Ardelyx, Inc. — Earnings Quality Grade C
ARDX · Healthcare
Some red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 64 days, change +1 days YoY
AR growth 24.5% vs revenue growth 22.1%
Revenue grew 22.1% but CFFO only 5.2%
Expense Quality
Inventory -16.2% vs COGS -21.8%. Normal
CapEx growth 47.6% is >2x revenue growth 22.1%
SG&A/Gross Profit = 91.7%, exceeds 70%
Gross margin swung +5.4pp (84.8% → 90.3%)
Cash Flow Quality
CFFO/NI = 0.69. Below 1.0
FCF is negative ($-0.0B)
Accruals ratio = -3.8%. Low accruals
Cash $0.3B covers debt $0.2B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -1.4x (<2x). Financial stress
Other assets grew 48.9% vs revenue 22.1%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = -2.39 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25