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Side-by-side financial comparison of MFA FINANCIAL, INC. (MFA) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
MFA FINANCIAL, INC. is the larger business by last-quarter revenue ($55.5M vs $28.1M, roughly 2.0× ARS Pharmaceuticals, Inc.). On growth, MFA FINANCIAL, INC. posted the faster year-over-year revenue change (9.2% vs -67.6%).
MFA Financial, Inc. is a U.S.-headquartered real estate investment trust (REIT) specializing in investing in and managing residential and commercial mortgage-backed securities, mortgage loans, and other real estate-related financial assets. It caters primarily to institutional and individual investors across the U.S., focusing on delivering stable risk-adjusted returns via rigorous asset screening and risk management frameworks.
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.
MFA vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.5M | $28.1M |
| Net Profit | — | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | 97.9% | -147.6% |
| Net Margin | — | -147.1% |
| Revenue YoY | 9.2% | -67.6% |
| Net Profit YoY | — | -182.8% |
| EPS (diluted) | $0.43 | $-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 | $55.5M | $28.1M | ||
| Q3 25 | $56.8M | $32.5M | ||
| Q2 25 | $61.3M | $15.7M | ||
| Q1 25 | $57.5M | $8.0M | ||
| Q4 24 | $50.8M | $86.6M | ||
| Q3 24 | $50.6M | $2.1M | ||
| Q2 24 | $53.5M | $500.0K | ||
| Q1 24 | $47.8M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | $48.1M | $-51.2M | ||
| Q2 25 | $33.2M | $-44.9M | ||
| Q1 25 | $41.2M | $-33.9M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | $48.2M | $-19.1M | ||
| Q2 24 | $41.9M | $-12.5M | ||
| Q1 24 | $23.2M | $-10.3M |
| Q4 25 | 97.9% | -147.6% | ||
| Q3 25 | 84.5% | -163.7% | ||
| Q2 25 | 54.5% | -302.9% | ||
| Q1 25 | 70.0% | -466.3% | ||
| Q4 24 | 6.8% | 54.5% | ||
| Q3 24 | 98.2% | -1051.6% | ||
| Q2 24 | 79.1% | -3068.0% | ||
| Q1 24 | 50.7% | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | 84.7% | -157.4% | ||
| Q2 25 | 54.2% | -285.6% | ||
| Q1 25 | 71.6% | -425.7% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | 95.2% | -925.0% | ||
| Q2 24 | 78.4% | -2503.2% | ||
| Q1 24 | 48.5% | — |
| Q4 25 | $0.43 | $-0.41 | ||
| Q3 25 | $0.35 | $-0.52 | ||
| Q2 25 | $0.21 | $-0.46 | ||
| Q1 25 | $0.31 | $-0.35 | ||
| Q4 24 | $-0.01 | $0.52 | ||
| Q3 24 | $0.37 | $-0.20 | ||
| Q2 24 | $0.32 | $-0.13 | ||
| Q1 24 | $0.14 | $-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 | $213.2M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $1.8B | $114.3M |
| Total Assets | $13.0B | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $213.2M | $245.0M | ||
| Q3 25 | $305.2M | $288.2M | ||
| Q2 25 | $275.7M | $240.1M | ||
| Q1 25 | $253.7M | $275.7M | ||
| Q4 24 | $338.9M | $314.0M | ||
| Q3 24 | $305.6M | $204.6M | ||
| Q2 24 | $289.4M | $218.7M | ||
| Q1 24 | $306.3M | $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 | $1.8B | $114.3M | ||
| Q3 25 | $1.8B | $147.7M | ||
| Q2 25 | $1.8B | $192.3M | ||
| Q1 25 | $1.8B | $229.0M | ||
| Q4 24 | $1.8B | $256.8M | ||
| Q3 24 | $1.9B | $201.0M | ||
| Q2 24 | $1.9B | $215.2M | ||
| Q1 24 | $1.9B | $223.9M |
| Q4 25 | $13.0B | $327.7M | ||
| Q3 25 | $12.1B | $372.8M | ||
| Q2 25 | $11.7B | $313.5M | ||
| Q1 25 | $11.5B | $327.3M | ||
| Q4 24 | $11.4B | $351.2M | ||
| Q3 24 | $11.2B | $217.6M | ||
| Q2 24 | $11.1B | $222.0M | ||
| Q1 24 | $10.9B | $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 | $76.2M | $-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 | $76.2M | $-43.5M | ||
| Q3 25 | $14.7M | $-47.0M | ||
| Q2 25 | $38.5M | $-39.6M | ||
| Q1 25 | $-14.6M | $-40.7M | ||
| Q4 24 | $200.1M | $42.0M | ||
| Q3 24 | $-11.3M | $-14.5M | ||
| Q2 24 | $46.5M | $-7.3M | ||
| Q1 24 | $53.5M | $-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 | 0.31× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | -0.35× | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | -0.23× | — | ||
| Q2 24 | 1.11× | — | ||
| Q1 24 | 2.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MFA
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
