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Side-by-side financial comparison of ARDELYX, INC. (ARDX) and MARTIN MIDSTREAM PARTNERS L.P. (MMLP). Click either name above to swap in a different company.
MARTIN MIDSTREAM PARTNERS L.P. is the larger business by last-quarter revenue ($187.7M vs $94.5M, roughly 2.0× ARDELYX, INC.). MARTIN MIDSTREAM PARTNERS L.P. runs the higher net margin — 1.7% vs -39.8%, a 41.5% gap on every dollar of revenue. On growth, ARDELYX, INC. posted the faster year-over-year revenue change (27.5% vs -2.5%). Over the past eight quarters, ARDELYX, INC.'s revenue compounded faster (13.6% CAGR vs 0.8%).
Ardelyx, Inc. is a commercial-stage biopharmaceutical firm developing and commercializing innovative therapies for gastrointestinal, cardiorenal and metabolic diseases with high unmet medical needs. Its lead product is approved in the US for irritable bowel syndrome with constipation, and it holds a robust pipeline of early and late-stage drug candidates.
Martin Midstream Partners L.P. is a U.S.-based midstream energy services provider. It offers storage, transportation, distribution and processing solutions for crude oil, natural gas liquids, refined petroleum products and specialty chemicals, mainly serving customers across North American energy and industrial segments.
ARDX vs MMLP — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $94.5M | $187.7M |
| Net Profit | $-37.6M | $3.2M |
| Gross Margin | — | — |
| Operating Margin | — | 4.1% |
| Net Margin | -39.8% | 1.7% |
| Revenue YoY | 27.5% | -2.5% |
| Net Profit YoY | — | -37.1% |
| EPS (diluted) | $-0.15 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $94.5M | $187.7M | ||
| Q4 25 | $125.2M | $174.2M | ||
| Q3 25 | $110.3M | $168.7M | ||
| Q2 25 | $97.7M | $180.7M | ||
| Q1 25 | $74.1M | $192.5M | ||
| Q4 24 | $116.1M | $171.3M | ||
| Q3 24 | $98.2M | $170.9M | ||
| Q2 24 | $73.2M | $184.5M |
| Q1 26 | $-37.6M | $3.2M | ||
| Q4 25 | $-407.0K | $-2.9M | ||
| Q3 25 | $-969.0K | $-8.4M | ||
| Q2 25 | $-19.1M | $-2.4M | ||
| Q1 25 | $-41.1M | $-1.0M | ||
| Q4 24 | $4.6M | $-8.9M | ||
| Q3 24 | $-809.0K | $-3.3M | ||
| Q2 24 | $-16.5M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | 91.3% | 57.1% | ||
| Q3 25 | 96.4% | 55.1% | ||
| Q2 25 | 87.3% | 56.5% | ||
| Q1 25 | 83.4% | 53.5% | ||
| Q4 24 | 84.3% | 58.2% | ||
| Q3 24 | 84.0% | 58.5% | ||
| Q2 24 | 87.1% | 58.4% |
| Q1 26 | — | 4.1% | ||
| Q4 25 | 4.1% | 7.3% | ||
| Q3 25 | 4.2% | 4.1% | ||
| Q2 25 | -14.7% | 8.2% | ||
| Q1 25 | -49.0% | 7.5% | ||
| Q4 24 | 7.0% | 4.0% | ||
| Q3 24 | 2.3% | 7.4% | ||
| Q2 24 | -18.6% | 10.8% |
| Q1 26 | -39.8% | 1.7% | ||
| Q4 25 | -0.3% | -1.7% | ||
| Q3 25 | -0.9% | -5.0% | ||
| Q2 25 | -19.5% | -1.3% | ||
| Q1 25 | -55.5% | -0.5% | ||
| Q4 24 | 4.0% | -5.2% | ||
| Q3 24 | -0.8% | -1.9% | ||
| Q2 24 | -22.5% | 2.0% |
| Q1 26 | $-0.15 | — | ||
| Q4 25 | $-0.01 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.08 | — | ||
| Q1 25 | $-0.17 | — | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $0.00 | — | ||
| Q2 24 | $-0.07 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $238.1M | — |
| Total DebtLower is stronger | $203.5M | — |
| Stockholders' EquityBook value | $148.6M | — |
| Total Assets | $504.5M | $537.1M |
| Debt / EquityLower = less leverage | 1.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $238.1M | — | ||
| Q4 25 | $68.0M | — | ||
| Q3 25 | $42.7M | — | ||
| Q2 25 | $90.0M | — | ||
| Q1 25 | $30.8M | — | ||
| Q4 24 | $64.9M | — | ||
| Q3 24 | $47.4M | — | ||
| Q2 24 | $41.9M | — |
| Q1 26 | $203.5M | — | ||
| Q4 25 | $202.8M | $428.0M | ||
| Q3 25 | $202.1M | $441.3M | ||
| Q2 25 | $201.4M | $427.8M | ||
| Q1 25 | $151.3M | $451.4M | ||
| Q4 24 | $150.9M | $437.6M | ||
| Q3 24 | $100.7M | $469.3M | ||
| Q2 24 | $100.2M | $439.4M |
| Q1 26 | $148.6M | — | ||
| Q4 25 | $166.9M | — | ||
| Q3 25 | $154.3M | — | ||
| Q2 25 | $139.5M | — | ||
| Q1 25 | $145.7M | — | ||
| Q4 24 | $173.3M | — | ||
| Q3 24 | $158.3M | — | ||
| Q2 24 | $147.0M | — |
| Q1 26 | $504.5M | $537.1M | ||
| Q4 25 | $501.6M | $522.4M | ||
| Q3 25 | $486.2M | $510.1M | ||
| Q2 25 | $466.8M | $515.6M | ||
| Q1 25 | $410.2M | $533.4M | ||
| Q4 24 | $435.8M | $538.5M | ||
| Q3 24 | $367.9M | $554.8M | ||
| Q2 24 | $343.5M | $535.1M |
| Q1 26 | 1.37× | — | ||
| Q4 25 | 1.21× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 1.44× | — | ||
| Q1 25 | 1.04× | — | ||
| Q4 24 | 0.87× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.68× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | — |
| Free Cash FlowOCF − Capex | — | $-6.0M |
| FCF MarginFCF / Revenue | — | -3.2% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $27.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $21.0M | $22.4M | ||
| Q3 25 | $365.0K | $-1.2M | ||
| Q2 25 | $-25.3M | $30.9M | ||
| Q1 25 | $-38.5M | $-6.0M | ||
| Q4 24 | $9.8M | $42.2M | ||
| Q3 24 | $501.0K | $-15.8M | ||
| Q2 24 | $-19.4M | $11.8M |
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $20.6M | $15.6M | ||
| Q3 25 | $209.0K | $-7.9M | ||
| Q2 25 | $-26.0M | $25.6M | ||
| Q1 25 | $-38.8M | $-11.9M | ||
| Q4 24 | $9.2M | $34.2M | ||
| Q3 24 | $364.0K | $-25.6M | ||
| Q2 24 | $-19.5M | $-696.0K |
| Q1 26 | — | -3.2% | ||
| Q4 25 | 16.4% | 8.9% | ||
| Q3 25 | 0.2% | -4.7% | ||
| Q2 25 | -26.6% | 14.2% | ||
| Q1 25 | -52.3% | -6.2% | ||
| Q4 24 | 7.9% | 20.0% | ||
| Q3 24 | 0.4% | -15.0% | ||
| Q2 24 | -26.7% | -0.4% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | 0.3% | 3.9% | ||
| Q3 25 | 0.1% | 4.0% | ||
| Q2 25 | 0.7% | 3.0% | ||
| Q1 25 | 0.4% | 3.1% | ||
| Q4 24 | 0.5% | 4.6% | ||
| Q3 24 | 0.1% | 5.8% | ||
| Q2 24 | 0.2% | 6.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.11× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARDX
| IBSRELA | $70.1M | 74% |
| XPHOZAH | $23.3M | 25% |
| Non-cash royalty revenue related to the sale of future royalties | $695.0K | 1% |
| Product supply revenue | $354.0K | 0% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
