Ardelyx, Inc. (ARDX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-5941.7%

-$177.00

vs $3.03 price

Levered DCF

-$219.86

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-0.11

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-22.42×	-29.82×	-20.67×	-6.79×	-0.72×	-1.54×	-1.28×	-0.28×
P/B	8.42×	6.88×	8.15×	4.6×	1.39×	1.15×	0.65×	0.22×
P/S	3.45×	3.57×	10.93×	8.67×	11.35×	19.17×	22.95×	9.65×
EV / EBITDA	-53.09×	-76.66×	-25.19×	-6.44×	-0.58×	-1.26×	0.03×	0.05×
Gross margin	89.5%	84.8%	85.7%	92.1%	90.1%	98.1%	88.6%	82.1%
Operating margin	-10.1%	-8.4%	-50.8%	-122.2%	-1528.6%	-1199.0%	-1728.1%	-3488.6%
Net margin	-15.1%	-11.7%	-53.1%	-128.9%	-1566.5%	-1245.7%	-1797.8%	-3502.0%
Current ratio	4.31×	4.58×	4.88×	2.34×	2.53×	6.87×	11.36×	10.02×
Debt / equity	1.27×	0.89×	0.34×	0.37×	0.55×	0.44×	0.31×	0.42×
Interest coverage	-1.44×	-1.39×	-7.13×	-12.57×	-34.28×	-17.8×	-15.94×	-25.73×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-36.9%	-22.6%	-39.6%	-68.3%	-191.4%	-74.8%	-50.9%	-78.8%
Return on invested capital	-9.9%	-7.8%	-25.1%	-41.1%	-116.2%	-50.0%	-37.4%	-54.9%
Return on assets	-12.3%	-9.0%	-22.2%	-35.4%	-105.5%	-46.8%	-36.5%	-49.8%
Free cash flow yield	-3.1%	-3.8%	-6.6%	-15.5%	-134.7%	-56.3%	-63.4%	-280.6%
Earnings yield	-4.4%	-3.3%	-4.9%	-14.9%	-138.0%	-65.0%	-78.3%	-362.9%
Enterprise value	$1.5B	$1.3B	$1.4B	$392.6M	$87.7M	$109.5M	-$2.6M	-$4.4M
Net debt / EBITDA	-4.92×	-5.3×	-0.62×	0.98×	0.18×	0.41×	1.43×	0.35×
Cash conversion cycle (days)	52	100	91	-618	-1,543	-14,162	-1,279	-187