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Side-by-side financial comparison of Bank First Corp (BFC) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Bank First Corp is the larger business by last-quarter revenue ($44.9M vs $28.1M, roughly 1.6× ARS Pharmaceuticals, Inc.). Bank First Corp runs the higher net margin — 45.8% vs -147.1%, a 192.9% gap on every dollar of revenue. On growth, Bank First Corp posted the faster year-over-year revenue change (12.1% vs -67.6%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
BFC vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $28.1M |
| Net Profit | $18.4M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | 51.0% | -147.6% |
| Net Margin | 45.8% | -147.1% |
| Revenue YoY | 12.1% | -67.6% |
| Net Profit YoY | 4.8% | -182.8% |
| EPS (diluted) | $1.87 | $-0.41 |
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.
| Q4 25 | $44.9M | $28.1M | ||
| Q3 25 | $44.2M | $32.5M | ||
| Q2 25 | $41.6M | $15.7M | ||
| Q1 25 | $43.1M | $8.0M | ||
| Q4 24 | $40.1M | $86.6M | ||
| Q3 24 | $40.8M | $2.1M | ||
| Q2 24 | $38.9M | $500.0K | ||
| Q1 24 | $37.7M | $0 |
| Q4 25 | $18.4M | $-41.3M | ||
| Q3 25 | $18.0M | $-51.2M | ||
| Q2 25 | $16.9M | $-44.9M | ||
| Q1 25 | $18.2M | $-33.9M | ||
| Q4 24 | $17.5M | $49.9M | ||
| Q3 24 | $16.6M | $-19.1M | ||
| Q2 24 | $16.1M | $-12.5M | ||
| Q1 24 | $15.4M | $-10.3M |
| Q4 25 | 51.0% | -147.6% | ||
| Q3 25 | 50.8% | -163.7% | ||
| Q2 25 | 49.7% | -302.9% | ||
| Q1 25 | 51.3% | -466.3% | ||
| Q4 24 | 54.4% | 54.5% | ||
| Q3 24 | 50.7% | -1051.6% | ||
| Q2 24 | 51.0% | -3068.0% | ||
| Q1 24 | 45.6% | — |
| Q4 25 | 45.8% | -147.1% | ||
| Q3 25 | 40.7% | -157.4% | ||
| Q2 25 | 40.5% | -285.6% | ||
| Q1 25 | 42.3% | -425.7% | ||
| Q4 24 | 49.3% | 57.7% | ||
| Q3 24 | 40.6% | -925.0% | ||
| Q2 24 | 41.3% | -2503.2% | ||
| Q1 24 | 40.8% | — |
| Q4 25 | $1.87 | $-0.41 | ||
| Q3 25 | $1.83 | $-0.52 | ||
| Q2 25 | $1.71 | $-0.46 | ||
| Q1 25 | $1.82 | $-0.35 | ||
| Q4 24 | $1.75 | $0.52 | ||
| Q3 24 | $1.65 | $-0.20 | ||
| Q2 24 | $1.59 | $-0.13 | ||
| Q1 24 | $1.51 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $243.2M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $643.8M | $114.3M |
| Total Assets | $4.5B | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $243.2M | $245.0M | ||
| Q3 25 | $126.2M | $288.2M | ||
| Q2 25 | $120.3M | $240.1M | ||
| Q1 25 | $300.9M | $275.7M | ||
| Q4 24 | $261.3M | $314.0M | ||
| Q3 24 | $204.4M | $204.6M | ||
| Q2 24 | $99.0M | $218.7M | ||
| Q1 24 | $83.4M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $643.8M | $114.3M | ||
| Q3 25 | $628.1M | $147.7M | ||
| Q2 25 | $612.3M | $192.3M | ||
| Q1 25 | $648.4M | $229.0M | ||
| Q4 24 | $639.7M | $256.8M | ||
| Q3 24 | $628.9M | $201.0M | ||
| Q2 24 | $614.6M | $215.2M | ||
| Q1 24 | $609.3M | $223.9M |
| Q4 25 | $4.5B | $327.7M | ||
| Q3 25 | $4.4B | $372.8M | ||
| Q2 25 | $4.4B | $313.5M | ||
| Q1 25 | $4.5B | $327.3M | ||
| Q4 24 | $4.5B | $351.2M | ||
| Q3 24 | $4.3B | $217.6M | ||
| Q2 24 | $4.1B | $222.0M | ||
| Q1 24 | $4.1B | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $62.5M | $-43.5M |
| Free Cash FlowOCF − Capex | $51.0M | — |
| FCF MarginFCF / Revenue | 113.6% | — |
| Capex IntensityCapex / Revenue | 25.5% | 0.0% |
| Cash ConversionOCF / Net Profit | 3.40× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.5M | $-43.5M | ||
| Q3 25 | $15.5M | $-47.0M | ||
| Q2 25 | $11.9M | $-39.6M | ||
| Q1 25 | $6.2M | $-40.7M | ||
| Q4 24 | $65.8M | $42.0M | ||
| Q3 24 | $18.8M | $-14.5M | ||
| Q2 24 | $14.9M | $-7.3M | ||
| Q1 24 | $1.3M | $-6.7M |
| Q4 25 | $51.0M | — | ||
| Q3 25 | $12.5M | $-47.2M | ||
| Q2 25 | $8.2M | $-39.6M | ||
| Q1 25 | $4.0M | $-40.8M | ||
| Q4 24 | $58.6M | $41.7M | ||
| Q3 24 | $16.9M | $-14.6M | ||
| Q2 24 | $13.7M | $-7.3M | ||
| Q1 24 | $551.0K | $-6.8M |
| Q4 25 | 113.6% | — | ||
| Q3 25 | 28.2% | -145.4% | ||
| Q2 25 | 19.8% | -252.2% | ||
| Q1 25 | 9.3% | -512.1% | ||
| Q4 24 | 146.3% | 48.2% | ||
| Q3 24 | 41.5% | -706.3% | ||
| Q2 24 | 35.3% | -1463.4% | ||
| Q1 24 | 1.5% | — |
| Q4 25 | 25.5% | 0.0% | ||
| Q3 25 | 6.7% | 0.6% | ||
| Q2 25 | 8.7% | 0.3% | ||
| Q1 25 | 5.0% | 1.1% | ||
| Q4 24 | 18.0% | 0.3% | ||
| Q3 24 | 4.5% | 6.8% | ||
| Q2 24 | 3.1% | 7.6% | ||
| Q1 24 | 2.1% | — |
| Q4 25 | 3.40× | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 3.75× | 0.84× | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 0.93× | — | ||
| Q1 24 | 0.09× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFC
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
