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Side-by-side financial comparison of TPG Mortgage Investment Trust, Inc. (MITT) 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 $20.4M, roughly 1.4× TPG Mortgage Investment Trust, Inc.). TPG Mortgage Investment Trust, Inc. runs the higher net margin — 65.0% vs -147.1%, a 212.1% gap on every dollar of revenue. On growth, TPG Mortgage Investment Trust, Inc. posted the faster year-over-year revenue change (17.7% vs -67.6%).
TPG Mortgage Investment Trust, Inc. is a real estate investment trust managed by global alternative asset firm TPG. It primarily invests in residential and commercial mortgage-backed securities, performing and non-performing mortgage loans, and other credit-linked real estate assets, with its core market being the United States. It generates returns via net interest income from holdings and strategic asset disposition gains.
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.
MITT vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.4M | $28.1M |
| Net Profit | $13.3M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | 67.1% | -147.6% |
| Net Margin | 65.0% | -147.1% |
| Revenue YoY | 17.7% | -67.6% |
| Net Profit YoY | -7.0% | -182.8% |
| EPS (diluted) | $0.27 | $-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 | $20.4M | $28.1M | ||
| Q3 25 | $19.5M | $32.5M | ||
| Q2 25 | $17.8M | $15.7M | ||
| Q1 25 | $18.8M | $8.0M | ||
| Q4 24 | $17.4M | $86.6M | ||
| Q3 24 | $14.9M | $2.1M | ||
| Q2 24 | $16.4M | $500.0K | ||
| Q1 24 | $17.2M | $0 |
| Q4 25 | $13.3M | $-41.3M | ||
| Q3 25 | $20.0M | $-51.2M | ||
| Q2 25 | $3.9M | $-44.9M | ||
| Q1 25 | $11.5M | $-33.9M | ||
| Q4 24 | $14.3M | $49.9M | ||
| Q3 24 | $16.6M | $-19.1M | ||
| Q2 24 | $3.9M | $-12.5M | ||
| Q1 24 | $20.9M | $-10.3M |
| Q4 25 | 67.1% | -147.6% | ||
| Q3 25 | — | -163.7% | ||
| Q2 25 | 20.9% | -302.9% | ||
| Q1 25 | 54.6% | -466.3% | ||
| Q4 24 | 76.7% | 54.5% | ||
| Q3 24 | — | -1051.6% | ||
| Q2 24 | 18.4% | -3068.0% | ||
| Q1 24 | — | — |
| Q4 25 | 65.0% | -147.1% | ||
| Q3 25 | 102.5% | -157.4% | ||
| Q2 25 | 22.2% | -285.6% | ||
| Q1 25 | 60.9% | -425.7% | ||
| Q4 24 | 82.2% | 57.7% | ||
| Q3 24 | 111.3% | -925.0% | ||
| Q2 24 | 24.0% | -2503.2% | ||
| Q1 24 | 121.6% | — |
| Q4 25 | $0.27 | $-0.41 | ||
| Q3 25 | $0.47 | $-0.52 | ||
| Q2 25 | $-0.05 | $-0.46 | ||
| Q1 25 | $0.21 | $-0.35 | ||
| Q4 24 | $0.30 | $0.52 | ||
| Q3 24 | $0.40 | $-0.20 | ||
| Q2 24 | $-0.02 | $-0.13 | ||
| Q1 24 | $0.55 | $-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 | $57.8M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $560.7M | $114.3M |
| Total Assets | $8.7B | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.8M | $245.0M | ||
| Q3 25 | $59.0M | $288.2M | ||
| Q2 25 | $88.7M | $240.1M | ||
| Q1 25 | $115.5M | $275.7M | ||
| Q4 24 | $118.7M | $314.0M | ||
| Q3 24 | $102.5M | $204.6M | ||
| Q2 24 | $120.9M | $218.7M | ||
| Q1 24 | $100.3M | $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 | $560.7M | $114.3M | ||
| Q3 25 | $559.8M | $147.7M | ||
| Q2 25 | $536.4M | $192.3M | ||
| Q1 25 | $543.9M | $229.0M | ||
| Q4 24 | $543.4M | $256.8M | ||
| Q3 24 | $540.1M | $201.0M | ||
| Q2 24 | $533.5M | $215.2M | ||
| Q1 24 | $539.6M | $223.9M |
| Q4 25 | $8.7B | $327.7M | ||
| Q3 25 | $9.0B | $372.8M | ||
| Q2 25 | $7.5B | $313.5M | ||
| Q1 25 | $7.3B | $327.3M | ||
| Q4 24 | $6.9B | $351.2M | ||
| Q3 24 | $7.0B | $217.6M | ||
| Q2 24 | $7.1B | $222.0M | ||
| Q1 24 | $6.4B | $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 | $59.6M | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 4.48× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $59.6M | $-43.5M | ||
| Q3 25 | $17.4M | $-47.0M | ||
| Q2 25 | $11.5M | $-39.6M | ||
| Q1 25 | $12.0M | $-40.7M | ||
| Q4 24 | $55.8M | $42.0M | ||
| Q3 24 | $14.5M | $-14.5M | ||
| Q2 24 | $13.7M | $-7.3M | ||
| Q1 24 | $12.0M | $-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 | 4.48× | — | ||
| Q3 25 | 0.87× | — | ||
| Q2 25 | 2.92× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 3.91× | 0.84× | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 3.50× | — | ||
| Q1 24 | 0.57× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MITT
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
