Ardelyx, Inc. (ARDX) 10-Year Financial Performance & Capital Metrics

ARDX •

HealthcareBiotechnologyCommercial Specialty Pharma

AboutArdelyx, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company's lead product candidate is tenapanor, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial to control serum phosphorus in adult patients with chronic kidney disease (CKD)on dialysis, or hyperphosphatemia. It is also developing RDX013, a potassium secretagogue, for the treatment of elevated serum potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease; and RDX020, an early-stage program in metabolic acidosis, a serious electrolyte disorder in patients with CKD. The company has agreements with Kyowa Kirin in Japan, Fosun Pharmaceutical Industrial Development Co. Ltd. in China, and Knight Therapeutics, Inc. in Canada for the development and commercialization of tenapanor in their respective territories. The company was formerly known as Nteryx, Inc. and changed its name to Ardelyx, Inc. in June 2008. Ardelyx, Inc. was incorporated in 2007 and is headquartered in Waltham, Massachusetts.Show more

Revenue $407M +22.1%
EBITDA -$41M -58.3%
Net Income -$62M -57.4%
EPS (Diluted) -0.26 -52.9%
Gross Margin 90.29% +6.4%
EBITDA Margin -10.06% -29.6%
Operating Margin -10.06% -20.1%
Net Margin -15.12% -28.9%
ROE -36.21% -57.3%
ROIC -10.81% -19.4%
Debt/Equity 1.25 +40.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 82 (top 18%)
✓Strong 5Y sales CAGR of 121.9%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y32.72%

5Y121.9%

3Y98.4%

TTM58.12%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM22.09%

EPS CAGR

10Y-

5Y-

3Y-

TTM22.73%

ROCE

10Y Avg-48.82%

5Y Avg-45.14%

3Y Avg-17.97%

Latest-10.63%

Peer Comparison

Commercial Specialty Pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKSAlkermes plc	4.98B	30.10	21.05	-5.25%	16.37%	13.28%	0.01%	0.04
ADMAADMA Biologics, Inc.	3.71B	15.57	19.22	65.15%	42.87%	48.57%	2.97%	0.24
UTHRUnited Therapeutics Corporation	21.99B	503.90	18.09	10.61%	41.94%	18.81%	4.73%
PCSAProcessa Pharmaceuticals, Inc.	114.71M	2.17	-0.56			-221.71%		0.04
UNCYUnicycive Therapeutics, Inc.	144.49M	6.93	-1.24	-100%		-89.15%		0.10
PTHSPelthos Therapeutics Inc.	85.29M	26.36	-1.95		-318.41%	-40.48%
MISTMilestone Pharmaceuticals Inc.	145.64M	1.71	-2.55	-100%		-282.97%		4.17
AMRNAmarin Corporation plc	5.74B	13.80	-3.45	-25.51%	-38.01%	-18.78%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	24.03M	42M	2.61M	5.28M	7.57M	10.1M	52.16M	124.46M	333.62M	407.32M
Revenue Growth %	0%	74.81%	-93.79%	102.57%	43.36%	33.36%	416.57%	138.61%	168.06%	22.09%
Cost of Goods Sold+	1.29M	8.4M	466K	600K	145K	1M	4.12M	17.8M	50.56M	39.54M
COGS % of Revenue	5.39%	20%	17.88%	11.36%	1.92%	9.9%	7.89%	14.3%	15.15%	9.71%
Gross Profit+	22.73M	33.6M	2.14M	4.68M	7.43M	9.1M	48.04M	106.66M	283.06M	367.78M
Gross Margin %	94.61%	80%	82.13%	88.64%	98.08%	90.1%	92.11%	85.7%	84.85%	90.29%
Gross Profit Growth %	-2.01%	47.82%	-93.63%	118.64%	58.64%	22.5%	428.1%	122.02%	165.38%	29.93%
Operating Expenses+	112.89M	98.72M	93.09M	95.94M	98.21M	163.44M	111.8M	169.94M	311.01M	408.76M
OpEx % of Revenue	469.89%	235.04%	3570.69%	1816.78%	1297.13%	1618.73%	214.35%	136.54%	93.22%	100.35%
Selling, General & Admin	18.73M	23.23M	23.71M	24.27M	33.15M	72.3M	76.6M	134.4M	258.69M	337.23M
SG&A % of Revenue	77.97%	55.31%	909.67%	459.52%	437.89%	716.08%	146.86%	107.99%	77.54%	82.79%
Research & Development	94.16M	75.48M	69.37M	71.68M	65.05M	91.14M	35.2M	35.54M	52.32M	71.53M
R&D % of Revenue	391.91%	179.72%	2661.03%	1357.26%	859.24%	902.64%	67.49%	28.55%	15.68%	17.56%
Other Operating Expenses	508K	0	0	0	0	0	0	0	0	0
Operating Income+	-112.89M	-65.11M	-90.95M	-91.26M	-90.78M	-154.35M	-63.76M	-63.28M	-27.95M	-40.98M
Operating Margin %	-469.89%	-155.04%	-3488.57%	-1728.14%	-1199.05%	-1528.63%	-122.24%	-50.84%	-8.38%	-10.06%
Operating Income Growth %	-284.14%	42.32%	-39.67%	-0.35%	0.53%	-70.02%	58.69%	0.76%	55.83%	-46.61%
EBITDA+	-111.6M	-62.48M	-88.27M	-86.92M	-86.81M	-151.54M	-62.62M	-61.98M	-25.89M	-40.98M
EBITDA Margin %	-464.5%	-148.75%	-3385.85%	-1645.96%	-1146.6%	-1500.83%	-120.05%	-49.8%	-7.76%	-10.06%
EBITDA Growth %	-290.76%	44.02%	-41.28%	1.52%	0.13%	-74.57%	58.68%	1.01%	58.24%	-58.29%
D&A (Non-Cash Add-back)	1.29M	2.64M	2.68M	4.34M	3.97M	2.81M	1.14M	1.29M	2.06M	0
EBIT	-112.89M	-63.16M	-87.76M	-88.91M	-89.21M	-153.66M	-62.13M	-56.65M	-18.78M	0
Net Interest Income+	0	0	-3.53M	-5.73M	-5.1M	-4.5M	-5.07M	-8.87M	-20.09M	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	3.53M	5.73M	5.1M	4.5M	5.07M	8.87M	20.09M	-20.1M
Other Income/Expense	508K	1.96M	-347K	-3.37M	-3.53M	-3.81M	-3.44M	-2.24M	-10.92M	-19.65M
Pretax Income+	-112.39M	-63.16M	-91.29M	-94.64M	-94.31M	-158.16M	-67.2M	-65.52M	-38.87M	-60.63M
Pretax Margin %	-467.77%	-150.38%	-3501.88%	-1792.03%	-1245.69%	-1566.42%	-128.84%	-52.65%	-11.65%	-14.89%
Income Tax+	29K	1.18M	4K	303K	2K	4K	8K	547K	266K	969K
Effective Tax Rate %	100%	101.87%	100%	100.32%	100%	100%	100.01%	100.83%	100.68%	101.6%
Net Income+	-112.39M	-64.34M	-91.3M	-94.94M	-94.31M	-158.16M	-67.21M	-66.07M	-39.14M	-61.6M
Net Margin %	-467.77%	-153.19%	-3502.03%	-1797.77%	-1245.71%	-1566.46%	-128.85%	-53.08%	-11.73%	-15.12%
Net Income Growth %	-279.42%	42.75%	-41.9%	-3.99%	0.66%	-67.7%	57.51%	1.7%	40.76%	-57.4%
Net Income (Continuing)	-112.39M	-64.34M	-91.3M	-94.94M	-94.31M	-158.16M	-67.21M	-66.07M	-39.14M	-61.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.80	-1.36	-1.62	-1.47	-1.05	-1.52	-0.42	-0.30	-0.17	-0.26
EPS Growth %	-117.05%	51.43%	-19.12%	9.26%	28.57%	-44.76%	72.37%	28.57%	43.33%	-52.94%
EPS (Basic)	-2.80	-1.36	-1.62	-1.47	-1.05	-1.52	-0.42	-0.30	-0.17	-0.26
Diluted Shares Outstanding	40.12M	47.44M	56.22M	64.48M	89.58M	104.21M	158.69M	219.33M	235.23M	241.03M
Basic Shares Outstanding	40.12M	47.44M	56.22M	64.48M	89.58M	104.21M	158.69M	219.33M	235.23M	241.03M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	203.99M	149.87M	177.72M	252.38M	195.24M	133.65M	153.6M	246.11M	356.45M	382.32M
Cash & Short-Term Investments	200.82M	133.98M	168.09M	247.51M	186.48M	116.69M	123.91M	184.3M	250.1M	264.69M
Cash Only	74.6M	75.38M	78.77M	181.13M	91.03M	72.43M	96.14M	21.47M	64.93M	68M
Short-Term Investments	126.22M	58.59M	89.32M	66.38M	95.45M	44.26M	27.77M	162.83M	185.17M	196.69M
Accounts Receivable	0	10.8M	5.08M	750K	0	502K	7.73M	22.03M	57.7M	71.85M
Days Sales Outstanding	-	93.82	711.94	51.84	-	18.15	54.12	64.61	63.13	64.38
Inventory	0	0	0	0	0	0	3.28M	12.45M	21.17M	17.73M
Days Inventory Outstanding	-	-	-	-	-	-	290.97	255.33	152.86	163.73
Other Current Assets	3.17M	0	0	0	0	1	5.11M	8.41M	11.1M	28.05M
Total Non-Current Assets+	9.14M	8.03M	5.61M	7.41M	6.32M	16.26M	36.46M	51.47M	79.3M	119.29M
Property, Plant & Equipment	8.99M	8.03M	5.61M	7.41M	4.21M	15.11M	10.52M	6.6M	3.88M	6.98M
Fixed Asset Turnover	2.67x	5.23x	0.46x	0.71x	1.80x	0.67x	4.96x	18.86x	86.09x	58.36x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	2.11M	0	0	0	0	0
Other Non-Current Assets	148K	0	0	0	0	1.15M	25.95M	44.87M	75.43M	112.31M
Total Assets+	213.13M	157.9M	183.33M	259.78M	201.56M	149.91M	190.07M	297.58M	435.75M	501.6M
Asset Turnover	0.11x	0.27x	0.01x	0.02x	0.04x	0.07x	0.27x	0.42x	0.77x	0.81x
Asset Growth %	82.25%	-25.91%	16.1%	41.7%	-22.41%	-25.62%	26.78%	56.57%	46.43%	15.11%
Total Current Liabilities+	19.2M	17.87M	17.73M	22.22M	28.42M	52.82M	65.6M	50.39M	77.83M	88.61M
Accounts Payable	5.63M	3.93M	1.15M	2.19M	5.63M	4.28M	10.86M	11.14M	16M	19.23M
Days Payables Outstanding	1.59K	170.9	899.18	1.33K	14.16K	1.56K	962.72	228.46	115.52	177.57
Short-Term Debt	0	0	0	3.79M	6.28M	32.26M	26.71M	0	0	1.48M
Deferred Revenue (Current)	0	0	1M	4.54M	4.18M	0	4.21M	7.18M	10.69M	1.21M
Other Current Liabilities	10.4M	10.71M	12.86M	4.64M	5.22M	1.24M	10.09M	15.04M	49.58M	85.92M
Current Ratio	10.62x	8.39x	10.02x	11.36x	6.87x	2.53x	2.34x	4.88x	4.58x	4.31x
Quick Ratio	10.62x	8.39x	10.02x	11.36x	6.87x	2.53x	2.29x	4.64x	4.31x	4.11x
Cash Conversion Cycle	-	-	-	-	-	-	-617.64	91.48	100.48	50.54
Total Non-Current Liabilities+	779K	720K	49.79M	50.91M	47.03M	14.47M	26.13M	80.37M	184.63M	246.05M
Long-Term Debt	0	0	49.21M	48.83M	46.62M	0	0	49.82M	150.85M	206.47M
Capital Lease Obligations	0	0	0	2.08M	413K	9.75M	5.86M	1.73M	1.02M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	779K	720K	582K	0	0	4.73M	11.25M	20.18M	25.53M	39.58M
Total Liabilities	19.98M	18.59M	67.52M	73.13M	75.45M	67.3M	91.74M	130.76M	262.46M	334.65M
Total Debt+	0	0	49.21M	57.31M	55.44M	45.5M	36.46M	55.98M	153.44M	207.95M
Net Debt	-74.6M	-75.38M	-29.56M	-123.83M	-35.6M	-26.92M	-59.68M	34.51M	88.51M	139.96M
Debt / Equity	-	-	0.42x	0.31x	0.44x	0.55x	0.37x	0.34x	0.89x	1.25x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-25.73x	-15.94x	-17.80x	-34.28x	-12.57x	-7.13x	-1.39x	-
Total Equity+	193.15M	139.31M	115.81M	186.66M	126.11M	82.62M	98.33M	166.82M	173.29M	166.95M
Equity Growth %	77.36%	-27.87%	-16.87%	61.17%	-32.44%	-34.49%	19.02%	69.65%	3.88%	-3.66%
Book Value per Share	4.81	2.94	2.06	2.89	1.41	0.79	0.62	0.76	0.74	0.69
Total Shareholders' Equity	193.15M	139.31M	115.81M	186.66M	126.11M	82.62M	98.33M	166.82M	173.29M	166.95M
Common Stock	5K	5K	6K	9K	9K	13K	20K	23K	24K	24K
Retained Earnings	-213.88M	-278.21M	-365.51M	-460.45M	-554.76M	-712.93M	-780.14M	-846.2M	-885.34M	-946.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-71K	-47K	-38K	20K	-4K	-6K	-54K	224K	57K	198K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-92.53M	-65.19M	-70.27M	-76.48M	-81.44M	-152.55M	-70.04M	-89.72M	-44.81M	-42.48M
Operating CF Margin %	-385.14%	-155.21%	-2695.59%	-1448.29%	-1075.62%	-1510.85%	-134.29%	-72.09%	-13.43%	-10.43%
Operating CF Growth %	-28.81%	29.55%	-7.8%	-8.84%	-6.47%	-87.33%	54.08%	-28.09%	50.06%	5.19%
Net Income	-112.39M	-64.34M	-91.3M	-94.94M	-94.31M	-158.16M	-67.21M	-66.07M	-39.14M	-61.6M
Depreciation & Amortization	1.29M	2.64M	2.68M	2.5M	1.82M	1.44M	1.14M	1.29M	2.06M	3.06M
Stock-Based Compensation	5.32M	9.59M	9.23M	9.94M	10.58M	12.04M	10.75M	13.53M	37.38M	48.96M
Deferred Taxes	-86K	11K	-1.02M	-262K	315K	-190K	0	0	0	0
Other Non-Cash Items	540K	567K	792K	3.3M	3.37M	4.25M	4.84M	4.91M	4.05M	-32.91M
Working Capital Changes	12.79M	-13.66M	9.35M	2.98M	-3.21M	-11.92M	-19.57M	-43.39M	-49.17M	0
Change in Receivables	0	-10.8M	10.71M	85K	750K	-502K	-7.23M	-14.3M	-35.67M	-14.14M
Change in Inventory	0	-1.9M	1.88M	-3.41M	-750K	-10.37M	-28.35M	-21.14M	-41.7M	-31.92M
Change in Payables	2.15M	-1.03M	-2.73M	39K	3.44M	-1.35M	6.58M	279K	4.86M	3.23M
Cash from Investing+	-131.08M	65.29M	-29.89M	23.37M	-31.44M	50.95M	18.41M	-131.25M	-18.32M	-8.96M
Capital Expenditures	-4.87M	-2.35M	-311K	-325K	-324K	-1.87M	-55K	-344K	-1.01M	-1.49M
CapEx % of Revenue	20.25%	5.61%	11.93%	6.15%	4.28%	18.49%	0.11%	0.28%	0.3%	0.37%
Acquisitions	0	0	0	-23.7M	31.44M	-52.81M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-126.21M	67.64M	-29.58M	23.7M	-31.44M	52.81M	1.8M	0	0	0
Cash from Financing+	191.2M	685K	103.55M	155.48M	22.78M	83M	75.34M	146.29M	106.59M	54.51M
Debt Issued (Net)	0	0	49.29M	0	-125K	-19.44M	-6.07M	22.39M	99.45M	0
Equity Issued (Net)	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	631K	685K	491K	574K	1.85M	1.3M	9.78M	4.67M	-1M	54.51M
Net Change in Cash	-32.41M	785K	3.38M	102.36M	-90.1M	-18.6M	23.71M	-74.67M	43.46M	3.07M
Free Cash Flow+	-97.4M	-67.55M	-70.58M	-76.81M	-81.76M	-154.42M	-70.1M	-90.06M	-45.82M	-43.98M
FCF Margin %	-405.39%	-160.82%	-2707.52%	-1454.44%	-1079.9%	-1529.35%	-134.4%	-72.36%	-13.73%	-10.8%
FCF Growth %	-29.36%	30.65%	-4.5%	-8.82%	-6.44%	-88.87%	54.6%	-28.48%	49.12%	4.03%
FCF per Share	-2.43	-1.42	-1.26	-1.19	-0.91	-1.48	-0.44	-0.41	-0.19	-0.18
FCF Conversion (FCF/Net Income)	0.82x	1.01x	0.77x	0.81x	0.86x	0.96x	1.04x	1.36x	1.14x	0.69x
Interest Paid	0	0	0	4.92M	4.2M	3.47M	2.9M	4.24M	11.41M	0
Taxes Paid	0	3K	4K	2K	1K	4K	6K	51K	266K	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-74.42%	-38.7%	-71.57%	-62.78%	-60.31%	-151.55%	-74.28%	-49.83%	-23.01%	-36.21%
Return on Invested Capital (ROIC)	-140.59%	-53.52%	-90.84%	-91.83%	-88.8%	-158.35%	-101.37%	-39.55%	-9.05%	-10.81%
Gross Margin	94.61%	80%	82.13%	88.64%	98.08%	90.1%	92.11%	85.7%	84.85%	90.29%
Net Margin	-467.77%	-153.19%	-3502.03%	-1797.77%	-1245.71%	-1566.46%	-128.85%	-53.08%	-11.73%	-15.12%
Debt / Equity	-	-	0.42x	0.31x	0.44x	0.55x	0.37x	0.34x	0.89x	1.25x
Interest Coverage	-	-	-25.73x	-15.94x	-17.80x	-34.28x	-12.57x	-7.13x	-1.39x	-
FCF Conversion	0.82x	1.01x	0.77x	0.81x	0.86x	0.96x	1.04x	1.36x	1.14x	0.69x
Revenue Growth	0%	74.81%	-93.79%	102.57%	43.36%	33.36%	416.57%	138.61%	168.06%	22.09%

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Ardelyx, Inc. (ARDX) 10-Year Financial Performance & Capital Metrics

ARDX •

HealthcareBiotechnologyCommercial Specialty Pharma

Revenue $407M +22.1%
EBITDA -$41M -58.3%
Net Income -$62M -57.4%
EPS (Diluted) -0.26 -52.9%
Gross Margin 90.29% +6.4%
EBITDA Margin -10.06% -29.6%
Operating Margin -10.06% -20.1%
Net Margin -15.12% -28.9%
ROE -36.21% -57.3%
ROIC -10.81% -19.4%
Debt/Equity 1.25 +40.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 82 (top 18%)
✓Strong 5Y sales CAGR of 121.9%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y32.72%

5Y121.9%

3Y98.4%

TTM58.12%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM22.09%

EPS CAGR

10Y-

5Y-

3Y-

TTM22.73%

ROCE

10Y Avg-48.82%

5Y Avg-45.14%

3Y Avg-17.97%

Latest-10.63%

Peer Comparison

Commercial Specialty Pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKSAlkermes plc	4.98B	30.10	21.05	-5.25%	16.37%	13.28%	0.01%	0.04
ADMAADMA Biologics, Inc.	3.71B	15.57	19.22	65.15%	42.87%	48.57%	2.97%	0.24
UTHRUnited Therapeutics Corporation	21.99B	503.90	18.09	10.61%	41.94%	18.81%	4.73%
PCSAProcessa Pharmaceuticals, Inc.	114.71M	2.17	-0.56			-221.71%		0.04
UNCYUnicycive Therapeutics, Inc.	144.49M	6.93	-1.24	-100%		-89.15%		0.10
PTHSPelthos Therapeutics Inc.	85.29M	26.36	-1.95		-318.41%	-40.48%
MISTMilestone Pharmaceuticals Inc.	145.64M	1.71	-2.55	-100%		-282.97%		4.17
AMRNAmarin Corporation plc	5.74B	13.80	-3.45	-25.51%	-38.01%	-18.78%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	24.03M	42M	2.61M	5.28M	7.57M	10.1M	52.16M	124.46M	333.62M	407.32M
Revenue Growth %	0%	74.81%	-93.79%	102.57%	43.36%	33.36%	416.57%	138.61%	168.06%	22.09%
Cost of Goods Sold+	1.29M	8.4M	466K	600K	145K	1M	4.12M	17.8M	50.56M	39.54M
COGS % of Revenue	5.39%	20%	17.88%	11.36%	1.92%	9.9%	7.89%	14.3%	15.15%	9.71%
Gross Profit+	22.73M	33.6M	2.14M	4.68M	7.43M	9.1M	48.04M	106.66M	283.06M	367.78M
Gross Margin %	94.61%	80%	82.13%	88.64%	98.08%	90.1%	92.11%	85.7%	84.85%	90.29%
Gross Profit Growth %	-2.01%	47.82%	-93.63%	118.64%	58.64%	22.5%	428.1%	122.02%	165.38%	29.93%
Operating Expenses+	112.89M	98.72M	93.09M	95.94M	98.21M	163.44M	111.8M	169.94M	311.01M	408.76M
OpEx % of Revenue	469.89%	235.04%	3570.69%	1816.78%	1297.13%	1618.73%	214.35%	136.54%	93.22%	100.35%
Selling, General & Admin	18.73M	23.23M	23.71M	24.27M	33.15M	72.3M	76.6M	134.4M	258.69M	337.23M
SG&A % of Revenue	77.97%	55.31%	909.67%	459.52%	437.89%	716.08%	146.86%	107.99%	77.54%	82.79%
Research & Development	94.16M	75.48M	69.37M	71.68M	65.05M	91.14M	35.2M	35.54M	52.32M	71.53M
R&D % of Revenue	391.91%	179.72%	2661.03%	1357.26%	859.24%	902.64%	67.49%	28.55%	15.68%	17.56%
Other Operating Expenses	508K	0	0	0	0	0	0	0	0	0
Operating Income+	-112.89M	-65.11M	-90.95M	-91.26M	-90.78M	-154.35M	-63.76M	-63.28M	-27.95M	-40.98M
Operating Margin %	-469.89%	-155.04%	-3488.57%	-1728.14%	-1199.05%	-1528.63%	-122.24%	-50.84%	-8.38%	-10.06%
Operating Income Growth %	-284.14%	42.32%	-39.67%	-0.35%	0.53%	-70.02%	58.69%	0.76%	55.83%	-46.61%
EBITDA+	-111.6M	-62.48M	-88.27M	-86.92M	-86.81M	-151.54M	-62.62M	-61.98M	-25.89M	-40.98M
EBITDA Margin %	-464.5%	-148.75%	-3385.85%	-1645.96%	-1146.6%	-1500.83%	-120.05%	-49.8%	-7.76%	-10.06%
EBITDA Growth %	-290.76%	44.02%	-41.28%	1.52%	0.13%	-74.57%	58.68%	1.01%	58.24%	-58.29%
D&A (Non-Cash Add-back)	1.29M	2.64M	2.68M	4.34M	3.97M	2.81M	1.14M	1.29M	2.06M	0
EBIT	-112.89M	-63.16M	-87.76M	-88.91M	-89.21M	-153.66M	-62.13M	-56.65M	-18.78M	0
Net Interest Income+	0	0	-3.53M	-5.73M	-5.1M	-4.5M	-5.07M	-8.87M	-20.09M	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	3.53M	5.73M	5.1M	4.5M	5.07M	8.87M	20.09M	-20.1M
Other Income/Expense	508K	1.96M	-347K	-3.37M	-3.53M	-3.81M	-3.44M	-2.24M	-10.92M	-19.65M
Pretax Income+	-112.39M	-63.16M	-91.29M	-94.64M	-94.31M	-158.16M	-67.2M	-65.52M	-38.87M	-60.63M
Pretax Margin %	-467.77%	-150.38%	-3501.88%	-1792.03%	-1245.69%	-1566.42%	-128.84%	-52.65%	-11.65%	-14.89%
Income Tax+	29K	1.18M	4K	303K	2K	4K	8K	547K	266K	969K
Effective Tax Rate %	100%	101.87%	100%	100.32%	100%	100%	100.01%	100.83%	100.68%	101.6%
Net Income+	-112.39M	-64.34M	-91.3M	-94.94M	-94.31M	-158.16M	-67.21M	-66.07M	-39.14M	-61.6M
Net Margin %	-467.77%	-153.19%	-3502.03%	-1797.77%	-1245.71%	-1566.46%	-128.85%	-53.08%	-11.73%	-15.12%
Net Income Growth %	-279.42%	42.75%	-41.9%	-3.99%	0.66%	-67.7%	57.51%	1.7%	40.76%	-57.4%
Net Income (Continuing)	-112.39M	-64.34M	-91.3M	-94.94M	-94.31M	-158.16M	-67.21M	-66.07M	-39.14M	-61.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.80	-1.36	-1.62	-1.47	-1.05	-1.52	-0.42	-0.30	-0.17	-0.26
EPS Growth %	-117.05%	51.43%	-19.12%	9.26%	28.57%	-44.76%	72.37%	28.57%	43.33%	-52.94%
EPS (Basic)	-2.80	-1.36	-1.62	-1.47	-1.05	-1.52	-0.42	-0.30	-0.17	-0.26
Diluted Shares Outstanding	40.12M	47.44M	56.22M	64.48M	89.58M	104.21M	158.69M	219.33M	235.23M	241.03M
Basic Shares Outstanding	40.12M	47.44M	56.22M	64.48M	89.58M	104.21M	158.69M	219.33M	235.23M	241.03M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	203.99M	149.87M	177.72M	252.38M	195.24M	133.65M	153.6M	246.11M	356.45M	382.32M
Cash & Short-Term Investments	200.82M	133.98M	168.09M	247.51M	186.48M	116.69M	123.91M	184.3M	250.1M	264.69M
Cash Only	74.6M	75.38M	78.77M	181.13M	91.03M	72.43M	96.14M	21.47M	64.93M	68M
Short-Term Investments	126.22M	58.59M	89.32M	66.38M	95.45M	44.26M	27.77M	162.83M	185.17M	196.69M
Accounts Receivable	0	10.8M	5.08M	750K	0	502K	7.73M	22.03M	57.7M	71.85M
Days Sales Outstanding	-	93.82	711.94	51.84	-	18.15	54.12	64.61	63.13	64.38
Inventory	0	0	0	0	0	0	3.28M	12.45M	21.17M	17.73M
Days Inventory Outstanding	-	-	-	-	-	-	290.97	255.33	152.86	163.73
Other Current Assets	3.17M	0	0	0	0	1	5.11M	8.41M	11.1M	28.05M
Total Non-Current Assets+	9.14M	8.03M	5.61M	7.41M	6.32M	16.26M	36.46M	51.47M	79.3M	119.29M
Property, Plant & Equipment	8.99M	8.03M	5.61M	7.41M	4.21M	15.11M	10.52M	6.6M	3.88M	6.98M
Fixed Asset Turnover	2.67x	5.23x	0.46x	0.71x	1.80x	0.67x	4.96x	18.86x	86.09x	58.36x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	2.11M	0	0	0	0	0
Other Non-Current Assets	148K	0	0	0	0	1.15M	25.95M	44.87M	75.43M	112.31M
Total Assets+	213.13M	157.9M	183.33M	259.78M	201.56M	149.91M	190.07M	297.58M	435.75M	501.6M
Asset Turnover	0.11x	0.27x	0.01x	0.02x	0.04x	0.07x	0.27x	0.42x	0.77x	0.81x
Asset Growth %	82.25%	-25.91%	16.1%	41.7%	-22.41%	-25.62%	26.78%	56.57%	46.43%	15.11%
Total Current Liabilities+	19.2M	17.87M	17.73M	22.22M	28.42M	52.82M	65.6M	50.39M	77.83M	88.61M
Accounts Payable	5.63M	3.93M	1.15M	2.19M	5.63M	4.28M	10.86M	11.14M	16M	19.23M
Days Payables Outstanding	1.59K	170.9	899.18	1.33K	14.16K	1.56K	962.72	228.46	115.52	177.57
Short-Term Debt	0	0	0	3.79M	6.28M	32.26M	26.71M	0	0	1.48M
Deferred Revenue (Current)	0	0	1M	4.54M	4.18M	0	4.21M	7.18M	10.69M	1.21M
Other Current Liabilities	10.4M	10.71M	12.86M	4.64M	5.22M	1.24M	10.09M	15.04M	49.58M	85.92M
Current Ratio	10.62x	8.39x	10.02x	11.36x	6.87x	2.53x	2.34x	4.88x	4.58x	4.31x
Quick Ratio	10.62x	8.39x	10.02x	11.36x	6.87x	2.53x	2.29x	4.64x	4.31x	4.11x
Cash Conversion Cycle	-	-	-	-	-	-	-617.64	91.48	100.48	50.54
Total Non-Current Liabilities+	779K	720K	49.79M	50.91M	47.03M	14.47M	26.13M	80.37M	184.63M	246.05M
Long-Term Debt	0	0	49.21M	48.83M	46.62M	0	0	49.82M	150.85M	206.47M
Capital Lease Obligations	0	0	0	2.08M	413K	9.75M	5.86M	1.73M	1.02M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	779K	720K	582K	0	0	4.73M	11.25M	20.18M	25.53M	39.58M
Total Liabilities	19.98M	18.59M	67.52M	73.13M	75.45M	67.3M	91.74M	130.76M	262.46M	334.65M
Total Debt+	0	0	49.21M	57.31M	55.44M	45.5M	36.46M	55.98M	153.44M	207.95M
Net Debt	-74.6M	-75.38M	-29.56M	-123.83M	-35.6M	-26.92M	-59.68M	34.51M	88.51M	139.96M
Debt / Equity	-	-	0.42x	0.31x	0.44x	0.55x	0.37x	0.34x	0.89x	1.25x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-25.73x	-15.94x	-17.80x	-34.28x	-12.57x	-7.13x	-1.39x	-
Total Equity+	193.15M	139.31M	115.81M	186.66M	126.11M	82.62M	98.33M	166.82M	173.29M	166.95M
Equity Growth %	77.36%	-27.87%	-16.87%	61.17%	-32.44%	-34.49%	19.02%	69.65%	3.88%	-3.66%
Book Value per Share	4.81	2.94	2.06	2.89	1.41	0.79	0.62	0.76	0.74	0.69
Total Shareholders' Equity	193.15M	139.31M	115.81M	186.66M	126.11M	82.62M	98.33M	166.82M	173.29M	166.95M
Common Stock	5K	5K	6K	9K	9K	13K	20K	23K	24K	24K
Retained Earnings	-213.88M	-278.21M	-365.51M	-460.45M	-554.76M	-712.93M	-780.14M	-846.2M	-885.34M	-946.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-71K	-47K	-38K	20K	-4K	-6K	-54K	224K	57K	198K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-92.53M	-65.19M	-70.27M	-76.48M	-81.44M	-152.55M	-70.04M	-89.72M	-44.81M	-42.48M
Operating CF Margin %	-385.14%	-155.21%	-2695.59%	-1448.29%	-1075.62%	-1510.85%	-134.29%	-72.09%	-13.43%	-10.43%
Operating CF Growth %	-28.81%	29.55%	-7.8%	-8.84%	-6.47%	-87.33%	54.08%	-28.09%	50.06%	5.19%
Net Income	-112.39M	-64.34M	-91.3M	-94.94M	-94.31M	-158.16M	-67.21M	-66.07M	-39.14M	-61.6M
Depreciation & Amortization	1.29M	2.64M	2.68M	2.5M	1.82M	1.44M	1.14M	1.29M	2.06M	3.06M
Stock-Based Compensation	5.32M	9.59M	9.23M	9.94M	10.58M	12.04M	10.75M	13.53M	37.38M	48.96M
Deferred Taxes	-86K	11K	-1.02M	-262K	315K	-190K	0	0	0	0
Other Non-Cash Items	540K	567K	792K	3.3M	3.37M	4.25M	4.84M	4.91M	4.05M	-32.91M
Working Capital Changes	12.79M	-13.66M	9.35M	2.98M	-3.21M	-11.92M	-19.57M	-43.39M	-49.17M	0
Change in Receivables	0	-10.8M	10.71M	85K	750K	-502K	-7.23M	-14.3M	-35.67M	-14.14M
Change in Inventory	0	-1.9M	1.88M	-3.41M	-750K	-10.37M	-28.35M	-21.14M	-41.7M	-31.92M
Change in Payables	2.15M	-1.03M	-2.73M	39K	3.44M	-1.35M	6.58M	279K	4.86M	3.23M
Cash from Investing+	-131.08M	65.29M	-29.89M	23.37M	-31.44M	50.95M	18.41M	-131.25M	-18.32M	-8.96M
Capital Expenditures	-4.87M	-2.35M	-311K	-325K	-324K	-1.87M	-55K	-344K	-1.01M	-1.49M
CapEx % of Revenue	20.25%	5.61%	11.93%	6.15%	4.28%	18.49%	0.11%	0.28%	0.3%	0.37%
Acquisitions	0	0	0	-23.7M	31.44M	-52.81M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-126.21M	67.64M	-29.58M	23.7M	-31.44M	52.81M	1.8M	0	0	0
Cash from Financing+	191.2M	685K	103.55M	155.48M	22.78M	83M	75.34M	146.29M	106.59M	54.51M
Debt Issued (Net)	0	0	49.29M	0	-125K	-19.44M	-6.07M	22.39M	99.45M	0
Equity Issued (Net)	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	631K	685K	491K	574K	1.85M	1.3M	9.78M	4.67M	-1M	54.51M
Net Change in Cash	-32.41M	785K	3.38M	102.36M	-90.1M	-18.6M	23.71M	-74.67M	43.46M	3.07M
Free Cash Flow+	-97.4M	-67.55M	-70.58M	-76.81M	-81.76M	-154.42M	-70.1M	-90.06M	-45.82M	-43.98M
FCF Margin %	-405.39%	-160.82%	-2707.52%	-1454.44%	-1079.9%	-1529.35%	-134.4%	-72.36%	-13.73%	-10.8%
FCF Growth %	-29.36%	30.65%	-4.5%	-8.82%	-6.44%	-88.87%	54.6%	-28.48%	49.12%	4.03%
FCF per Share	-2.43	-1.42	-1.26	-1.19	-0.91	-1.48	-0.44	-0.41	-0.19	-0.18
FCF Conversion (FCF/Net Income)	0.82x	1.01x	0.77x	0.81x	0.86x	0.96x	1.04x	1.36x	1.14x	0.69x
Interest Paid	0	0	0	4.92M	4.2M	3.47M	2.9M	4.24M	11.41M	0
Taxes Paid	0	3K	4K	2K	1K	4K	6K	51K	266K	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-74.42%	-38.7%	-71.57%	-62.78%	-60.31%	-151.55%	-74.28%	-49.83%	-23.01%	-36.21%
Return on Invested Capital (ROIC)	-140.59%	-53.52%	-90.84%	-91.83%	-88.8%	-158.35%	-101.37%	-39.55%	-9.05%	-10.81%
Gross Margin	94.61%	80%	82.13%	88.64%	98.08%	90.1%	92.11%	85.7%	84.85%	90.29%
Net Margin	-467.77%	-153.19%	-3502.03%	-1797.77%	-1245.71%	-1566.46%	-128.85%	-53.08%	-11.73%	-15.12%
Debt / Equity	-	-	0.42x	0.31x	0.44x	0.55x	0.37x	0.34x	0.89x	1.25x
Interest Coverage	-	-	-25.73x	-15.94x	-17.80x	-34.28x	-12.57x	-7.13x	-1.39x	-
FCF Conversion	0.82x	1.01x	0.77x	0.81x	0.86x	0.96x	1.04x	1.36x	1.14x	0.69x
Revenue Growth	0%	74.81%	-93.79%	102.57%	43.36%	33.36%	416.57%	138.61%	168.06%	22.09%

Ardelyx, Inc. (ARDX) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ARDX vs Peers

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Revenue History

Financial Ratios

Ardelyx, Inc. (ARDX) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ARDX vs Peers

vs UTHR

vs ZLAB

Compare Top 5

Profit & Loss

Balance Sheet

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Deep Dive Analysis

Valuation Overview

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Dividend History

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