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Ardelyx vs Xencor: ARDX and XNCR compared
Ardelyx is the larger company: $128M of revenue in its latest quarter (Q3 2026) against $117M for Xencor (Q3 2026). Xencor is growing faster (+455% against +16% a year earlier). Xencor is more profitable, with an operating margin of 19.6% against 3.2%.
Where the money goes: ARDX and XNCR
Ardelyx (ARDX) · Q3 2026
Ardelyx, Q3 2026: revenue $128M (+16% year over year), operating margin 3.2%, net loss $737K, operating cash flow $2.2M. The chart follows the revenue to costs, profit and cash.
Xencor (XNCR) · Q3 2026
Xencor, Q3 2026: revenue $117M (+455% year over year), operating margin 19.6%, net earnings $39.4M, operating cash flow $2.6M. The chart follows the revenue to costs, profit and cash.
| Ardelyx (ARDX) | Xencor (XNCR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $128M | $117M |
| Revenue growth, Y/Y | +16% | +455% |
| Operating margin | 3.2% | 19.6% |
| Net earnings | −$737K | $39.4M |
| Net margin | -0.6% | 33.8% |
| Operating cash flow | $2.2M | $2.6M |
| Free cash flow | — | $838K |
Where the revenue comes from
Ardelyx
- Product sales, net: $125M (98%)
- Product supply revenue: $1.4M (1%)
- Non-cash royalty revenue related to the sale of future royalties: $604K (0%)
Xencor
- Royalties: $87.5M (75%)
- Milestone: $29.0M (25%)
Questions
Which is bigger, Ardelyx or Xencor?
Ardelyx is the larger company: $128M of revenue in its latest quarter (Q3 2026) against $117M for Xencor (Q3 2026).
Is Ardelyx or Xencor growing faster?
Xencor is growing faster (+455% against +16% a year earlier).
Which is more profitable, Ardelyx or Xencor?
Xencor is more profitable, with an operating margin of 19.6% against 3.2%.
More: Ardelyx earnings · how Ardelyx makes money · Xencor earnings · how Xencor makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.