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Akebia Therapeutics, Inc. (AKBA) stock

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NASDAQ: AKBA Nasdaq Biotechnology Next results ~November 5, 2026

C+ Fundamentals grade

Akebia Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$2.6

Revenue-to-maturity cash-flow model

Base case. Range ~$2.2–$3.1 across our lower- and higher-growth cases (2.5%–12.5% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Akebia Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 6 selling1 purchase and 16 sales by directors and officers, last 12 monthsInsider trades
  • Funds105 adding, 69 cuttingOf 35 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Akebia Therapeutics files

Where Akebia Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $219m, up 7.5% on a year earlier, slower than the 25.7% growth a quarter earlier. Free-cash-flow margin rose to 18.4% from -1.3% a year earlier. Operating margin narrowed to -6.9% from 0.4%. The diluted share count is up 11.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $3.50 a share, against a share price of $0.79.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Akebia Therapeutics, Inc.'s trailing-twelve-month revenue grew 7.5% year on year, with a free-cash-flow margin of 18.4%. Where it stands out: free-cash-flow margin of 18.4% ranks 26 of 176 biotechnology companies we cover.

Current signal Gross margin expanding: TTM gross margin reached 79.6%, up 5.2pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Growth slowing. The growth rate is 18.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -6.9%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 7.3 points on a year ago.
  • Share dilution. Diluted shares rose 11.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 75% and a beta of 1.2 against the S&P 500.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
-$0.03 against an average estimate of -$0.03: missed by 3.2%
Revenue
$49m, down 21.4% on a year earlier
Share reaction
-27.7% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.03

Akebia Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week+9.9%
  • 1 month-18.2%
  • This year-56.0%
  • 1 year-68.0%
  • 5 years-78.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$219M
Operating margin
-6.9%
Net margin
-13.5%
EPS (TTM, diluted)
$-0.11

Growth

Revenue growth
+7.5%
Change in growth rate
−18.2 pts
Share count change
+11.8%

Cash

Free cash flow (TTM)
$40.3M
FCF margin
18.4%
Stock pay % of revenue
6.1%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Akebia Therapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Akebia Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$2.6 ~$2.2–$3.1 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.0 ~$2.3–$7.6 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.3 ~$1.0–$2.6 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Akebia Therapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$12.92$10.41$14.87$5.53$6.32$2.80$2.26$0.58$1.24$1.90$1.61$0.71
Market value$684m$785m$1.3bn$642m$748m$388m$375m$105m$232m$401m$414m$186m
+ Net debt (− = net cash)−$50m−$187m−$70m−$75m−$67m−$129m−$50m−$23m−$8m−$9m−$132m−$103m
Enterprise value$634m$598m$1.2bn$567m$681m$259m$325m$82m$225m$392m$282m$83m
Multiples
Price / sales —n/m7.1x3.1x2.2x1.3x1.8x0.4x1.2x2.5x1.8x0.9x
Price / earnings ————————————
Price / free cash flow —14.2x————————6.1x4.6x
EV / EBITDA ——————————11.4x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

23 /100

Weak moat

How hard Akebia Therapeutics's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -5.5% of total assets over 7 years.

  • Pricing power 12 / 20

    Gross margin has been a median 62.6%, moving by 23.5 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -44.7%; its worst year was -130.1%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 9 years, at a median -37.0% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 74.4% over five years; stock-based pay has been a median 6.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (28 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $47m and EPS of −$0.03 (range −$0.04 to −$0.02) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.16 −700% $198m −16%
Next −$0.36 −125% $133m −33%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +52.4% on 90 days ago. In the last 30 days, 0 analysts raised Akebia Therapeutics, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Akebia Therapeutics, Inc., last 90 days
−$0.40 −$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.10 Current fiscal year, 60 days ago: −$0.16 Current fiscal year, 30 days ago: −$0.16 Current fiscal year, 7 days ago: −$0.16 Current fiscal year, Now: −$0.16 −$0.16 Next fiscal year, 90 days ago: −$0.19 Next fiscal year, 60 days ago: −$0.33 Next fiscal year, 30 days ago: −$0.36 Next fiscal year, 7 days ago: −$0.36 Next fiscal year, Now: −$0.36 −$0.36

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.10−$0.19
60 days ago −$0.16−$0.33
30 days ago −$0.16−$0.36
7 days ago −$0.16−$0.36
Now −$0.16−$0.36

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.03 −$0.03 −3.2%
Mar 2026 −$0.02 −$0.03 −50.0%
Dec 2025 −$0.06 −$0.05 +16.7%
Sept 2025 −$0.01 $0.00 +100.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Akebia Therapeutics, Inc.'s latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

6 analysts, Oct 2026
Buy583%
Hold117%
Sell00%

Monthly trend

  1. Oct 20261416
  2. Sep 20261416
  3. Aug 20261315
  4. Jul 2026145

Counts of recommendations published by analysts covering Akebia Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.5%
of tradable shares
Days to cover
3.26
at average volume
Short interest, 1 month
+13%
to October 15, 2026
Held by institutions
41%
of shares
Held by insiders
2.0%
of shares
Employees
194
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −68.0%

$2.21 on October 31, 2025 to $0.71

ThenNowEffect
Revenue (last 12 months) $204m $219m +7.5%
P/S multiple 2.6x 0.9x −66.7%
Share count 235m 263m −10.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −25.1%

$0.94 on November 3, 2023 to $0.71

ThenNowEffect
Revenue (last 12 months) $201m $219m +9.1%
P/S multiple 0.9x 0.9x −1.3%
Share count 183m 263m −30.4%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AKBA−19%−75%+115%+53%−15%−56%
Industry peers (median)−36%−56%−18%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AKBA42%33%58%50%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AKBA−55%−92%−57%−62%−63%−65%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 99% from September 29, 2017 to November 17, 2022. Getting back needed a 7768% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.56 – $2.12
From 52-week high
−66.6%
vs 50-day average
−15.9%
vs 200-day average
−38.1%
Volatility (1 year)
75%
Beta vs S&P 500
1.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±12.1%
After a week
4 up, 8 down
typical move ±17.1%
After a month
5 up, 7 down
typical move ±19.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −27.7% −0.4% −32.3% −25.5%
May 7, 2026 −21.6% +0.5% −23.6% −36.8%
February 26, 2026 +8.3% −1.0% −1.7% +10.7%
January 12, 2026 −9.2% 0.0% −11.8% +2.0%
November 10, 2025 −11.3% +1.8% −13.7% −20.1%
August 7, 2025 −9.6% +0.7% −13.1% −17.3%
May 8, 2025 +3.7% +0.6% +3.3% +55.7%
March 13, 2025 +17.1% +0.7% +5.7% −14.5%
November 7, 2024 −3.0% +1.2% −7.0% +2.0%
August 8, 2024 0.0% +2.8% +29.7% +27.9%
May 9, 2024 −13.6% +0.7% −18.6% −22.1%
March 14, 2024 +20.6% −0.9% +44.7% −1.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Akebia Therapeutics, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Akebia Therapeutics, Inc.
$160M $180M $200M $220M $240M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $194.2M Revenue (TTM), FY23 Q4: $194.6M Revenue (TTM), FY24 Q1: $187.2M Revenue (TTM), FY24 Q2: $174.5M Revenue (TTM), FY24 Q3: $169.9M Revenue (TTM), FY24 Q4: $160.2M Revenue (TTM), FY25 Q1: $184.9M Revenue (TTM), FY25 Q2: $203.7M Revenue (TTM), FY25 Q3: $225.1M Revenue (TTM), FY25 Q4: $236.2M Revenue (TTM), FY26 Q1: $232.4M Revenue (TTM), FY26 Q2: $219.1M $219.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $194.2M
FY23 Q4 $194.6M
FY24 Q1 $187.2M
FY24 Q2 $174.5M
FY24 Q3 $169.9M
FY24 Q4 $160.2M
FY25 Q1 $184.9M
FY25 Q2 $203.7M
FY25 Q3 $225.1M
FY25 Q4 $236.2M
FY26 Q1 $232.4M
FY26 Q2 $219.1M
Revenue growth, TTM YoY Akebia Therapeutics, Inc.
-50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -34.0% Revenue growth, TTM YoY, FY23 Q4: -33.5% Revenue growth, TTM YoY, FY24 Q1: -30.9% Revenue growth, TTM YoY, FY24 Q2: -13.1% Revenue growth, TTM YoY, FY24 Q3: -12.5% Revenue growth, TTM YoY, FY24 Q4: -17.7% Revenue growth, TTM YoY, FY25 Q1: -1.2% Revenue growth, TTM YoY, FY25 Q2: 16.8% Revenue growth, TTM YoY, FY25 Q3: 32.5% Revenue growth, TTM YoY, FY25 Q4: 47.5% Revenue growth, TTM YoY, FY26 Q1: 25.7% Revenue growth, TTM YoY, FY26 Q2: 7.5% 7.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -34.0%
FY23 Q4 -33.5%
FY24 Q1 -30.9%
FY24 Q2 -13.1%
FY24 Q3 -12.5%
FY24 Q4 -17.7%
FY25 Q1 -1.2%
FY25 Q2 16.8%
FY25 Q3 32.5%
FY25 Q4 47.5%
FY26 Q1 25.7%
FY26 Q2 7.5%
Operating margin (TTM) Akebia Therapeutics, Inc.
-40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -27.0% Operating margin (TTM), FY23 Q4: -23.8% Operating margin (TTM), FY24 Q1: -19.0% Operating margin (TTM), FY24 Q2: -20.2% Operating margin (TTM), FY24 Q3: -20.5% Operating margin (TTM), FY24 Q4: -31.5% Operating margin (TTM), FY25 Q1: -11.9% Operating margin (TTM), FY25 Q2: 0.4% Operating margin (TTM), FY25 Q3: 7.9% Operating margin (TTM), FY25 Q4: 9.9% Operating margin (TTM), FY26 Q1: 2.3% Operating margin (TTM), FY26 Q2: -6.9% -6.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -27.0%
FY23 Q4 -23.8%
FY24 Q1 -19.0%
FY24 Q2 -20.2%
FY24 Q3 -20.5%
FY24 Q4 -31.5%
FY25 Q1 -11.9%
FY25 Q2 0.4%
FY25 Q3 7.9%
FY25 Q4 9.9%
FY26 Q1 2.3%
FY26 Q2 -6.9%
FCF margin (TTM) Akebia Therapeutics, Inc.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -39.0% FCF margin (TTM), FY23 Q4: -12.0% FCF margin (TTM), FY24 Q1: -13.5% FCF margin (TTM), FY24 Q2: -22.4% FCF margin (TTM), FY24 Q3: -22.7% FCF margin (TTM), FY24 Q4: -25.4% FCF margin (TTM), FY25 Q1: -18.9% FCF margin (TTM), FY25 Q2: -1.3% FCF margin (TTM), FY25 Q3: 14.3% FCF margin (TTM), FY25 Q4: 28.7% FCF margin (TTM), FY26 Q1: 25.8% FCF margin (TTM), FY26 Q2: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -39.0%
FY23 Q4 -12.0%
FY24 Q1 -13.5%
FY24 Q2 -22.4%
FY24 Q3 -22.7%
FY24 Q4 -25.4%
FY25 Q1 -18.9%
FY25 Q2 -1.3%
FY25 Q3 14.3%
FY25 Q4 28.7%
FY26 Q1 25.8%
FY26 Q2 18.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0 2 181 208 335 295 212 292 195 160 236 219
Gross profit — — — — 200 190 −2 61 207 120 97 197 174
EBITDA −38 −61 −136 −76 −177 −284 −376 −263 −79 −45 −49 25 −14
Operating income −38 −62 −136 −77 −178 −286 −378 −265 −81 −46 −50 23 −15
Net income −37 −61 −136 −74 −144 −280 −385 −282 −94 −52 −69 −5 −30
Diluted EPS −$4.02 −$1.15 −$1.80 −$0.84 −$1.24 −$2.36 −$2.78 −$1.70 −$0.52 −$0.28 −$0.33 −$0.02 −$0.11
Growth (year on year)
Revenue — — — +>999% +14.6% +61.3% −12.0% −28.2% +38.2% −33.5% −17.7% +47.5% +7.5%
Margins
Gross margin — — — — 96.3% 56.6% −0.6% 28.8% 70.7% 61.9% 60.6% 83.3% 79.6%
EBITDA margin — — <−999% −42.0% −85.3% −84.8% −127.5% −124.1% −27.1% −23.0% −30.6% 10.5% −6.2%
Operating margin — — <−999% −42.3% −85.8% −85.5% −128.2% −125.0% −27.6% −23.8% −31.5% 9.9% −6.9%
Net margin — — <−999% −40.7% −69.1% −83.5% −130.6% −133.3% −32.2% −26.7% −43.3% −2.3% −13.5%
Free-cash-flow margin — — >999% −31.9% −47.7% −78.8% −37.6% −119.5% −25.1% −12.0% −25.4% 28.7% 18.4%
Cash flow
Cash from operations −27 −52 58 −56 −97 −257 −110 −253 −73 −23 −41 68 42
