ARDX Healthcare

Ardelyx, Inc.

$3.03+0.00%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 782.3M USD
Enterprise value: 740.0M USD
Full-time employees: 489

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: more debt relative to equity (1.69× vs a peer median of 0.22×)higher risk: more debt vs equity (1.69× vs peers 0.22×)

Ranks #903 of 1,157 healthcare companies (bottom 23%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 25% from December 2022 to July 2026.
Ardelyx had 25% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ardelyx had 25% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.
Ardelyx paid employees $49M in stock in 2025, 12% of its $407M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Ardelyx looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Ardelyx reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

35/ 100

Oct 5 35 → Nov 4 35

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-7.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-4.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-2.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield19.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

88/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 5.4%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth75.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 8.33Sector median: 0.0584 · MAD: 0.0840

Revenue growth16.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.10Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

29/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-7.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.23Sector median: 0.0706 · MAD: 0.1217

Return on assets-9.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.13Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-9.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.39Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin94.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-37.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 24%

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.68

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.16Sector median: 0.6250 · MAD: 0.3380

Current ratio3.34×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.55Sector median: 2.5860 · MAD: 1.3850

Debt / equity1.69×

SEC filings · latest balance sheetReported value33% base weight · Z-score -7.20Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Ardelyx

Is Ardelyx getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes: debt up 24%. Its overall score is unchanged at 35/100 since Oct 28, 2026.
How is Ardelyx valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -7.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -7.4% vs peers 1.5% (weaker than 100% of peers).
Is Ardelyx growing?: Yes, faster than most of its peers. Growth scores 88/100 against 1,393 healthcare peers. 3-year revenue growth 75.9% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 75.9% vs peers 5.8% (stronger than 95% of peers).
How profitable is Ardelyx?: Less profitable than most of its peers. Profitability scores 29/100 against 1,393 healthcare peers. Return on assets -9.7% vs a peer median of 1.7% (weaker than 75% of peers).Return on assets -9.7% vs peers 1.7% (weaker than 75% of peers).
How risky is Ardelyx?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 1.69× vs a peer median of 0.22× (weaker than 87% of peers).Debt / equity 1.69× vs peers 0.22× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Debt up 24%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	427.7M USD	450.9M USD	+5.4%
Net income (12 months)	−58.5M USD	−56.1M USD	−4.0%
Operating margin	-8.7%	-7.9%	+0.9 pts
Free cash flow (12 months)	−37.5M USD	−17.9M USD	−52.2%
Debt	203.5M USD	251.8M USD	+23.7%
Cash	31.2M USD	97.2M USD	+211.4%
Shares outstanding	247.0M	249.2M	+0.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-1528.6%	-122.2%	-50.8%	-8.4%	-10.1%	▼ 1.7 pts
Net margin	-1566.5%	-128.9%	-53.1%	-11.7%	-15.1%	▼ 3.4 pts
Return on assets (ROA)	-105.5%	-35.4%	-22.2%	-9.0%	-12.3%	▼ 3.3 pts
Return on equity (ROE)	-191.4%	-68.3%	-39.6%	-22.6%	-36.9%	▼ 14 pts
Free cash flow margin	-1529.3%	-134.4%	-72.4%	-13.7%	-10.8%	▲ 2.9 pts
Current ratio	2.53×	2.34×	4.88×	4.58×	4.31×	▼ 5.8%
Quick ratio	—	1.91×	3.90×	3.41×	2.93×	▼ 14%
Debt to equity	0.39×	0.27×	0.30×	0.87×	1.21×	▲ 40%
Interest coverage	-34.28×	-18.75×	-12.78×	-2.15×	-2.04×	▲ 5.1%

ARDX price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: more debt relative to equity (1.69× vs a peer median of 0.22×)higher risk: more debt vs equity (1.69× vs peers 0.22×)

Ranks #903 of 1,157 healthcare companies (bottom 23%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 25% from December 2022 to July 2026.

Ardelyx had 25% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ardelyx had 25% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.

Ardelyx paid employees $49M in stock in 2025, 12% of its $407M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Ardelyx looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Ardelyx reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Ardelyx

Is Ardelyx getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes: debt up 24%. Its overall score is unchanged at 35/100 since Oct 28, 2026.

How is Ardelyx valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -7.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -7.4% vs peers 1.5% (weaker than 100% of peers).

Is Ardelyx growing?

Yes, faster than most of its peers. Growth scores 88/100 against 1,393 healthcare peers. 3-year revenue growth 75.9% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 75.9% vs peers 5.8% (stronger than 95% of peers).

How profitable is Ardelyx?

Less profitable than most of its peers. Profitability scores 29/100 against 1,393 healthcare peers. Return on assets -9.7% vs a peer median of 1.7% (weaker than 75% of peers).Return on assets -9.7% vs peers 1.7% (weaker than 75% of peers).

How risky is Ardelyx?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 1.69× vs a peer median of 0.22× (weaker than 87% of peers).Debt / equity 1.69× vs peers 0.22× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

427.7M USD

450.9M USD

+5.4%

Net income (12 months)

−58.5M USD

−56.1M USD

−4.0%

Operating margin

-8.7%

-7.9%

+0.9 pts

Free cash flow (12 months)

−37.5M USD

−17.9M USD

−52.2%

Debt

203.5M USD

251.8M USD

+23.7%

Cash

31.2M USD

97.2M USD

+211.4%

Shares outstanding

247.0M

249.2M

+0.9%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-1528.6%

-122.2%

-50.8%

-8.4%

-10.1%

▼ 1.7 pts

Net margin

-1566.5%

-128.9%

-53.1%

-11.7%

-15.1%

▼ 3.4 pts

Return on assets (ROA)

-105.5%

-35.4%

-22.2%

-9.0%

-12.3%

▼ 3.3 pts

Return on equity (ROE)

-191.4%

-68.3%

-39.6%

-22.6%

-36.9%

▼ 14 pts

Free cash flow margin

-1529.3%

-134.4%

-72.4%

-13.7%

-10.8%

▲ 2.9 pts

Current ratio

2.53×

2.34×

4.88×

4.58×

4.31×

▼ 5.8%

Quick ratio

—

1.91×

3.90×

3.41×

2.93×

▼ 14%

Debt to equity

0.39×

0.27×

0.30×

0.87×

1.21×

▲ 40%

Interest coverage

-34.28×

-18.75×

-12.78×

-2.15×

-2.04×

▲ 5.1%