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. In the quarter to June 2026, revenue grew 23.8%, EPS grew 12.5%, free cash flow grew 75.3% and total debt rose 25.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Ardelyx, Inc. (ARDX) Altman Z-score
Ardelyx, Inc.'s Altman Z-score for fiscal 2025 is 1.12, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.12 | (0.08) |
| FY2024 | 1.20 | (1.56) |
| FY2023 | 2.76 | 5.83 |
| FY2022 | −3.07 | 5.25 |
| FY2021 | −8.32 | (8.62) |
| FY2020 | 0.30 | (1.11) |
| FY2019 | 1.41 | 3.89 |
| FY2018 | −2.48 | (10.03) |
| FY2017 | 7.54 | (22.62) |
| FY2015 | 30.17 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.59 | — | 0.70 | |
| Retained earnings / total assets | (1.89) | — | −2.64 | |
| EBIT / total assets | (0.08) | — | −0.27 | |
| Market value of equity / total liabilities | 4.20 | — | 2.52 | |
| Sales / total assets | 0.81 | — | 0.81 | |
| Altman Z-score | Distress zone | 1.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.34 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| HELP Cybin Inc. compare | 13.0× |
| ARDX Ardelyx, Inc. | 1.1× |
| ALMS Alumis Inc. compare | −1.4× |
| KURA Kura Oncology, Inc. compare | −1.6× |
| GERN Geron Corporation compare | −2.2× |
| VSTM Verastem, Inc. compare | −6.3× |
| DNA Ginkgo Bioworks Holdings, Inc. compare | −7.6× |
| CRVS Corvus Pharmaceuticals, Inc. compare | — |
| AVBP ArriVent BioPharma, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets