Akebia Therapeut Financials
Akebia Therapeut (AKBA) reported $236.2M in revenue for fiscal year 2025, up 47.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
2025 marks a shift from cash-consuming commercialization to positive operating cash flow, stronger liquidity, and restored positive equity.
The margin inflection is unusually broad: gross margin expanded from60.6% in FY2024 to83.3% in FY2025 while operating margin moved from negative to positive, so the improvement reflects more than top-line recovery. Cash conversion reinforces that reading: operating cash flow reached$68.0M against a$5.3M net loss, and free cash flow nearly matched it, indicating the accounting loss did not represent current-period cash consumption.
Liquidity improvement was substantial: cash rose from
Capital intensity is currently low: operating cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Akebia Therapeut's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Akebia Therapeut has an operating margin of 10.0%, meaning the company retains $10 of operating profit per $100 of revenue. This below-average margin results in a low score of 26/100, suggesting thin profitability after operating expenses. This is up from -31.5% the prior year.
Akebia Therapeut's revenue surged 47.5% year-over-year to $236.2M, reflecting rapid business expansion. This strong growth earns a score of 65/100.
Akebia Therapeut carries a low D/E ratio of 1.48, meaning only $1.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
Akebia Therapeut's current ratio of 1.55 indicates adequate short-term liquidity, earning a score of 43/100. The company can meet its near-term obligations, though with limited headroom.
Akebia Therapeut has a free cash flow margin of 28.7%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.
Akebia Therapeut posts a -16.3% return on equity (ROE), meaning it loses $16 for every $100 of shareholders' equity. This results in a returns score of 25/100.
Akebia Therapeut scores -4.70, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($254.8M) relative to total liabilities ($344.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Akebia Therapeut passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Akebia Therapeut reported a net loss of $5.3M while generating $68.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Akebia Therapeut generated $236.2M in revenue in fiscal year 2025. This represents an increase of 47.5% from the prior year.
Akebia Therapeut's EBITDA was $24.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 291.0% from the prior year.
Akebia Therapeut reported -$5.3M in net income in fiscal year 2025. This represents an increase of 92.4% from the prior year.
Akebia Therapeut earned -$0.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 93.9% from the prior year.
Cash & Balance Sheet
Akebia Therapeut generated $67.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 266.4% from the prior year.
Akebia Therapeut held $184.8M in cash against $48.3M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Akebia Therapeut's gross margin was 83.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 22.7 percentage points from the prior year.
Akebia Therapeut's operating margin was 10.0% in fiscal year 2025, reflecting core business profitability. This is up 41.5 percentage points from the prior year.
Akebia Therapeut's net profit margin was -2.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 41.1 percentage points from the prior year.
Akebia Therapeut's ROE was -16.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Akebia Therapeut invested $62.4M in research and development in fiscal year 2025. This represents an increase of 65.6% from the prior year.
Akebia Therapeut invested $291K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 781.8% from the prior year.
Not reported for fiscal year 2025.
AKBA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $219.1M | $236.2M+47.5% | $160.2M-17.7% | $194.6M-33.5% | $292.5M+38.2% | $211.7M-28.2% | $294.6M-12.0% | $335.0M+61.3% | $207.7M+14.6% | $181.2M+11706.3% | $1.5M | $0 | $0 | N/A | N/A |
| Cost of Revenue | $44.6M | $39.5M-37.5% | $63.2M-14.8% | $74.1M-13.3% | $85.6M-43.2% | $150.7M-49.2% | $296.5M+172.2% | $108.9M+1642.7% | $6.3M | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $174.4M | $196.7M+102.8% | $97.0M-19.5% | $120.5M-41.8% | $206.9M+239.3% | $61.0M+3426.7% | -$1.8M-100.8% | $226.1M+12.2% | $201.5M | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $70.5M | $62.4M+65.6% | $37.7M-40.3% | $63.1M-51.5% | $130.0M-12.1% | $147.9M-32.3% | $218.5M-32.4% | $323.0M+11.0% | $291.0M+26.0% | $230.9M+99.4% | $115.8M+169.2% | $43.0M+84.9% | $23.3M+161.3% | $8.9M+58.1% | $5.6M |
| SG&A Expenses | $113.8M | $107.5M+0.9% | $106.5M+6.3% | $100.2M-27.7% | $138.6M-20.4% | $174.1M+13.0% | $154.1M+3.1% | $149.5M+71.7% | $87.1M+222.4% | $27.0M+21.6% | $22.2M+20.1% | $18.5M+26.0% | $14.7M+108.7% | $7.0M+143.2% | $2.9M |
| Operating Income | -$15.1M | $23.5M+146.6% | -$50.5M-9.1% | -$46.3M+42.7% | -$80.8M+69.5% | -$264.5M+30.0% | -$377.8M-32.0% | -$286.3M-60.7% | -$178.2M-132.4% | -$76.7M+43.8% | -$136.5M-121.8% | -$61.5M-62.1% | -$37.9M-138.1% | -$15.9M-86.9% | -$8.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $510K+147.6% | $206K+129.3% | -$704K+57.2% | -$1.6M |
| Income Tax | $1.8M | $1.6M | $0 | $0 | $0 | $0 | $0+100.0% | -$6.6M+76.6% | -$28.3M | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$29.6M | -$5.3M+92.4% | -$69.4M-33.7% | -$51.9M+44.9% | -$94.2M+66.6% | -$282.0M+26.7% | -$384.8M-37.6% | -$279.7M-94.8% | -$143.6M-94.9% | -$73.7M+45.7% | -$135.7M-123.6% | -$60.7M-63.9% | -$37.0M-181.3% | -$13.2M-60.7% | -$8.2M |
| EPS (Diluted) | — | -$0.02+93.9% | -$0.33-17.9% | -$0.28+46.2% | -$0.52+69.4% | -$1.70+38.8% | -$2.78-17.8% | -$2.36 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AKBA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $376.6M+70.6% | $220.7M-8.7% | $241.7M-32.1% | $356.1M-32.7% | $529.3M-17.8% | $644.1M-16.5% | $771.2M-22.6% | $996.5M+173.6% | $364.2M+21.3% | $300.2M+110.0% | $142.9M+28.8% | $111.0M+220.2% | $34.7M | N/A |
| Current Assets | $253.0M+122.2% | $113.8M-3.7% | $118.1M-36.2% | $185.2M-31.7% | $271.1M-27.0% | $371.4M+20.0% | $309.5M-33.9% | $468.3M+30.7% | $358.4M+20.9% | $296.3M+110.1% | $141.0M+27.6% | $110.5M+230.5% | $33.4M | N/A |
| Cash & Equivalents | $184.8M+256.4% | $51.9M+20.8% | $42.9M-52.6% | $90.5M-39.6% | $149.8M-34.5% | $228.7M+55.1% | $147.4M+40.9% | $104.6M+49.2% | $70.2M-62.6% | $187.3M+276.3% | $49.8M+51.9% | $32.8M+54.5% | $21.2M+1192.8% | $1.6M |
| Inventory | $15.6M-3.9% | $16.2M+3.5% | $15.7M-27.2% | $21.6M-41.1% | $36.6M-40.0% | $61.0M-47.6% | $116.3M+1.8% | $114.2M | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $47.0M+36.8% | $34.4M-12.5% | $39.3M-2.5% | $40.3M-21.9% | $51.6M+92.1% | $26.9M-30.9% | $38.9M+133.2% | $16.7M-51.3% | $34.2M+1.2% | $33.8M | N/A | $48K-64.4% | $135K | N/A |
| Goodwill | $59.0M0.0% | $59.0M0.0% | $59.0M0.0% | $59.0M0.0% | $59.0M+7.2% | $55.1M0.0% | $55.1M0.0% | $55.1M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $344.0M+27.5% | $269.9M-0.9% | $272.3M-22.4% | $350.8M-23.0% | $455.3M+14.8% | $396.5M+5.3% | $376.4M+4.4% | $360.6M+49.2% | $241.7M+4.1% | $232.1M+1843.5% | $11.9M+72.6% | $6.9M-95.7% | $161.7M | N/A |
