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Ardelyx, Inc.

ARDX Healthcare Biotechnology

Ardelyx, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $407.3 million, up 22.1% from fiscal 2024.

Revenue
+15.7%
EPS
+27.5%
Free cash flow
+938.8%
Total debt
+24.8%

Quarter to September 2026, against a year earlier

2.86 0.13 −4.35%
Market cap
$751.6M
P/E
0.0×
Fwd P/E
−17.2×
Dividend yield
—
F-score
2/9
Altman Z
1.12
Beneish M
−2.40
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.95
Sold, $m 3.85
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — 1 9 1 1 9 2 1 8 — — —
Insider Ownership 4.23%

Capital & Financial Ratios $m

Size
Market Cap 751.61
Revenue ttm 468.22
Net income ttm (55.47)
Free cash flow ttm (15.96)
Net debt Q (32.98)
Valuation
P/E 0.00
Forward P/E (17.20) (negative: loss-making)
Price / sales 1.53
Forward P/S Powerpack
Price / FCF 0.00
Price / book 4.36
Financial health
Current ratio Q 3.45 (at or above 1.5: strong)
Debt / equity Q 1.54
Interest coverage Q 0.55
Growth
Revenue growth Q +15.70% (above 0%: growing)
Operating income growth Q −13.82% (below 0%: shrinking)
EPS, this year +26.20% (at or above 15%: strong)
EPS, next year A +198.84% (at or above 15%: strong)
Revenue, next year A +19.61% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +30.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.5×, against a ten-year median of 7.2×; over the ten years it ranged from −7.0× in 2018 to 462× in 2019.
P/S against its own 10 years 0.04%
10-year low 10-year high
P/B against its own 10 years 55.79%
10-year low 10-year high
EV/Sales against its own 10 years 2.26%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 184 250 265 285
Receivables 22 58 72 93
Inventory 12 21 18 24
Other — — — —
246 356 382 441
2023 2024 2025 Q'26
Payables 11 16 19 34
ST’ Debt — — — —
Other 15 35 48 69
50 78 89 128

Compound Annual Growth %

10y 5y 3y
Sales 29.12% 121.90% 98.40%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 4.37% 5.77% 19.30%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.03 Actual 0.00

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.02 0.00 Miss by 0.02
Q1 FY26 −0.13 −0.15 Miss by 0.02
Q2 FY26 −0.05 −0.07 Miss by 0.02
Q3 FY26 −0.03 0.00 Beat by 0.03
Q4 FY26 0.03 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.15) (0.07) 0.00 — —
’25 (0.17) (0.08) 0.00 0.00 (0.26)
’24 (0.11) (0.07) 0.00 0.02 (0.17)
’23 (0.13) (0.08) 0.03 (0.12) (0.30)
’22 (0.21) (0.19) (0.14) 0.06 (0.42)
’21 (0.34) (0.45) (0.42) (0.31) (1.52)
’20 (0.25) (0.28) (0.20) (0.32) (1.05)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 94 121 128 — —
’25 74 98 110 125 407
’24 46 73 98 116 334
’23 11 22 56 34 124
’22 0 3 5 44 52
’21 7 1 1 1 10
’20 1 2 3 2 8
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (32) (6) 2 — —
’25 (38) (25) 0 21 (42)
’24 (36) (19) 1 10 (45)
’23 (45) (15) (21) (9) (90)
’22 (28) (31) (25) 14 (70)
’21 (44) (34) (35) (39) (153)
’20 (25) (19) (20) (18) (81)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (32) (6) 2 — —
’25 (39) (26) 0 21 (44)
’24 (36) (20) 0 9 (46)
’23 (45) (15) (22) (9) (90)
’22 (27) (31) (25) 14 (68)
’21 (45) (35) (35) (39) (154)
’20 (25) (19) (20) (18) (82)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 42 3 5 8 10 52 124 334 407 468 +32.8% 487 624 834 +27.0%
Gross margin, % 0.00 80.00 82.13 88.64 98.08 90.10 92.11 85.70 84.85 90.29 94.46 +90.3 pt
EBT (112) (63) (91) (95) (94) (158) (67) (66) (39) (61) (55) (6.6%)
EBT margin, % 0.00 (150.38) (3,501.88) (1,792.03) (1,245.69) (1,566.42) (128.84) (52.65) (11.65) (14.89) (11.80) (14.9) pt
Net income (112) (64) (91) (95) (94) (158) (67) (66) (39) (62) (55) (6.5%)
Per share, $
Per share, $ Revenue 0.00 0.89 0.05 0.08 0.08 0.10 0.33 0.57 1.42 1.69 1.87 n/m
Earnings (2.80) (1.36) (1.62) (1.47) (1.05) (1.52) (0.42) (0.30) (0.17) (0.26) (0.22) (23.2%)
Cash flow (2.31) (1.37) (1.25) (1.19) (0.91) (1.46) (0.44) (0.41) (0.19) (0.18) (0.06) (24.9%)
Capex (0.12) (0.05) (0.01) 0.00 0.00 (0.02) 0.01 0.00 0.00 (0.01) 0.00 (28.1%)
Free cash flow (2.43) (1.42) (1.26) (1.19) (0.91) (1.48) (0.43) (0.41) (0.19) (0.18) (0.06) (25.0%)
Book value 4.81 2.94 2.06 2.89 1.41 0.79 0.62 0.76 0.74 0.69 0.66 (19.4%)
Shares, m 40 47 56 64 90 104 159 219 235 241 246 +22.0%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — 10.94 38.60 90.24 76.55 11.35 8.15 10.66 3.57 3.45 1.53 28.2
P/B — 2.38 0.87 2.59 4.60 1.39 4.33 7.95 6.88 8.42 4.36 4.4
EV/Sales — 6.52 (7.00) 53.44 58.63 3.96 6.62 9.80 3.36 3.36 1.51 15.4
EV/FCF — (2.93) 0.26 (3.73) (5.43) (0.26) (5.05) (13.54) (24.45) (31.16) (44.44) (9.6)
Cash, $m
Cash, $m Operating cash flow (93) (65) (70) (76) (81) (153) (70) (90) (45) (42) (16) (8.3%)
Capex (5) (2) 0 0 0 (2) 2 0 (1) (1) 0 (12.3%)
Free cash flow (97) (68) (71) (77) (82) (154) (68) (90) (46) (44) (16) (8.5%)
Balance, $m
Balance, $m Working capital 185 132 159 230 166 81 88 196 279 294 314 +5.3%
Net debt (201) (134) (119) (197) (136) (75) (80) (134) (99) (62) (33) (12.3%)
Shareholders’ equity 193 139 116 187 126 83 98 167 173 167 164 (1.6%)
Returns, %
Returns, % ROA (68.10) (34.68) (53.51) (42.85) (40.89) (90.00) (39.54) (27.10) (10.67) (13.14) (10.33) +55.0 pt
ROIC 0.00 (762.69) 0.00 0.00 0.00 (1,214.94) (218.47) (122.29) (23.59) (24.37) (17.21) (24.4) pt
ROE (74.42) (38.70) (71.57) (62.78) (60.31) (151.55) (74.28) (49.83) (23.01) (36.21) (34.85) +38.2 pt
People
People Employees 93 75 86 88 129 86 133 267 395 489 — +20.3%
Revenue/emp, $m 0.00 0.56 0.03 0.06 0.06 0.12 0.39 0.47 0.84 0.83 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Ardelyx, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MGTX MeiraGTx Holdings PLC $817.3M 11.8× 30.3× +8,608.59% (above 0%: growing) n/m +13.06% (above 0%: growing) 97.77% 76.04% Compare
PRME Prime Medicine, Inc. $807.1M — (loss-making) — (loss-making) +3.50% (above 0%: growing) n/m +4.40% (above 0%: growing) 100.00% (3,750.87%) Compare
ALMS Alumis Inc. $780.9M — (loss-making) — (loss-making) −37.66% (below 0%: shrinking) n/m +23.59% (above 0%: growing) 100.00% (8,956.38%) Compare
ANNX Annexon, Inc. $759.3M — (loss-making) — — n/m −26.41% (below 0%: shrinking) 0.00% 0.00% Compare
ARDX Ardelyx, Inc. $751.6M — (loss-making) — (loss-making) +15.70% (above 0%: growing) n/m +938.76% (above 0%: growing) 96.44% 3.15%
LXRX Lexicon Pharmaceuticals, Inc. $716.4M — (loss-making) — (loss-making) −20.67% (below 0%: shrinking) n/m +66.10% (above 0%: growing) 99.30% (128.84%) Compare
OABI OmniAb, Inc. $704.5M — (loss-making) — (loss-making) +78.34% (above 0%: growing) n/m +206.33% (above 0%: growing) 92.26% (409.92%) Compare
SANA Sana Biotechnology, Inc. $700.5M — (loss-making) — — n/m −5.46% (below 0%: shrinking) 0.00% 0.00% Compare
CGEM Cullinan Therapeutics, Inc. $695.0M — (loss-making) 4.8× — n/m +33.66% (above 0%: growing) 100.00% 0.00% Compare
Median of peers $737.8M — — +3.50% — +18.33% 98.54% (64.42%)

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 29 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.80m 8.32m 90.00
2024 9.61m 4.75m 78.00
2023 4.11m 10.06m 96.00
2022 1.95m 4.05m 44.00
2021 4.23m 39.20k 17.00

Ownership

Directors and executive officers, together 5.30%
The Vanguard Group 7.70%
Janus Henderson Group plc 5.60%
Integrated Core Strategies (US) LLC 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ardelyx, Inc. (ARDX) Latest News

4 Nov

Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · GuruFocus.com

3 Nov

Impact 3 · · MarketBeat transcript
Impact 3 · · GlobeNewswire

23 Oct

Impact 4 · · GlobeNewswire

20 Oct

Impact 3 · · GlobeNewswire

12 Oct

Impact 3 · · GlobeNewswire

5 Oct

Impact 3 · · GlobeNewswire

30 Sep

Impact 3 · · GlobeNewswire

21 Sep

Impact 4 · · MarketBeat

22 Aug

Impact 4 ·

13 Aug

Impact 4 · · The Motley Fool transcript

10 Aug

Impact 3 ·

7 Aug

Impact 4 ·
Impact 4 · transcript

6 Aug

Impact 3 ·
Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 ·

30 Jul

Impact 3 ·

29 Jul

Impact 3 ·

20 Jul

Impact 3 ·

26 Jun

Impact 4 · · Stocktwits

23 Jun

Impact 4 · · Insider Monkey

4 Jun

Impact 4 · · MarketBeat

3 Jun

Impact 3 · · Stocktwits

30 May

Impact 3 · · Insider Monkey

9 May

Impact 4 · · Simply Wall St.
stockrow.com/ARDX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com