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ARS PHARMACEUTICALS INC (SPRY) Stock Fundamental Analysis

USA - Nasdaq - NASDAQ:SPRY - US82835W1080 - Common Stock

10.49 USD
+0.67 (+6.82%)
Last: 12/19/2025, 8:16:50 PM
10.49 USD
0 (0%)
After Hours: 12/19/2025, 8:16:50 PM
Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to SPRY. SPRY was compared to 531 industry peers in the Biotechnology industry. The financial health of SPRY is average, but there are quite some concerns on its profitability. SPRY does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year SPRY has reported negative net income.
SPRY had a negative operating cash flow in the past year.
In the past 5 years SPRY reported 4 times negative net income.
SPRY had negative operating cash flow in 4 of the past 5 years.
SPRY Yearly Net Income VS EBIT VS OCF VS FCFSPRY Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 2024 0 -20M -40M -60M -80M

1.2 Ratios

SPRY has a Return On Assets of -21.47%. This is in the better half of the industry: SPRY outperforms 73.87% of its industry peers.
SPRY has a better Return On Equity (-54.21%) than 64.10% of its industry peers.
Industry RankSector Rank
ROA -21.47%
ROE -54.21%
ROIC N/A
ROA(3y)-11.12%
ROA(5y)-13.71%
ROE(3y)-11.05%
ROE(5y)-14.05%
ROIC(3y)N/A
ROIC(5y)N/A
SPRY Yearly ROA, ROE, ROICSPRY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 2024 0 200 -200 400

1.3 Margins

SPRY has a Gross Margin of 89.40%. This is amongst the best in the industry. SPRY outperforms 91.35% of its industry peers.
The Profit Margin and Operating Margin are not available for SPRY so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 89.4%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
SPRY Yearly Profit, Operating, Gross MarginsSPRY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 2024 0 -50K -100K -150K -200K

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4

2. Health

2.1 Basic Checks

SPRY does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for SPRY has been increased compared to 1 year ago.
The number of shares outstanding for SPRY has been increased compared to 5 years ago.
SPRY has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
SPRY Yearly Shares OutstandingSPRY Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M
SPRY Yearly Total Debt VS Total AssetsSPRY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

2.2 Solvency

SPRY has an Altman-Z score of 2.32. This is not the best score and indicates that SPRY is in the grey zone with still only limited risk for bankruptcy at the moment.
With a decent Altman-Z score value of 2.32, SPRY is doing good in the industry, outperforming 66.54% of the companies in the same industry.
SPRY has a Debt/Equity ratio of 0.65. This is a neutral value indicating SPRY is somewhat dependend on debt financing.
SPRY's Debt to Equity ratio of 0.65 is on the low side compared to the rest of the industry. SPRY is outperformed by 73.31% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF N/A
Altman-Z 2.32
ROIC/WACCN/A
WACC8.8%
SPRY Yearly LT Debt VS Equity VS FCFSPRY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 0 100M 200M 300M

2.3 Liquidity

SPRY has a Current Ratio of 6.66. This indicates that SPRY is financially healthy and has no problem in meeting its short term obligations.
With a decent Current ratio value of 6.66, SPRY is doing good in the industry, outperforming 67.86% of the companies in the same industry.
SPRY has a Quick Ratio of 6.51. This indicates that SPRY is financially healthy and has no problem in meeting its short term obligations.
With a decent Quick ratio value of 6.51, SPRY is doing good in the industry, outperforming 67.29% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 6.66
Quick Ratio 6.51
SPRY Yearly Current Assets VS Current LiabilitesSPRY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

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3

3. Growth

3.1 Past

The earnings per share for SPRY have decreased strongly by -64.71% in the last year.
The Revenue has grown by 5459.66% in the past year. This is a very strong growth!
EPS 1Y (TTM)-64.71%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-160%
Revenue 1Y (TTM)5459.66%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%1471.62%

3.2 Future

Based on estimates for the next years, SPRY will show a decrease in Earnings Per Share. The EPS will decrease by -9.35% on average per year.
SPRY is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 100.88% yearly.
EPS Next Y-3608.8%
EPS Next 2Y-441.63%
EPS Next 3Y-105.28%
EPS Next 5Y-9.35%
Revenue Next Year341.52%
Revenue Next 2Y214.9%
Revenue Next 3Y159.37%
Revenue Next 5Y100.88%

3.3 Evolution

SPRY Yearly Revenue VS EstimatesSPRY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 200M 400M 600M 800M
SPRY Yearly EPS VS EstimatesSPRY Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 0 1 -1 -2