Capital spending 0 0 3 2 2 7 0 0 0 0 0 0 1
Free cash flow −28 −53 55 −58 −99 −264 −111 −253 −73 −23 −41 68 40
Stock-based pay 6 5 6 9 19 12 24 23 18 9 8 11 13
Free cash flow after stock pay −34 −58 49 −67 −118 −276 −135 −276 −91 −33 −48 56 27
Balance sheet
Cash 33 50 187 70 105 147 229 150 90 43 52 185 156
Total debt 0 0 0 0 30 80 100 100 67 35 43 52 52
Net debt (negative = net cash) −33 −50 −187 −70 −75 −67 −129 −50 −23 −8 −9 −132 −103
Diluted shares 31m 53m 75m 87m 116m 118m 138m 166m 183m 187m 211m 257m 263m
Returned to shareholders
Buybacks 0 — — — — — — — — — — — —
Total returned 0 — — — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $350m
Short-term assets $230mLonger-term assets $120m
What it owes, and who funded it · $350m
Short-term liabilities $161mLonger-term liabilities $164mShareholders' equity $25m
  • Short-term assets cover short-term liabilities $230m of assets due within a year against $161m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $230m short-term assets against $164m of longer-dated liabilities.
  • More cash than debt $156m of cash against $50m of debt.
  • Debt below 40% of shareholders' equity Debt is 198% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 198% over five years.
  • A year's operating cash flow covers at least 20% of debt $42m of operating cash flow against $50m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Akebia Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+11.8%
year over year
R&D spending
32.2%
of revenue
Sales & admin spending
51.9%
of revenue
Days sales outstanding
89 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated AKBA PBYI IDYA ANAB RYTM VALN Median
Revenue, last 12 months $219m $231m $234m $238m $240m $197m $56m
Revenue growth, last 12 months 7.5% −2.9% −70.1% 92.9% 53.5% 7.6% 12.6%
Revenue growth, 3-year average 2.9% 0.2% 94.0% 163.9% 76.3% — 13.7%
Revenue growth, latest quarter −21.4% 7.8% 55.4% 23.5% 46.9% — 10.2%
Gross margin 79.6% 74.8% — — 89.0% 38.7% 82.9%
Operating margin −6.9% 13.2% −92.7% 131.7% −83.6% −47.0% −189.4%
Operating margin, 3-year average −8.9% 13.7% −425.5% −108.0% −152.7% — −363.5%
Net margin −13.5% 11.6% −74.8% 82.4% −85.6% −66.0% −169.8%
Cash from operations / revenue 19.0% 17.8% −47.7% 7.6% −43.9% −30.3% −168.0%
Free-cash-flow margin 18.4% 17.8% −48.6% 1.9% −43.9% −32.8% −162.4%
Free-cash-flow margin, 3-year average −1.7% 17.2% −375.3% −226.6% −79.7% — −310.0%
Stock pay / revenue 6.1% 3.1% 23.6% −2.7% 36.4% 5.5% 20.0%
Change in share count 11.8% 3.0% 2.1% −2.5% 8.1% 15.4% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 7.5% 12.6% 99 of 172
Change in growth rate Growth -18.2pp -0.1pp 123 of 172
Gross margin Profitability 79.6% 82.4% 42 of 75
Operating margin Profitability -6.9% -189.4% 41 of 175
Net margin Profitability -13.5% -157.3% 49 of 180
Free-cash-flow margin Cash generation 18.4% -145.4% 26 of 176
Stock pay as % of revenue Cash generation 6.1% 19.2% 41 of 179
Long-term debt as % of assets Balance sheet 7.1% 20.6% 24 of 78
Change in share count Balance sheet 11.8% 7.9% 95 of 156
Days sales outstanding Balance sheet 89 days 75 days 58 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $227M 96.2% ▲ 49.4%
Auryxia $182M 79.9% ▲ 19.3%
Vafseo $45.8M 20.1% —
License Collaboration and Other Revenue $8.9M 3.8% ▲ 10.8%

From Akebia Therapeutics, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$125M
Institutions reporting
169
Shares held vs prior quarter
▲ 8.1%
Positions opened / closed
36 / 36

Top buyers and sellers, Q2 2026: 105 institutions bought and 69 sold ; the biggest buyer was AQR Capital Management LLC (+7.4M shares) and the biggest seller State Street Corp (−6.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $22.8M 20.0M 18.2% ▲ 6.9%
Vanguard Capital Management LLC $12.9M 11.3M 10.3% ▲ 1.4%
AQR Capital Management LLC $10.4M 9.2M 8.3% ▲ 410.5%
Geode Capital Management, LLC $7.7M 6.7M 6.1% ▲ 4.3%
State Street Corp $6.1M 5.4M 4.9% ▼ 53.6%
Jacobs Levy Equity Management, Inc $4.9M 4.3M 3.9% ▲ 894.5%
Nantahala Capital Management, LLC $4.6M 4.0M 3.6% ▲ 100.0%
Acadian Asset Management LLC $4.6M 4.0M 3.6% ▲ 190.8%
Goldman Sachs Group Inc $4.2M 3.7M 3.4% ▲ 2.4%
Millennium Management LLC $3.6M 3.2M 2.9% ▲ 34.0%
Vanguard Portfolio Management LLC $2.9M 2.5M 2.3% ▲ 14.4%
Two Sigma Investments, LP $2.8M 2.4M 2.2% ▲ 87.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Akebia Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $86,588 1 trade by 1 insider, last 12 months Insider sales History → $962,955 16 trades by 6 insiders · 100% under pre-set plans
Net ▼ $876,367 net selling
Insider Date Trade Shares Price Value
Ostrowski Erik SVP, CFO, CBO & Treasurer June 29, 2026 Sell pre-set plan 56,019 $1.11 $62,181
Butler John P. CEO and President March 4, 2026 Buy 69,270 $1.25 $86,588
Butler John P. CEO and President February 2, 2026 Sell pre-set plan 46,660 $1.39 $64,857
Butler John P. CEO and President February 2, 2026 Sell pre-set plan 96,065 $1.39 $133,530
Butler John P. CEO and President February 2, 2026 Sell pre-set plan 114,891 $1.39 $159,698
Butler John P. CEO and President February 2, 2026 Sell pre-set plan 83,689 $1.39 $116,328
Ostrowski Erik SVP, CFO, CBO & Treasurer February 2, 2026 Sell pre-set plan 34,951 $1.39 $48,582
Rucci Carolyn M. SVP, Chief Legal Officer February 2, 2026 Sell pre-set plan 27,544 $1.39 $38,286
Rucci Carolyn M. SVP, Chief Legal Officer February 2, 2026 Sell pre-set plan 25,382 $1.39 $35,281
Rucci Carolyn M. SVP, Chief Legal Officer February 2, 2026 Sell pre-set plan 16,846 $1.39 $23,416
Burke Steven Keith SVP, Chief Medical Officer February 2, 2026 Sell pre-set plan 20,701 $1.39 $28,774
Burke Steven Keith SVP, Chief Medical Officer February 2, 2026 Sell pre-set plan 21,582 $1.39 $29,999

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 26, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 7, 2026
  • February 26, 2026
  • January 12, 2026
  • November 10, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Akebia Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Akebia Therapeutics, Inc. in brief

What does Akebia Therapeutics, Inc. do?
Akebia Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Akebia Therapeutics, Inc.'s stock ticker?
Akebia Therapeutics, Inc. trades under the ticker AKBA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Akebia Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Akebia Therapeutics, Inc. reported revenue of $219M, 7.5% higher than a year earlier, according to its SEC filings.
What is Akebia Therapeutics, Inc.'s free cash flow?
Akebia Therapeutics, Inc.'s free-cash-flow margin is 18.4% of revenue over the trailing twelve months, ranking 26 of the 176 biotechnology companies we cover.
Who are Akebia Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Akebia Therapeutics, Inc.'s market cap?
On November 2, 2026, Akebia Therapeutics, Inc.'s market capitalisation was about $186M and net debt of -$103M. Market figures come from third-party market data and may be delayed.
How much debt does Akebia Therapeutics, Inc. have?
Akebia Therapeutics, Inc.'s debt-to-equity ratio is 198.1%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Akebia Therapeutics, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Akebia Therapeutics, Inc. are Puma Biotechnology, Inc., Ideaya Biosciences, Inc., Anaptysbio, Inc, Rhythm Pharmaceuticals, Inc. and Valneva SE. The side-by-side comparison below sets their revenue, margins and growth against Akebia Therapeutics, Inc.'s.
Are insiders buying or selling Akebia Therapeutics, Inc. stock?
Over the last 12 months, Akebia Therapeutics, Inc.'s directors and officers reported 1 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Akebia Therapeutics, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Akebia Therapeutics, Inc. announces its own schedule.