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Ardelyx, Inc. (ARDX) stock

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NASDAQ: ARDX Nasdaq Biotechnology Next results ~November 3, 2026

B Fundamentals grade

Ardelyx, 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

~$6.8

Valuation models combined (4)

Base case. Range ~$3.6–$9.3. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Ardelyx, 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, 9 selling1 purchase and 77 sales by directors and officers, last 12 monthsInsider trades
  • Funds126 adding, 121 cuttingOf 46 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ardelyx files

Where Ardelyx stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $451m, up 16.8% on a year earlier, slower than the 18.2% growth a quarter earlier. Free-cash-flow margin rose to -4.0% from -14.3% a year earlier. Operating margin widened to -7.9% from -10.5%. The diluted share count is up 2.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $7.55 a share, against a share price of $3.12.

Source: 10-Q filed August 6, 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 3, 2026 (estimated)

Ardelyx, Inc.'s trailing-twelve-month revenue grew 16.8% year on year, with a free-cash-flow margin of -4.0%. Where it stands out: gross margin of 94.4% ranks 13 of 75 biotechnology companies we cover. Where it lags: long-term debt as % of assets of 43.7% ranks 66 of 78 biotechnology companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 67.5% while net income grew 1.2%: a 66pp divergence.

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

  • Fast growth. Revenue grew 16.8% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.

Things to watch

  • Loss-making. Operating margin is -7.9%: costs exceed revenue.
  • Burning cash. Free cash flow was -4.0% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 2.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 58% and a beta of 0.8 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.7% ranks 66 of 78 biotechnology companies we cover (median 20.6%).
  • Heavily shorted. 12.0% of the shares available to trade are sold short (6.7 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.07 against an average estimate of -$0.05: missed by 41.4%
Revenue
$121m, up 23.8% on a year earlier
Share reaction
-18.5% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
IBSRELA revenue $350m to $370m (Full-year 2026); XPHOZAH revenue $110m to $120m (Full-year 2026)
Next report
November 3, 2026; average EPS estimate -$0.02

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

Price chart

  • 1 day0.0%
  • 1 week+1.0%
  • 1 month-9.3%
  • This year-48.0%
  • 1 year-50.0%
  • 5 years+146.3%
  • 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)
$451M
Operating margin
-7.9%
Net margin
-12.4%
EPS (TTM, diluted)
$-0.23

Growth

Revenue growth
+16.8%
Change in growth rate
−1.5 pts
Share count change
+2.9%

Cash

Free cash flow (TTM)
-$17.9M
FCF margin
-4.0%
Stock pay % of revenue
12.1%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

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

  1. Announcement
  2. Results
  3. Guidance

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

Ardelyx, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Ardelyx, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.3 ~$5.6–$12 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.6 ~$3.4–$6.9 Included
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
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$7.8 ~$8.0–$30 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$4.6 ~$3.7–$5.8 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow 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. ~$6.8 ~$3.6–$9.3 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ardelyx, 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 2015201720182019202020212022202320242025Now
Share price$18.12$6.60$1.79$7.50$6.47$1.10$2.85$6.20$5.07$5.83$3.03
Market value$830m$313m$101m$484m$580m$115m$452m$1.4bn$1.2bn$1.4bn$742m
+ Net debt (− = net cash)−$107m−$75m−$27m−$129m−$39m−$39m−$67m$31m$86m$135m$155m
Enterprise value$723m$238m$74m$355m$541m$75m$385m$1.4bn$1.3bn$1.5bn$897m
Multiples
Price / sales 34.5x7.5x38.6x91.6x76.6x11.4x8.7x10.9x3.6x3.4x1.6x
Price / earnings ———————————
Price / free cash flow ———————————
EV / EBITDA ———————————

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

24 /100

Weak moat

How hard Ardelyx'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 -22.4% of total assets over 5 years.

  • Pricing power 18 / 20

    Gross margin has been a median 91.1%, moving by 3.8 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -63.3%; its worst year was -2531.4%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 9 years, at a median -85.5% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 159.4% over five years; stock-based pay has been a median 12.3% 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 (29 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 3, 2026, after the close. Analysts expect revenue of $129m and EPS of −$0.02 (range −$0.06 to $0.02) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.19 +28% $487m +20%
Next $0.29 +255% $624m +28%

Next year's EPS estimate has moved −43.6% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +258.9% on 90 days ago. In the last 30 days, 0 analysts raised Ardelyx, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Ardelyx, Inc., last 90 days
−$0.40 −$0.20 $0.00 $0.20 $0.40 $0.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.05 Current fiscal year, 60 days ago: −$0.20 Current fiscal year, 30 days ago: −$0.19 Current fiscal year, 7 days ago: −$0.19 Current fiscal year, Now: −$0.19 −$0.19 Next fiscal year, 90 days ago: $0.52 Next fiscal year, 60 days ago: $0.25 Next fiscal year, 30 days ago: $0.30 Next fiscal year, 7 days ago: $0.29 Next fiscal year, Now: $0.29 $0.29

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.05$0.52
60 days ago −$0.20$0.25
30 days ago −$0.19$0.30
7 days ago −$0.19$0.29
Now −$0.19$0.29

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.05 −$0.07 −41.4%
Mar 2026 −$0.14 −$0.15 −5.0%
Dec 2025 $0.01 $0.00 −100.0%
Sept 2025 −$0.07 $0.00 +100.0%

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

Management guidance

Earnings release, August 6, 2026
  • IBSRELA revenue Full-year 2026 $350m to $370m
    “Full-year 2026 revenue guidance for IBSRELA revised to be between $350 and $370 million.” source
  • XPHOZAH revenue Full-year 2026 $110m to $120m Maintained
    “Full-year 2026 revenue guidance for XPHOZAH reiterated to be between $110 and $120 million.” source
  • OPEX guidance Full-year 2026 —
    “OPEX guidance revised to be below $500 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

11 analysts, Oct 2026
Buy11100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611011
  2. Sep 202611011
  3. Aug 202611011
  4. Jul 202611011

Counts of recommendations published by analysts covering Ardelyx, 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
12.0%
of tradable shares
Days to cover
6.65
at average volume
Short interest, 1 month
+18%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
3.0%
of shares
Employees
489
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 −50.0%

$6.06 on October 31, 2025 to $3.03

ThenNowEffect
Revenue (last 12 months) $386m $451m +16.8%
P/S multiple 3.7x 1.6x −55.9%
Share count 238m 245m −2.8%

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

Last 3 years −24.6%

$4.02 on November 3, 2023 to $3.03

ThenNowEffect
Revenue (last 12 months) $83m $451m +444.1%
P/S multiple 9.5x 1.6x −82.6%
Share count 195m 245m −20.3%

Biggest factor: p/s multiple. 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
ARDX−83%+159%+118%−18%+15%−48%
Industry peers (median)−35%−57%−18%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ARDX33%58%58%50%58%18%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ARDX−90%−57%−35%−54%−49%−63%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 98% from December 2, 2015 to June 14, 2022. Getting back needed a 3892% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.00 – $7.99
From 52-week high
−62.1%
vs 50-day average
−11.1%
vs 200-day average
−43.0%
Volatility (1 year)
58%
Beta vs S&P 500
0.80

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
8 up, 4 down
typical move ±18.5%
After a week
7 up, 5 down
typical move ±15.7%
After a month
6 up, 6 down
typical move ±18.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −18.5% +0.5% −20.4% −23.0%
April 30, 2026 +14.5% +1.3% +16.1% −4.7%
February 19, 2026 −14.7% +0.5% −1.3% −21.0%
January 8, 2026 +32.8% +0.7% +20.8% +25.7%
October 30, 2025 +22.2% −0.8% +13.9% +12.7%
August 4, 2025 +18.5% +1.0% +24.7% +50.3%
May 1, 2025 −25.0% +2.2% −33.9% −30.1%
February 20, 2025 −20.4% −2.1% −17.9% −19.3%
January 13, 2025 +10.8% +0.3% −3.2% +7.5%
October 31, 2024 +3.4% −1.5% +8.3% −5.9%
August 1, 2024 +9.0% −3.3% +5.8% +11.4%
May 2, 2024 +31.9% +2.2% +21.9% +4.7%

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.

Ardelyx, Inc. in five measures

Fundamentals grade B
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) Ardelyx, Inc.
$0 $200M $400M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $134.3M Revenue (TTM), FY23 Q4: $124.5M Revenue (TTM), FY24 Q1: $159.1M Revenue (TTM), FY24 Q2: $210M Revenue (TTM), FY24 Q3: $251.8M Revenue (TTM), FY24 Q4: $333.6M Revenue (TTM), FY25 Q1: $361.7M Revenue (TTM), FY25 Q2: $386.1M Revenue (TTM), FY25 Q3: $398.2M Revenue (TTM), FY25 Q4: $407.3M Revenue (TTM), FY26 Q1: $427.7M Revenue (TTM), FY26 Q2: $450.9M $450.9M

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

View chart data
Period Revenue (TTM)
FY23 Q3 $134.3M
FY23 Q4 $124.5M
FY24 Q1 $159.1M
FY24 Q2 $210M
FY24 Q3 $251.8M
FY24 Q4 $333.6M
FY25 Q1 $361.7M
FY25 Q2 $386.1M
FY25 Q3 $398.2M
FY25 Q4 $407.3M
FY26 Q1 $427.7M
FY26 Q2 $450.9M
Revenue growth, TTM YoY Ardelyx, Inc.
0% 500% 1000% 1500% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 1390.4% Revenue growth, TTM YoY, FY23 Q4: 138.6% Revenue growth, TTM YoY, FY24 Q1: 152.3% Revenue growth, TTM YoY, FY24 Q2: 153.4% Revenue growth, TTM YoY, FY24 Q3: 87.6% Revenue growth, TTM YoY, FY24 Q4: 168.1% Revenue growth, TTM YoY, FY25 Q1: 127.3% Revenue growth, TTM YoY, FY25 Q2: 83.9% Revenue growth, TTM YoY, FY25 Q3: 58.1% Revenue growth, TTM YoY, FY25 Q4: 22.1% Revenue growth, TTM YoY, FY26 Q1: 18.2% Revenue growth, TTM YoY, FY26 Q2: 16.8% 16.8%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 1390.4%
FY23 Q4 138.6%
FY24 Q1 152.3%
FY24 Q2 153.4%
FY24 Q3 87.6%
FY24 Q4 168.1%
FY25 Q1 127.3%
FY25 Q2 83.9%
FY25 Q3 58.1%
FY25 Q4 22.1%
FY26 Q1 18.2%
FY26 Q2 16.8%
Operating margin (TTM) Ardelyx, Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -17.2% Operating margin (TTM), FY23 Q4: -50.8% Operating margin (TTM), FY24 Q1: -38.9% Operating margin (TTM), FY24 Q2: -28.0% Operating margin (TTM), FY24 Q3: -25.4% Operating margin (TTM), FY24 Q4: -8.4% Operating margin (TTM), FY25 Q1: -11.0% Operating margin (TTM), FY25 Q2: -10.5% Operating margin (TTM), FY25 Q3: -9.5% Operating margin (TTM), FY25 Q4: -10.1% Operating margin (TTM), FY26 Q1: -8.7% Operating margin (TTM), FY26 Q2: -7.9% -7.9%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 -17.2%
FY23 Q4 -50.8%
FY24 Q1 -38.9%
FY24 Q2 -28.0%
FY24 Q3 -25.4%
FY24 Q4 -8.4%
FY25 Q1 -11.0%
FY25 Q2 -10.5%
FY25 Q3 -9.5%
FY25 Q4 -10.1%
FY26 Q1 -8.7%
FY26 Q2 -7.9%
FCF margin (TTM) Ardelyx, Inc.
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -50.0% FCF margin (TTM), FY23 Q4: -72.4% FCF margin (TTM), FY24 Q1: -51.0% FCF margin (TTM), FY24 Q2: -40.9% FCF margin (TTM), FY24 Q3: -25.3% FCF margin (TTM), FY24 Q4: -13.7% FCF margin (TTM), FY25 Q1: -13.5% FCF margin (TTM), FY25 Q2: -14.3% FCF margin (TTM), FY25 Q3: -13.9% FCF margin (TTM), FY25 Q4: -10.8% FCF margin (TTM), FY26 Q1: -8.8% FCF margin (TTM), FY26 Q2: -4.0% -4.0%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 -50.0%
FY23 Q4 -72.4%
FY24 Q1 -51.0%
FY24 Q2 -40.9%
FY24 Q3 -25.3%
FY24 Q4 -13.7%
FY25 Q1 -13.5%
FY25 Q2 -14.3%
FY25 Q3 -13.9%
FY25 Q4 -10.8%
FY26 Q1 -8.8%
FY26 Q2 -4.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 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 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 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 5 29 32 24 42 3 5 8 10 52 124 334 407 451
Gross profit — — — 24 34 2 5 7 9 48 107 283 368 425
EBITDA −8 −2 −1 −29 −63 −88 −89 −88 −152 −63 −62 −26 −38 −32
Operating income −9 −3 −2 −29 −65 −91 −91 −91 −154 −64 −63 −28 −41 −35
Net income −10 −7 −3 −30 −64 −91 −95 −94 −158 −67 −66 −39 −62 −56
Diluted EPS −$5.66 −$2.91 −$0.15 −$0.65 −$1.36 −$1.62 −$1.47 −$1.05 −$1.52 −$0.42 −$0.30 −$0.17 −$0.26 −$0.23
Growth (year on year)
Revenue — +434.7% +9.3% −24.0% +74.8% −93.8% +102.6% +43.4% +33.4% +416.6% +138.6% +168.1% +22.1% +16.8%
Margins
Gross margin — — — 100.0% 80.0% 82.1% 88.6% 98.1% 90.1% 92.1% 85.7% 84.8% 90.3% 94.4%
EBITDA margin −150.3% −7.8% −4.0% −119.0% −148.8% <−999% <−999% <−999% <−999% −120.0% −49.8% −7.8% −9.3% −7.1%
Operating margin −162.8% −9.9% −4.9% −122.3% −155.0% <−999% <−999% <−999% <−999% −122.2% −50.8% −8.4% −10.1% −7.9%
Net margin −180.9% −22.7% −10.2% −123.3% −153.2% <−999% <−999% <−999% <−999% −128.9% −53.1% −11.7% −15.1% −12.4%
Free-cash-flow margin 403.9% 5.3% 36.5% −313.4% −160.8% <−999% <−999% <−999% <−999% −134.4% −72.4% −13.7% −10.8% −4.0%
Cash flow
Cash from operations 22 2 13 −72 −65 −70 −76 −81 −153 −70 −90 −45 −42 −17
Capital spending 0 0 2 3 2 0 0 0 2 0 0 1 1 1
Free cash flow 22 2 12 −75 −68 −71 −77 −82 −154 −70 −90 −46 −44 −18
Stock-based pay 0 0 2 3 10 9 10 11 12 11 14 37 49 55
Free cash flow after stock pay 21 1 10 −78 −77 −80 −87 −92 −166 −81 −104 −83 −93 −73
Balance sheet
Cash 33 34 107 107 75 79 181 91 72 96 21 65 68 97
Total debt 0 0 0 0 0 52 52 52 33 29 52 151 203 252
Net debt (negative = net cash) −33 −34 −107 −107 −75 −27 −129 −39 −39 −67 31 86 135 155
Diluted shares 2m 2m 20m 46m 47m 56m 64m 90m 104m 159m 219m 235m 241m 245m
Returned to shareholders
Buybacks 0 0 0 — — — — — — — — — — —
Total returned 0 0 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

2 of 7 checks passed · June 30, 2026
What it owns · $576m
Short-term assets $442mLonger-term assets $134m
What it owes, and who funded it · $576m
Short-term liabilities $132mLonger-term liabilities $295mShareholders' equity $149m
  • Short-term assets cover short-term liabilities $442m of assets due within a year against $132m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $442m short-term assets against $295m of longer-dated liabilities.
  • More cash than debt $97m of cash against $252m of debt.
  • Debt below 40% of shareholders' equity Debt is 169% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 39% to 169% over five years.
  • A year's operating cash flow covers at least 20% of debt −$17m of operating cash flow against $252m of debt.
  • Operating profit covers interest at least five times over Operating income of −$35m against $22m of interest.

From Ardelyx, 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
+2.9%
year over year
R&D spending
19.3%
of revenue
Sales & admin spending
82.9%
of revenue
Days sales outstanding
81 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated ARDX CRMD ARQT KRYS NVAX MGTX Median
Revenue, last 12 months $451m $462m $464m $470m $414m $398m $56m
Revenue growth, last 12 months 16.8% 280.5% 76.1% 26.0% −61.6% 948.3% 12.6%
Revenue growth, 3-year average 75.9% >999% 241.4% 280.1% −36.3% 296.0% 13.7%
Revenue growth, latest quarter 23.8% 156.5% 59.3% 30.2% −76.3% >999% 10.2%
Gross margin 94.4% 82.8% 91.1% — 78.6% — 82.9%
Operating margin −7.9% 47.0% 7.4% 48.4% −56.6% 46.3% −189.4%
Operating margin, 3-year average −15.5% <−999% −53.8% 34.1% −17.9% −817.8% −363.5%
Net margin −12.4% 40.5% 6.1% 47.9% −59.9% 19.9% −169.8%
Cash from operations / revenue −3.8% 54.9% 8.5% 68.9% −8.9% 3.4% −168.0%
Free-cash-flow margin −4.0% 54.2% 8.4% 66.0% −10.2% 2.6% −162.4%
Free-cash-flow margin, 3-year average −19.7% <−999% −50.3% 44.8% −23.8% −546.8% −310.0%
Stock pay / revenue 12.1% 3.5% 9.4% 11.8% 7.8% 4.8% 20.0%
Change in share count 2.9% 23.2% 17.3% 2.3% 1.2% 8.6% 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 16.8% 12.6% 83 of 172
Change in growth rate Growth -1.5pp -0.1pp 93 of 172
Gross margin Profitability 94.4% 82.4% 13 of 75
Operating margin Profitability -7.9% -189.4% 44 of 175
Net margin Profitability -12.4% -157.3% 47 of 180
Free-cash-flow margin Cash generation -4.0% -145.4% 44 of 176
Stock pay as % of revenue Cash generation 12.1% 19.2% 68 of 179
Long-term debt as % of assets Balance sheet 43.7% 20.6% 66 of 78
Change in share count Balance sheet 2.9% 7.9% 53 of 156
Days sales outstanding Balance sheet 81 days 75 days 55 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 $378M 92.8% ▲ 18.4%
Product IBSRELA $274M 72.6% ▲ 73.2%
Product XPHOZAH $104M 27.4% ▼ 35.6%
Product Supply Revenue $15.9M 3.9% ▲ 36.3%
Non Cash Royalty Related To Sale of Future Royalties $8.5M 2.1% ▲ 217.4%
Licenses $5.1M 1.2% ▲ 6423.1%
Geography
Region Revenue Share YoY
United States $378M 92.8% ▲ 18.4%
Asia Pacific $29.2M 7.2% ▲ 103.4%
North America $342,000 0.1% ▲ 338.5%

From Ardelyx, Inc.'s 10-K filed February 19, 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
$906M
Institutions reporting
247
Shares held vs prior quarter
▲ 4.6%
Positions opened / closed
39 / 34