| Current Liabilities | $162.9M+101.4% | $80.9M-19.0% | $99.9M-22.9% | $129.5M-50.4% | $261.1M+39.5% | $187.1M-10.1% | $208.1M-21.7% | $265.7M+88.3% | $141.1M+23.5% | $114.3M+862.8% | $11.9M+72.4% | $6.9M+76.4% | $3.9M | N/A |
| Long-Term Debt | $48.3M+24.7% | $38.7M+125.2% | $17.2M-49.6% | $34.1M | N/A | $96.4M+27.1% | $75.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $32.6M+166.3% | -$49.2M-60.8% | -$30.6M-684.8% | $5.2M-92.9% | $74.0M-69.7% | $244.4M-37.8% | $392.9M-38.2% | $635.9M+418.8% | $122.6M+79.9% | $68.1M-48.0% | $131.0M+25.9% | $104.1M+181.9% | -$127.1M-113.3% | -$59.6M |
| Retained Earnings | -$1.7B-0.3% | -$1.7B-4.3% | -$1.6B-3.3% | -$1.6B-6.4% | -$1.5B-24.2% | -$1.2B-48.3% | -$794.1M-54.4% | -$514.4M-38.7% | -$370.8M-24.8% | -$297.1M-84.1% | -$161.4M-60.3% | -$100.7M+20.8% | -$127.1M | N/A |
AKBA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $41.6M | $68.0M+267.2% | -$40.7M-73.9% | -$23.4M+68.0% | -$73.2M+71.1% | -$253.0M-129.2% | -$110.4M+57.1% | -$257.4M-164.1% | -$97.5M-73.6% | -$56.2M-197.0% | $57.9M+210.5% | -$52.4M-90.7% | -$27.5M-142.5% | -$11.3M-57.1% | -$7.2M |
| Capital Expenditures | $1.3M | $291K+781.8% | $33K | $0-100.0% | $114K+93.2% | $59K-81.4% | $317K-95.2% | $6.7M+314.4% | $1.6M-1.0% | $1.6M-39.1% | $2.7M+543.0% | $414K+80.8% | $229K+1105.3% | $19K | N/A |
| Free Cash Flow | $40.3M | $67.7M+266.4% | -$40.7M-74.0% | -$23.4M+68.1% | -$73.3M+71.0% | -$253.0M-128.6% | -$110.7M+58.1% | -$264.1M-166.5% | -$99.1M-71.5% | -$57.8M-204.6% | $55.2M+204.6% | -$52.8M-90.6% | -$27.7M-144.1% | -$11.4M | N/A |
| Investing Cash Flow | -$12.1M | -$7.9M-23918.2% | -$33K | $0+100.0% | -$114K-100.3% | $39.9M+199.8% | -$40.0M-118.9% | $211.2M+477.1% | $36.6M+120.6% | -$177.3M-1495.2% | $12.7M | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$11.2M | $72.9M+46.8% | $49.7M+297.0% | -$25.2M-272.7% | $14.6M-89.1% | $133.7M-42.3% | $231.7M+160.4% | $89.0M-7.9% | $96.6M-16.9% | $116.2M+73.6% | $66.9M | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $162K | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AKBA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.3%+22.7pp | 60.6%-1.3pp | 61.9%-8.8pp | 70.7%+41.9pp | 28.8%+29.4pp | -0.6%-68.1pp | 67.5%-29.5pp | 97.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 10.0%+41.5pp | -31.5%-7.7pp | -23.8%+3.9pp | -27.6% | -125.0% | -128.2% | -85.5%+0.3pp | -85.8%-43.5pp | -42.3% | -8889.9% | N/A | N/A | N/A | N/A |
| Net Margin | -2.2%+41.1pp | -43.3%-16.7pp | -26.7%+5.5pp | -32.2% | -133.2% | -130.6% | -83.5%-14.4pp | -69.1%-28.5pp | -40.6% | -8843.5% | N/A | N/A | N/A | N/A |
| Return on Equity | -16.3% | N/A | N/A | -1801.2%-1420.1pp | -381.0%-223.6pp | -157.5%-86.3pp | -71.2%-48.6pp | -22.6%+37.5pp | -60.1%+139.2pp | -199.3%-152.9pp | -46.4%-10.8pp | -35.6% | N/A | N/A |
| Return on Assets | -1.4%+30.0pp | -31.4%-10.0pp | -21.5%+5.0pp | -26.5%+26.8pp | -53.3%+6.5pp | -59.8%-23.5pp | -36.3%-21.8pp | -14.4%+5.8pp | -20.2%+25.0pp | -45.2%-2.7pp | -42.5%-9.1pp | -33.4%+4.6pp | -38.0% | N/A |
| Current Ratio | 1.55+0.1x | 1.41+0.2x | 1.18-0.2x | 1.43+0.4x | 1.04-0.9x | 1.98+0.5x | 1.49-0.3x | 1.76-0.8x | 2.54-0.1x | 2.59-9.3x | 11.88-4.2x | 16.05+7.5x | 8.57 | N/A |
| Debt-to-Equity | 1.48 | N/A | N/A | 6.52+0.4x | 6.15+5.8x | 0.39+0.2x | 0.19-0.4x | 0.57-1.4x | 1.97-1.4x | 3.41+3.3x | 0.090.0x | 0.07 | N/A | N/A |
| FCF Margin | 28.7%+54.1pp | -25.4%-13.4pp | -12.0%+13.0pp | -25.1% | -119.5% | -37.6%+41.3pp | -78.8%-31.1pp | -47.7%-15.8pp | -31.9% | 3599.0% | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Where Akebia Therapeut Ranks
Frequently Asked Questions
What is Akebia Therapeut's annual revenue?
Akebia Therapeut (AKBA) reported $236.2M in total revenue for fiscal year 2025. This represents a 47.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Akebia Therapeut's revenue growing?
Akebia Therapeut (AKBA) revenue grew by 47.5% year-over-year, from $160.2M to $236.2M in fiscal year 2025.
Is Akebia Therapeut profitable?
No, Akebia Therapeut (AKBA) reported a net income of -$5.3M in fiscal year 2025, with a net profit margin of -2.2%.
What is Akebia Therapeut's EBITDA?
Akebia Therapeut (AKBA) had EBITDA of $24.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Akebia Therapeut have?
As of fiscal year 2025, Akebia Therapeut (AKBA) had $184.8M in cash and equivalents against $48.3M in long-term debt.
What is Akebia Therapeut's gross margin?
Akebia Therapeut (AKBA) had a gross margin of 83.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Akebia Therapeut's operating margin?
Akebia Therapeut (AKBA) had an operating margin of 10.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Akebia Therapeut's net profit margin?
Akebia Therapeut (AKBA) had a net profit margin of -2.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Akebia Therapeut's return on equity (ROE)?
Akebia Therapeut (AKBA) has a return on equity of -16.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Akebia Therapeut's free cash flow?
Akebia Therapeut (AKBA) generated $67.7M in free cash flow during fiscal year 2025. This represents a 266.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Akebia Therapeut's operating cash flow?
Akebia Therapeut (AKBA) generated $68.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Akebia Therapeut's total assets?
Akebia Therapeut (AKBA) had $376.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Akebia Therapeut's capital expenditures?
Akebia Therapeut (AKBA) invested $291K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Akebia Therapeut spend on research and development?
Akebia Therapeut (AKBA) invested $62.4M in research and development during fiscal year 2025.
What is Akebia Therapeut's current ratio?
Akebia Therapeut (AKBA) had a current ratio of 1.55 as of fiscal year 2025, which is generally considered healthy.
What is Akebia Therapeut's debt-to-equity ratio?
Akebia Therapeut (AKBA) had a debt-to-equity ratio of 1.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Akebia Therapeut's return on assets (ROA)?
Akebia Therapeut (AKBA) had a return on assets of -1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Akebia Therapeut's Altman Z-Score?
Akebia Therapeut (AKBA) has an Altman Z-Score of -4.70, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Akebia Therapeut's Piotroski F-Score?
Akebia Therapeut (AKBA) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Akebia Therapeut's earnings high quality?
Akebia Therapeut (AKBA) reported a net loss of $5.3M while generating $68.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Akebia Therapeut?
Akebia Therapeut (AKBA) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.