What is Ardelyx, Inc.'s earnings per share (EPS)?

Ardelyx, Inc. (ARDX) reported diluted earnings per share of -$0.26 for fiscal year 2025. This represents a -52.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ardelyx, Inc. (ARDX) Financials

ARDX

Trailing 12 months to June 30, 2026

Revenue $450.9M +16.8% YoY

Net Income -$56.1M +0.3% YoY

EPS (Diluted) -$0.23 0.0% YoY

Free Cash Flow -$17.9M +67.5% YoY

Market Cap $854.6M as of Oct 6, 2026

Price / Sales 1.9x on $450.9M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 5.7x on $149.0M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ARDX SEC filings page.

Ardelyx, Inc. (ARDX) reported $450.9M in revenue over the twelve months to Jun 30, 2026, up 16.8% from the prior twelve months. 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).

Rhea AI ARDX FY2025 2026-10-04

Revenue is scaling, but operating costs and financing needs are rising faster than cash generation, leaving profitability unresolved.

FY2025 revenue grew 22.1%, but operating loss reached $41.0M even as gross margin widened from the prior year. That pairing means higher gross profit was absorbed by SG&A and R&D spending rather than translated into operating earnings.

Operating cash flow improved slightly from a $44.8M outflow in FY2024 to a $42.5M outflow in FY2025. Free cash flow remained an outflow of $44.0M, so the improved cash result did not remove the funding requirement.

Reported liquidity equaled 74.8 months of the latest annual operating outflow, while financing cash flow was $54.5M against negative operating cash flow. Debt-to-equity rose from 0.9x to 1.2x, showing that expansion increasingly relies on balance-sheet financing.

Financial Health Signals

Financial Health Score 45/100

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 Ardelyx, Inc.'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.

Profitability

Ardelyx, Inc. has an operating margin of -10.1%, meaning the company loses $10 on every $100 of revenue. This results in a profitability score of 15/100. This is down from -8.4% the prior year.

Growth

Ardelyx, Inc.'s revenue surged 22.1% year-over-year to $407.3M, reflecting rapid business expansion. This strong growth earns a score of 97/100.

Leverage

Ardelyx, Inc. has a moderate D/E ratio of 1.21. This balance of debt and equity financing earns a leverage score of 43/100.

Liquidity

With a current ratio of 4.31, Ardelyx, Inc. holds $4.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 89/100.

Cash Flow

Ardelyx, Inc.'s operations used $42.5M of cash, and capex of $1.5M added to the outflow, for a free cash flow shortfall of $44.0M. This results in a cash flow score of 8/100.

Returns

Ardelyx, Inc. posts a -37.1% return on equity (ROE), meaning it loses $37 for every $100 of shareholders' equity. This results in a returns score of 20/100. This is down from -22.5% the prior year.

Altman Z-Score Distress

0.13

Ardelyx, Inc. scores 0.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($854.6M) relative to total liabilities ($334.7M). 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.

Piotroski F-Score Weak

3/9

Ardelyx, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Ardelyx, Inc. reported a net loss of $62.0M while operations used $42.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Ardelyx, Inc. reported an operating loss of $41.0M against $20.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$120.9M

YoY+23.8%

QoQ+27.9%

5Y CAGR+147.1%

Ardelyx, Inc. generated $120.9M in revenue in Q2 2026. This represents an increase of 23.8% from the same quarter a year earlier. Against the prior quarter it is up 27.9%.

EBITDA

-$11.8M

YoY+14.1%

QoQ+62.9%

Ardelyx, Inc.'s EBITDA was -$11.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.1% from the same quarter a year earlier. Against the prior quarter it is up 62.9%.

Net Income

-$16.7M

YoY+12.4%

QoQ+55.5%

Ardelyx, Inc. reported -$16.7M in net income in Q2 2026. This represents an increase of 12.4% from the same quarter a year earlier. Against the prior quarter it is up 55.5%.

EPS (Diluted)

-$0.07

YoY+12.5%

QoQ+53.3%

Ardelyx, Inc. earned -$0.07 per diluted share (EPS) in Q2 2026. This represents an increase of 12.5% from the same quarter a year earlier. Against the prior quarter it is up 53.3%.

Cash & Balance Sheet

Free Cash Flow

-$6.4M

YoY+75.3%

QoQ+80.2%

Ardelyx, Inc. recorded an outflow of $6.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 75.3% from the same quarter a year earlier. Against the prior quarter it is up 80.2%.

