Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ARDELYX, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
42
2.61
5.28
7.57
10.1
52.2
124
334
407
Cost of revenue
8.4
0.47
0.6
0.15
1
4.12
17.8
50.6
39.5
Gross profit
33.6
2.14
4.68
7.43
9.1
48
107
283
368
Research and development
94.2
75.5
69.4
71.7
65.1
91.1
35.2
35.5
52.3
71.5
Selling, general and administrative
72.3
76.6
134
259
337
General and administrative
18.7
23.2
23.7
24.3
33.2
72.3
76.6
Operating expenses
113
98.7
93.1
95.9
Operating income
-113
-65.1
-90.9
-91.3
-90.8
-154
-63.8
-63.3
-28
-41
Interest expense
3.53
5.73
5.1
4.5
3.4
4.95
13
20.1
Other non-operating income
0.51
1.96
3.19
2.35
1.57
0.69
1.63
6.63
9.17
8.75
Pre-tax income
-112
-63.2
-91.3
-94.6
-94.3
-158
-67.2
-65.5
-38.9
-60.6
Income tax
1.18
0
0.3
0
0
0.01
0.55
0.27
0.97
Net income
-112
-64.3
-91.3
-94.9
-94.3
-158
-67.2
-66.1
-39.1
-61.6
EBITDA
-112
-62.5
-88.2
-88.8
-88.2
-152
-62.6
-62
-25.9
-37.9
EPS, basic
-2.80
-1.36
-1.62
-1.47
-1.05
-1.52
-0.42
-0.30
-0.17
-0.26
EPS, diluted
-2.80
-1.36
-1.62
-1.47
-1.05
-1.52
-0.42
-0.30
-0.17
-0.26
Shares, basic (weighted)
40.1
47.4
56.2
64.5
89.6
104
159
219
235
241
Shares, diluted (weighted)
40.1
47.4
56.2
64.5
89.6
104
159
219
235
241
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
74.6
75.4
78.8
181
91
72.4
96.1
21.5
64.9
68
Short-term investments
126
58.6
89.3
66.4
95.5
44.3
27.8
163
185
197
Receivables
0
0.5
7.73
22
57.7
71.8
Inventory
0
28.3
49.5
91.2
123
Other current assets
3.17
4.94
3.2
3.8
8.2
7.05
5.11
8.41
11.1
13.6
Total current assets
204
150
176
252
195
134
154
246
356
382
Property, plant and equipment
8.99
8.03
5.61
3.44
1.94
2.36
1.22
1.01
1.5
2.18
Lease right-of-use assets
3.97
2.27
12.8
9.3
5.59
2.38
4.8
Long-term investments
2.11
0
Other non-current assets
0.15
0.16
1.35
0.31
0.55
1.15
0.88
3.6
5.42
6.94
Total assets
213
158
183
260
202
150
190
298
436
502
Accounts payable
5.64
3.93
1.15
2.19
5.63
4.28
10.9
11.1
16
19.2
Accrued liabilities
10.4
10.7
12.9
4.45
5.67
5.42
7.55
12.6
14.9
19.1
Deferred revenue
1
4.18
0
4.21
7.18
10.7
1.21
Short-term debt
32.3
Total current liabilities
19.2
17.9
17.7
22.2
28.4
52.8
65.6
50.4
77.8
88.6
Lease liabilities
2.08
0.41
9.75
5.86
1.73
1.02
3.64
Other non-current liabilities
0.78
0.72
0
Total liabilities
20
18.6
67.5
73.1
75.5
67.3
91.7
131
262
335
Total debt
52
50
50.8
32.3
26.7
49.8
151
203
Paid-in capital
407
418
481
647
681
796
879
1,013
1,059
1,114
Retained earnings
-214
-278
-366
-460
-555
-713
-780
-846
-885
-947
Other comprehensive income
-0.07
-0.05
-0.04
0.02
-0
-0.01
-0.05
0.22
0.06
0.2
Shareholders' equity
193
139
116
187
126
82.6
98.3
167
173
167
Total equity
193
139
116
187
126
82.6
98.3
167
173
167
Total liabilities and equity
213
158
183
260
202
150
190
298
436
502
Shares outstanding
47.3
47.5
62.5
88.8
93.6
130
199
232
238
244
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-112
-64.3
-91.3
-94.9
-94.3
-158
-67.2
-66.1
-39.1
-61.6
Depreciation and amortization
1.3
2.6
2.7
2.5
2.54
2.81
1.14
1.29
2.06
3.06
Stock-based compensation
5.32
9.59
9.23
9.94
10.6
12
10.8
13.5
37.4
49
Deferred income tax
-0.03
0
0
0
0
0
0
0
Change in receivables
-10.8
10.7
0.09
0
-0.5
-7.23
-14.3
-35.7
-14.1
Change in inventory
0
0
-28.3
-21.1
-41.7
-31.9
Change in payables
2.15
-1.03
-2.73
0.04
3.44
-1.35
6.58
0.28
4.86
3.24
Cash from operations
-92.5
-65.2
-70.3
-76.5
-81.4
-153
-70
-89.7
-44.8
-42.5
Capital expenditures
-4.87
-2.36
-0.31
-0.33
-0.32
-1.87
-0.06
-0.34
-1.01
-1.49
Purchases of investments
-134
-84
-169
-103
-151
-72.7
-50.3
-215
-195
-219
Sales and maturities of investments
7.6
134
139
124
Cash from investing
-131
65.3
-29.9
23.4
-31.4
50.9
18.4
-131
-18.3
-8.96
Debt repaid
-0.13
Stock issued
191
0.06
0
21
101
71.6
119
0
0
Cash from financing
191
0.69
104
155
22.8
83
75.3
146
107
54.5
Net change in cash
-32.4
0.79
3.39
102
-90.1
-18.6
23.7
-74.7
43.5
3.07
Free cash flow
-97.4
-67.5
-70.6
-76.8
-81.8
-154
-70.1
-90.1
-45.8
-44
Interest paid
3.07
4.92
4.2
3.47
2.9
4.24
11.4
15.7
Income taxes paid
0
0
0
0
0
0.01
0.05
0.27
0.49
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.42 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
94.4%
Gross profit / revenue.
Operating margin
-7.9%
Operating income / revenue.
EBITDA margin
-7.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-12.3%
Pre-tax income / revenue.
Net margin
-12.4%
Net income / revenue.
FCF margin
-4.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-3.8%
Cash from operations / revenue.
Return on equity (ROE)
-37.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-9.7%
Net income / average total assets.
Return on invested capital (ROIC)
-9.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
19.3%
Research and development expense / revenue.
SG&A / revenue
82.9%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
12.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
0.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
22.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
98.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
121.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
29.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
97.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
118.3%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-3.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
19.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
5.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
15.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
38.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
20.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
2.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
15.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
21.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.34x
Current assets / current liabilities.
Quick ratio
2.89x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.13x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.69x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
43.7%
Total debt / total assets.
Liabilities / assets
74.1%
Total liabilities / total assets.
Net debt
-$30.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.22
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.82
Revenue / diluted weighted shares.
FCF per share
-$0.07
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.07
Cash from operations / diluted weighted shares.
Book value per share
$0.60
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.89x
Market cap / revenue.
P/B
5.72x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.72x
Market cap / tangible book value, when positive.
EV/Sales
1.82x
Enterprise value / revenue.
FCF yield
-2.1%
Free cash flow / market cap.
Earnings yield
-6.5%
Net income / market cap (the inverse of P/E).
What was ARDELYX, INC.'s revenue in fiscal 2025?
ARDELYX, INC. reported revenue of $407.3M for fiscal 2025, 22.1% higher than the year before.
Was ARDELYX, INC. profitable in fiscal 2025?
No. It reported a net loss of $61.6M.
How much free cash flow did ARDELYX, INC. generate in fiscal 2025?
Cash from operations of $42.5M minus capital expenditures of $1.5M left free cash flow of -$44.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.