Ardelyx, Inc. (ARDX) Stock

Ardelyx, Inc. (ARDX) is a Healthcare stock trading at $3.88 (as of 2026-08-21), with a market capitalization of $968.09M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Ardelyx, Inc. is a biopharmaceutical company that discovers, develops, and commercializes therapies focused on gastrointestinal and cardiorenal conditions. Its lead program, tenapanor, is being studied for IBS with constipation and for controlling serum phosphorus in adults with CKD on dialysis, and it is developing additional candidates including RDX013 and RDX020.

Understand Ardelyx, Inc.: how it makes money

Ardelyx develops and commercializes gastrointestinal and cardiorenal medicines, making most of its revenue from net product sales in the United States, with smaller contributions from product supply and milestones.

The profit model is driven by scaling net product sales of its commercial medicines, because other revenue sources such as collaboration and licensing are shown as 0.0 in the latest quarter and the company is still generating an operating loss.

Revenue by segment (latest quarter)
Net Product Sales	$0.1B
Product Supply	$0.0B
China Milestone	$0.0B

Business quality (Weak): Revenue is concentrated in net product sales, but the company still reports a materially negative operating margin, so near-term outcomes likely hinge on continued commercial uptake rather than non-sales revenue.

Bull case

Commercial revenue base exists and is concentrated in a specific product line: In the latest quarter, net product sales were 0.09B, with IBSRELA U.S. net product sales at 0.07B.
High gross margin suggests product economics are favorable when sales scale: The latest quarter shows gross margin of 94.9% alongside an operating loss, indicating that operating spending, not gross margin, is the main drag.
Pipeline progress supports potential future growth: Tenapanor has completed Phase III for IBS with constipation and has completed Phase III for controlling serum phosphorus in adult patients with chronic kidney disease on dialysis.

Bear case

Operating losses persist: The latest quarter operating margin was -34.7%, indicating that current operating expenses outweigh gross profit.
Revenue depends heavily on product sales rather than diversified revenue streams: Collaboration and licensing revenue are shown as 0.0 in the latest quarter, so if product sales slow, there is less cushion from other revenue categories.
Commercial performance may be sensitive to adoption and reach: Survey-based metrics show partial awareness and use (for example, gastrointestinal awareness and use levels are not universal), which can limit near-term sales growth.

Valuation — source: SEC EDGAR (first-party)
Price	$3.88
Market Cap	$968.09M
Price / Book	6.50
Price / Sales	2.15
FCF Yield	-1.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$407.32M
Net Margin	-15.1%
Revenue Growth (YoY)	23.8%
EPS Growth (YoY)	-12.5%
FCF Growth (YoY)	-75.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.31 (distress)
Piotroski F-Score	3/9 (weak)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($126.77M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Michael G. Raab
Employees	395
Country	US
IPO Date	2014-06-19

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.