Ardelyx Inc. Common Stock (ARDX)

FairStock Score: 18/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I begin with durable earning power, and Ardelyx does not show it today. It sells two commercial medicines, IBSRELA and XPHOZAH, and revenue is moving in the right direction: in fiscal 2025, ended 2025-12-31, revenue was $407.3M versus $333.6M in fiscal 2024 and $124.5M in fiscal 2023. But profits remain elusive. Fiscal 2025 net income was -$61.6M, following -$39.1M in fiscal 2024 and -$66.1M in fiscal 2023. In fiscal Q2 2026, ended 2026-06-30, revenue was $120.9M and net income was -$16.7M; that is better than fiscal Q2 2025, when revenue was $97.7M and net income was -$19.1M, but still a loss. Free cash flow is -$17.9M trailing, and FairStock calculates an FCF yield of -2.3%. At the close on 2026-10-13, the price was $3.12; FairStock calculations show P/B of 5.20, P/E of -13.57, ROE of -38.61%, ROCE of -4.25%, Piotroski F-score of 4/9, Altman Z-score of -0.56, and a FairStock score of 18/100. Debt/equity of 1.90 adds financial fragility. I see no proven moat in these numbers, only two products that must demonstrate durable reimbursement, adoption, and operating leverage. Growth is real, but until it produces consistent profits and positive cash flow, this remains a speculative biotech, not a Graham bargain.

In plain English: Ardelyx sells two prescription medicines, one for irritable bowel syndrome with constipation and one for high phosphate in kidney dialysis patients. Revenue is growing, but the company still loses money and burns cash, so the business looks financially weak today. The stock trades near the bottom of its 52-week range, but because there are no profits, the price is not obviously cheap on the numbers.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer