27.3% | 16.0% | 7.3% | -10.4% | 28.9% | |
| Net Margin % | -319.2% | -395.9% | -77.3% | -33.4% | -10.4% | -71.9% | -31.3% | 12.7% | 5.5% | -12.5% | 23.5% | |
| EBITDA Margin % | -250.0% | -340.6% | -49.9% | -15.9% | 7.1% | -49.4% | -22.6% | 19.8% | 12.2% | -5.6% | 32.6% | |
| FCF Margin % | -358.2% | -52.0% | -24.6% | -36.5% | -42.5% | -30.6% | -53.8% | -3.8% | 13.8% | -25.8% | 9.5% | |
| ROE % | 294.9% | 266.6% | 50.0% | 26.0% | 24.1% | 457.0% | 140.3% | 24.8% | 6.8% | -13.7% | 31.6% | |
| ROA % | -35.7% | -115.5% | -43.3% | -40.3% | -9.6% | -37.4% | -26.8% | 9.8% | 4.0% | -8.0% | 17.2% | |
| ROIC % | -47.4% | -62.3% | -54.0% | -100.6% | 6.5% | -49.1% | -53.2% | 16.4% | 5.6% | -9.6% | 23.3% | |
| R&D / Revenue % | 330.6% | 136.8% | 97.3% | 81.6% | 60.7% | 77.5% | 61.6% | 26.1% | 24.3% | 36.1% | 24.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 110.8% | 129.1% | 62.4% | 59.7% | 15.0% | -39.0% | 24.2% | 37.5% | -18.5% | -1.2% | |
| Gross Profit | -78.0% | 630.0% | 326.5% | 75.6% | 18.8% | -57.7% | 27.5% | 51.6% | -31.6% | -13.2% | |
| Operating Income | -40.1% | -4.1% | 44.1% | 44.5% | 125.3% | -855.1% | 36.4% | 180.4% | -62.6% | -240.4% | |
| Net Income | -150.6% | -184.1% | 68.3% | 30.9% | 64.3% | -322.8% | 45.9% | 155.7% | -64.7% | -325.2% | |
| EPS (Diluted) | -147.5% | -2141.4% | 72.3% | 31.7% | 82.1% | -181.8% | 50.0% | 132.3% | -63.4% | -329.8% | |
| Operating Cash Flow | -32.2% | 68.9% | 22.5% | -150.0% | -34.9% | 60.6% | -143.1% | 94.7% | 758.1% | -238.3% | |
| Free Cash Flow | -33.1% | 66.7% | 23.1% | -137.1% | -33.9% | 56.1% | -118.2% | 90.4% | 399.6% | -284.4% | |
| R&D Expense | 51.9% | -5.2% | 15.6% | 33.9% | -14.5% | -22.1% | -1.3% | -41.8% | -24.1% | 46.9% | |
| SG&A Expense | 28.5% | 23.2% | -5.3% | -9.3% | 12.6% | 14.2% | -8.0% | 27.7% | -18.5% | -4.2% | |
| Total Assets | -15.4% | -12.2% | -15.3% | -25.7% | 49.7% | 8.4% | -24.3% | 51.4% | -13.0% | 12.2% | |
| Book Value / Share | -108.6% | -2330.7% | -50.6% | -31.9% | 80.4% | 85.3% | -60.5% | 326.5% | 19.8% | 3.1% | |
| Debt | 7.5% | -32.7% | -8.1% | 27.0% | 5.7% | -48.0% | 0.0% | -17.3% | -80.0% | 50.6% | |
| Diluted Shares | 968.1% | -87.1% | 12.2% | 0.8% | 96.4% | 51.4% | 9.8% | 70.0% | -1.7% | -3.1% |
Valuation
P/E (TTM)10.54
P/S2.54
10Y Low / Med / High0.89 / 1.83 / 49.05
P/B2.85
10Y Low / Med / High2.93 / 3.16 / 3.58
EV/EBITDA7.09
10Y Low / Med / High9.60 / 18.73 / 34.14
EV/Revenue2.31
10Y Low / Med / High0.81 / 2.29 / 50.59
P/FCF26.69
Intrinsic Value Models (per share)
Tangible Book / Share
$0.89
Net Current Assets / Share
$0.66
Graham Number
$2.18
Graham Net-Net
$0.38
Cash / Share
$0.51
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -15.34 | -1.02 | -1.73 | -2.67 | -16.50 | -1.34 | -4.42 | 14.83 | 46.53 | -21.40 | 10.54 | |
| P/S Ratio | 49.05 | 4.11 | 1.34 | 0.89 | 1.68 | 0.96 | 1.39 | 1.83 | 2.55 | 2.68 | 2.54 | |
| P/B Ratio | -45.31 | -2.77 | -0.87 | -0.69 | -3.91 | -6.08 | -6.24 | 3.58 | 3.16 | 2.93 | 2.85 | |
| EV/EBITDA | -20.23 | -1.22 | -3.27 | -10.56 | 34.14 | -1.65 | -7.68 | 9.60 | 18.73 | -45.74 | 7.09 | |
| EV/Revenue | 50.59 | 4.16 | 1.63 | 1.68 | 2.42 | 0.81 | 1.74 | 1.90 | 2.29 | 2.56 | 2.31 |
Analyst Estimates & Quality
Altman Z-Score
0.68
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $82.1M | $66.5M | $68.8M |
| Net Income | $15.7M | $4.1M | $1.6M |
| EPS | $0.24 | $0.05 | $0.02 |
| # Analysts (EPS) | 2 | 2 | 1 |
Revenue Segments
By Product
| Segment | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| License And Service | $38.8M | — | — | — | — | — |
| Product | $15.9M | — | — | — | $53.0M | $51.8M |
| License and R&D Services | — | $21.6M | $22.3M | $25.1M | — | — |
| License and Service | — | — | — | — | $418.0K | $942.0K |