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0

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for SPRY. In the last year negative earnings were reported.
Also next year SPRY is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
Industry RankSector Rank
PE N/A
Fwd PE N/A
SPRY Price Earnings VS Forward Price EarningsSPRY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 40 60

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
SPRY Per share dataSPRY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 -0.5 1 -1

4.3 Compensation for Growth

A cheap valuation may be justified as SPRY's earnings are expected to decrease with -105.28% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-441.63%
EPS Next 3Y-105.28%

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0

5. Dividend

5.1 Amount

SPRY does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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ARS PHARMACEUTICALS INC

NASDAQ:SPRY (12/19/2025, 8:16:50 PM)

After market: 10.49 0 (0%)

10.49

+0.67 (+6.82%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)11-10 2025-11-10/bmo
Earnings (Next)03-18 2026-03-18/amc
Inst Owners78.94%
Inst Owner ChangeN/A
Ins Owners11.86%
Ins Owner Change-1.69%
Market Cap1.04B
Revenue(TTM)142.77M
Net Income(TTM)-80.04M
Analysts88.33
Price Target28.39 (170.64%)
Short Float %27.95%
Short Ratio10.04
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-1.98%
Min EPS beat(2)-8.01%
Max EPS beat(2)4.05%
EPS beat(4)3
Avg EPS beat(4)110.05%
Min EPS beat(4)-8.01%
Max EPS beat(4)443.14%
EPS beat(8)5
Avg EPS beat(8)56.37%
EPS beat(12)8
Avg EPS beat(12)95.88%
EPS beat(16)9
Avg EPS beat(16)67.46%
Revenue beat(2)2
Avg Revenue beat(2)10.95%
Min Revenue beat(2)10.06%
Max Revenue beat(2)11.85%
Revenue beat(4)4
Avg Revenue beat(4)115.76%
Min Revenue beat(4)4.48%
Max Revenue beat(4)436.64%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-8.53%
PT rev (3m)-14.55%
EPS NQ rev (1m)-3.61%
EPS NQ rev (3m)-18.35%
EPS NY rev (1m)-4.37%
EPS NY rev (3m)-14.06%
Revenue NQ rev (1m)-7.03%
Revenue NQ rev (3m)-14.5%
Revenue NY rev (1m)1.1%
Revenue NY rev (3m)-0.25%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 7.26
P/FCF N/A
P/OCF N/A
P/B 7.02
P/tB 7.8
EV/EBITDA N/A
EPS(TTM)-0.84
EYN/A
EPS(NY)-1.37
Fwd EYN/A
FCF(TTM)-0.87
FCFYN/A
OCF(TTM)-0.86
OCFYN/A
SpS1.44
BVpS1.49
TBVpS1.34
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -21.47%
ROE -54.21%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 89.4%
FCFM N/A
ROA(3y)-11.12%
ROA(5y)-13.71%
ROE(3y)-11.05%
ROE(5y)-14.05%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score3
Asset Turnover0.38
Health
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 65.47%
Cap/Sales 0.45%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 6.66
Quick Ratio 6.51
Altman-Z 2.32
F-Score3
WACC8.8%
ROIC/WACCN/A
Cap/Depr(3y)338.3%
Cap/Depr(5y)266.86%
Cap/Sales(3y)199.71%
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-64.71%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-160%
EPS Next Y-3608.8%
EPS Next 2Y-441.63%
EPS Next 3Y-105.28%
EPS Next 5Y-9.35%
Revenue 1Y (TTM)5459.66%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%1471.62%
Revenue Next Year341.52%
Revenue Next 2Y214.9%
Revenue Next 3Y159.37%
Revenue Next 5Y100.88%
EBIT growth 1Y-50.04%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year-119.75%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-184.36%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-180.29%
OCF growth 3YN/A
OCF growth 5YN/A

ARS PHARMACEUTICALS INC / SPRY FAQ

Can you provide the ChartMill fundamental rating for ARS PHARMACEUTICALS INC?

ChartMill assigns a fundamental rating of 2 / 10 to SPRY.


What is the valuation status of ARS PHARMACEUTICALS INC (SPRY) stock?

ChartMill assigns a valuation rating of 0 / 10 to ARS PHARMACEUTICALS INC (SPRY). This can be considered as Overvalued.


What is the profitability of SPRY stock?

ARS PHARMACEUTICALS INC (SPRY) has a profitability rating of 2 / 10.


How financially healthy is ARS PHARMACEUTICALS INC?

The financial health rating of ARS PHARMACEUTICALS INC (SPRY) is 4 / 10.