Is the business good?
How good a business is ARDX?
Ardelyx, Inc. earns −26% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−26%
Return on invested capital · cost of capital 9.0% · 35 points below what the capital costs: growth destroys value
- Operating margin
- −8.8%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Share count, year on year
- +3.0%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 18%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −1199% |
| FY2021 | −1529% |
| FY2022 | −122% |
| FY2023 | −51% |
| FY2024 | −8.4% |
| FY2025 | −10% |
Details›
- Gross margin12 months to Q1 2026
- 93%
- Operating margin12 months to Q1 2026
- −8.8%
- Net margin12 months to Q1 2026
- −14%
- Free cash flow margin
- −8.8%
- R&D as % of revenue
- 18%
- Revenue, trailing twelve months
- $428M
- Free cash flow, trailing twelve months
- −$37M
- Net income, trailing twelve months
- −$58M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −26%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.