Cash & Debt

$97.2M

YoY+7.9%

QoQ+211.4%

5Y CAGR+2.3%

10Y CAGR-4.0%

Ardelyx, Inc. held $97.2M in cash against $251.8M in long-term debt as of Q2 2026.

Shares Outstanding

249M

YoY+3.4%

QoQ+0.9%

5Y CAGR+19.3%

10Y CAGR+18.1%

Ardelyx, Inc. had 249M shares outstanding in Q2 2026. This represents an increase of 3.4% from the same quarter a year earlier. Against the prior quarter it is up 0.9%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

95.2%

YoY+7.9pp

QoQ+0.3pp

5Y change-4.8pp

Ardelyx, Inc.'s gross margin was 95.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 7.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.

Operating Margin

-10.3%

YoY+4.5pp

QoQ+24.4pp

Ardelyx, Inc.'s operating margin was -10.3% in Q2 2026, reflecting core business profitability. This is up 4.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 24.4 percentage points.

Net Margin

-13.8%

YoY+5.7pp

QoQ+26.0pp

Ardelyx, Inc.'s net profit margin was -13.8% in Q2 2026, showing the share of revenue converted to profit. This is up 5.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 26.0 percentage points.

Return on Equity

-11.2%

YoY+2.4pp

QoQ+14.1pp

5Y change+27.2pp

10Y change+9.1pp

Ardelyx, Inc.'s ROE was -11.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 14.1 percentage points.

Capital Allocation

R&D Spending

$26.1M

YoY+66.6%

QoQ+29.3%

5Y CAGR+0.1%

Ardelyx, Inc. invested $26.1M in research and development in Q2 2026. This represents an increase of 66.6% from the same quarter a year earlier. Against the prior quarter it is up 29.3%.

Capital Expenditures

$13K

YoY-98.0%

QoQ-81.2%

5Y CAGR-55.4%

10Y CAGR-26.8%

Ardelyx, Inc. invested $13K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 98.0% from the same quarter a year earlier. Against the prior quarter it is down 81.2%.

Share Buybacks

Not reported for Q2 2026.