Top buyers and sellers, Q2 2026: 126 institutions bought and 121 sold ; the biggest buyer was Rubric Capital Management LP (+14.3M shares) and the biggest seller Millennium Management LLC (−3.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $120M 23.5M 13.2% ▲ 11.1%
Rubric Capital Management LP $82.6M 16.2M 9.1% ▲ 770.7%
Millennium Management LLC $70.9M 13.9M 7.8% ▼ 22.1%
State Street Corp $68.1M 13.4M 7.5% ▼ 1.8%
Vanguard Capital Management LLC $53.4M 10.5M 5.9% ▲ 1.0%
Nomura Asset Management International Inc. $48.7M 9.5M 5.4% ▲ 16.9%
Vanguard Portfolio Management LLC $40.9M 8.0M 4.5% ▲ 20.5%
Geode Capital Management, LLC $32.7M 6.4M 3.6% ▲ 6.6%
Jupiter Topco LLC $27M 5.3M 3.0% —
Two Sigma Investments, LP $26.6M 5.2M 2.9% ▲ 21.9%
Nuveen, LLC $20.4M 4.0M 2.2% ▼ 23.6%
Goldman Sachs Group Inc $18.8M 3.7M 2.1% ▲ 14.6%

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 Ardelyx, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.9M 1 trade by 1 insider, last 12 months Insider sales History → $4.3M 77 trades by 9 insiders · 54% under pre-set plans
Net ▼ $2.4M net selling
Insider Date Trade Shares Price Value
Raab Michael President & CEO August 21, 2026 Sell 8,411 $3.86 $32,466
Raab Michael President & CEO August 21, 2026 Sell 15,976 $3.86 $61,667
Raab Michael President & CEO August 21, 2026 Sell 19,178 $3.86 $74,027
Raab Michael President & CEO August 21, 2026 Sell 15,009 $3.86 $57,935
Williams Laura A Chief Patient Officer August 21, 2026 Sell 3,089 $3.86 $11,924
Williams Laura A Chief Patient Officer August 21, 2026 Sell 2,430 $3.86 $9,380
Williams Laura A Chief Patient Officer August 21, 2026 Sell 1,734 $3.86 $6,693
Williams Laura A Chief Patient Officer August 21, 2026 Sell 3,486 $3.86 $13,456
Kelliher Mike Chief Business Officer August 21, 2026 Sell 2,652 $3.86 $10,237
Kelliher Mike Chief Business Officer August 21, 2026 Sell 2,002 $3.86 $7,728
Kelliher Mike Chief Business Officer August 21, 2026 Sell 3,104 $3.86 $11,981
Foster Eric Duane Chief Commercial Officer August 21, 2026 Sell 2,575 $3.86 $9,940

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 15, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • April 30, 2026
  • February 19, 2026
  • January 8, 2026
  • October 30, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Ardelyx, 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.

Ardelyx, Inc. in brief

What does Ardelyx, Inc. do?
Ardelyx, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Ardelyx, Inc.'s stock ticker?
Ardelyx, Inc. trades under the ticker ARDX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ardelyx, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ardelyx, Inc. reported revenue of $451M, 16.8% higher than a year earlier, according to its SEC filings.
What is Ardelyx, Inc.'s free cash flow?
Ardelyx, Inc.'s free-cash-flow margin is -4.0% of revenue over the trailing twelve months, ranking 44 of the 176 biotechnology companies we cover.
Who are Ardelyx, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Rubric Capital Management LP and Millennium Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ardelyx, Inc.'s market cap?
On November 2, 2026, Ardelyx, Inc.'s market capitalisation was about $742M and net debt of $155M. Market figures come from third-party market data and may be delayed.
How much debt does Ardelyx, Inc. have?
Ardelyx, Inc.'s debt-to-equity ratio is 169.0%, from its latest balance sheet (39.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ardelyx, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Ardelyx, Inc. are Cormedix Inc., Arcutis Biotherapeutics, Inc., Krystal Biotech, Inc., Novavax Inc and Meiragtx Holdings plc. The side-by-side comparison below sets their revenue, margins and growth against Ardelyx, Inc.'s.
Are insiders buying or selling Ardelyx, Inc. stock?
Over the last 12 months, Ardelyx, Inc.'s directors and officers reported 1 open-market purchases and 77 sales on Form 4. The insider trading page charts every trade.
When is Ardelyx, Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ardelyx, Inc. announces its own schedule.