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

Ardelyx (ARDX) Financials

$4.06 +0.15 (+3.84%)

Closing price 08/14/2026 04:00 PM Eastern

Extended Trading

$4.06 0.00 (-0.12%)

As of 08/14/2026 07:58 PM Eastern

Compare

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38	-17
Consolidated Net Income / (Loss)	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38	-17
Net Income / (Loss) Continuing Operations	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38	-17
Total Pre-Tax Income	-28	-26	-16	-0.77	4.68	-40	-19	-0.87	-0.40	-38	-17
Total Operating Income	-28	-25	-14	2.23	8.13	-36	-14	4.67	5.10	-33	-12
Total Gross Profit	29	39	64	83	98	62	85	106	114	90	115
Total Revenue	34	46	73	98	116	74	98	110	125	94	121
Operating Revenue	34	46	73	98	116	74	98	110	125	94	121
Total Cost of Revenue	5.08	7.13	9.44	16	18	12	12	3.98	11	4.81	5.76
Operating Cost of Revenue	5.08	7.13	9.44	16	18	12	12	3.98	11	4.81	5.76
Total Operating Expenses	57	64	77	80	90	98	100	102	109	122	128
Selling, General & Admin Expense	48	53	65	65	76	83	84	84	86	102	101
Research & Development Expense	9.52	11	13	15	14	15	16	18	23	20	26
Total Other Income / (Expense), net	-0.48	-1.72	-2.76	-3.00	-3.45	-3.94	-4.68	-5.54	-5.50	-4.80	-4.19
Interest Expense	2.81	4.06	4.90	5.28	5.85	6.26	6.58	7.98	7.58	6.92	6.22
Other Income / (Expense), net	2.32	2.34	2.15	2.28	2.41	2.33	1.89	2.45	2.08	2.11	2.04
Income Tax Expense	0.33	0.12	0.07	0.04	0.04	0.86	0.00	0.10	0.01	0.01	0.11
Basic Earnings per Share	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)	$0.00	($0.01)	($0.15)	($0.07)
Weighted Average Basic Shares Outstanding	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M	241.91M	241.03M	245.86M	248.07M
Diluted Earnings per Share	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)	$0.00	($0.01)	($0.15)	($0.07)
Weighted Average Diluted Shares Outstanding	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M	241.91M	241.03M	245.86M	248.07M
Weighted Average Basic & Diluted Shares Outstanding	232.69M	233.98M	235.43M	236.85M	238.36M	239.26M	240.98M	242.97M	245.25M	247.03M	249.19M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-12	15	5.74	5.54	18	-34	59	-47	25	-37	66
Net Cash From Operating Activities	-8.72	-36	-19	0.50	9.81	-38	-25	0.37	21	-32	-6.40
Net Cash From Continuing Operating Activities	-8.72	-36	-19	0.50	9.81	-38	-25	0.37	21	-32	-6.40
Net Income / (Loss) Continuing Operations	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38	-17
Consolidated Net Income / (Loss)	-29	-27	-16	-0.81	4.65	-41	-19	-0.97	-0.41	-38	-17
Depreciation Expense	0.36	0.44	0.57	0.54	0.52	0.60	0.63	0.91	0.92	0.92	0.60
Amortization Expense	1.13	1.75	1.66	2.01	1.98	2.14	2.29	2.45	2.08	1.58	1.57
Non-Cash Adjustments To Reconcile Net Income	-4.73	22	7.03	0.98	17	12	15	4.65	13	9.43	11
Changes in Operating Assets and Liabilities, net	23	-33	-12	-2.22	-14	-12	-24	-6.67	5.01	-6.56	-2.54
Net Cash From Investing Activities	-30	-2.57	24	2.34	-42	2.85	35	-51	3.78	-10.00	23
Net Cash From Continuing Investing Activities	-30	-2.57	24	2.34	-42	2.85	35	-51	3.78	-10.00	23
Purchase of Property, Plant & Equipment	-0.04	-0.15	-0.13	-0.14	-0.59	-0.33	-0.65	-0.16	-0.36	-0.07	-0.01
Purchase of Investments	-78	-34	-23	-40	-99	-32	-23	-114	-51	-48	-34
Sale and/or Maturity of Investments	48	32	47	42	58	35	58	63	55	38	57
Net Cash From Financing Activities	26	53	1.61	2.70	49	1.48	50	2.81	0.56	5.44	50
Net Cash From Continuing Financing Activities	26	53	1.61	2.70	49	1.48	50	2.81	0.56	5.44	50
Issuance of Common Equity	0.10	3.22	1.61	2.70	0.61	1.48	0.99	2.81	0.56	5.44	1.68
Cash Interest Paid	1.55	2.10	1.94	2.93	4.45	2.45	3.83	4.58	4.86	3.11	4.63
Cash Income Taxes Paid	0.03	0.00	0.27	-	-0.01	0.00	0.44	0.05	-0.01	-0.07	0.17

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	217	211	289	342	343	368	410	467	486	505	576
Total Current Assets	167	162	241	258	263	284	313	352	368	382	442
Cash & Equivalents	92	30	34	36	42	47	31	90	43	31	97
Short-Term Investments	38	98	131	166	144	143	183	148	200	207	185
Accounts Receivable	12	9.11	43	28	37	53	46	63	77	83	100
Inventories, net	4.82	7.62	8.52	9.81	14	11	24	22	25	23	26
Prepaid Expenses	20	18	24	17	26	29	28	28	23	38	34
Plant, Property, & Equipment, net	1.10	1.06	1.12	1.02	1.02	1.03	1.67	2.14	2.07	2.00	1.78
Total Noncurrent Assets	49	48	47	83	79	83	96	113	116	121	132
Other Noncurrent Operating Assets	49	48	47	83	79	83	96	113	116	121	132
Total Liabilities & Shareholders' Equity	217	211	289	342	343	368	410	467	486	505	576
Total Liabilities	92	88	98	191	196	210	265	327	332	356	427
Total Current Liabilities	63	62	44	57	62	70	76	82	83	110	132
Accounts Payable	11	5.29	7.74	17	11	16	14	22	18	28	38
Accrued Expenses	11	12	19	22	27	33	43	41	42	67	71
Current Deferred Revenue	5.55	5.96	4.07	6.59	11	7.27	11	6.28	6.58	3.25	6.74
Current Employee Benefit Liabilities	5.07	6.88	8.36	6.73	10	12	7.17	12	15	9.38	15
Other Current Liabilities	4.00	4.11	4.32	4.31	3.55	2.57	1.30	1.18	1.44	1.51	1.55
Total Noncurrent Liabilities	29	26	55	135	134	139	189	246	249	246	295
Long-Term Debt	-	-	27	100	100	101	151	201	202	204	252
Noncurrent Deferred Revenue	11	9.24	10	12	9.61	13	8.35	12	14	14	14
Other Noncurrent Operating Liabilities	17	17	17	23	24	26	29	32	33	29	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	125	123	191	151	147	158	146	140	154	149	149
Total Preferred & Common Equity	125	123	191	151	147	158	146	140	154	149	149
Total Common Equity	125	123	191	151	147	158	146	140	154	149	149
Common Stock	932	947	1,009	1,024	1,036	1,048	1,072	1,085	1,101	1,133	1,150
Retained Earnings	-807	-824	-817	-873	-889	-890	-926	-946	-947	-985	-1,001
Accumulated Other Comprehensive Income / (Loss)	-0.02	-0.21	-0.20	-0.02	-0.10	0.19	0.02	-0.04	0.12	-0.12	-0.19

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	245,247,427.00	247,029,387.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	245,247,427.00	247,029,387.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.15	-0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-22.22%	304.81%	227.86%	74.21%	237.95%	61.04%	33.38%	12.30%	7.82%	27.47%	23.77%
EBITDA Growth	-278.39%	15.05%	19.98%	-15.16%	153.89%	-55.25%	-3.51%	48.19%	-21.87%	9.91%	14.28%
EBIT Growth	-305.02%	9.79%	23.83%	-49.03%	141.04%	-52.30%	-8.86%	57.63%	-31.86%	9.82%	16.92%
NOPAT Growth	-261.33%	5.32%	18.01%	-78.23%	141.16%	-47.29%	-5.61%	109.05%	-55.74%	9.78%	13.69%
Net Income Growth	-369.30%	0.95%	3.90%	-112.20%	116.13%	-55.16%	-15.95%	-19.78%	-108.76%	8.60%	12.36%
EPS Growth	-200.00%	15.38%	12.50%	-100.00%	108.33%	-54.55%	-14.29%	0.00%	-200.00%	11.76%	12.50%
Operating Cash Flow Growth	-161.03%	20.25%	-31.63%	102.33%	212.53%	-7.66%	-30.64%	-27.15%	113.57%	16.17%	74.75%
Free Cash Flow Firm Growth	-651.91%	-9.98%	-34.34%	68.33%	33.78%	-38.69%	-6.51%	-204.78%	18.30%	10.49%	50.94%
Invested Capital Growth	2,759.33%	119.57%	170.73%	28.69%	128.96%	72.44%	67.31%	65.76%	41.94%	37.39%	16.08%
Revenue Q/Q Growth	-39.06%	33.93%	59.10%	34.17%	18.21%	-36.18%	31.77%	12.97%	13.49%	-24.55%	27.95%
EBITDA Q/Q Growth	-390.18%	16.65%	54.06%	176.34%	84.32%	-340.14%	69.37%	209.30%	-2.82%	-376.88%	70.85%
EBIT Q/Q Growth	-389.73%	12.96%	48.59%	139.31%	133.29%	-423.01%	63.25%	156.92%	0.84%	-527.49%	66.15%
NOPAT Q/Q Growth	-372.79%	11.82%	44.77%	116.38%	415.91%	-415.52%	60.40%	132.43%	9.23%	-743.13%	62.11%
Net Income Q/Q Growth	-534.48%	7.93%	37.95%	95.08%	674.17%	-985.77%	53.63%	94.92%	58.00%	-9,139.56%	55.54%
EPS Q/Q Growth	-500.00%	8.33%	36.36%	100.00%	0.00%	-1,800.00%	52.94%	100.00%	0.00%	-1,400.00%	53.33%
Operating Cash Flow Q/Q Growth	59.39%	-309.75%	45.70%	102.58%	1,858.08%	-492.02%	34.10%	101.44%	5,640.00%	-253.87%	80.15%
Free Cash Flow Firm Q/Q Growth	-17.18%	14.38%	-10.79%	71.51%	-145.02%	-79.32%	14.92%	18.47%	34.32%	-96.47%	53.37%
Invested Capital Q/Q Growth	-39.34%	48.88%	27.27%	11.95%	7.93%	12.13%	23.49%	10.91%	-7.58%	8.54%	4.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	85.23%	84.51%	87.11%	83.99%	84.27%	83.40%	87.30%	96.39%	91.34%	94.91%	95.24%
EBITDA Margin	-70.35%	-43.78%	-12.64%	7.19%	11.22%	-42.21%	-9.81%	9.49%	8.13%	-29.83%	-6.80%
Operating Margin	-81.44%	-53.62%	-18.61%	2.27%	7.00%	-49.04%	-14.74%	4.23%	4.07%	-34.71%	-10.28%
EBIT Margin	-74.69%	-48.54%	-15.69%	4.60%	9.07%	-45.91%	-12.80%	6.45%	5.73%	-32.48%	-8.59%
Profit (Net Income) Margin	-83.82%	-57.62%	-22.47%	-0.82%	4.00%	-55.51%	-19.54%	-0.88%	-0.33%	-39.81%	-13.83%
Tax Burden Percent	101.17%	100.46%	100.41%	105.61%	99.25%	102.13%	100.01%	111.76%	101.75%	100.02%	100.66%
Interest Burden Percent	110.93%	118.17%	142.68%	-16.97%	44.43%	118.41%	152.59%	-12.18%	-5.57%	122.54%	159.92%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-423.97%	-170.45%	-65.22%	6.57%	43.55%	-189.34%	-48.65%	12.94%	12.96%	-105.45%	-29.29%
ROIC Less NNEP Spread (ROIC-NNEP)	-416.02%	-161.49%	-57.80%	8.66%	46.48%	-170.35%	-33.97%	19.44%	17.90%	-75.31%	-5.34%
Return on Net Nonoperating Assets (RNNOA)	363.51%	120.53%	39.84%	-5.64%	-31.94%	95.01%	14.55%	-8.10%	-8.48%	24.88%	1.24%
Return on Equity (ROE)	-60.47%	-49.92%	-25.38%	0.94%	11.61%	-94.33%	-34.09%	4.84%	4.49%	-80.58%	-28.05%
Cash Return on Invested Capital (CROIC)	-451.16%	-198.48%	-190.37%	-98.65%	-115.19%	-95.47%	-84.88%	-78.63%	-66.69%	-58.08%	-37.28%
Operating Return on Assets (OROA)	-38.12%	-27.61%	-11.88%	3.52%	8.25%	-44.13%	-12.20%	6.02%	4.98%	-30.37%	-7.43%
Return on Assets (ROA)	-42.78%	-32.78%	-17.01%	-0.63%	3.64%	-53.36%	-18.62%	-0.82%	-0.28%	-37.22%	-11.96%
Return on Common Equity (ROCE)	-60.47%	-49.92%	-25.38%	0.94%	11.61%	-94.33%	-34.09%	4.84%	4.49%	-80.58%	-28.05%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-43.62%	-44.32%	-45.85%	0.00%	-36.91%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-20	-17	-9.54	1.56	8.06	-25	-10	3.27	3.57	-23	-8.70
NOPAT Margin	-57.01%	-37.53%	-13.03%	1.59%	6.94%	-34.33%	-10.32%	2.96%	2.85%	-24.30%	-7.20%
Net Nonoperating Expense Percent (NNEP)	-7.95%	-8.96%	-7.42%	-2.08%	-2.93%	-18.98%	-14.67%	-6.50%	-4.94%	-30.14%	-23.95%
Return On Investment Capital (ROIC_SIMPLE)	-9.04%	-	-	-	2.49%	-8.57%	-2.96%	0.92%	0.97%	-6.52%	-2.17%
Cost of Revenue to Revenue	14.77%	15.49%	12.89%	16.01%	15.73%	16.60%	12.70%	3.61%	8.66%	5.09%	4.76%
SG&A Expenses to Revenue	138.95%	115.15%	88.30%	66.13%	65.51%	112.29%	86.00%	75.78%	69.01%	108.25%	83.92%
R&D to Revenue	27.72%	22.99%	17.43%	15.58%	11.77%	20.16%	16.04%	16.38%	18.25%	21.37%	21.59%
Operating Expenses to Revenue	166.67%	138.13%	105.73%	81.72%	77.28%	132.44%	102.04%	92.16%	87.26%	129.62%	105.51%
Earnings before Interest and Taxes (EBIT)	-26	-22	-11	4.52	11	-34	-13	7.12	7.18	-31	-10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-24	-20	-9.26	7.07	13	-31	-9.58	10	10	-28	-8.22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.63	11.23	11.80	10.25	6.93	8.03	6.72	8.61	8.48	9.88	8.45
Price to Tangible Book Value (P/TBV)	8.63	11.23	11.80	10.25	6.93	8.03	6.72	8.61	8.48	9.88	8.45
Price to Revenue (P/Rev)	11.56	10.65	8.26	6.44	3.60	3.24	2.43	3.33	3.48	3.43	2.79
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)	40.35	33.06	26.89	22.34	14.88	13.34	8.79	11.32	12.89	12.58	10.33
Enterprise Value to Revenue (EV/Rev)	10.48	10.00	7.85	6.08	3.30	3.06	2.33	3.23	3.33	3.35	2.73
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	0.30	0.66	0.68	0.64	0.87	1.04	1.44	1.31	1.21	1.37	1.69
Long-Term Debt to Equity	0.30	0.66	0.68	0.64	0.87	1.04	1.44	1.31	1.21	1.37	1.69
Financial Leverage	-0.87	-0.75	-0.69	-0.65	-0.69	-0.56	-0.43	-0.42	-0.47	-0.33	-0.23
Leverage Ratio	1.84	2.02	2.05	1.88	2.16	2.54	2.83	2.73	2.76	3.11	3.61
Compound Leverage Factor	2.04	2.39	2.93	-0.32	0.96	3.00	4.32	-0.33	-0.15	3.81	5.78
Debt to Total Capital	23.00%	39.82%	40.55%	38.88%	46.54%	50.95%	59.08%	56.71%	54.85%	57.79%	62.82%
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	23.00%	39.82%	40.55%	38.88%	46.54%	50.95%	59.08%	56.71%	54.85%	57.79%	62.82%
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	77.00%	60.18%	59.45%	61.12%	53.46%	49.05%	40.92%	43.29%	45.15%	42.21%	37.18%
Debt to EBITDA	-0.97	-2.10	-2.22	-2.17	-16.20	-7.40	-9.70	-11.64	-10.03	-11.89	-15.99
Net Debt to EBITDA	2.63	2.16	1.89	1.93	10.66	3.06	1.78	2.34	3.06	2.02	1.91
Long-Term Debt to EBITDA	-0.97	-2.10	-2.22	-2.17	-16.20	-7.40	-9.70	-11.64	-10.03	-11.89	-15.99
Debt to NOPAT	-1.12	-2.30	-2.43	-2.25	-7.71	-5.46	-7.13	-7.61	-7.07	-7.77	-10.15
Net Debt to NOPAT	3.04	2.37	2.08	2.00	5.07	2.26	1.31	1.53	2.16	1.32	1.21
Long-Term Debt to NOPAT	-1.12	-2.30	-2.43	-2.25	-7.71	-5.46	-7.13	-7.61	-7.07	-7.77	-10.15
Altman Z-Score	3.55	2.70	2.87	2.68	1.51	0.79	0.32	1.24	1.46	1.04	0.71
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	4.88	4.53	4.21	4.03	4.58	4.12	4.30	4.41	4.31	3.49	3.34
Quick Ratio	4.09	4.06	3.57	3.46	3.95	3.43	3.68	3.83	3.80	2.93	2.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-51	-43	-48	-14	-34	-60	-51	-42	-27	-54	-25
Operating Cash Flow to CapEx	-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%	-49,223.08%
Free Cash Flow to Firm to Interest Expense	-18.11	-10.72	-9.83	-2.60	-5.75	-9.63	-7.81	-5.24	-3.63	-7.81	-4.05
Operating Cash Flow to Interest Expense	-3.11	-8.80	-3.96	0.09	1.68	-6.14	-3.85	0.05	2.77	-4.66	-1.03
Operating Cash Flow Less CapEx to Interest Expense	-3.12	-8.84	-3.98	0.07	1.57	-6.19	-3.95	0.03	2.72	-4.67	-1.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.57	0.76	0.77	0.91	0.96	0.95	0.93	0.87	0.94	0.86
Accounts Receivable Turnover	8.36	7.90	9.06	5.22	8.37	9.69	7.74	6.14	6.29	6.61	5.54
Inventory Turnover	2.26	3.20	2.74	3.76	3.01	3.32	3.26	2.57	2.03	1.38	1.06
Fixed Asset Turnover	111.52	150.03	201.92	234.93	266.47	269.53	244.47	257.17	221.43	233.26	229.81
Accounts Payable Turnover	1.62	1.68	3.63	3.17	3.73	3.60	3.60	2.74	2.24	1.53	0.85
Days Sales Outstanding (DSO)	43.65	46.20	40.28	69.90	43.62	37.65	47.16	59.49	58.05	55.18	65.94
Days Inventory Outstanding (DIO)	161.32	114.22	132.98	97.20	121.37	109.99	112.03	142.07	179.60	264.94	345.82
Days Payable Outstanding (DPO)	225.59	216.87	100.64	115.06	97.96	101.51	101.25	132.99	162.64	238.72	431.77
Cash Conversion Cycle (CCC)	-20.63	-56.45	72.62	52.03	67.02	46.14	57.94	68.57	75.00	81.40	-20.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	32	48	61	69	74	83	103	114	105	114	119
Invested Capital Turnover	7.44	4.54	5.01	4.13	6.27	5.52	4.71	4.37	4.55	4.34	4.07
Increase / (Decrease) in Invested Capital	31	26	39	15	42	35	41	45	31	31	16
Enterprise Value (EV)	1,305	1,592	1,648	1,532	1,102	1,108	901	1,287	1,355	1,434	1,230
Market Capitalization	1,439	1,695	1,734	1,622	1,201	1,170	938	1,328	1,417	1,469	1,260
Book Value per Share	$0.72	$0.65	$0.63	$0.67	$0.73	$0.61	$0.58	$0.64	$0.69	$0.61	$0.60
Tangible Book Value per Share	$0.72	$0.65	$0.63	$0.67	$0.73	$0.61	$0.58	$0.64	$0.69	$0.61	$0.60
Total Capital	217	251	247	259	324	297	341	356	370	352	401
Total Debt	50	100	100	101	151	151	201	202	203	204	252
Total Long-Term Debt	50	100	100	101	151	151	201	202	203	204	252
Net Debt	-134	-103	-86	-90	-99	-63	-37	-41	-62	-35	-30
Capital Expenditures (CapEx)	0.04	0.15	0.13	0.14	0.59	0.33	0.65	0.16	0.36	0.07	0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	11	-1.53	15	23	29	23	31	42	29	34	28
Debt-free Net Working Capital (DFNWC)	196	201	201	214	279	237	270	285	294	272	310
Net Working Capital (NWC)	196	201	201	214	279	237	270	285	294	272	310
Net Nonoperating Expense (NNE)	9.21	9.24	6.91	2.37	3.42	16	9.00	4.24	3.98	15	8.02
Net Nonoperating Obligations (NNO)	-134	-103	-86	-90	-99	-63	-37	-41	-62	-35	-30
Total Depreciation and Amortization (D&A)	1.49	2.19	2.23	2.55	2.50	2.74	2.92	3.36	3.00	2.50	2.17
Debt-free, Cash-free Net Working Capital to Revenue	9.18%	-0.96%	6.96%	9.21%	8.55%	6.33%	8.13%	10.52%	7.13%	8.00%	6.18%
Debt-free Net Working Capital to Revenue	157.26%	126.36%	95.52%	84.81%	83.52%	65.48%	69.88%	71.46%	72.11%	63.67%	68.69%
Net Working Capital to Revenue	157.26%	126.36%	95.52%	84.81%	83.52%	65.48%	69.88%	71.46%	72.11%	63.67%	68.69%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)	$0.00	($0.01)	($0.15)	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M	241.91M	241.03M	245.86M	248.07M
Adjusted Diluted Earnings per Share	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)	$0.00	($0.01)	($0.15)	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M	241.91M	241.03M	245.86M	248.07M
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	232.69M	233.98M	235.43M	236.85M	238.36M	239.26M	240.98M	242.97M	245.25M	247.03M	249.19M
Normalized Net Operating Profit after Tax (NOPAT)	-20	-17	-9.54	1.56	8.06	-25	-10	3.27	3.57	-23	-8.70
Normalized NOPAT Margin	-57.01%	-37.53%	-13.03%	1.59%	6.94%	-34.33%	-10.32%	2.96%	2.85%	-24.30%	-7.20%
Pre Tax Income Margin	-82.85%	-57.36%	-22.38%	-0.78%	4.03%	-54.36%	-19.53%	-0.79%	-0.32%	-39.80%	-13.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.15	-5.50	-2.34	0.86	1.80	-5.43	-1.90	0.89	0.95	-4.44	-1.67
NOPAT to Interest Expense	-6.98	-4.26	-1.95	0.30	1.38	-4.06	-1.53	0.41	0.47	-3.32	-1.40
EBIT Less CapEx to Interest Expense	-9.16	-5.54	-2.37	0.83	1.70	-5.49	-2.00	0.87	0.90	-4.45	-1.67
NOPAT Less CapEx to Interest Expense	-7.00	-4.29	-1.97	0.27	1.28	-4.12	-1.63	0.39	0.42	-3.33	-1.40
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

Ardelyx (NASDAQ: ARDX) showed strong revenue growth and a much healthier balance sheet over the last year, but profitability remains inconsistent and the company is still not producing sustained positive cash flow from operations.

In Q1 2026, Ardelyx generated $94.5 million in revenue, up from $74.1 million in Q1 2025 and $46.0 million in Q1 2024. That’s a meaningful multi-year improvement and suggests the commercial business is scaling. Gross profit also improved to $89.7 million, reflecting a strong gross margin profile.

However, operating expenses remain elevated. In Q1 2026, selling, general and administrative expense was $102.3 million and R&D expense was $20.2 million, resulting in an operating loss of $32.8 million and a net loss of $37.6 million. While this is better than the much larger losses seen in early 2024, the company has not yet established consistent earnings power.

Cash generation is the bigger concern. Ardelyx burned $32.2 million in operating cash flow in Q1 2026, after generating positive operating cash flow in Q4 2025. Over the past several quarters, operating cash flow has swung sharply, which tells investors the business is still not fully stable from a cash standpoint.

The balance sheet remains a relative strength. As of March 31, 2026, Ardelyx had:

$31.2 million in cash and equivalents
$206.9 million in short-term investments
$381.9 million in total current assets
$504.5 million in total assets
$355.9 million in total liabilities
$148.6 million in total equity

That gives the company a solid liquidity cushion, even though it also carries a meaningful debt load. Long-term debt stood at $203.5 million in Q1 2026, only slightly above the $202.1 million level at the end of Q3 2025.

Looking at the longer trend, revenue has grown materially since 2023, when quarterly sales were often well below current levels. Ardelyx has also sharply improved from the early 2024 period, when it was losing more than $26 million to $41 million per quarter and burning substantial cash. The business is clearly larger and more commercially mature than it was two years ago.

At the same time, the company’s cost structure still needs to improve. SG&A remains very high relative to gross profit, and interest expense continues to weigh on results. In Q1 2026, interest expense was $6.9 million, which is a real drag for a company that is still working toward durable profitability.

Key takeaways for investors:

Revenue has grown strongly year over year, showing continued commercial momentum.
Gross profit remains very strong, indicating attractive unit economics.
The company holds a large cash and investment position, which supports near-term liquidity.
The business has improved meaningfully versus 2023 and early 2024.
Operating cash flow has been volatile, with some quarters positive and others deeply negative.
Debt remains material, so interest expense will continue to pressure earnings.
SG&A spending is still very high and is a major reason the company remains unprofitable.
Q1 2026 operating cash flow was negative, showing the company is not yet consistently self-funding.
Ardelyx is still posting net losses, which means the investment case depends on continued growth and margin improvement.

Bottom line: Ardelyx looks like a company with improving commercial traction and a strong liquidity position, but it is still not consistently profitable. For retail investors, the story is more about execution and margin expansion than about current earnings.

08/16/26 12:04 AM ETAI Generated. May Contain Errors.

Ardelyx Financials - Frequently Asked Questions

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.

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%. See where experts think Ardelyx is headed by visiting Ardelyx's forecast page.

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

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%.

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.

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.

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 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Ardelyx (ARDX) Financials

Financials Breakdown Chart

Key Financial Trends

Ardelyx Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Ardelyx (ARDX) Financials

Annual Income Statements for Ardelyx

Quarterly Income Statements for Ardelyx

Annual Cash Flow Statements for Ardelyx

Quarterly Cash Flow Statements for Ardelyx

Annual Balance Sheets for Ardelyx

Quarterly Balance Sheets for Ardelyx

Annual Metrics And Ratios for Ardelyx

Quarterly Metrics And Ratios for Ardelyx

Financials Breakdown Chart

Key Financial Trends

Ardelyx Financials - Frequently Asked Questions

When does Ardelyx's fiscal year end?

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

What is Ardelyx's operating income?

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

How much debt does Ardelyx have?

How much cash does Ardelyx have?

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

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools