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Side-by-side financial comparison of Farmland Partners Inc. (FPI) 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 $20.7M, roughly 1.4× Farmland Partners Inc.). Farmland Partners Inc. runs the higher net margin — 103.4% vs -147.1%, a 250.5% gap on every dollar of revenue. On growth, Farmland Partners Inc. posted the faster year-over-year revenue change (-3.5% vs -67.6%).
Farmland Industries was the largest agricultural cooperative in North America when it eventually sold all of its assets in 2002–04. During its 74-year history, Farmland served its farmer membership as a diversified, integrated organization, playing a significant role in agricultural markets both domestically and worldwide.
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.
FPI vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.7M | $28.1M |
| Net Profit | $21.4M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | — | -147.6% |
| Net Margin | 103.4% | -147.1% |
| Revenue YoY | -3.5% | -67.6% |
| Net Profit YoY | -63.5% | -182.8% |
| EPS (diluted) | $0.44 | $-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 | $20.7M | $28.1M | ||
| Q3 25 | $11.3M | $32.5M | ||
| Q2 25 | $10.0M | $15.7M | ||
| Q1 25 | $10.3M | $8.0M | ||
| Q4 24 | $21.5M | $86.6M | ||
| Q3 24 | $13.3M | $2.1M | ||
| Q2 24 | $11.4M | $500.0K | ||
| Q1 24 | $12.0M | $0 |
| Q4 25 | $21.4M | $-41.3M | ||
| Q3 25 | $483.0K | $-51.2M | ||
| Q2 25 | $7.6M | $-44.9M | ||
| Q1 25 | $2.0M | $-33.9M | ||
| Q4 24 | $58.7M | $49.9M | ||
| Q3 24 | $1.8M | $-19.1M | ||
| Q2 24 | $-2.0M | $-12.5M | ||
| Q1 24 | $1.4M | $-10.3M |
| Q4 25 | — | -147.6% | ||
| Q3 25 | 4.3% | -163.7% | ||
| Q2 25 | 78.2% | -302.9% | ||
| Q1 25 | 20.6% | -466.3% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | 13.9% | -1051.6% | ||
| Q2 24 | -17.9% | -3068.0% | ||
| Q1 24 | 11.9% | — |
| Q4 25 | 103.4% | -147.1% | ||
| Q3 25 | 4.3% | -157.4% | ||
| Q2 25 | 76.3% | -285.6% | ||
| Q1 25 | 19.9% | -425.7% | ||
| Q4 24 | 273.6% | 57.7% | ||
| Q3 24 | 13.5% | -925.0% | ||
| Q2 24 | -17.5% | -2503.2% | ||
| Q1 24 | 11.5% | — |
| Q4 25 | $0.44 | $-0.41 | ||
| Q3 25 | $0.00 | $-0.52 | ||
| Q2 25 | $0.14 | $-0.46 | ||
| Q1 25 | $0.03 | $-0.35 | ||
| Q4 24 | $1.09 | $0.52 | ||
| Q3 24 | $0.02 | $-0.20 | ||
| Q2 24 | $-0.06 | $-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 | — | $245.0M |
| Total DebtLower is stronger | $161.6M | $96.4M |
| Stockholders' EquityBook value | $467.4M | $114.3M |
| Total Assets | $719.1M | $327.7M |
| Debt / EquityLower = less leverage | 0.35× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $245.0M | ||
| Q3 25 | — | $288.2M | ||
| Q2 25 | — | $240.1M | ||
| Q1 25 | — | $275.7M | ||
| Q4 24 | — | $314.0M | ||
| Q3 24 | — | $204.6M | ||
| Q2 24 | — | $218.7M | ||
| Q1 24 | — | $223.6M |
| Q4 25 | $161.6M | $96.4M | ||
| Q3 25 | $170.4M | $96.2M | ||
| Q2 25 | $193.4M | — | ||
| Q1 25 | $202.6M | — | ||
| Q4 24 | $204.6M | $0 | ||
| Q3 24 | $394.0M | — | ||
| Q2 24 | $393.0M | — | ||
| Q1 24 | $383.0M | — |
| Q4 25 | $467.4M | $114.3M | ||
| Q3 25 | $457.3M | $147.7M | ||
| Q2 25 | $473.5M | $192.3M | ||
| Q1 25 | $492.2M | $229.0M | ||
| Q4 24 | $494.6M | $256.8M | ||
| Q3 24 | $519.4M | $201.0M | ||
| Q2 24 | $521.5M | $215.2M | ||
| Q1 24 | $526.7M | $223.9M |
| Q4 25 | $719.1M | $327.7M | ||
| Q3 25 | $738.5M | $372.8M | ||
| Q2 25 | $776.7M | $313.5M | ||
| Q1 25 | $810.5M | $327.3M | ||
| Q4 24 | $869.6M | $351.2M | ||
| Q3 24 | $1.0B | $217.6M | ||
| Q2 24 | $1.0B | $222.0M | ||
| Q1 24 | $1.0B | $227.6M |
| Q4 25 | 0.35× | 0.84× | ||
| Q3 25 | 0.37× | 0.65× | ||
| Q2 25 | 0.41× | — | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 0.41× | 0.00× | ||
| Q3 24 | 0.76× | — | ||
| Q2 24 | 0.75× | — | ||
| Q1 24 | 0.73× | — |
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 | $17.4M | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.4M | $-43.5M | ||
| Q3 25 | $-2.0M | $-47.0M | ||
| Q2 25 | $-2.2M | $-39.6M | ||
| Q1 25 | $6.4M | $-40.7M | ||
| Q4 24 | $16.1M | $42.0M | ||
| Q3 24 | $-4.3M | $-14.5M | ||
| Q2 24 | $-6.1M | $-7.3M | ||
| Q1 24 | $11.9M | $-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 | 0.81× | — | ||
| Q3 25 | -4.04× | — | ||
| Q2 25 | -0.29× | — | ||
| Q1 25 | 3.12× | — | ||
| Q4 24 | 0.27× | 0.84× | ||
| Q3 24 | -2.39× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 8.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FPI
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
