ARDX Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
Ardelyx, Inc. had $407M of revenue in fiscal 2025, up 22.1% on the year before. Over five years, revenue changed +121.9% a year on average.
Last close Β· Oct 23, 2026
$3.08
3.8%Hi! I read Ardelyx, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+22.1%
Yes. Sales grew 22.1% last year.
Does it make a profit?
β15.1%
No. It lost money last year.
Does profit turn into cash?
β10.8%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Ardelyx, Inc. had $407M of revenue in fiscal 2025, up 22.1% on the year before. Over five years, revenue changed +121.9% a year on average. Its operating margin was β10.1%, down 1.7Β pts: of every 100 in sales, about β10 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Ardelyx, Inc. lost $61.6M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$44.0M in fiscal 2025, β10.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $1.9M and sold $4.3M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$1.9M
1 insider
Sold, 12 months
$4.3M
9 insiders
Of sales under plans
54%
$2.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Susan HohenleitnerChief Financial Officer | Sold | 1,558 | $3.86 | $0.0M | Form 4 |
| Aug 21, 2026 | Mike KelliherChief Business Officer | Sold | 7,758 | $3.86 | $0.0M | Form 4 |
| Aug 21, 2026 | Eric Duane FosterChief Commercial Officer | Sold | 8,562 | $3.86 | $0.0M | Form 4 |
| Aug 21, 2026 | Michael RaabPresident & CEO, Director | Sold | 58,574 | $3.86 | $0.2M | Form 4 |
| Aug 21, 2026 | James Parker BradyChief Human Resources Officer | Sold | 15,136 | $3.86 | $0.1M | Form 4 |
| Aug 21, 2026 | John E BishopSee Remarks | Sold | 19,750 | $3.86 | $0.1M | Form 4 |
| Aug 21, 2026 | Laura A WilliamsChief Patient Officer | Sold | 10,739 | $3.86 | $0.0M | Form 4 |
| Aug 21, 2026 | Joseph James ReillySee Remarks | Sold | 3,982 | $3.86 | $0.0M | Form 4 |
| Jul 15, 2026 | Michael RaabPresident & CEO, Director | Sold plan | 41,668 | $5.06 | $0.2M | Form 4 |
| Jun 18, 2026 | Laura A WilliamsChief Patient Officer | Sold plan | 81,898 | $5.99 | $0.5M | Form 4 |
| Jun 15, 2026 | Michael RaabPresident & CEO, Director | Sold plan | 41,666 | $5.67 | $0.2M | Form 4 |
| May 21, 2026 | Laura A WilliamsChief Patient Officer | Sold | 6,989 | $6.27 | $0.0M | Form 4 |
| May 21, 2026 | Susan HohenleitnerChief Financial Officer | Sold | 1,455 | $6.27 | $0.0M | Form 4 |
| May 21, 2026 | Mike KelliherChief Business Officer | Sold | 7,248 | $6.27 | $0.0M | Form 4 |
| May 21, 2026 | Michael RaabPresident & CEO, Director | Sold | 54,748 | $6.27 | $0.3M | Form 4 |
| May 21, 2026 | Joseph James ReillySee Remarks | Sold | 3,719 | $6.27 | $0.0M | Form 4 |
| May 21, 2026 | Eric Duane FosterChief Commercial Officer | Sold | 7,998 | $6.27 | $0.1M | Form 4 |
| May 21, 2026 | James Parker BradyChief Human Resources Officer | Sold | 1,846 | $6.27 | $0.0M | Form 4 |
| May 21, 2026 | John E BishopSee Remarks | Sold | 2,306 | $6.27 | $0.0M | Form 4 |
| May 15, 2026 | Michael RaabPresident & CEO, Director | Sold plan | 41,666 | $6.28 | $0.3M | Form 4 |
| Apr 15, 2026 | Michael RaabPresident & CEO, Director | Sold plan | 41,668 | $6.29 | $0.3M | Form 4 |
| Mar 16, 2026 | Michael RaabPresident & CEO, Director | Sold plan | 41,666 | $5.84 | $0.2M | Form 4 |
| Feb 24, 2026 | Michael RaabPresident & CEO, Director | Sold plan | 41,666 | $6.26 | $0.3M | Form 4 |
| Feb 20, 2026 | David M MottDirector | Bought | 333,333 | $5.84 | $1.9M | Form 4 |
| Feb 20, 2026 | Joseph James ReillySee Remarks | Sold | 4,991 | $5.85 | $0.0M | Form 4 |
| Feb 20, 2026 | Susan HohenleitnerChief Financial Officer | Sold | 2,033 | $5.85 | $0.0M | Form 4 |
| Feb 20, 2026 | Michael RaabPresident & CEO, Director | Sold | 45,980 | $5.85 | $0.3M | Form 4 |
| Feb 20, 2026 | Laura A WilliamsSee Remarks | Sold | 8,176 | $5.85 | $0.0M | Form 4 |
| Feb 20, 2026 | John E BishopSee Remarks | Sold | 3,179 | $5.85 | $0.0M | Form 4 |
| Feb 20, 2026 | James Parker BradyChief Human Resources Officer | Sold | 2,543 | $5.85 | $0.0M | Form 4 |
| Feb 20, 2026 | Eric Duane FosterChief Commercial Officer | Sold | 10,439 | $5.85 | $0.1M | Form 4 |
| Feb 20, 2026 | Mike KelliherSee Remarks | Sold | 9,595 | $5.85 | $0.1M | Form 4 |
| Jan 8, 2026 | Laura A WilliamsChief Patient Officer | Sold plan | 50,000 | $6.98 | $0.3M | Form 4 |
| Nov 21, 2025 | Eric Duane FosterChief Commercial Officer | Sold | 5,814 | $5.54 | $0.0M | Form 4 |
| Nov 21, 2025 | Elizabeth A GrammerSee Remarks | Sold | 5,995 | $5.54 | $0.0M | Form 4 |
| Nov 21, 2025 | Mike KelliherSee Remarks | Sold | 5,560 | $5.54 | $0.0M | Form 4 |
| Nov 21, 2025 | Michael RaabPresident & CEO, Director | Sold | 46,887 | $5.54 | $0.3M | Form 4 |
| Nov 21, 2025 | Joseph James ReillySee Remarks | Sold | 11,086 | $5.54 | $0.1M | Form 4 |
| Nov 21, 2025 | Laura A WilliamsChief Patient Officer | Sold | 6,426 | $5.54 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Ardelyx, Inc. has $61.9M more cash than debt.
Cash, debt and the ratios that show how comfortably Ardelyx, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $117M | $124M | $184M | $250M | $265M |
| Debt incl. finance leases | $32.3M | $26.7M | $49.8M | $151M | $203M |
| Debt / equity | 0.4x | 0.3x | 0.3x | 0.9x | 1.2x |
| Interest coverage | β34.3x | β18.8x | β12.8x | β2.1x | β2.0x |
| Current ratio | 2.5x | 2.3x | 4.9x | 4.6x | 4.3x |
| Quick ratio | 2.5x | 1.9x | 3.9x | 3.4x | 2.9x |
| Total assets | $150M | $190M | $298M | $436M | $502M |
| Total liabilities | $67.3M | $91.7M | $131M | $262M | $335M |
| Shareholders' equity | $82.6M | $98.3M | $167M | $173M | $167M |
| Net debt (β = net cash) | β$84.4M | β$97.2M | β$134M | β$99.2M | β$61.9M |
KIRA Β· Its return on capital was β30.8%: every 100 invested in the business earned about β31 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Ardelyx, Inc. passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | 3 / 8 | 6 / 9 | 3 / 9 | 3 / 9 | 4 / 9 | 3 / 9 | 2 / 9 | 3 / 9 |
| Accruals ratio | β9.3% | 0.5% | β12.3% | β8.3% | β5.6% | β3.2% | 1.7% | 9.7% | 1.5% | β4.1% |
| Altman Z'' | 9.01 | 4.83 | β2.36 | 0.35 | β4.83 | β17.60 | β11.47 | β5.05 | β2.17 | β2.34 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | β | $42.0M | $2.6M | $5.3M | $7.6M | $10.1M | $52.2M | $124M | $334M | $407M |
| Gross profit | β | $33.6M | $2.1M | $4.7M | $7.4M | $9.1M | $48.0M | $107M | $283M | $368M |
| Research and development | $94.2M | $75.5M | $69.4M | $71.7M | $65.1M | $91.1M | $35.2M | $35.5M | $52.3M | $71.5M |
| Operating income | β$113M | β$65.1M | β$90.9M | β$91.3M | β$90.8M | β$154M | β$63.8M | β$63.3M | β$28.0M | β$41.0M |
| Interest expense | β | β | $3.5M | $5.7M | $5.1M | $4.5M | $3.4M | $5.0M | $13.0M | $20.1M |
| Pretax income | β$112M | β$63.2M | β$91.3M | β$94.6M | β$94.3M | β$158M | β$67.2M | β$65.5M | β$38.9M | β$60.6M |
| Income tax | β | $1.2M | $0.0M | $0.3M | $0.0M | $0.0M | $0.0M | $0.5M | $0.3M | $1.0M |
| Net income | β$112M | β$64.3M | β$91.3M | β$94.9M | β$94.3M | β$158M | β$67.2M | β$66.1M | β$39.1M | β$61.6M |
| Diluted EPS | β$2.80 | β$1.36 | β$1.62 | β$1.47 | β$1.05 | β$1.52 | β$0.42 | β$0.30 | β$0.17 | β$0.26 |
| Diluted shares | 0.04B | 0.05B | 0.06B | 0.06B | 0.09B | 0.10B | 0.16B | 0.22B | 0.24B | 0.24B |
| Cash flow | ||||||||||
| Cash from operations | β$92.5M | β$65.2M | β$70.3M | β$76.5M | β$81.4M | β$153M | β$70.0M | β$89.7M | β$44.8M | β$42.5M |
| Capital expenditure | $4.9M | $2.4M | $0.3M | $0.3M | $0.3M | $1.9M | $0.1M | $0.3M | $1.0M | $1.5M |
| Free cash flow | β$97.4M | β$67.5M | β$70.6M | β$76.8M | β$81.8M | β$154M | β$70.1M | β$90.1M | β$45.8M | β$44.0M |
| Depreciation and amortization | $1.3M | $2.6M | $2.7M | $2.5M | $2.5M | $2.8M | $1.1M | $1.3M | $2.1M | $3.1M |
| Stock-based compensation | $5.3M | $9.6M | $9.2M | $9.9M | $10.6M | $12.0M | $10.8M | $13.5M | $37.4M | $49.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $201M | $134M | $168M | $248M | $186M | $117M | $124M | $184M | $250M | $265M |
| Total debt | β | β | $52.0M | $50.0M | $50.8M | $32.3M | $26.7M | $49.8M | $151M | $203M |
| Current assets | $204M | $150M | $176M | $252M | $195M | $134M | $154M | $246M | $356M | $382M |
| Current liabilities | $19.2M | $17.9M | $17.7M | $22.2M | $28.4M | $52.8M | $65.6M | $50.4M | $77.8M | $88.6M |
| Inventory | β | β | β | β | β | $0.0M | $28.3M | $49.5M | $91.2M | $123M |
| Property and equipment, net | $9.0M | $8.0M | $5.6M | $3.4M | $1.9M | $2.4M | $1.2M | $1.0M | $1.5M | $2.2M |
| Total assets | $213M | $158M | $183M | $260M | $202M | $150M | $190M | $298M | $436M | $502M |
| Total liabilities | $20.0M | $18.6M | $67.5M | $73.1M | $75.5M | $67.3M | $91.7M | $131M | $262M | $335M |
| Preferred stock | β | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | β | β |
| Shareholders' equity | $193M | $139M | $116M | $187M | $126M | $82.6M | $98.3M | $167M | $173M | $167M |
| Margins | ||||||||||
| Gross margin | β | 80.0% | 82.1% | 88.6% | 98.1% | 90.1% | 92.1% | 85.7% | 84.8% | 90.3% |
| Operating margin | β | β155.0% | β3,488.6% | β1,728.1% | β1,199.0% | β1,528.6% | β122.2% | β50.8% | β8.4% | β10.1% |
| EBITDA margin | β | β148.8% | β3,385.0% | β1,680.8% | β1,165.5% | β1,500.8% | β120.0% | β49.8% | β7.8% | β9.3% |
| Net margin | β | β153.2% | β3,502.0% | β1,797.8% | β1,245.7% | β1,566.5% | β128.9% | β53.1% | β11.7% | β15.1% |
| FCF margin | β | β160.8% | β2,707.5% | β1,454.4% | β1,079.9% | β1,529.3% | β134.4% | β72.4% | β13.7% | β10.8% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | β | β4,453.5% | β154.6% | β29.8% | β30.8% |
| Return on capital employed | β58.2% | β46.5% | β54.9% | β38.4% | β52.4% | β159.0% | β51.2% | β25.6% | β7.8% | β9.9% |
| Return on equity | β58.2% | β38.7% | β71.6% | β62.8% | β60.3% | β151.6% | β74.3% | β49.8% | β23.0% | β36.2% |
| Return on assets | β52.7% | β34.7% | β53.5% | β42.9% | β40.9% | β90.0% | β39.5% | β27.1% | β10.7% | β13.1% |
| Return on tangible equity | β58.2% | β46.2% | β78.8% | β50.9% | β74.8% | β191.4% | β68.3% | β39.6% | β22.6% | β36.9% |
| Growth | ||||||||||
| Revenue growth | β | β | β93.8% | 102.6% | 43.4% | 33.4% | 416.6% | 138.6% | 168.1% | 22.1% |
| Share count change | β | 18.2% | 18.5% | 14.7% | 38.9% | 16.3% | 52.3% | 38.2% | 7.3% | 2.5% |
| Financial health | ||||||||||
| Debt / equity | β | β | 0.4x | 0.3x | 0.4x | 0.4x | 0.3x | 0.3x | 0.9x | 1.2x |
| Interest coverage | β | β | β25.7x | β15.9x | β17.8x | β34.3x | β18.8x | β12.8x | β2.1x | β2.0x |
| Current ratio | 10.6x | 8.4x | 9.9x | 11.3x | 6.9x | 2.5x | 2.3x | 4.9x | 4.6x | 4.3x |
| Quick ratio | 10.6x | 8.4x | 9.9x | 11.3x | 6.9x | 2.5x | 1.9x | 3.9x | 3.4x | 2.9x |
| Capital allocation | ||||||||||
| Capex / revenue | β | 5.6% | 11.9% | 6.2% | 4.3% | 18.5% | 0.1% | 0.3% | 0.3% | 0.4% |
| Stock comp / revenue | β | 22.8% | 353.9% | 188.1% | 139.8% | 119.2% | 20.6% | 10.9% | 11.2% | 12.0% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 3.0 | 6.0 | 3.0 | 3.0 | 4.0 | 3.0 | 2.0 | 3.0 |
| Altman Z'' | 9.0 | 4.8 | β2.4 | 0.3 | β4.8 | β17.6 | β11.5 | β5.0 | β2.2 | β2.3 |
| Accruals ratio | β9.3% | 0.5% | β12.3% | β8.3% | β5.6% | β3.2% | 1.7% | 9.7% | 1.5% | β4.1% |
Source: SEC EDGAR XBRL filings (CIK 0001437402). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
