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Side-by-side financial comparison of FREQUENCY ELECTRONICS INC (FEIM) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $17.1M, roughly 1.6× FREQUENCY ELECTRONICS INC). FREQUENCY ELECTRONICS INC runs the higher net margin — 10.5% vs -147.1%, a 157.6% gap on every dollar of revenue. On growth, FREQUENCY ELECTRONICS INC posted the faster year-over-year revenue change (8.3% vs -67.6%).
Ultra Electronics Holdings is a British defence and security company. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by Cobham, which is itself owned by Advent International.
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.
FEIM vs SPRY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.1M | $28.1M |
| Net Profit | $1.8M | $-41.3M |
| Gross Margin | 38.2% | — |
| Operating Margin | 10.0% | -147.6% |
| Net Margin | 10.5% | -147.1% |
| Revenue YoY | 8.3% | -67.6% |
| Net Profit YoY | -32.1% | -182.8% |
| EPS (diluted) | $0.18 | $-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 | $17.1M | $28.1M | ||
| Q3 25 | $13.8M | $32.5M | ||
| Q2 25 | $20.0M | $15.7M | ||
| Q1 25 | $18.9M | $8.0M | ||
| Q4 24 | $15.8M | $86.6M | ||
| Q3 24 | $15.1M | $2.1M | ||
| Q2 24 | $15.6M | $500.0K | ||
| Q1 24 | $13.7M | $0 |
| Q4 25 | $1.8M | $-41.3M | ||
| Q3 25 | $634.0K | $-51.2M | ||
| Q2 25 | $3.2M | $-44.9M | ||
| Q1 25 | $15.4M | $-33.9M | ||
| Q4 24 | $2.7M | $49.9M | ||
| Q3 24 | $2.4M | $-19.1M | ||
| Q2 24 | $2.6M | $-12.5M | ||
| Q1 24 | $130.0K | $-10.3M |
| Q4 25 | 38.2% | — | ||
| Q3 25 | 36.8% | — | ||
| Q2 25 | 37.5% | — | ||
| Q1 25 | 43.8% | — | ||
| Q4 24 | 48.2% | — | ||
| Q3 24 | 44.4% | — | ||
| Q2 24 | 40.3% | — | ||
| Q1 24 | 22.6% | — |
| Q4 25 | 10.0% | -147.6% | ||
| Q3 25 | 2.6% | -163.7% | ||
| Q2 25 | 16.4% | -302.9% | ||
| Q1 25 | 18.3% | -466.3% | ||
| Q4 24 | 16.5% | 54.5% | ||
| Q3 24 | 15.7% | -1051.6% | ||
| Q2 24 | 16.0% | -3068.0% | ||
| Q1 24 | -3.4% | — |
| Q4 25 | 10.5% | -147.1% | ||
| Q3 25 | 4.6% | -157.4% | ||
| Q2 25 | 16.0% | -285.6% | ||
| Q1 25 | 81.4% | -425.7% | ||
| Q4 24 | 16.8% | 57.7% | ||
| Q3 24 | 16.1% | -925.0% | ||
| Q2 24 | 16.9% | -2503.2% | ||
| Q1 24 | 0.9% | — |
| Q4 25 | $0.18 | $-0.41 | ||
| Q3 25 | $0.07 | $-0.52 | ||
| Q2 25 | $0.33 | $-0.46 | ||
| Q1 25 | $1.60 | $-0.35 | ||
| Q4 24 | $0.28 | $0.52 | ||
| Q3 24 | $0.25 | $-0.20 | ||
| Q2 24 | $0.28 | $-0.13 | ||
| Q1 24 | $0.01 | $-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 | $3.0M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $58.5M | $114.3M |
| Total Assets | $92.3M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0M | $245.0M | ||
| Q3 25 | $4.5M | $288.2M | ||
| Q2 25 | $4.7M | $240.1M | ||
| Q1 25 | $5.5M | $275.7M | ||
| Q4 24 | $9.7M | $314.0M | ||
| Q3 24 | $16.2M | $204.6M | ||
| Q2 24 | $18.3M | $218.7M | ||
| Q1 24 | $11.7M | $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 | $58.5M | $114.3M | ||
| Q3 25 | $56.3M | $147.7M | ||
| Q2 25 | $55.6M | $192.3M | ||
| Q1 25 | $51.8M | $229.0M | ||
| Q4 24 | $36.2M | $256.8M | ||
| Q3 24 | $33.2M | $201.0M | ||
| Q2 24 | $39.8M | $215.2M | ||
| Q1 24 | $36.7M | $223.9M |
| Q4 25 | $92.3M | $327.7M | ||
| Q3 25 | $93.2M | $372.8M | ||
| Q2 25 | $93.7M | $313.5M | ||
| Q1 25 | $86.4M | $327.3M | ||
| Q4 24 | $77.8M | $351.2M | ||
| Q3 24 | $84.3M | $217.6M | ||
| Q2 24 | $83.3M | $222.0M | ||
| Q1 24 | $77.7M | $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 | $-523.0K | $-43.5M |
| Free Cash FlowOCF − Capex | $-1.1M | — |
| FCF MarginFCF / Revenue | -6.6% | — |
| Capex IntensityCapex / Revenue | 3.6% | 0.0% |
| Cash ConversionOCF / Net Profit | -0.29× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-5.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-523.0K | $-43.5M | ||
| Q3 25 | $1.2M | $-47.0M | ||
| Q2 25 | $-155.0K | $-39.6M | ||
| Q1 25 | $-3.6M | $-40.7M | ||
| Q4 24 | $3.8M | $42.0M | ||
| Q3 24 | $-1.5M | $-14.5M | ||
| Q2 24 | $7.5M | $-7.3M | ||
| Q1 24 | $4.2M | $-6.7M |
| Q4 25 | $-1.1M | — | ||
| Q3 25 | $385.0K | $-47.2M | ||
| Q2 25 | $-786.0K | $-39.6M | ||
| Q1 25 | $-4.0M | $-40.8M | ||
| Q4 24 | $3.3M | $41.7M | ||
| Q3 24 | $-1.8M | $-14.6M | ||
| Q2 24 | $6.7M | $-7.3M | ||
| Q1 24 | $3.9M | $-6.8M |
| Q4 25 | -6.6% | — | ||
| Q3 25 | 2.8% | -145.4% | ||
| Q2 25 | -3.9% | -252.2% | ||
| Q1 25 | -20.9% | -512.1% | ||
| Q4 24 | 20.8% | 48.2% | ||
| Q3 24 | -11.8% | -706.3% | ||
| Q2 24 | 42.8% | -1463.4% | ||
| Q1 24 | 28.4% | — |
| Q4 25 | 3.6% | 0.0% | ||
| Q3 25 | 5.6% | 0.6% | ||
| Q2 25 | 3.2% | 0.3% | ||
| Q1 25 | 1.7% | 1.1% | ||
| Q4 24 | 3.3% | 0.3% | ||
| Q3 24 | 2.2% | 6.8% | ||
| Q2 24 | 5.3% | 7.6% | ||
| Q1 24 | 2.3% | — |
| Q4 25 | -0.29× | — | ||
| Q3 25 | 1.83× | — | ||
| Q2 25 | -0.05× | — | ||
| Q1 25 | -0.24× | — | ||
| Q4 24 | 1.44× | 0.84× | ||
| Q3 24 | -0.60× | — | ||
| Q2 24 | 2.85× | — | ||
| Q1 24 | 32.36× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FEIM
| POC Revenue | $14.8M | 86% |
| POT Revenue | $2.3M | 13% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