ARDX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ARDX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Revenue	$450.9M	$407.3M+22.1%	$333.6M+168.1%	$124.5M+138.6%	$52.2M+416.6%	$10.1M+33.4%	$7.6M+43.4%	$5.3M+102.6%	$2.6M-93.8%	$42.0M	N/A	$24.0M-24.0%	$31.6M+9.3%	$28.9M+434.7%	$5.4M
Cost of Revenue	$25.4M	$39.5M-21.8%	$50.6M+184.1%	$17.8M+332.2%	$4.1M+311.7%	$1.0M+589.7%	$145K-75.8%	$600K+28.8%	$466K-94.5%	$8.4M	N/A	N/A	N/A	N/A	N/A
Gross Profit	$425.5M	$367.8M+29.9%	$283.1M+165.4%	$106.7M+122.0%	$48.0M+428.1%	$9.1M+22.5%	$7.4M+58.6%	$4.7M+118.6%	$2.1M-93.6%	$33.6M	N/A	$24.0M	N/A	N/A	N/A
R&D Expenses	$87.2M	$71.5M+36.7%	$52.3M+47.2%	$35.5M+1.0%	$35.2M-61.4%	$91.1M+40.1%	$65.1M-9.2%	$71.7M+3.3%	$69.4M-8.1%	$75.5M-19.8%	$94.2M+136.1%	$39.9M+54.0%	$25.9M-7.8%	$28.1M+175.9%	$10.2M
SG&A Expenses	$373.7M	$337.2M+30.4%	$258.7M+92.5%	$134.4M+75.5%	$76.6M+5.9%	$72.3M+118.1%	$33.2M+36.6%	$24.3M+2.3%	$23.7M+2.1%	$23.2M+24.0%	$18.7M+38.5%	$13.5M+85.7%	$7.3M+96.9%	$3.7M-8.2%	$4.0M
Operating Income	-$35.5M	-$41.0M-46.6%	-$27.9M+55.8%	-$63.3M+0.8%	-$63.8M+58.7%	-$154.3M-70.0%	-$90.8M+0.5%	-$91.3M-0.3%	-$90.9M-39.7%	-$65.1M+42.3%	-$112.9M-284.1%	-$29.4M-1779.1%	-$1.6M+45.4%	-$2.9M+67.5%	-$8.8M
EBITDA	N/A	-$37.9M-46.5%	-$25.9M+58.2%	-$62.0M+1.0%	-$62.6M+58.7%	-$151.5M-71.7%	-$88.2M+0.6%	-$88.8M-0.6%	-$88.2M-41.2%	-$62.5M+44.0%	-$111.6M-290.3%	-$28.6M-2161.8%	-$1.3M+44.2%	-$2.3M+72.1%	-$8.1M
Interest Expense	$22.1M	$20.1M+54.6%	$13.0M+162.7%	$5.0M+45.6%	$3.4M-24.5%	$4.5M-11.7%	$5.1M-11.0%	$5.7M+62.0%	$3.5M	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$227K	$969K+264.3%	$266K-51.4%	$547K+6737.5%	$8K+100.0%	$4K+100.0%	$2K-99.3%	$303K+7475.0%	$4K-99.7%	$1.2M	N/A	-$29K-143.3%	$67K-52.5%	$141K	N/A
Net Income	-$56.1M	-$62.0M-59.0%	-$39.0M+40.9%	-$66.0M+1.5%	-$67.0M+57.6%	-$158.0M-67.5%	-$94.3M+0.7%	-$94.9M-4.0%	-$91.3M-41.9%	-$64.3M+42.8%	-$112.4M-279.4%	-$29.6M-821.6%	-$3.2M+51.0%	-$6.6M+32.9%	-$9.8M
