ARDX
Ardelyx, Inc.
ARDX has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
ARDX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
ARDX's revenue is currently healthy, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
ARDX PE Valuation
ARDX has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 253x next year's earnings.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
ARDX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
ARDX has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
ARDX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.01 | — |
| Q3 2026 | -$0.23 | +$0.01 |
| Q2 2026 | -$0.23 | +$0.01 |
| Q1 2026 | -$0.24 | -$0.01 |
| Q4 2025 | -$0.26 | -$0.09 |
| Q3 2025 | -$0.24 | +$0.06 |
| Q2 2025 | -$0.24 | +$0.03 |
| Q1 2025 | -$0.23 | +$0.05 |
| Q4 2024 | -$0.17 | +$0.13 |
ARDX is still losing money, but far less than before: $0.23 per share over the past year, against $1.13 at its worst in mid-2022.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over ARDX on earnings quality, reporting a profit while its opponent remains loss making.
ARDX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $127.7M | +16% |
| Q2 2026 | $120.9M | +24% |
| Q1 2026 | $94.5M | +27% |
| Q4 2025 | $125.2M | +7.8% |
| Q3 2025 | $110.3M | +12% |
| Q2 2025 | $97.7M | +33% |
| Q1 2025 | $74.1M | +61% |
| Q4 2024 | $116.1M | +238% |
ARDX has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.1% | -1.1 points |
| Q2 2026 | -10% | +4.5 points |
| Q1 2026 | -35% | +14 points |
| Q4 2025 | 4.1% | -2.9 points |
| Q3 2025 | 4.2% | +2 points |
| Q2 2025 | -15% | +3.9 points |
| Q1 2025 | -49% | +4.6 points |
| Q4 2024 | 7% | +88 points |
ARDX's operating margin was 3.1% last quarter, down 1.1 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over ARDX on profitability, with a higher operating margin.
ARDX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.2M | +939% |
| Q2 2026 | -$6.4M | +$19.6M |
| Q1 2026 | -$32.3M | +$6.5M |
| Q4 2025 | $20.6M | +123% |
| Q3 2025 | $209K | -43% |
| Q2 2025 | -$26M | -$6.5M |
| Q1 2025 | -$38.8M | -$2.9M |
| Q4 2024 | $9.2M | +$18M |
ARDX has burned cash in most quarters: −$16M over the past year, against −$55M the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over ARDX on cash generation, producing positive trailing cash flow while its opponent burns cash.
ARDX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +1.9M shares |
| 1 year | +3.3% | +8.1M shares |
| 3 years | +9.7% | +22.1M shares |
| 5 years | -30% | -108M shares |
ARDX has 250M diluted shares, up 3.3% from a year ago.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over ARDX on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
ARDX Net Leverage
ARDX's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
ARDX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.4 | Neutral |
| Stochastic | 9.8 | Oversold |
ARDX's weekly RSI is 30 (neutral) and its Stochastic is 10 (oversold).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
ARDX PE vs Healthcare Sector
ARDX has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
ARDX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.15 | 1% below |
| 20 week MA | $3.88 | 20% below |
| 50 week MA | $5.32 | 41% below |
| 100 week MA | $5.17 | 40% below |
| 200 week MA | $5.30 | 41% below |
ARDX is in a downtrend: it's below all five of its weekly moving averages, and 41% below its 200-week average.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has the edge over ARDX on trend strength, trading above more of its moving averages.
ARDX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.86 | $1.72 | -7.5% |
| 2021 | $1.72 | $1.18 | -31% |
| 2022 | $1.18 | $2.41 | +104% |
| 2023 | $2.41 | $6.20 | +157% |
| 2024 | $6.20 | $5.21 | -16% |
| 2025 | $5.21 | $5.74 | +10% |
| 2026 YTD | $5.74 | $3.12 | -46% |
ARDX has finished lower in three of the last six years. It's down 46% so far in 2026.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has the edge over ARDX on returns for 2026, with the stronger performance.