Latest Ratios: P/E Ratio -20.7x · EV/EBITDA N/A · ROE -36.2%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $1.4B | $1.2B | $1.4B | $452M | $115M | $145M | $121M | $25M | $78M | $142M |
| Enterprise Value | $1.5B | $1.5B | $1.3B | $1.4B | $393M | $88M | $110M | $-2608236 | $-4400586 | $3M | $68M |
| P/E Ratio → | -20.69 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.24 | 3.45 | 3.57 | 10.93 | 8.67 | 11.35 | 19.17 | 22.95 | 9.65 | 1.86 | 5.93 |
| P/B Ratio | 7.77 | 8.42 | 6.88 | 8.15 | 4.60 | 1.39 | 1.15 | 0.65 | 0.22 | 0.56 | 0.74 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.80 | 3.84 | 11.20 | 7.53 | 8.69 | 14.47 | -0.49 | -1.69 | 0.07 | 2.82 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.5% | 89.5% | 84.8% | 85.7% | 92.1% | 90.1% | 98.1% | 88.6% | 82.1% | 80.0% | 94.6% |
| Operating Margin | -10.1% | -10.1% | -8.4% | -50.8% | -122.2% | -1528.6% | -1199.0% | -1728.1% | -3488.6% | -155.0% | -469.9% |
| Net Profit Margin | -15.1% | -15.1% | -11.7% | -53.1% | -128.9% | -1566.5% | -1245.7% | -1797.8% | -3502.0% | -153.2% | -467.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -36.2% | -36.2% | -23.0% | -49.8% | -74.3% | -151.6% | -60.3% | -62.8% | -71.6% | -38.7% | -74.4% |
| ROA | -13.1% | -13.1% | -10.7% | -27.1% | -39.5% | -90.0% | -40.9% | -42.9% | -53.5% | -34.7% | -68.1% |
| ROIC | -10.7% | -10.7% | -9.1% | -39.6% | -101.4% | -158.3% | -88.8% | -91.8% | -90.8% | -53.5% | -140.6% |
| ROCE | -10.6% | -10.6% | -9.2% | -34.1% | -57.6% | -114.2% | -44.2% | -45.3% | -59.5% | -39.0% | -74.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.27 | 1.27 | 0.89 | 0.34 | 0.37 | 0.55 | 0.44 | 0.31 | 0.42 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.86 | 0.51 | 0.21 | -0.61 | -0.33 | -0.28 | -0.66 | -0.26 | -0.54 | -0.39 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.44 | -1.44 | -0.93 | -6.38 | -12.25 | -34.13 | -17.50 | -15.53 | -24.83 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.31 | 4.31 | 4.58 | 4.88 | 2.34 | 2.53 | 6.87 | 11.36 | 10.02 | 8.39 | 10.62 |
| Quick Ratio | 4.11 | 4.11 | 4.31 | 4.64 | 2.29 | 2.53 | 6.87 | 11.36 | 10.02 | 8.39 | 10.62 |
| Cash Ratio | 2.99 | 2.99 | 3.21 | 3.66 | 1.89 | 2.21 | 6.56 | 11.14 | 9.48 | 7.50 | 10.46 |
| Asset Turnover | — | 0.81 | 0.77 | 0.42 | 0.27 | 0.07 | 0.04 | 0.02 | 0.01 | 0.27 | 0.11 |
| Inventory Turnover | 2.40 | 2.40 | 2.39 | 1.43 | 1.25 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 64.38 | 63.13 | 64.61 | 54.12 | 18.15 | — | 51.84 | 711.94 | 93.82 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $241M | $235M | $219M | $159M | $104M | $90M | $64M | $56M | $47M | $40M |
Regulatory reimbursement uncertainty
Based on current market data, Ardelyx trades at a price-to-sales multiple of 3.34, a valuation that appears to bake in aggressive long-term adoption of XPHOZAH while ignoring the reality that the company currently generates negative earnings, as evidenced by a TTM P/E ratio of -21.35.
The current P/S multiple suggests investors are pricing the firm as a high-growth commercial entity rather than a distressed biotech, yet this valuation is disconnected from the lack of positive free cash flow. This premium warrants caution, as any deceleration in prescription volume growth could lead to a significant multiple compression given the absence of earnings support.
According to recent financial statements, Ardelyx's ROIC has remained deeply negative, hitting -7.7% in 2026Q1, which indicates that the capital deployed into the commercial sales force is currently failing to generate returns that exceed the company's cost of capital or even maintain basic operational solvency.
The persistent negative ROIC trend highlights a fundamental inability to convert R&D and commercial investment into profitable growth. Until the company can demonstrate a sustained positive spread between its return on invested capital and its cost of funding, the current capital allocation strategy appears to be eroding shareholder value rather than compounding it.
As reported in quarterly filings, the company's cash conversion cycle has fluctuated wildly, reaching 127 days in 2025Q3 before dropping to 9 days in 2026Q1, suggesting that management has yet to establish a stable or predictable rhythm for managing its inventory and accounts receivable.
The extreme variance in the cash conversion cycle implies that the company's working capital management is highly sensitive to lumpy revenue recognition and inventory build-ups. Investors should monitor whether these swings are indicative of underlying channel stuffing or simply the growing pains of a company transitioning to a multi-product commercial platform.
Based on reported figures, the debt-to-equity ratio has climbed to 1.40 as of 2026Q1, a concerning trend that indicates the company is increasingly reliant on debt financing to bridge the gap between its high operating expenses and its current, insufficient level of product-driven cash inflows.
The rising leverage profile, combined with negative interest coverage, suggests that the company's ability to service its debt is becoming increasingly precarious. This reliance on external credit, rather than internal cash generation, creates a structural vulnerability that could force management into dilutive equity raises if credit markets tighten.
Institutional analysts frequently misapply the price-to-sales ratio to Ardelyx, failing to account for the significant gross-to-net adjustments that artificially inflate reported revenue and mask the true, lower realized price per patient that the company actually captures from its commercialized therapeutic assets.
Using P/S as a primary valuation metric obscures the reality of the company's margin profile and the impact of rebates on net revenue. A more accurate assessment would require adjusting for channel inventory and focusing on net realized revenue per prescription, which provides a clearer picture of the company's actual earning power.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying ARDX stock.
Ardelyx, Inc.'s current P/E ratio is -20.7x. This places it at the 50th percentile of its historical range.
Ardelyx, Inc.'s return on equity (ROE) is -36.2%. The historical average is -57.5%.
Based on historical data, Ardelyx, Inc. is trading at a P/E of -20.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ardelyx, Inc. has 89.5% gross margin and -10.1% operating margin.