Ardelyx (ARDX) Financials

$7.13 -0.17 (-2.33%)

Closing price 05/5/2026 04:00 PM Eastern

Extended Trading

$7.19 +0.06 (+0.83%)

As of 05:36 AM Eastern

Annual Income Statements for Ardelyx

This table shows Ardelyx's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	18	-112	-64	-91	-95	-94	-158	-67	-66	-39	-62
Consolidated Net Income / (Loss)	-30	-112	-64	-91	-95	-94	-158	-67	-66	-39	-62
Net Income / (Loss) Continuing Operations	18	-112	-64	-91	-95	-94	-158	-67	-66	-39	-62
Total Pre-Tax Income	-30	-112	-63	-91	-95	-94	-158	-67	-66	-39	-61
Total Operating Income	-29	-113	-65	-91	-91	-91	-154	-64	-63	-28	-41
Total Gross Profit	24	0.00	34	2.14	4.68	7.43	9.10	48	107	283	368
Total Revenue	24	0.00	42	2.61	5.28	7.57	10	52	124	334	407
Operating Revenue	24	0.00	42	2.61	5.28	7.57	10	52	124	334	407
Total Cost of Revenue	0.00	0.00	8.40	0.47	0.60	0.15	1.00	4.12	18	51	40
Operating Cost of Revenue	0.00	0.00	8.40	0.47	0.60	0.15	1.00	4.12	18	51	40
Total Operating Expenses	5.36	113	99	93	96	98	163	112	170	311	409
Selling, General & Admin Expense	14	19	23	24	24	33	72	77	134	259	337
Research & Development Expense	40	94	75	69	72	65	91	35	36	52	72
Total Other Income / (Expense), net	-0.26	0.51	1.96	-0.35	-3.37	-3.53	-3.82	-3.44	-2.24	-11	-20
Interest Expense	-	0.00	-	3.53	5.73	5.10	4.50	5.07	8.87	20	28
Other Income / (Expense), net	-0.26	0.51	1.96	3.19	2.35	1.57	0.69	1.63	6.63	9.17	8.75
Income Tax Expense	-0.03	0.00	1.18	0.00	0.30	0.00	0.00	0.01	0.55	0.27	0.97
Basic Earnings per Share	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	($1.52)	($0.42)	($0.30)	($0.17)	($0.26)
Weighted Average Basic Shares Outstanding	22.89M	40.12M	47.44M	56.22M	64.48M	89.58M	104.21M	158.69M	219.33M	235.23M	241.03M
Diluted Earnings per Share	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	($1.52)	($0.42)	($0.30)	($0.17)	($0.26)
Weighted Average Diluted Shares Outstanding	22.89M	40.12M	47.44M	56.22M	64.48M	89.58M	104.21M	158.69M	219.33M	235.23M	241.03M
Weighted Average Basic & Diluted Shares Outstanding	22.89M	40.12M	47.44M	56.22M	64.48M	89.58M	130.29M	206.49M	232.69M	238.36M	245.25M

This table shows Ardelyx's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	6.63	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38
Consolidated Net Income / (Loss)	6.63	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38
Net Income / (Loss) Continuing Operations	6.63	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38
Total Pre-Tax Income	6.83	-28	-26	-16	-0.77	4.68	-40	-19	-0.87	-0.40	-38
Total Operating Income	7.40	-28	-25	-14	2.23	8.13	-36	-14	4.67	5.10	-33
Total Gross Profit	49	29	39	64	83	98	62	85	106	114	90
Total Revenue	56	34	46	73	98	116	74	98	110	125	94
Operating Revenue	56	34	46	73	98	116	74	98	110	125	94
Total Cost of Revenue	7.69	5.08	7.13	9.44	16	18	12	12	3.98	11	4.81
Operating Cost of Revenue	7.69	5.08	7.13	9.44	16	18	12	12	3.98	11	4.81
Total Operating Expenses	41	57	64	77	80	90	98	100	102	109	122
Selling, General & Admin Expense	33	48	53	65	65	76	83	84	84	86	102
Research & Development Expense	8.64	9.52	11	13	15	14	15	16	18	23	20
Total Other Income / (Expense), net	-0.57	-0.48	-1.72	-2.76	-3.00	-3.45	-3.94	-4.68	-5.54	-5.50	-4.80
Interest Expense	2.03	2.81	4.06	4.90	5.28	5.85	6.26	6.58	7.98	7.58	6.92
Other Income / (Expense), net	1.46	2.32	2.34	2.15	2.28	2.41	2.33	1.89	2.45	2.08	2.11
Income Tax Expense	0.20	0.33	0.12	0.07	0.04	0.04	0.86	0.00	0.10	0.01	0.01
Basic Earnings per Share	$0.03	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)	$0.00	($0.01)	($0.15)
Weighted Average Basic Shares Outstanding	222.78M	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M	241.91M	241.03M	245.86M
Diluted Earnings per Share	$0.03	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)	$0.00	($0.01)	($0.15)
Weighted Average Diluted Shares Outstanding	227.89M	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M	241.91M	241.03M	245.86M
Weighted Average Basic & Diluted Shares Outstanding	232.14M	232.69M	233.98M	235.43M	236.85M	238.36M	239.26M	240.98M	242.97M	245.25M	247.03M

This table details how cash moves in and out of Ardelyx's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.28	-32	0.79	3.39	102	-90	-19	24	-75	43	3.07
Net Cash From Operating Activities	-72	-93	-65	-70	-76	-81	-153	-70	-90	-45	-42
Net Cash From Continuing Operating Activities	-72	-93	-65	-70	-76	-81	-153	-70	-90	-45	-42
Net Income / (Loss) Continuing Operations	-30	-112	-64	-91	-95	-94	-158	-67	-66	-39	-62
Consolidated Net Income / (Loss)	-30	-112	-64	-91	-95	-94	-158	-67	-66	-39	-62
Depreciation Expense	0.83	1.30	2.64	2.68	2.50	2.54	2.81	1.14	1.29	2.06	3.06
Amortization Expense	0.46	0.45	0.58	-0.65	0.76	0.41	0.28	1.96	4.22	7.40	8.96
Non-Cash Adjustments To Reconcile Net Income	2.70	5.32	9.59	9.53	16	13	5.04	8.79	7.56	45	44
Changes in Operating Assets and Liabilities, net	-46	13	-14	9.46	-0.83	-3.56	-2.52	-15	-37	-61	-37
Net Cash From Investing Activities	-3.45	-131	65	-30	23	-31	51	18	-131	-18	-8.96
Net Cash From Continuing Investing Activities	-3.45	-131	65	-30	23	-31	51	18	-131	-18	-8.96
Purchase of Property, Plant & Equipment	-3.45	-4.87	-2.36	-0.31	-0.33	-0.32	-1.87	-0.06	-0.34	-1.01	-1.49
Purchase of Investments	0.00	-134	-84	-169	-103	-151	-73	-50	-215	-195	-219
Sale and/or Maturity of Investments	0.00	7.60	152	139	126	120	126	67	84	178	211
Net Cash From Financing Activities	75	191	0.69	104	155	23	83	75	146	107	55
Net Cash From Continuing Financing Activities	75	191	0.69	104	155	23	83	75	146	107	55
Issuance of Debt	0.03	0.00	-	49	-	0.00	0.00	27	22	99	49
Issuance of Common Equity	75	191	0.62	0.49	21	23	103	72	120	8.14	5.84
Other Financing Activities, net	-	-	0.06	54	135	0.00	-0.11	9.58	3.50	-1.00	0.00
Cash Interest Paid	-	-	-	3.07	4.92	4.20	3.47	2.90	4.24	11	16
Cash Income Taxes Paid	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.05	0.27	0.49

This table details how cash moves in and out of Ardelyx's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	3.71	-12	15	5.74	5.54	18	-34	59	-47	25	-37
Net Cash From Operating Activities	-21	-8.72	-36	-19	0.50	9.81	-38	-25	0.37	21	-32
Net Cash From Continuing Operating Activities	-21	-8.72	-36	-19	0.50	9.81	-38	-25	0.37	21	-32
Net Income / (Loss) Continuing Operations	6.63	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38
Consolidated Net Income / (Loss)	6.63	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38
Depreciation Expense	0.29	0.36	0.44	0.57	0.54	0.52	0.60	0.63	0.91	0.92	0.92
Amortization Expense	-0.82	1.13	1.75	1.66	2.01	1.98	2.14	2.29	2.45	2.08	1.58
Non-Cash Adjustments To Reconcile Net Income	6.18	-4.73	22	7.03	0.98	17	12	15	4.65	13	9.43
Changes in Operating Assets and Liabilities, net	-33	23	-33	-12	-2.22	-14	-12	-24	-6.67	5.01	-6.56
Net Cash From Investing Activities	-33	-30	-2.57	24	2.34	-42	2.85	35	-51	3.78	-10.00
Net Cash From Continuing Investing Activities	-33	-30	-2.57	24	2.34	-42	2.85	35	-51	3.78	-10.00
Purchase of Property, Plant & Equipment	-0.19	-0.04	-0.15	-0.13	-0.14	-0.59	-0.33	-0.65	-0.16	-0.36	-0.07
Purchase of Investments	-50	-78	-34	-23	-40	-99	-32	-23	-114	-51	-48
Sale and/or Maturity of Investments	17	48	32	47	42	58	35	58	63	55	38
Net Cash From Financing Activities	58	26	53	1.61	2.70	49	1.48	50	2.81	0.56	5.44
Net Cash From Continuing Financing Activities	58	26	53	1.61	2.70	49	1.48	50	2.81	0.56	5.44
Issuance of Common Equity	58	0.10	3.22	1.61	2.70	0.61	1.48	0.99	2.81	0.56	5.44
Cash Interest Paid	0.94	1.55	2.10	1.94	2.93	4.45	2.45	3.83	4.58	4.86	3.11
Cash Income Taxes Paid	-	0.03	0.00	0.27	-	-0.01	0.00	0.44	0.05	-0.01	-0.07

This table presents Ardelyx's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	117	213	158	183	260	202	150	190	298	436	502
Total Current Assets	112	204	150	176	252	195	134	154	246	356	382
Cash & Equivalents	107	75	75	79	181	91	72	96	21	65	68
Short-Term Investments	0.00	126	59	89	66	95	44	28	163	185	197
Accounts Receivable	-	0.00	11	0.09	-	0.00	0.50	7.73	22	58	72
Inventories, net	-	-	-	-	-	-	0.00	3.28	12	21	18
Prepaid Expenses	5.03	3.17	4.94	3.20	3.80	8.20	16	19	27	27	28
Plant, Property, & Equipment, net	4.71	8.99	8.03	5.61	3.44	1.94	2.36	1.22	1.01	1.50	2.18
Total Noncurrent Assets	0.20	0.15	0.16	1.35	4.28	4.94	14	35	50	78	117
Other Noncurrent Operating Assets	0.10	0.15	0.16	1.35	4.28	2.83	14	35	50	78	117
Total Liabilities & Shareholders' Equity	117	213	158	183	260	202	150	190	298	436	502
Total Liabilities	8.05	20	19	68	73	75	67	92	131	262	335
Total Current Liabilities	7.72	19	18	18	22	28	53	66	50	78	89
Accounts Payable	2.78	5.64	3.93	1.15	2.19	5.63	4.28	11	11	16	19
Accrued Expenses	2.58	10	11	13	7.25	6.66	7.37	12	15	35	48
Current Deferred Revenue	-	-	-	-	4.54	4.18	0.00	4.21	7.18	11	1.21
Current Employee Benefit Liabilities	2.37	3.16	3.23	2.72	4.45	5.67	5.42	7.55	13	15	19
Other Current Liabilities	-	-	0.00	1.00	2.61	2.12	3.49	3.89	4.44	1.56	1.48
Total Noncurrent Liabilities	0.32	0.78	0.72	50	51	47	14	26	80	185	246
Long-Term Debt	-	-	0.00	50	49	47	-	0.00	50	151	203
Noncurrent Deferred Revenue	-	-	-	-	-	0.00	4.73	9.03	8.64	7.23	14
Other Noncurrent Operating Liabilities	0.32	0.78	0.72	-	2.08	0.41	9.75	17	22	27	30
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	109	193	139	116	187	126	83	98	167	173	167
Total Preferred & Common Equity	109	193	139	116	187	126	83	98	167	173	167
Total Common Equity	109	193	139	116	187	126	83	98	167	173	167
Common Stock	210	407	418	481	647	681	796	879	1,013	1,059	1,114
Retained Earnings	-101	-214	-278	-366	-460	-555	-713	-780	-846	-885	-947
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.07	-0.05	-0.04	0.02	-0.00	-0.01	-0.05	0.22	0.06	0.20

This table presents Ardelyx's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	145	217	211	289	342	343	368	410	467	486	505
Total Current Assets	120	167	162	241	258	263	284	313	352	368	382
Cash & Equivalents	62	92	30	34	36	42	47	31	90	43	31
Short-Term Investments	29	38	98	131	166	144	143	183	148	200	207
Accounts Receivable	5.21	12	9.11	43	28	37	53	46	63	77	83
Inventories, net	1.25	4.82	7.62	8.52	9.81	14	11	24	22	25	23
Prepaid Expenses	23	20	18	24	17	26	29	28	28	23	38
Plant, Property, & Equipment, net	1.29	1.10	1.06	1.12	1.02	1.02	1.03	1.67	2.14	2.07	2.00
Total Noncurrent Assets	24	49	48	47	83	79	83	96	113	116	121
Other Noncurrent Operating Assets	24	49	48	47	83	79	83	96	113	116	121
Total Liabilities & Shareholders' Equity	145	217	211	289	342	343	368	410	467	486	505
Total Liabilities	78	92	88	98	191	196	210	265	327	332	356
Total Current Liabilities	52	63	62	44	57	62	70	76	82	83	110
Accounts Payable	3.11	11	5.29	7.74	17	11	16	14	22	18	28
Accrued Expenses	7.34	11	12	19	22	27	33	43	41	42	67
Current Deferred Revenue	4.00	5.55	5.96	4.07	6.59	11	7.27	11	6.28	6.58	3.25
Current Employee Benefit Liabilities	7.17	5.07	6.88	8.36	6.73	10	12	7.17	12	15	9.38
Other Current Liabilities	3.79	4.00	4.11	4.32	4.31	3.55	2.57	1.30	1.18	1.44	1.51
Total Noncurrent Liabilities	26	29	26	55	135	134	139	189	246	249	246
Long-Term Debt	-	-	-	27	100	100	101	151	201	202	204
Noncurrent Deferred Revenue	8.56	11	9.24	10	12	9.61	13	8.35	12	14	14
Other Noncurrent Operating Liabilities	17	17	17	17	23	24	26	29	32	33	29
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	67	125	123	191	151	147	158	146	140	154	149
Total Preferred & Common Equity	67	125	123	191	151	147	158	146	140	154	149
Total Common Equity	67	125	123	191	151	147	158	146	140	154	149
Common Stock	858	932	947	1,009	1,024	1,036	1,048	1,072	1,085	1,101	1,133
Retained Earnings	-791	-807	-824	-817	-873	-889	-890	-926	-946	-947	-985
Accumulated Other Comprehensive Income / (Loss)	-0.11	-0.02	-0.21	-0.20	-0.02	-0.10	0.19	0.02	-0.04	0.12	-0.12

This table displays calculated financial ratios and metrics derived from Ardelyx's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-24.02%	-100.00%	0.00%	-93.79%	102.57%	43.36%	33.36%	416.57%	138.61%	168.06%	22.09%
EBITDA Growth	-896.94%	-290.08%	45.82%	-43.02%	0.09%	-0.71%	-74.56%	60.80%	13.36%	81.79%	-117.06%
EBIT Growth	-842.17%	-279.05%	43.80%	-38.95%	-1.31%	-0.34%	-72.24%	59.57%	8.82%	66.85%	-71.67%
NOPAT Growth	-1,779.09%	-284.14%	42.32%	-39.67%	-0.35%	0.53%	-70.02%	58.69%	0.76%	55.83%	-46.61%
Net Income Growth	-821.62%	-279.42%	42.75%	-41.90%	-3.99%	0.66%	-67.70%	57.51%	1.70%	40.76%	-57.40%
EPS Growth	-316.13%	-117.05%	51.43%	-19.12%	9.26%	28.57%	-44.76%	72.37%	28.57%	43.33%	-52.94%
Operating Cash Flow Growth	-636.24%	-28.81%	29.55%	-7.80%	-8.84%	-6.47%	-87.33%	54.08%	-28.09%	50.06%	5.19%
Free Cash Flow Firm Growth	-782.12%	-0.70%	15.77%	4.69%	0.57%	-12.90%	-88.12%	59.66%	-58.72%	18.85%	2.50%
Invested Capital Growth	103.85%	-526.93%	169.55%	-146.57%	-336.34%	-7.89%	84.54%	162.56%	2,759.33%	128.96%	41.94%
Revenue Q/Q Growth	-20.87%	0.00%	0.00%	-94.15%	70.14%	-5.29%	-7.17%	478.95%	-7.31%	32.47%	2.28%
EBITDA Q/Q Growth	-79.22%	-15.10%	41.68%	-79.61%	9.29%	-12.48%	-5.52%	44.97%	-281.40%	79.98%	-16.41%
EBIT Q/Q Growth	-79.11%	-14.55%	40.26%	-75.38%	8.29%	-11.45%	-5.27%	43.47%	-206.79%	65.85%	-11.62%
NOPAT Q/Q Growth	-78.71%	-14.85%	39.46%	-72.87%	8.55%	-10.73%	-5.20%	42.65%	-173.37%	56.37%	-7.97%
Net Income Q/Q Growth	-78.54%	-14.55%	39.15%	-71.22%	7.84%	-10.66%	-4.88%	41.12%	-148.65%	46.08%	-8.93%
EPS Q/Q Growth	-187.16%	6.67%	37.90%	-68.75%	10.91%	-5.00%	0.65%	50.59%	-400.00%	43.33%	-8.33%
Operating Cash Flow Q/Q Growth	-32.97%	-5.89%	32.54%	-49.08%	8.71%	-8.61%	-16.74%	43.42%	-34.48%	29.25%	20.78%
Free Cash Flow Firm Q/Q Growth	0.00%	-5.98%	26.61%	-28.26%	9.29%	-2.33%	-24.58%	46.76%	-13.14%	-1.88%	16.66%
Invested Capital Q/Q Growth	144.73%	-6.66%	301.28%	-161.18%	-136.64%	-1,556.94%	79.32%	-59.30%	-39.34%	7.93%	-7.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	0.00%	80.00%	82.13%	88.64%	98.08%	90.10%	92.11%	85.70%	84.85%	90.29%
EBITDA Margin	-118.05%	0.00%	-142.72%	-3,288.42%	-1,621.87%	-1,139.32%	-1,491.23%	-113.16%	-41.09%	-2.79%	-4.96%
Operating Margin	-122.32%	0.00%	-155.04%	-3,488.57%	-1,728.14%	-1,199.05%	-1,528.63%	-122.24%	-50.84%	-8.38%	-10.06%
EBIT Margin	-123.41%	0.00%	-150.38%	-3,366.32%	-1,683.60%	-1,178.34%	-1,521.83%	-119.11%	-45.51%	-5.63%	-7.91%
Profit (Net Income) Margin	-123.29%	0.00%	-153.19%	-3,502.03%	-1,797.77%	-1,245.71%	-1,566.46%	-128.85%	-53.08%	-11.73%	-15.12%
Tax Burden Percent	99.90%	100.00%	101.87%	100.00%	100.32%	100.00%	100.00%	100.01%	100.83%	100.68%	101.60%
Interest Burden Percent	100.00%	100.00%	100.00%	104.03%	106.44%	105.72%	102.93%	108.17%	115.67%	207.02%	188.11%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-4,466.00%	0.00%	0.00%	0.00%	0.00%	-264.67%	-36.78%	-32.02%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-4,444.10%	0.00%	0.00%	0.00%	0.00%	-245.88%	-20.04%	8.84%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	4,394.43%	0.00%	0.00%	0.00%	0.00%	214.84%	13.77%	-4.18%
Return on Equity (ROE)	-34.93%	-74.42%	-38.70%	-71.57%	-62.78%	-60.31%	-151.55%	-74.28%	-49.83%	-23.01%	-36.21%
Cash Return on Invested Capital (CROIC)	-3,843.81%	0.00%	-1,097.99%	0.00%	0.00%	0.00%	0.00%	-4,206.04%	-451.16%	-115.19%	-66.69%
Operating Return on Assets (OROA)	-25.74%	0.00%	-34.05%	-51.44%	-40.13%	-38.67%	-87.44%	-36.55%	-23.23%	-5.12%	-6.88%
Return on Assets (ROA)	-25.72%	0.00%	-34.68%	-53.51%	-42.85%	-40.89%	-90.00%	-39.54%	-27.10%	-10.67%	-13.14%
Return on Common Equity (ROCE)	-34.93%	-74.42%	-38.70%	-71.57%	-62.78%	-60.31%	-151.55%	-74.28%	-49.83%	-23.01%	-36.21%
Return on Equity Simple (ROE_SIMPLE)	-27.20%	-58.19%	-46.18%	-78.83%	-50.86%	-74.79%	-191.44%	-68.35%	-39.60%	-22.58%	0.00%
Net Operating Profit after Tax (NOPAT)	-21	-79	-46	-64	-64	-64	-108	-45	-44	-20	-29
NOPAT Margin	-85.63%	0.00%	-108.53%	-2,442.00%	-1,209.70%	-839.33%	-1,070.04%	-85.57%	-35.59%	-5.86%	-7.04%
Net Nonoperating Expense Percent (NNEP)	-8.44%	-21.67%	-11.21%	-21.91%	-19.67%	-18.35%	-45.11%	-24.86%	-18.80%	-16.75%	-40.86%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-35.69%	-20.45%	-6.04%	-7.76%
Cost of Revenue to Revenue	0.00%	0.00%	20.00%	17.88%	11.36%	1.92%	9.90%	7.89%	14.30%	15.15%	9.71%
SG&A Expenses to Revenue	56.31%	0.00%	55.31%	909.67%	459.52%	437.89%	716.08%	146.86%	107.99%	77.54%	82.79%
R&D to Revenue	166.01%	0.00%	179.72%	2,661.03%	1,357.26%	859.24%	902.64%	67.49%	28.55%	15.68%	17.56%
Operating Expenses to Revenue	22.32%	0.00%	235.04%	3,570.69%	1,816.78%	1,297.13%	1,618.73%	214.35%	136.54%	93.22%	100.35%
Earnings before Interest and Taxes (EBIT)	-30	-112	-63	-88	-89	-89	-154	-62	-57	-19	-32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-28	-111	-60	-86	-86	-86	-151	-59	-51	-9.31	-20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.32	3.48	2.25	0.96	2.53	4.63	1.50	5.43	8.63	6.93	8.48
Price to Tangible Book Value (P/TBV)	4.32	3.48	2.25	0.96	2.53	4.63	1.50	5.43	8.63	6.93	8.48
Price to Revenue (P/Rev)	19.58	0.00	7.47	42.66	89.40	77.12	12.28	10.24	11.56	3.60	3.48
Price to Earnings (P/E)	25.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	202.19	0.00	33.69	0.00	0.00	0.00	0.00	386.44	40.35	14.88	12.89
Enterprise Value to Revenue (EV/Rev)	15.12	0.00	4.28	0.00	52.00	58.92	3.92	8.38	10.48	3.30	3.33
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.43	0.27	0.40	0.39	0.27	0.30	0.87	1.21
Long-Term Debt to Equity	0.00	0.00	0.00	0.43	0.26	0.37	0.00	0.00	0.30	0.87	1.21
Financial Leverage	-1.26	-1.02	-1.01	-0.99	-1.04	-1.07	-1.06	-1.00	-0.87	-0.69	-0.47
Leverage Ratio	1.36	1.09	1.12	1.34	1.47	1.48	1.68	1.88	1.84	2.16	2.76
Compound Leverage Factor	1.36	1.09	1.12	1.39	1.56	1.56	1.73	2.03	2.13	4.46	5.18
Debt to Total Capital	0.00%	0.00%	0.00%	30.07%	21.13%	28.71%	28.08%	21.36%	23.00%	46.54%	54.85%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.50%	2.36%	28.08%	21.36%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	30.07%	20.63%	26.35%	0.00%	0.00%	23.00%	46.54%	54.85%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	69.93%	78.87%	71.29%	71.92%	78.64%	77.00%	53.46%	45.15%
Debt to EBITDA	0.00	0.00	0.00	-0.58	-0.58	-0.59	-0.21	-0.45	-0.97	-16.20	-10.03
Net Debt to EBITDA	0.00	0.00	0.00	1.38	2.31	1.60	0.56	1.65	2.63	10.66	3.06
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.58	-0.57	-0.54	0.00	0.00	-0.97	-16.20	-10.03
Debt to NOPAT	0.00	0.00	0.00	-0.78	-0.78	-0.80	-0.30	-0.60	-1.12	-7.71	-7.07
Net Debt to NOPAT	0.00	0.00	0.00	1.86	3.09	2.17	0.78	2.18	3.04	5.07	2.16
Long-Term Debt to NOPAT	0.00	0.00	0.00	-0.78	-0.76	-0.73	0.00	0.00	-1.12	-7.71	-7.07
Altman Z-Score	34.30	18.07	7.61	-2.33	1.34	0.36	-8.22	-2.50	3.20	1.29	1.20
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	14.51	10.62	8.38	9.95	11.34	6.85	2.53	2.34	4.88	4.58	4.31
Quick Ratio	13.86	10.46	8.10	9.49	11.14	6.56	2.22	2.01	4.09	3.95	3.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-69	-70	-59	-56	-56	-63	-118	-48	-76	-61	-60
Operating Cash Flow to CapEx	-2,079.91%	-1,901.64%	-2,768.15%	-22,596.14%	-23,533.54%	-25,134.26%	-8,170.92%	0.00%	-26,080.52%	-4,432.15%	-2,847.39%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-15.80	-9.70	-12.29	-26.20	-9.38	-8.51	-3.05	-2.10
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-19.89	-13.36	-15.97	-33.89	-13.81	-10.11	-2.23	-1.50
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-19.97	-13.41	-16.03	-34.30	-13.46	-10.15	-2.28	-1.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.00	0.23	0.02	0.02	0.03	0.06	0.31	0.51	0.91	0.87
Accounts Receivable Turnover	0.00	0.00	0.00	0.48	0.00	0.00	0.00	12.67	8.36	8.37	6.29
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.26	3.01	2.03
Fixed Asset Turnover	7.02	0.00	4.93	0.38	1.17	2.82	4.70	29.10	111.52	266.47	221.43
Accounts Payable Turnover	0.00	0.00	1.76	0.18	0.36	0.04	0.20	0.54	1.62	3.73	2.24
Days Sales Outstanding (DSO)	0.00	0.00	0.00	761.71	0.00	0.00	0.00	28.81	43.65	43.62	58.05
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	161.32	121.37	179.60
Days Payable Outstanding (DPO)	0.00	0.00	207.88	1,989.88	1,014.40	9,833.60	1,807.30	670.95	225.59	97.96	162.64
Cash Conversion Cycle (CCC)	0.00	0.00	-207.88	-1,228.16	-1,014.40	-9,833.60	-1,807.30	-642.14	-20.63	67.02	75.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.80	-7.67	5.34	-2.49	-11	-12	-1.81	1.13	32	74	105
Invested Capital Turnover	-1.07	0.00	-35.96	1.83	-0.79	-0.67	-1.50	-154.09	7.44	6.27	4.55
Increase / (Decrease) in Invested Capital	49	-9.47	13	-7.82	-8.36	-0.86	9.89	2.94	31	42	31
Enterprise Value (EV)	363	471	180	-7.08	275	446	40	437	1,305	1,102	1,355
Market Capitalization	470	672	314	111	472	584	124	534	1,439	1,201	1,417
Book Value per Share	$4.20	$4.08	$2.93	$1.86	$2.97	$1.40	$0.73	$0.52	$0.72	$0.73	$0.69
Tangible Book Value per Share	$4.20	$4.08	$2.93	$1.86	$2.97	$1.40	$0.73	$0.52	$0.72	$0.73	$0.69
Total Capital	109	193	139	166	237	177	115	125	217	324	370
Total Debt	0.00	0.00	0.00	50	50	51	32	27	50	151	203
Total Long-Term Debt	0.00	0.00	0.00	50	49	47	0.00	0.00	50	151	203
Net Debt	-107	-201	-134	-118	-197	-138	-84	-97	-134	-99	-62
Capital Expenditures (CapEx)	3.45	4.87	2.36	0.31	0.33	0.32	1.87	-1.74	0.34	1.01	1.49
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.70	-16	-2.14	-9.45	-16	-16	-3.60	-9.20	11	29	29
Debt-free Net Working Capital (DFNWC)	104	185	132	159	231	170	113	115	196	279	294
Net Working Capital (NWC)	104	185	132	159	230	166	81	88	196	279	294
Net Nonoperating Expense (NNE)	9.05	33	19	28	31	31	50	23	22	20	33
Net Nonoperating Obligations (NNO)	-107	-201	-134	-118	-197	-138	-84	-97	-134	-99	-62
Total Depreciation and Amortization (D&A)	1.29	1.75	3.22	2.03	3.26	2.95	3.09	3.11	5.51	9.46	12
Debt-free, Cash-free Net Working Capital to Revenue	-11.22%	0.00%	-5.08%	-362.33%	-312.19%	-211.95%	-35.62%	-17.63%	9.18%	8.55%	7.13%
Debt-free Net Working Capital to Revenue	434.15%	0.00%	313.91%	6,085.27%	4,374.65%	2,251.18%	1,120.06%	219.93%	157.26%	83.52%	72.11%
Net Working Capital to Revenue	434.15%	0.00%	313.91%	6,085.27%	4,352.24%	2,196.14%	800.52%	168.72%	157.26%	83.52%	72.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	($1.52)	($0.42)	($0.30)	($0.17)	($0.26)
Adjusted Weighted Average Basic Shares Outstanding	34.63M	47.33M	47.60M	62.60M	88.93M	98.68M	104.21M	158.69M	219.33M	235.23M	241.03M
Adjusted Diluted Earnings per Share	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	($1.52)	($0.42)	($0.30)	($0.17)	($0.26)
Adjusted Weighted Average Diluted Shares Outstanding	34.63M	47.33M	47.60M	62.60M	88.93M	98.68M	104.21M	158.69M	219.33M	235.23M	241.03M
Adjusted Basic & Diluted Earnings per Share	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	22.89M	40.12M	47.44M	56.22M	64.48M	89.58M	130.29M	206.49M	232.69M	238.36M	245.25M
Normalized Net Operating Profit after Tax (NOPAT)	-21	-79	-46	-64	-64	-64	-108	-45	-44	-20	-29
Normalized NOPAT Margin	-85.63%	0.00%	-108.53%	-2,442.00%	-1,209.70%	-839.33%	-1,070.04%	-85.57%	-35.59%	-5.86%	-7.04%
Pre Tax Income Margin	-123.41%	0.00%	-150.38%	-3,501.88%	-1,792.03%	-1,245.69%	-1,566.42%	-128.84%	-52.65%	-11.65%	-14.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-24.83	-15.53	-17.50	-34.13	-12.25	-6.38	-0.93	-1.14
NOPAT to Interest Expense	0.00	0.00	0.00	-18.01	-11.16	-12.46	-24.00	-8.80	-4.99	-0.97	-1.01
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-24.92	-15.58	-17.56	-34.55	-11.90	-6.42	-0.98	-1.19
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-18.10	-11.21	-12.53	-24.41	-8.45	-5.03	-1.02	-1.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Ardelyx's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	245,247,427.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	245,247,427.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1,030.99%	-22.22%	304.81%	227.86%	74.21%	237.95%	61.04%	33.38%	12.30%	7.82%	27.47%
EBITDA Growth	141.67%	-278.39%	15.05%	19.98%	-15.16%	153.89%	-55.25%	-3.51%	48.19%	-21.87%	9.91%
EBIT Growth	141.83%	-305.02%	9.79%	23.83%	-49.03%	141.04%	-52.30%	-8.86%	57.63%	-31.86%	9.82%
NOPAT Growth	146.89%	-261.33%	5.32%	18.01%	-78.23%	141.16%	-47.29%	-5.61%	109.05%	-55.74%	9.78%
Net Income Growth	128.96%	-369.30%	0.95%	3.90%	-112.20%	116.13%	-55.16%	-15.95%	-19.78%	-108.76%	8.60%
EPS Growth	121.43%	-200.00%	15.38%	12.50%	-100.00%	108.33%	-54.55%	-14.29%	0.00%	-200.00%	11.76%
Operating Cash Flow Growth	15.57%	-161.03%	20.25%	-31.63%	102.33%	212.53%	-7.66%	-30.64%	-27.15%	113.57%	16.17%
Free Cash Flow Firm Growth	-61.52%	-651.91%	-9.98%	-34.34%	68.33%	33.78%	-38.69%	-6.51%	-204.78%	18.30%	10.49%
Invested Capital Growth	1,818.32%	2,759.33%	119.57%	170.73%	28.69%	128.96%	72.44%	67.31%	65.76%	41.94%	37.39%
Revenue Q/Q Growth	152.50%	-39.06%	33.93%	59.10%	34.17%	18.21%	-36.18%	31.77%	12.97%	13.49%	-24.55%
EBITDA Q/Q Growth	172.01%	-390.18%	16.65%	54.06%	176.34%	84.32%	-340.14%	69.37%	209.30%	-2.82%	-376.88%
EBIT Q/Q Growth	158.75%	-389.73%	12.96%	48.59%	139.31%	133.29%	-423.01%	63.25%	156.92%	0.84%	-527.49%
NOPAT Q/Q Growth	161.71%	-372.79%	11.82%	44.77%	116.38%	415.91%	-415.52%	60.40%	132.43%	9.23%	-743.13%
Net Income Q/Q Growth	138.72%	-534.48%	7.93%	37.95%	95.08%	674.17%	-985.77%	53.63%	94.92%	58.00%	-9,139.56%
EPS Q/Q Growth	137.50%	-500.00%	8.33%	36.36%	100.00%	0.00%	-1,800.00%	52.94%	100.00%	0.00%	-1,400.00%
Operating Cash Flow Q/Q Growth	-45.67%	59.39%	-309.75%	45.70%	102.58%	1,858.08%	-492.02%	34.10%	101.44%	5,640.00%	-253.87%
Free Cash Flow Firm Q/Q Growth	-20.86%	-17.18%	14.38%	-10.79%	71.51%	-145.02%	-79.32%	14.92%	18.47%	34.32%	-96.47%
Invested Capital Q/Q Growth	135.53%	-39.34%	48.88%	27.27%	11.95%	7.93%	12.13%	23.49%	10.91%	-7.58%	8.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	86.36%	85.23%	84.51%	87.11%	83.99%	84.27%	83.40%	87.30%	96.39%	91.34%	94.91%
EBITDA Margin	14.77%	-70.35%	-43.78%	-12.64%	7.19%	11.22%	-42.21%	-9.81%	9.49%	8.13%	-29.83%
Operating Margin	13.12%	-81.44%	-53.62%	-18.61%	2.27%	7.00%	-49.04%	-14.74%	4.23%	4.07%	-34.71%
EBIT Margin	15.71%	-74.69%	-48.54%	-15.69%	4.60%	9.07%	-45.91%	-12.80%	6.45%	5.73%	-32.48%
Profit (Net Income) Margin	11.76%	-83.82%	-57.62%	-22.47%	-0.82%	4.00%	-55.51%	-19.54%	-0.88%	-0.33%	-39.81%
Tax Burden Percent	97.07%	101.17%	100.46%	100.41%	105.61%	99.25%	102.13%	100.01%	111.76%	101.75%	100.02%
Interest Burden Percent	77.09%	110.93%	118.17%	142.68%	-16.97%	44.43%	118.41%	152.59%	-12.18%	-5.57%	122.54%
Effective Tax Rate	2.93%	0.00%	0.00%	0.00%	0.00%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	60.97%	-423.97%	-170.45%	-65.22%	6.57%	43.55%	-189.34%	-48.65%	12.94%	12.96%	-105.45%
ROIC Less NNEP Spread (ROIC-NNEP)	61.52%	-416.02%	-161.49%	-57.80%	8.66%	46.48%	-170.35%	-33.97%	19.44%	17.90%	-75.31%
Return on Net Nonoperating Assets (RNNOA)	-48.15%	363.51%	120.53%	39.84%	-5.64%	-31.94%	95.01%	14.55%	-8.10%	-8.48%	24.88%
Return on Equity (ROE)	12.83%	-60.47%	-49.92%	-25.38%	0.94%	11.61%	-94.33%	-34.09%	4.84%	4.49%	-80.58%
Cash Return on Invested Capital (CROIC)	-237.96%	-451.16%	-198.48%	-190.37%	-98.65%	-115.19%	-95.47%	-84.88%	-78.63%	-66.69%	-58.08%
Operating Return on Assets (OROA)	9.72%	-38.12%	-27.61%	-11.88%	3.52%	8.25%	-44.13%	-12.20%	6.02%	4.98%	-30.37%
Return on Assets (ROA)	7.27%	-42.78%	-32.78%	-17.01%	-0.63%	3.64%	-53.36%	-18.62%	-0.82%	-0.28%	-37.22%
Return on Common Equity (ROCE)	12.83%	-60.47%	-49.92%	-25.38%	0.94%	11.61%	-94.33%	-34.09%	4.84%	4.49%	-80.58%
Return on Equity Simple (ROE_SIMPLE)	-13.90%	0.00%	-43.62%	-44.32%	-45.85%	0.00%	-36.91%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	7.18	-20	-17	-9.54	1.56	8.06	-25	-10	3.27	3.57	-23
NOPAT Margin	12.73%	-57.01%	-37.53%	-13.03%	1.59%	6.94%	-34.33%	-10.32%	2.96%	2.85%	-24.30%
Net Nonoperating Expense Percent (NNEP)	-0.55%	-7.95%	-8.96%	-7.42%	-2.08%	-2.93%	-18.98%	-14.67%	-6.50%	-4.94%	-30.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-9.04%	-	-	-	2.49%	-8.57%	-2.96%	0.92%	0.97%	-6.52%
Cost of Revenue to Revenue	13.64%	14.77%	15.49%	12.89%	16.01%	15.73%	16.60%	12.70%	3.61%	8.66%	5.09%
SG&A Expenses to Revenue	57.92%	138.95%	115.15%	88.30%	66.13%	65.51%	112.29%	86.00%	75.78%	69.01%	108.25%
R&D to Revenue	15.32%	27.72%	22.99%	17.43%	15.58%	11.77%	20.16%	16.04%	16.38%	18.25%	21.37%
Operating Expenses to Revenue	73.24%	166.67%	138.13%	105.73%	81.72%	77.28%	132.44%	102.04%	92.16%	87.26%	129.62%
Earnings before Interest and Taxes (EBIT)	8.86	-26	-22	-11	4.52	11	-34	-13	7.12	7.18	-31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.33	-24	-20	-9.26	7.07	13	-31	-9.58	10	10	-28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.65	8.63	11.23	11.80	10.25	6.93	8.03	6.72	8.61	8.48	9.88
Price to Tangible Book Value (P/TBV)	4.65	8.63	11.23	11.80	10.25	6.93	8.03	6.72	8.61	8.48	9.88
Price to Revenue (P/Rev)	6.62	11.56	10.65	8.26	6.44	3.60	3.24	2.43	3.33	3.48	3.43
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	14.09	40.35	33.06	26.89	22.34	14.88	13.34	8.79	11.32	12.89	12.58
Enterprise Value to Revenue (EV/Rev)	5.59	10.48	10.00	7.85	6.08	3.30	3.06	2.33	3.23	3.33	3.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.14	0.30	0.66	0.68	0.64	0.87	1.04	1.44	1.31	1.21	1.37
Long-Term Debt to Equity	0.14	0.30	0.66	0.68	0.64	0.87	1.04	1.44	1.31	1.21	1.37
Financial Leverage	-0.78	-0.87	-0.75	-0.69	-0.65	-0.69	-0.56	-0.43	-0.42	-0.47	-0.33
Leverage Ratio	1.68	1.84	2.02	2.05	1.88	2.16	2.54	2.83	2.73	2.76	3.11
Compound Leverage Factor	1.30	2.04	2.39	2.93	-0.32	0.96	3.00	4.32	-0.33	-0.15	3.81
Debt to Total Capital	12.47%	23.00%	39.82%	40.55%	38.88%	46.54%	50.95%	59.08%	56.71%	54.85%	57.79%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	12.47%	23.00%	39.82%	40.55%	38.88%	46.54%	50.95%	59.08%	56.71%	54.85%	57.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	87.53%	77.00%	60.18%	59.45%	61.12%	53.46%	49.05%	40.92%	43.29%	45.15%	42.21%
Debt to EBITDA	-2.03	-0.97	-2.10	-2.22	-2.17	-16.20	-7.40	-9.70	-11.64	-10.03	-11.89
Net Debt to EBITDA	10.28	2.63	2.16	1.89	1.93	10.66	3.06	1.78	2.34	3.06	2.02
Long-Term Debt to EBITDA	-2.03	-0.97	-2.10	-2.22	-2.17	-16.20	-7.40	-9.70	-11.64	-10.03	-11.89
Debt to NOPAT	-1.68	-1.12	-2.30	-2.43	-2.25	-7.71	-5.46	-7.13	-7.61	-7.07	-7.77
Net Debt to NOPAT	8.51	3.04	2.37	2.08	2.00	5.07	2.26	1.31	1.53	2.16	1.32
Long-Term Debt to NOPAT	-1.68	-1.12	-2.30	-2.43	-2.25	-7.71	-5.46	-7.13	-7.61	-7.07	-7.77
Altman Z-Score	2.86	3.55	2.70	2.87	2.68	1.51	0.79	0.32	1.24	1.46	1.04
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.54	4.88	4.53	4.21	4.03	4.58	4.12	4.30	4.41	4.31	3.49
Quick Ratio	4.79	4.09	4.06	3.57	3.46	3.95	3.43	3.68	3.83	3.80	2.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-43	-51	-43	-48	-14	-34	-60	-51	-42	-27	-54
Operating Cash Flow to CapEx	-11,065.46%	-20,274.42%	-23,814.67%	-14,807.63%	365.69%	1,654.30%	-11,832.92%	-3,898.77%	233.97%	5,803.60%	-46,720.29%
Free Cash Flow to Firm to Interest Expense	-21.37	-18.11	-10.72	-9.83	-2.60	-5.75	-9.63	-7.81	-5.24	-3.63	-7.81
Operating Cash Flow to Interest Expense	-10.58	-3.11	-8.80	-3.96	0.09	1.68	-6.14	-3.85	0.05	2.77	-4.66
Operating Cash Flow Less CapEx to Interest Expense	-10.68	-3.12	-8.84	-3.98	0.07	1.57	-6.19	-3.95	0.03	2.72	-4.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.51	0.57	0.76	0.77	0.91	0.96	0.95	0.93	0.87	0.94
Accounts Receivable Turnover	5.54	8.36	7.90	9.06	5.22	8.37	9.69	7.74	6.14	6.29	6.61
Inventory Turnover	3.25	2.26	3.20	2.74	3.76	3.01	3.32	3.26	2.57	2.03	1.38
Fixed Asset Turnover	111.43	111.52	150.03	201.92	234.93	266.47	269.53	244.47	257.17	221.43	233.26
Accounts Payable Turnover	2.93	1.62	1.68	3.63	3.17	3.73	3.60	3.60	2.74	2.24	1.53
Days Sales Outstanding (DSO)	65.88	43.65	46.20	40.28	69.90	43.62	37.65	47.16	59.49	58.05	55.18
Days Inventory Outstanding (DIO)	112.33	161.32	114.22	132.98	97.20	121.37	109.99	112.03	142.07	179.60	264.94
Days Payable Outstanding (DPO)	124.68	225.59	216.87	100.64	115.06	97.96	101.51	101.25	132.99	162.64	238.72
Cash Conversion Cycle (CCC)	53.53	-20.63	-56.45	72.62	52.03	67.02	46.14	57.94	68.57	75.00	81.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	53	32	48	61	69	74	83	103	114	105	114
Invested Capital Turnover	4.79	7.44	4.54	5.01	4.13	6.27	5.52	4.71	4.37	4.55	4.34
Increase / (Decrease) in Invested Capital	51	31	26	39	15	42	35	41	45	31	31
Enterprise Value (EV)	751	1,305	1,592	1,648	1,532	1,102	1,108	901	1,287	1,355	1,434
Market Capitalization	889	1,439	1,695	1,734	1,622	1,201	1,170	938	1,328	1,417	1,469
Book Value per Share	$0.88	$0.72	$0.65	$0.63	$0.67	$0.73	$0.61	$0.58	$0.64	$0.69	$0.61
Tangible Book Value per Share	$0.88	$0.72	$0.65	$0.63	$0.67	$0.73	$0.61	$0.58	$0.64	$0.69	$0.61
Total Capital	218	217	251	247	259	324	297	341	356	370	352
Total Debt	27	50	100	100	101	151	151	201	202	203	204
Total Long-Term Debt	27	50	100	100	101	151	151	201	202	203	204
Net Debt	-138	-134	-103	-86	-90	-99	-63	-37	-41	-62	-35
Capital Expenditures (CapEx)	0.19	0.04	0.15	0.13	0.14	0.59	0.33	0.65	0.16	0.36	0.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	33	11	-1.53	15	23	29	23	31	42	29	34
Debt-free Net Working Capital (DFNWC)	198	196	201	201	214	279	237	270	285	294	272
Net Working Capital (NWC)	198	196	201	201	214	279	237	270	285	294	272
Net Nonoperating Expense (NNE)	0.55	9.21	9.24	6.91	2.37	3.42	16	9.00	4.24	3.98	15
Net Nonoperating Obligations (NNO)	-138	-134	-103	-86	-90	-99	-63	-37	-41	-62	-35
Total Depreciation and Amortization (D&A)	-0.53	1.49	2.19	2.23	2.55	2.50	2.74	2.92	3.36	3.00	2.50
Debt-free, Cash-free Net Working Capital to Revenue	24.28%	9.18%	-0.96%	6.96%	9.21%	8.55%	6.33%	8.13%	10.52%	7.13%	8.00%
Debt-free Net Working Capital to Revenue	147.23%	157.26%	126.36%	95.52%	84.81%	83.52%	65.48%	69.88%	71.46%	72.11%	63.67%
Net Working Capital to Revenue	147.23%	157.26%	126.36%	95.52%	84.81%	83.52%	65.48%	69.88%	71.46%	72.11%	63.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.03	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)	$0.00	($0.01)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	222.78M	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M	241.91M	241.03M	245.86M
Adjusted Diluted Earnings per Share	$0.03	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)	$0.00	($0.01)	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	227.89M	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M	241.91M	241.03M	245.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	232.14M	232.69M	233.98M	235.43M	236.85M	238.36M	239.26M	240.98M	242.97M	245.25M	247.03M
Normalized Net Operating Profit after Tax (NOPAT)	7.18	-20	-17	-9.54	1.56	8.06	-25	-10	3.27	3.57	-23
Normalized NOPAT Margin	12.73%	-57.01%	-37.53%	-13.03%	1.59%	6.94%	-34.33%	-10.32%	2.96%	2.85%	-24.30%
Pre Tax Income Margin	12.11%	-82.85%	-57.36%	-22.38%	-0.78%	4.03%	-54.36%	-19.53%	-0.79%	-0.32%	-39.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.37	-9.15	-5.50	-2.34	0.86	1.80	-5.43	-1.90	0.89	0.95	-4.44
NOPAT to Interest Expense	3.54	-6.98	-4.26	-1.95	0.30	1.38	-4.06	-1.53	0.41	0.47	-3.32
EBIT Less CapEx to Interest Expense	4.27	-9.16	-5.54	-2.37	0.83	1.70	-5.49	-2.00	0.87	0.90	-4.45
NOPAT Less CapEx to Interest Expense	3.44	-7.00	-4.29	-1.97	0.27	1.28	-4.12	-1.63	0.39	0.42	-3.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Below are concise takeaways for Ardelyx (NASDAQ: ARDX) based on the company’s quarterly statements from the last four years, focusing on revenue, profitability, cash flow, and balance sheet trends. The items are grouped with positive entries first, then neutral, and finally negative items.

Q4 2025 revenue jumped to 125,215,000, with a sequential uptick from Q3 2025 (110,329,000) and clear year-to-year momentum in the latest quarter.
Q4 2025 gross profit reached 114,366,000, producing a very strong gross margin given the 125,215,000 revenue (roughly in the 90% range in that quarter).
Q4 2025 operating income was positive at 5,099,000, signaling operating leverage as revenue rose.
Q3 2025 balance sheet shows solid liquidity, with cash of 42,715,000 and short-term investments of 199,990,000, together roughly 242.7 million in liquid assets.

R&D and SG&A expenses rose in 2025, with SG&A at 86,411,000 and R&D at 22,856,000 in Q4 2025 (total operating expenses of 109,267,000), indicating ongoing investment in the pipeline and business ops.
Total current assets (367,985,000 in Q3 2025) substantially exceed total current liabilities (83,389,000 in the same period), implying a solid working-capital position.
Total assets expanded to 486,170,000 by Q3 2025 as Ardelyx grew its asset base alongside revenue.

Net income remained negative across the latest four quarters of 2025: Q1 -41,144,000; Q2 -19,079,000; Q3 -969,000; Q4 -407,000, underscoring ongoing profitability challenges.
Net cash from continuing operating activities was negative in all four 2025 quarters (Q1: -38,457,000; Q2: -25,342,000; Q3: -0.365,000; Q4: -20,951,000), indicating persistent cash burn from core operations.
Retained earnings show a large cumulative deficit (Q3 2025: -946,532,000), highlighting substantial accumulated losses relative to equity.

05/06/26 05:44 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Ardelyx's Financials

When does Ardelyx's fiscal year end?

According to the most recent income statement we have on file, Ardelyx's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Ardelyx's net income changed over the last 10 years?

Over the last 10 years, Ardelyx's net income changed from -$29.62 million in 2015 to -$61.60 million in 2025, a change of 108.0%. Find out what analysts predict for Ardelyx in the coming months.

What is Ardelyx's operating income?

Ardelyx's total operating income in 2025 was -$40.98 million, based on the following breakdown:

Total Gross Profit: $367.78 million
Total Operating Expenses: $408.76 million

How has Ardelyx's revenue changed over the last 10 years?

Over the last 10 years, Ardelyx's total revenue changed from $24.03 million in 2015 to $407.32 million in 2025, a change of 1,595.3%.

How much debt does Ardelyx have?

Ardelyx's total liabilities were at $334.66 million at the end of 2025, a 27.5% increase from 2024, and a 4,059.8% increase since 2015.

How much cash does Ardelyx have?

In the past 10 years, Ardelyx's cash and equivalents has ranged from $21.47 million in 2023 to $181.13 million in 2019, and is currently $68.00 million as of their latest financial filing in 2025.

How has Ardelyx's book value per share changed over the last 10 years?

Over the last 10 years, Ardelyx's book value per share changed from 4.20 in 2015 to 0.69 in 2025, a change of -83.6%.

Related Companies

Financial statements for NASDAQ:ARDX last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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