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Side-by-side financial comparison of FGI Industries Ltd. (FGI) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
FGI Industries Ltd. is the larger business by last-quarter revenue ($30.5M vs $28.1M, roughly 1.1× ARS Pharmaceuticals, Inc.). FGI Industries Ltd. runs the higher net margin — -8.6% vs -147.1%, a 138.5% gap on every dollar of revenue. On growth, FGI Industries Ltd. posted the faster year-over-year revenue change (-14.4% vs -67.6%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
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.
FGI vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.5M | $28.1M |
| Net Profit | $-2.6M | $-41.3M |
| Gross Margin | 26.7% | — |
| Operating Margin | -2.2% | -147.6% |
| Net Margin | -8.6% | -147.1% |
| Revenue YoY | -14.4% | -67.6% |
| Net Profit YoY | -553.1% | -182.8% |
| EPS (diluted) | $-1.63 | $-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 | $30.5M | $28.1M | ||
| Q3 25 | $35.8M | $32.5M | ||
| Q2 25 | $31.0M | $15.7M | ||
| Q1 25 | $33.2M | $8.0M | ||
| Q4 24 | $35.6M | $86.6M | ||
| Q3 24 | $36.1M | $2.1M | ||
| Q2 24 | $29.4M | $500.0K | ||
| Q1 24 | $30.8M | $0 |
| Q4 25 | $-2.6M | $-41.3M | ||
| Q3 25 | $-1.7M | $-51.2M | ||
| Q2 25 | $-1.2M | $-44.9M | ||
| Q1 25 | $-629.1K | $-33.9M | ||
| Q4 24 | $-402.3K | $49.9M | ||
| Q3 24 | $-550.1K | $-19.1M | ||
| Q2 24 | $163.6K | $-12.5M | ||
| Q1 24 | $-412.2K | $-10.3M |
| Q4 25 | 26.7% | — | ||
| Q3 25 | 26.5% | — | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 26.8% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 25.8% | — | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 27.4% | — |
| Q4 25 | -2.2% | -147.6% | ||
| Q3 25 | 1.0% | -163.7% | ||
| Q2 25 | -2.7% | -302.9% | ||
| Q1 25 | -3.9% | -466.3% | ||
| Q4 24 | -3.5% | 54.5% | ||
| Q3 24 | -0.2% | -1051.6% | ||
| Q2 24 | -1.5% | -3068.0% | ||
| Q1 24 | -1.0% | — |
| Q4 25 | -8.6% | -147.1% | ||
| Q3 25 | -4.6% | -157.4% | ||
| Q2 25 | -4.0% | -285.6% | ||
| Q1 25 | -1.9% | -425.7% | ||
| Q4 24 | -1.1% | 57.7% | ||
| Q3 24 | -1.5% | -925.0% | ||
| Q2 24 | 0.6% | -2503.2% | ||
| Q1 24 | -1.3% | — |
| Q4 25 | $-1.63 | $-0.41 | ||
| Q3 25 | $-0.86 | $-0.52 | ||
| Q2 25 | $-0.64 | $-0.46 | ||
| Q1 25 | $-0.07 | $-0.35 | ||
| Q4 24 | $-0.38 | $0.52 | ||
| Q3 24 | $-0.29 | $-0.20 | ||
| Q2 24 | $0.08 | $-0.13 | ||
| Q1 24 | $-0.04 | $-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 | $1.9M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $17.3M | $114.3M |
| Total Assets | $69.5M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $245.0M | ||
| Q3 25 | $1.9M | $288.2M | ||
| Q2 25 | $2.5M | $240.1M | ||
| Q1 25 | $1.2M | $275.7M | ||
| Q4 24 | $4.6M | $314.0M | ||
| Q3 24 | $3.0M | $204.6M | ||
| Q2 24 | $1.3M | $218.7M | ||
| Q1 24 | $3.3M | $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 | $17.3M | $114.3M | ||
| Q3 25 | $19.7M | $147.7M | ||
| Q2 25 | $21.3M | $192.3M | ||
| Q1 25 | $21.8M | $229.0M | ||
| Q4 24 | $22.3M | $256.8M | ||
| Q3 24 | $23.5M | $201.0M | ||
| Q2 24 | $23.8M | $215.2M | ||
| Q1 24 | $23.9M | $223.9M |
| Q4 25 | $69.5M | $327.7M | ||
| Q3 25 | $73.0M | $372.8M | ||
| Q2 25 | $71.7M | $313.5M | ||
| Q1 25 | $68.5M | $327.3M | ||
| Q4 24 | $75.5M | $351.2M | ||
| Q3 24 | $74.7M | $217.6M | ||
| Q2 24 | $69.9M | $222.0M | ||
| Q1 24 | $68.6M | $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 | $2.3M | $-43.5M |
| Free Cash FlowOCF − Capex | $2.3M | — |
| FCF MarginFCF / Revenue | 7.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-212.5K | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3M | $-43.5M | ||
| Q3 25 | $-1.9M | $-47.0M | ||
| Q2 25 | $7.6M | $-39.6M | ||
| Q1 25 | $-7.4M | $-40.7M | ||
| Q4 24 | $617.4K | $42.0M | ||
| Q3 24 | $-915.0K | $-14.5M | ||
| Q2 24 | $862.1K | $-7.3M | ||
| Q1 24 | $-8.0M | $-6.7M |
| Q4 25 | $2.3M | — | ||
| Q3 25 | $-2.1M | $-47.2M | ||
| Q2 25 | $7.4M | $-39.6M | ||
| Q1 25 | $-7.7M | $-40.8M | ||
| Q4 24 | $-214.1K | $41.7M | ||
| Q3 24 | $-1.1M | $-14.6M | ||
| Q2 24 | $281.5K | $-7.3M | ||
| Q1 24 | $-8.6M | $-6.8M |
| Q4 25 | 7.5% | — | ||
| Q3 25 | -5.9% | -145.4% | ||
| Q2 25 | 23.8% | -252.2% | ||
| Q1 25 | -23.3% | -512.1% | ||
| Q4 24 | -0.6% | 48.2% | ||
| Q3 24 | -3.0% | -706.3% | ||
| Q2 24 | 1.0% | -1463.4% | ||
| Q1 24 | -28.0% | — |
| Q4 25 | 0.2% | 0.0% | ||
| Q3 25 | 0.7% | 0.6% | ||
| Q2 25 | 0.7% | 0.3% | ||
| Q1 25 | 1.1% | 1.1% | ||
| Q4 24 | 2.3% | 0.3% | ||
| Q3 24 | 0.5% | 6.8% | ||
| Q2 24 | 2.0% | 7.6% | ||
| Q1 24 | 2.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.27× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
