Akebia Therapeutics
AKBA on Nasdaq. Akebia Therapeutics sells medicines to patients with kidney disease. Market value $252m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $16.53 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 29 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$0.88 a share, 8% above its 1-year low
Over the past year the price has ranged from $0.81 to $3.20.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $40 million in the past 12 months, $68 million in the year to December 2025.
| Revenue | |||||
| Revenue | $212m | $292m | $195m | $160m | $236m |
| Operating margin | |||||
| Operating margin | -125.0% | -27.6% | -23.8% | -31.5% | 9.9% |
| Debt to equity | |||||
| Debt to equity | 1.32 | 12.63 | n/a | n/a | 1.48 |
| Shares outstanding | |||||
| Shares outstanding | 0.18bn | 0.19bn | 0.22bn | 0.27bn | 0.28bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt1.48× equity
- Revenue growth, five yearsShrinking, 4.3% a year
- Buying back its own sharesNo, 51% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $49 million last quarter, down 21% on a year ago.
- A loss of $9 million, after a profit of $247,000 a year ago.
- It loses 7 cents on each $1 of sales, after keeping 0 cents a year earlier.
- Spare cash over the past 12 months: $40 million. A year earlier it spent $3 million more than it brought in.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $106 million more cash than debt, up from $90 million a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $37m |
| December 2024 | $46m |
| March 2025 | $57m |
| June 2025 | $62m |
| September 2025 | $59m |
| December 2025 | $58m |
| March 2026 | $54m |
| June 2026 | $49m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$20m |
| December 2024 | -$23m |
| March 2025 | $6m |
| June 2025 | $247,000 |
| September 2025 | $540,000 |
| December 2025 | -$12m |
| March 2026 | -$9m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, down from 2 last quarter. 170 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $41,100 | <0.1% | Added |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- BlackRock$23mAdded
- Vanguard Capital Management$13m
- AQR Capital Management$10mAdded
- Geode Capital Management$8mAdded
- State Street$6mCut
- Jacobs Levy Equity Management$5mAdded
- Nantahala Capital Management$5mAdded
- Acadian Asset Management$5mAdded
- Goldman Sachs Group$4mAdded
- Millennium Management$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor7.2%+1.1 ptsSince 31 December 2025
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 31 March 2026
- Satter Muneer APassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.2%+1.1 pts | 31 December 2025 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 31 March 2026 | |
Satter Muneer A Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $86,588 of shares on the open market. 6 sold $962,955, $962,955 of it under preset trading plans.
- Ostrowski ErikSVP, CFO, CBO & TreasurerSoldunder a preset trading plan
- Date
- 29 June 2026
- Shares
- 56,019
- Price
- $1.11
- Value
- $62,181
- Butler John P.CEO and President, DirectorBought
- Date
- 4 March 2026
- Shares
- 69,270
- Price
- $1.25
- Value
- $86,588
- Rucci Carolyn M.SVP, Chief Legal OfficerSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 69,772
- Price
- $1.39
- Value
- $96,983
- Malabre Richard CSVP, Chief Accounting OfficerSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 49,524
- Price
- $1.39
- Value
- $68,838
- Ostrowski ErikSVP, CFO, CBO & TreasurerSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 34,951
- Price
- $1.39
- Value
- $48,582
- Grund NicholasChief Commercial OfficerSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 84,829
- Price
- $1.39
- Value
- $117,912
- Burke Steven KeithSVP, Chief Medical OfficerSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 67,658
- Price
- $1.39
- Value
- $94,045
- Butler John P.CEO and President, DirectorSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 341,305
- Price
- $1.39
- Value
- $474,414
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 June 2026 | Ostrowski Erik SVP, CFO, CBO & Treasurer | Sold under a preset trading plan | 56,019 | $1.11 | $62,181 |
| 4 March 2026 | Butler John P. CEO and President, Director | Bought | 69,270 | $1.25 | $86,588 |
| 2 February 2026 | Rucci Carolyn M. SVP, Chief Legal Officer | Sold under a preset trading plan | 69,772 | $1.39 | $96,983 |
| 2 February 2026 | Malabre Richard C SVP, Chief Accounting Officer | Sold under a preset trading plan | 49,524 | $1.39 | $68,838 |
| 2 February 2026 | Ostrowski Erik SVP, CFO, CBO & Treasurer | Sold under a preset trading plan | 34,951 | $1.39 | $48,582 |
| 2 February 2026 | Grund Nicholas Chief Commercial Officer | Sold under a preset trading plan | 84,829 | $1.39 | $117,912 |
| 2 February 2026 | Burke Steven Keith SVP, Chief Medical Officer | Sold under a preset trading plan | 67,658 | $1.39 | $94,045 |
| 2 February 2026 | Butler John P. CEO and President, Director | Sold under a preset trading plan | 341,305 | $1.39 | $474,414 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 30% last year. Losing that customer would hurt.
“% of Total Gross Revenues Years Ended December 31, Customer | 2025 | 2024 | 2023 Fresenius Medical Care Rx | 30% | 48% | 40%”
From the 10-K filed 26 February 2026, Item 8. Financial Statements and Notes (table). Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 4.3% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.