EPS (Basic)	N/A	-$0.26-52.9%	-$0.17+43.3%	-$0.30+28.6%	-$0.42+72.4%	-$1.52-44.8%	-$1.05+28.6%	-$1.47	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	-$0.23	-$0.26-52.9%	-$0.17+43.3%	-$0.30+28.6%	-$0.42	-$1.52-44.8%	-$1.05+28.6%	-$1.47	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	241M+2.5%	235M+7.3%	219M+38.2%	159M	104M+16.3%	90M+38.9%	64M	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$120.9M+23.8%	$94.5M+27.5%	$125.2M+7.8%	$110.3M+12.3%	$97.7M+33.4%	$74.1M+61.0%	$116.1M+237.9%	$98.2M+74.2%
Cost of Revenue	$5.8M-53.6%	$4.8M-60.9%	$10.8M-40.6%	$4.0M-74.7%	$12.4M+31.4%	$12.3M+72.6%	$18.3M+259.7%	$15.7M+104.5%
Gross Profit	$115.1M+35.0%	$89.7M+45.1%	$114.4M+16.9%	$106.3M+28.9%	$85.3M+33.7%	$61.8M+58.9%	$97.9M+234.2%	$82.5M+69.4%
R&D Expenses	$26.1M+66.6%	$20.2M+35.1%	$22.9M+67.2%	$18.1M+18.0%	$15.7M+22.8%	$14.9M+41.2%	$13.7M+43.5%	$15.3M+77.3%
SG&A Expenses	$101.4M+20.8%	$102.3M+22.9%	$86.4M+13.6%	$83.6M+28.7%	$84.0M+29.9%	$83.2M+57.0%	$76.1M+59.3%	$65.0M+98.9%
Operating Income	-$12.4M+13.7%	-$32.8M+9.8%	$5.1M-37.2%	$4.7M+109.0%	-$14.4M-5.6%	-$36.3M-47.3%	$8.1M+129.0%	$2.2M-69.8%
EBITDA	-$11.8M+14.1%	-$31.9M+10.8%	$6.0M-30.3%	$5.6M+100.7%	-$13.8M-5.4%	-$35.7M-47.5%	$8.6M+131.3%	$2.8M-63.9%
Interest Expense	$5.0M+13.8%	$5.6M+33.6%	$5.8M+45.2%	$5.8M+72.7%	$4.4M+31.0%	$4.2M+77.9%	$4.0M+128.0%	$3.4M+203.3%
Income Tax	$110K+10900.0%	$8K-99.1%	$7K-80.0%	$102K+137.2%	$1K-98.5%	$859K+609.9%	$35K-89.5%	$43K-78.5%
Net Income	-$16.7M+12.4%	-$37.6M+8.6%	-$808K-116.9%	-$969K-19.8%	-$19.1M-16.0%	-$41.1M-55.2%	$4.8M+116.6%	-$809K-112.2%
EPS (Basic)	-$0.07+12.5%	-$0.15+11.8%	-$0.01-150.0%	$0.00	-$0.08-14.3%	-$0.17-54.5%	$0.02+115.4%	$0.00-100.0%
EPS (Diluted)	-$0.07+12.5%	-$0.15+11.8%	-$0.01	$0.00	-$0.08-14.3%	-$0.17-54.5%	$0.02+115.4%	$0.00-100.0%
Diluted Shares (Avg)	248M+3.4%	246M+3.0%	N/A	242M+2.5%	240M+2.3%	239M+2.4%	N/A	236M+3.5%

ARDX Balance Sheet

ARDX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Total Assets	$501.6M+15.1%	$435.8M+46.4%	$297.6M+56.6%	$190.1M+26.8%	$149.9M-25.6%	$201.6M-22.4%	$259.8M+41.7%	$183.3M+16.1%	$157.9M-25.9%	$213.1M+82.2%	$116.9M+3.1%	$113.4M+164.3%	$42.9M	N/A
Current Assets	$382.3M+7.3%	$356.5M+44.8%	$246.1M+60.2%	$153.6M+14.9%	$133.6M-31.4%	$194.7M-22.8%	$252.1M+42.9%	$176.4M+17.8%	$149.7M-26.6%	$204.0M+82.1%	$112.0M+0.9%	$111.1M+165.5%	$41.8M	N/A
Cash & Equivalents	$68.0M+4.7%	$64.9M+202.4%	$21.5M-77.7%	$96.1M+32.7%	$72.4M-20.4%	$91.0M-49.7%	$181.1M+130.0%	$78.8M+4.5%	$75.4M+1.1%	$74.6M-30.3%	$107.0M-0.3%	$107.3M+211.6%	$34.4M+4.7%	$32.9M
Short-Term Investments	$196.7M+6.2%	$185.2M+13.7%	$162.8M+486.4%	$27.8M-37.3%	$44.3M-53.6%	$95.5M+43.8%	$66.4M-25.7%	$89.3M+52.4%	$58.6M-53.6%	$126.2M	$0	$0	$0	$0
Inventory	$123.1M+35.0%	$91.2M+84.3%	$49.5M+74.6%	$28.3M	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$71.8M+24.5%	$57.7M+161.9%	$22.0M+184.9%	$7.7M+1440.4%	$502K	$0	N/A	$85K-99.2%	$10.8M	N/A	N/A	$2.6M-59.9%	$6.4M	N/A
Long-Term Investments	$0	$0	$0	$0	$0-100.0%	$2.1M	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$334.7M+27.5%	$262.5M+100.7%	$130.8M+42.5%	$91.7M+36.3%	$67.3M-10.8%	$75.5M+3.2%	$73.1M+8.3%	$67.5M+263.2%	$18.6M-7.0%	$20.0M+148.4%	$8.0M-84.7%	$52.7M-50.4%	$106.4M	N/A
Current Liabilities	$88.6M+13.8%	$77.8M+54.4%	$50.4M-23.2%	$65.6M+24.2%	$52.8M+85.9%	$28.4M+27.9%	$22.2M+25.3%	$17.7M-0.8%	$17.9M-6.9%	$19.2M+148.6%	$7.7M-64.1%	$21.5M+25.7%	$17.1M	N/A
Non-Current Liabilities	$246.1M+33.3%	$184.6M+129.7%	$80.4M+207.5%	$26.1M+80.5%	$14.5M-69.2%	$47.0M-7.6%	$50.9M+8646.9%	$582K-19.2%	$720K-7.6%	$779K+141.9%	$322K-99.0%	$31.2M-65.0%	$89.2M	N/A
Long-Term Debt	$202.8M+34.5%	$150.9M+202.8%	$49.8M+86.5%	$26.7M-17.2%	$32.3M-36.5%	$50.8M+1.5%	$50.0M-3.8%	$52.0M	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$166.9M-3.7%	$173.3M+3.9%	$166.8M+69.7%	$98.3M+19.0%	$82.6M-34.5%	$126.1M-32.4%	$186.7M+61.2%	$115.8M-16.9%	$139.3M-27.9%	$193.2M+77.4%	$108.9M+79.5%	$60.7M+195.6%	-$63.5M-10.6%	-$57.4M
Retained Earnings	-$946.9M-7.0%	-$885.3M-4.6%	-$846.2M-8.5%	-$780.1M-9.4%	-$712.9M-28.5%	-$554.8M-20.5%	-$460.5M-26.0%	-$365.5M-31.4%	-$278.2M-30.1%	-$213.9M-110.7%	-$101.5M-41.2%	-$71.9M-4.7%	-$68.7M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$575.9M+23.4%	$504.5M+23.0%	$501.6M+15.1%	$486.2M+32.2%	$466.8M+35.9%	$410.2M+19.8%	$435.8M+46.4%	$367.9M+27.1%
Current Assets	$441.9M+25.7%	$381.9M+22.1%	$382.3M+7.3%	$368.0M+29.5%	$351.6M+33.7%	$312.7M+21.2%	$356.5M+44.8%	$284.1M+17.8%
Cash & Equivalents	$97.2M+7.9%	$31.2M+1.3%	$68.0M+4.7%	$42.7M-9.9%	$90.0M+115.0%	$30.8M-14.8%	$64.9M+202.4%	$47.4M+40.5%
Short-Term Investments	$184.6M+24.4%	$206.9M+13.0%	$196.7M+6.2%	$200.0M+39.9%	$148.4M+3.0%	$183.1M+10.0%	$185.2M+13.7%	$143.0M+8.9%
Inventory	$139.0M+12.8%	$128.0M+20.9%	$123.1M+35.0%	$129.4M+51.9%	$123.3M+47.7%	$105.9M+34.3%	$91.2M+84.3%	$85.2M+79.3%
Accounts Receivable	$100.4M+60.4%	$82.8M+78.3%	$71.8M+24.5%	$76.6M+44.0%	$62.6M+68.0%	$46.5M+65.0%	$57.7M+161.9%	$53.2M+23.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$426.9M+30.4%	$355.9M+34.5%	$334.7M+27.5%	$331.9M+58.4%	$327.2M+66.5%	$264.5M+38.1%	$262.5M+100.7%	$209.6M+113.4%
Current Liabilities	$132.2M+61.8%	$109.6M+44.5%	$88.6M+13.8%	$83.4M+18.3%	$81.7M+30.9%	$75.8M+33.3%	$77.8M+54.4%	$70.5M+62.0%
Non-Current Liabilities	$294.7M+20.0%	$246.3M+30.5%	$246.1M+33.3%	$248.5M+78.7%	$245.5M+83.1%	$188.7M+40.2%	$184.6M+129.7%	$139.1M+154.3%
Long-Term Debt	$251.8M+25.0%	$203.5M+34.5%	$202.8M+34.5%	$202.1M+100.7%	$201.4M+100.9%	$151.3M+51.6%	$150.9M+202.8%	$100.7M+269.9%
Total Equity	$149.0M+6.8%	$148.6M+2.0%	$166.9M-3.7%	$154.3M-2.5%	$139.5M-5.1%	$145.7M-3.5%	$173.3M+3.9%	$158.3M-17.2%
Retained Earnings	-$1.0B-5.9%	-$984.5M-6.3%	-$946.9M-7.0%	-$946.5M-6.4%	-$945.6M-6.3%	-$926.5M-6.2%	-$885.3M-4.6%	-$890.0M-8.9%

Not reported in any period shown, so not listed: Goodwill.

ARDX Cash Flow Statement

ARDX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Operating Cash Flow	-$17.3M	-$42.5M+5.2%	-$44.8M+50.1%	-$89.7M-28.1%	-$70.0M+54.1%	-$152.6M-87.3%	-$81.4M-6.5%	-$76.5M-8.8%	-$70.3M-7.8%	-$65.2M+29.6%	-$92.5M-28.8%	-$71.8M-636.2%	$13.4M+639.8%	$1.8M-91.8%	$22.0M
Depreciation & Amortization	N/A	$3.1M+48.3%	$2.1M+59.7%	$1.3M+12.9%	$1.1M-59.2%	$2.8M+10.5%	$2.5M+1.6%	$2.5M-7.4%	$2.7M+3.8%	$2.6M+100.0%	$1.3M+62.5%	$800K+166.7%	$300K-50.0%	$600K-11.1%	$675K
Stock-Based Compensation	N/A	$49.0M+31.0%	$37.4M+176.3%	$13.5M+25.9%	$10.8M-10.7%	$12.0M+13.8%	$10.6M+6.5%	$9.9M+7.7%	$9.2M-3.8%	$9.6M+80.4%	$5.3M+101.9%	$2.6M+55.7%	$1.7M+380.7%	$352K-25.6%	$473K
Capital Expenditures	$599K	$1.5M+47.6%	$1.0M+193.9%	$344K+525.5%	$55K-97.1%	$1.9M+476.2%	$324K-0.3%	$325K+4.5%	$311K-86.8%	$2.4M-51.6%	$4.9M+40.9%	$3.5M+86.1%	$1.9M+567.6%	$278K+117.2%	$128K
Free Cash Flow	-$17.9M	-$44.0M+4.0%	-$45.8M+49.1%	-$90.1M-28.5%	-$70.1M+54.6%	-$154.4M-88.9%	-$81.8M-6.4%	-$76.8M-8.8%	-$70.6M-4.5%	-$67.5M+30.7%	-$97.4M-29.4%	-$75.3M-752.4%	$11.5M+652.8%	$1.5M-93.0%	$21.9M
Investing Cash Flow	-$34.1M	-$9.0M+51.1%	-$18.3M+86.0%	-$131.2M-812.7%	$18.4M-63.9%	$50.9M+262.0%	-$31.4M-234.5%	$23.4M+178.2%	-$29.9M-145.8%	$65.3M+149.8%	-$131.1M-3694.9%	-$3.5M	N/A	N/A	N/A
Financing Cash Flow	$58.5M	$54.5M-48.9%	$106.6M-27.1%	$146.3M+94.2%	$75.3M-9.2%	$83.0M+264.4%	$22.8M-85.4%	$155.5M+50.1%	$103.6M+15017.2%	$685K-99.6%	$191.2M+154.9%	$75.0M	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	$2K0.0%	$2K-90.0%	$20K

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$6.4M+74.7%	-$32.2M+16.2%	$21.0M+113.6%	$365K-27.1%	-$25.3M-30.6%	-$38.5M-7.7%	$9.8M+212.5%	$501K+102.3%
Depreciation & Amortization	$604K-4.3%	$915K+52.0%	$921K+78.8%	$905K+66.4%	$631K+10.9%	$602K+38.4%	$515K+42.3%	$544K+86.9%
Stock-Based Compensation	$15.3M+31.1%	$14.2M+17.1%	N/A	$12.7M+39.5%	$11.7M+8.5%	$12.1M+58.7%	N/A	$9.1M+161.8%
Capital Expenditures	$13K-98.0%	$69K-78.8%	$361K-39.1%	$156K+13.9%	$650K+396.2%	$325K+116.7%	$593K+1279.1%	$137K-29.4%
Free Cash Flow	-$6.4M+75.3%	-$32.3M+16.7%	$20.6M+123.4%	$209K-42.6%	-$26.0M-33.1%	-$38.8M-8.1%	$9.2M+205.2%	$364K+101.7%
Investing Cash Flow	$22.7M-35.1%	-$10.0M-450.6%	$3.8M+109.1%	-$50.5M-2257.6%	$34.9M+48.4%	$2.9M+210.8%	-$41.6M-40.8%	$2.3M+107.2%
Financing Cash Flow	$49.7M+0.1%	$5.4M+267.2%	$557K-98.9%	$2.8M+4.3%	$49.7M+2988.1%	$1.5M-97.2%	$49.3M+89.8%	$2.7M-95.3%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

ARDX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ARDX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Gross Margin	90.3%+5.4pp	84.9%-0.8pp	85.7%-6.4pp	92.1%+2.0pp	90.1%-8.0pp	98.1%+9.4pp	88.6%+6.5pp	82.1%+2.1pp	80.0%	N/A	100.0%	N/A	N/A	N/A
Operating Margin	-10.1%-1.7pp	-8.4%+42.5pp	-50.8%	-122.2%	-1528.6%	-1199.1%	-1728.1%	-3488.6%	-155.0%	N/A	-122.3%	-5.0%+5.0pp	-9.9%	-162.8%
Net Margin	-15.2%-3.5pp	-11.7%+41.3pp	-53.0%	-128.5%	-1564.8%	-1245.7%	-1797.8%	-3502.0%	-153.2%	N/A	-123.3%	-10.2%+12.5pp	-22.7%	-180.9%
Return on Equity	-37.1%-14.6pp	-22.5%+17.1pp	-39.6%+28.6pp	-68.1%+123.1pp	-191.2%-116.5pp	-74.8%-23.9pp	-50.9%+28.0pp	-78.8%-32.6pp	-46.2%+12.0pp	-58.2%-31.0pp	-27.2%-21.9pp	-5.3%	N/A	N/A
Return on Assets	-12.4%-3.4pp	-8.9%+13.2pp	-22.2%+13.1pp	-35.3%+70.1pp	-105.4%-58.6pp	-46.8%-10.2pp	-36.5%+13.3pp	-49.8%-9.1pp	-40.8%+12.0pp	-52.7%-27.4pp	-25.3%-22.5pp	-2.8%+12.5pp	-15.3%	N/A
Current Ratio	4.31-0.3x	4.58-0.3x	4.88+2.5x	2.34-0.2x	2.53-4.3x	6.85-4.5x	11.34+1.4x	9.95+1.6x	8.38-2.2x	10.62-3.9x	14.51+9.3x	5.16+2.7x	2.44	N/A
Debt-to-Equity	1.21+0.3x	0.87+0.6x	0.300.0x	0.27-0.1x	0.390.0x	0.40+0.1x	0.27-0.2x	0.45+0.3x	0.130.0x	0.100.0x	0.07-0.8x	0.87	N/A	N/A
Asset Turnover	0.810.0x	0.77+0.3x	0.42+0.1x	0.27+0.2x	0.070.0x	0.040.0x	0.020.0x	0.01-0.3x	0.27	N/A	0.21-0.1x	0.28-0.4x	0.67	N/A
FCF Margin	-10.8%+2.9pp	-13.7%+58.6pp	-72.4%	-134.4%	-1529.3%	-1079.9%	-1454.4%	-2707.5%	-160.8%	N/A	-313.4%	36.5%+31.2pp	5.3%	403.9%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	95.2%+7.9pp	94.9%+11.5pp	91.3%+7.1pp	96.4%+12.4pp	87.3%+0.2pp	83.4%-1.1pp	84.3%-1.0pp	84.0%-2.4pp
Operating Margin	-10.3%+4.5pp	-34.7%+14.3pp	4.1%-2.9pp	4.2%+2.0pp	-14.7%+3.9pp	-49.0%+4.6pp	7.0%+88.4pp	2.3%-10.9pp
Net Margin	-13.8%+5.7pp	-39.8%+15.7pp	-0.7%-4.8pp	-0.9%-0.1pp	-19.5%+2.9pp	-55.5%+2.1pp	4.1%+87.7pp	-0.8%-12.6pp
Return on Equity	-11.2%+2.4pp	-25.3%+2.9pp	-0.5%-3.2pp	-0.6%-0.1pp	-13.7%-2.5pp	-28.2%-10.7pp	2.8%+20.0pp	-0.5%-4.0pp
Return on Assets	-2.9%+1.2pp	-7.4%+2.6pp	-0.2%-1.3pp	-0.2%0.0pp	-4.1%+0.7pp	-10.0%-2.3pp	1.1%+10.8pp	-0.2%-2.5pp
Current Ratio	3.34-1.0x	3.49-0.6x	4.31-0.3x	4.41+0.4x	4.30+0.1x	4.12-0.4x	4.58-0.3x	4.03-1.5x
Debt-to-Equity	1.69+0.2x	1.37+0.3x	1.21+0.3x	1.31+0.7x	1.44+0.8x	1.04+0.4x	0.87+0.6x	0.64+0.5x
Asset Turnover	0.210.0x	0.190.0x	0.250.0x	0.230.0x	0.210.0x	0.180.0x	0.27+0.2x	0.27+0.1x
FCF Margin	-5.3%+21.3pp	-34.2%+18.1pp	16.4%+8.5pp	0.2%-0.2pp	-26.6%+0.1pp	-52.3%+25.6pp	7.9%+33.4pp	0.4%+38.8pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Ardelyx, Inc. ARDX	FY2025	$407.3M	-$62.0M	-15.2%	$854.6M	45/100
Aurinia Pharmaceuticals Inc AUPH	FY2025	$283.1M	$287.2M	N/A	$2.1B	56/100
Vericel Corporation VCEL	FY2025	$276.3M	$16.5M	6.0%	$2.1B	58/100
Mannkind Corporation MNKD	FY2025	$349.0M	$5.9M	1.7%	$1.2B	51/100
Cidara Therapeutics, Inc. CDTX	FY2024	$1.3M	-$169.8M	N/A	$7.0B	49/100
Vera Therapeutics, Inc. VERA	FY2025	N/A	-$299.6M	N/A	$2.1B	—

Where Ardelyx, Inc. Ranks

Frequently Asked Questions

What is Ardelyx, Inc.'s annual revenue?

Ardelyx, Inc. (ARDX) reported $407.3M in total revenue for fiscal year 2025. This represents a 22.1% 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 Ardelyx, Inc.'s revenue growing?

Ardelyx, Inc. (ARDX) revenue grew by 22.1% year-over-year, from $333.6M to $407.3M in fiscal year 2025.

Is Ardelyx, Inc. profitable?

No, Ardelyx, Inc. (ARDX) reported a net income of -$62.0M in fiscal year 2025, with a net profit margin of -15.2%.

What is Ardelyx, Inc.'s EBITDA?

Ardelyx, Inc. (ARDX) had EBITDA of -$37.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ardelyx, Inc. have?

As of fiscal year 2025, Ardelyx, Inc. (ARDX) had $68.0M in cash and equivalents against $202.8M in long-term debt.

What is Ardelyx, Inc.'s gross margin?

Ardelyx, Inc. (ARDX) had a gross margin of 90.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ardelyx, Inc.'s operating margin?

Ardelyx, Inc. (ARDX) had an operating margin of -10.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ardelyx, Inc.'s net profit margin?

Ardelyx, Inc. (ARDX) had a net profit margin of -15.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ardelyx, Inc.'s return on equity (ROE)?

Ardelyx, Inc. (ARDX) has a return on equity of -37.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ardelyx, Inc.'s free cash flow?

Ardelyx, Inc. (ARDX) recorded an outflow of $44.0M in free cash flow during fiscal year 2025. This represents a 4.0% 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 Ardelyx, Inc.'s operating cash flow?

Ardelyx, Inc. (ARDX) recorded an outflow of $42.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Ardelyx, Inc.'s total assets?

Ardelyx, Inc. (ARDX) had $501.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ardelyx, Inc.'s capital expenditures?

Ardelyx, Inc. (ARDX) invested $1.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ardelyx, Inc. spend on research and development?

Ardelyx, Inc. (ARDX) invested $71.5M in research and development during fiscal year 2025.

How many shares does Ardelyx, Inc. have outstanding?

Ardelyx, Inc. (ARDX) had 245M shares outstanding as of fiscal year 2025.

What is Ardelyx, Inc.'s current ratio?

Ardelyx, Inc. (ARDX) had a current ratio of 4.31 as of fiscal year 2025, which is generally considered healthy.

What is Ardelyx, Inc.'s debt-to-equity ratio?

Ardelyx, Inc. (ARDX) had a debt-to-equity ratio of 1.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ardelyx, Inc.'s return on assets (ROA)?

Ardelyx, Inc. (ARDX) had a return on assets of -12.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ardelyx, Inc.'s P/E ratio?

Ardelyx, Inc. (ARDX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $854.6M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Ardelyx, Inc.'s price-to-sales ratio?

Ardelyx, Inc. (ARDX) trades at 1.9x sales, its market capitalization divided by revenue of $450.9M revenue, trailing 12 months to June 30, 2026. The market capitalization is $854.6M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Ardelyx, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Ardelyx, Inc. (ARDX) held $264.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $42.5M over that year. Dividing the one by the other, the reported balance equals about 75 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Ardelyx, Inc.'s Altman Z-Score?

Ardelyx, Inc. (ARDX) has an Altman Z-Score of 0.13, 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 Ardelyx, Inc.'s Piotroski F-Score?

Ardelyx, Inc. (ARDX) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Ardelyx, Inc.'s earnings high quality?

Ardelyx, Inc. (ARDX) reported a net loss of $62.0M while operations used $42.5M of cash. With neither figure positive, 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.

Can Ardelyx, Inc. cover its interest payments?

Ardelyx, Inc. (ARDX) reported an operating loss of $41.0M against $20.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ardelyx, Inc.?

Ardelyx, Inc. (ARDX) scores 45 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.