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Side-by-side financial comparison of GLADSTONE COMMERCIAL CORP (GOOD) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
GLADSTONE COMMERCIAL CORP is the larger business by last-quarter revenue ($43.5M vs $28.1M, roughly 1.5× ARS Pharmaceuticals, Inc.). GLADSTONE COMMERCIAL CORP runs the higher net margin — 12.4% vs -147.1%, a 159.5% gap on every dollar of revenue. On growth, GLADSTONE COMMERCIAL CORP posted the faster year-over-year revenue change (16.3% vs -67.6%).
Gladstone Commercial Corp is a publicly traded US real estate investment trust focused on acquiring, owning, and operating diversified industrial and commercial properties. It offers long-term net lease agreements to tenants across manufacturing, logistics, healthcare and professional services sectors, mainly serving small to mid-sized business clients.
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.
GOOD vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.5M | $28.1M |
| Net Profit | $5.4M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | — | -147.6% |
| Net Margin | 12.4% | -147.1% |
| Revenue YoY | 16.3% | -67.6% |
| Net Profit YoY | -25.1% | -182.8% |
| EPS (diluted) | $0.05 | $-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 | $40.8M | $32.5M | ||
| Q2 25 | $39.5M | $15.7M | ||
| Q1 25 | $37.5M | $8.0M | ||
| Q4 24 | $37.4M | $86.6M | ||
| Q3 24 | $39.2M | $2.1M | ||
| Q2 24 | $37.1M | $500.0K | ||
| Q1 24 | $35.7M | $0 |
| Q4 25 | $5.4M | $-41.3M | ||
| Q3 25 | $4.1M | $-51.2M | ||
| Q2 25 | $4.6M | $-44.9M | ||
| Q1 25 | $5.1M | $-33.9M | ||
| Q4 24 | $7.2M | $49.9M | ||
| Q3 24 | $11.7M | $-19.1M | ||
| Q2 24 | $1.6M | $-12.5M | ||
| Q1 24 | $3.5M | $-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 | 12.4% | -147.1% | ||
| Q3 25 | 10.1% | -157.4% | ||
| Q2 25 | 11.7% | -285.6% | ||
| Q1 25 | 13.7% | -425.7% | ||
| Q4 24 | 19.2% | 57.7% | ||
| Q3 24 | 29.8% | -925.0% | ||
| Q2 24 | 4.3% | -2503.2% | ||
| Q1 24 | 9.9% | — |
| Q4 25 | $0.05 | $-0.41 | ||
| Q3 25 | $0.02 | $-0.52 | ||
| Q2 25 | $0.03 | $-0.46 | ||
| Q1 25 | $0.04 | $-0.35 | ||
| Q4 24 | $0.10 | $0.52 | ||
| Q3 24 | $0.20 | $-0.20 | ||
| Q2 24 | $-0.04 | $-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 | $10.8M | $245.0M |
| Total DebtLower is stronger | $843.5M | $96.4M |
| Stockholders' EquityBook value | $171.8M | $114.3M |
| Total Assets | $1.2B | $327.7M |
| Debt / EquityLower = less leverage | 4.91× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.8M | $245.0M | ||
| Q3 25 | $18.4M | $288.2M | ||
| Q2 25 | $11.7M | $240.1M | ||
| Q1 25 | $10.4M | $275.7M | ||
| Q4 24 | $11.0M | $314.0M | ||
| Q3 24 | $10.5M | $204.6M | ||
| Q2 24 | $10.4M | $218.7M | ||
| Q1 24 | $10.5M | $223.6M |
| Q4 25 | $843.5M | $96.4M | ||
| Q3 25 | $843.3M | $96.2M | ||
| Q2 25 | $794.4M | — | ||
| Q1 25 | $740.7M | — | ||
| Q4 24 | $693.4M | $0 | ||
| Q3 24 | $692.6M | — | ||
| Q2 24 | $722.5M | — | ||
| Q1 24 | $719.4M | — |
| Q4 25 | $171.8M | $114.3M | ||
| Q3 25 | $184.8M | $147.7M | ||
| Q2 25 | $177.2M | $192.3M | ||
| Q1 25 | $183.2M | $229.0M | ||
| Q4 24 | $171.2M | $256.8M | ||
| Q3 24 | $168.9M | $201.0M | ||
| Q2 24 | $145.7M | $215.2M | ||
| Q1 24 | $147.3M | $223.9M |
| Q4 25 | $1.2B | $327.7M | ||
| Q3 25 | $1.3B | $372.8M | ||
| Q2 25 | $1.2B | $313.5M | ||
| Q1 25 | $1.2B | $327.3M | ||
| Q4 24 | $1.1B | $351.2M | ||
| Q3 24 | $1.1B | $217.6M | ||
| Q2 24 | $1.1B | $222.0M | ||
| Q1 24 | $1.1B | $227.6M |
| Q4 25 | 4.91× | 0.84× | ||
| Q3 25 | 4.56× | 0.65× | ||
| Q2 25 | 4.48× | — | ||
| Q1 25 | 4.04× | — | ||
| Q4 24 | 4.05× | 0.00× | ||
| Q3 24 | 4.10× | — | ||
| Q2 24 | 4.96× | — | ||
| Q1 24 | 4.88× | — |
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 | $88.2M | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 16.38× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $88.2M | $-43.5M | ||
| Q3 25 | $18.9M | $-47.0M | ||
| Q2 25 | $35.8M | $-39.6M | ||
| Q1 25 | $17.7M | $-40.7M | ||
| Q4 24 | $57.0M | $42.0M | ||
| Q3 24 | $5.5M | $-14.5M | ||
| Q2 24 | $13.6M | $-7.3M | ||
| Q1 24 | $15.0M | $-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 | 16.38× | — | ||
| Q3 25 | 4.57× | — | ||
| Q2 25 | 7.74× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 7.93× | 0.84× | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 8.44× | — | ||
| Q1 24 | 4.26× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GOOD
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
