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Side-by-side financial comparison of DYNEX CAPITAL INC (DX) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
DYNEX CAPITAL INC is the larger business by last-quarter revenue ($43.5M vs $28.1M, roughly 1.5× ARS Pharmaceuticals, Inc.). On growth, DYNEX CAPITAL INC posted the faster year-over-year revenue change (531.3% vs -67.6%).
Dynex Capital Inc. is a publicly traded real estate investment trust headquartered in the United States. It specializes in investing in and managing a diversified portfolio of mortgage-backed securities, residential and commercial mortgage loans, and other mortgage-related assets. It delivers consistent returns to shareholders via regular dividends and long-term capital growth.
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.
DX vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.5M | $28.1M |
| Net Profit | — | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | — | -147.6% |
| Net Margin | — | -147.1% |
| Revenue YoY | 531.3% | -67.6% |
| Net Profit YoY | — | -182.8% |
| EPS (diluted) | $1.59 | $-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 | $43.5M | $28.1M | ||
| Q3 25 | $30.6M | $32.5M | ||
| Q2 25 | $23.1M | $15.7M | ||
| Q1 25 | $17.1M | $8.0M | ||
| Q4 24 | — | $86.6M | ||
| Q3 24 | — | $2.1M | ||
| Q2 24 | — | $500.0K | ||
| Q1 24 | $-3.2M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | $150.4M | $-51.2M | ||
| Q2 25 | $-13.6M | $-44.9M | ||
| Q1 25 | $-3.1M | $-33.9M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | — | $-19.1M | ||
| Q2 24 | — | $-12.5M | ||
| Q1 24 | $40.1M | $-10.3M |
| Q4 25 | — | -147.6% | ||
| Q3 25 | — | -163.7% | ||
| Q2 25 | — | -302.9% | ||
| Q1 25 | — | -466.3% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | — | -1051.6% | ||
| Q2 24 | — | -3068.0% | ||
| Q1 24 | — | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | 491.3% | -157.4% | ||
| Q2 25 | -58.8% | -285.6% | ||
| Q1 25 | -18.0% | -425.7% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | — | -925.0% | ||
| Q2 24 | — | -2503.2% | ||
| Q1 24 | -1256.8% | — |
| Q4 25 | $1.59 | $-0.41 | ||
| Q3 25 | $1.08 | $-0.52 | ||
| Q2 25 | $-0.14 | $-0.46 | ||
| Q1 25 | $-0.06 | $-0.35 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | — | $-0.20 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | $0.64 | $-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 | $531.0M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $2.5B | $114.3M |
| Total Assets | $17.3B | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $531.0M | $245.0M | ||
| Q3 25 | $491.0M | $288.2M | ||
| Q2 25 | $387.5M | $240.1M | ||
| Q1 25 | $327.4M | $275.7M | ||
| Q4 24 | — | $314.0M | ||
| Q3 24 | — | $204.6M | ||
| Q2 24 | — | $218.7M | ||
| Q1 24 | $295.7M | $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 | $2.5B | $114.3M | ||
| Q3 25 | $2.0B | $147.7M | ||
| Q2 25 | $1.6B | $192.3M | ||
| Q1 25 | $1.4B | $229.0M | ||
| Q4 24 | — | $256.8M | ||
| Q3 24 | — | $201.0M | ||
| Q2 24 | — | $215.2M | ||
| Q1 24 | $958.5M | $223.9M |
| Q4 25 | $17.3B | $327.7M | ||
| Q3 25 | $14.2B | $372.8M | ||
| Q2 25 | $11.3B | $313.5M | ||
| Q1 25 | $9.0B | $327.3M | ||
| Q4 24 | — | $351.2M | ||
| Q3 24 | — | $217.6M | ||
| Q2 24 | — | $222.0M | ||
| Q1 24 | $6.3B | $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 | $120.8M | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $120.8M | $-43.5M | ||
| Q3 25 | $68.3M | $-47.0M | ||
| Q2 25 | $31.9M | $-39.6M | ||
| Q1 25 | $6.4M | $-40.7M | ||
| Q4 24 | — | $42.0M | ||
| Q3 24 | — | $-14.5M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | $-17.1M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.43× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DX
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
