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Side-by-side financial comparison of MOGU Inc. (MOGU) 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 $19.5M, roughly 1.4× MOGU Inc.). MOGU Inc. runs the higher net margin — -44.3% vs -147.1%, a 102.8% gap on every dollar of revenue. On growth, MOGU Inc. posted the faster year-over-year revenue change (-12.4% vs -67.6%).
Mogu Mogu is a brand of fruit-flavoured drink with pieces of nata de coco, produced by Thailand-based Sappe Public Company Limited and exported to many international markets, especially South Korea, the Philippines, Indonesia and France.
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.
MOGU vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $19.5M | $28.1M |
| Net Profit | $-8.6M | $-41.3M |
| Gross Margin | 0.0% | — |
| Operating Margin | -71.6% | -147.6% |
| Net Margin | -44.3% | -147.1% |
| Revenue YoY | -12.4% | -67.6% |
| Net Profit YoY | -5.0% | -182.8% |
| EPS (diluted) | $0.00 | $-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 | — | $28.1M | ||
| Q3 25 | — | $32.5M | ||
| Q2 25 | — | $15.7M | ||
| Q1 25 | $19.5M | $8.0M | ||
| Q4 24 | — | $86.6M | ||
| Q3 24 | — | $2.1M | ||
| Q2 24 | — | $500.0K | ||
| Q1 24 | $22.2M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | — | $-51.2M | ||
| Q2 25 | — | $-44.9M | ||
| Q1 25 | $-8.6M | $-33.9M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | — | $-19.1M | ||
| Q2 24 | — | $-12.5M | ||
| Q1 24 | $-8.2M | $-10.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | -147.6% | ||
| Q3 25 | — | -163.7% | ||
| Q2 25 | — | -302.9% | ||
| Q1 25 | -71.6% | -466.3% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | — | -1051.6% | ||
| Q2 24 | — | -3068.0% | ||
| Q1 24 | -49.4% | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | — | -157.4% | ||
| Q2 25 | — | -285.6% | ||
| Q1 25 | -44.3% | -425.7% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | — | -925.0% | ||
| Q2 24 | — | -2503.2% | ||
| Q1 24 | -37.0% | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.46 | ||
| Q1 25 | $0.00 | $-0.35 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | — | $-0.20 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | $0.00 | $-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 | $52.3M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $70.1M | $114.3M |
| Total Assets | $118.3M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $245.0M | ||
| Q3 25 | — | $288.2M | ||
| Q2 25 | — | $240.1M | ||
| Q1 25 | $52.3M | $275.7M | ||
| Q4 24 | — | $314.0M | ||
| Q3 24 | — | $204.6M | ||
| Q2 24 | — | $218.7M | ||
| Q1 24 | $58.2M | $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 | — | $114.3M | ||
| Q3 25 | — | $147.7M | ||
| Q2 25 | — | $192.3M | ||
| Q1 25 | $70.1M | $229.0M | ||
| Q4 24 | — | $256.8M | ||
| Q3 24 | — | $201.0M | ||
| Q2 24 | — | $215.2M | ||
| Q1 24 | $81.5M | $223.9M |
| Q4 25 | — | $327.7M | ||
| Q3 25 | — | $372.8M | ||
| Q2 25 | — | $313.5M | ||
| Q1 25 | $118.3M | $327.3M | ||
| Q4 24 | — | $351.2M | ||
| Q3 24 | — | $217.6M | ||
| Q2 24 | — | $222.0M | ||
| Q1 24 | $130.0M | $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 | $-9.4M | $-43.5M |
| Free Cash FlowOCF − Capex | $-10.7M | — |
| FCF MarginFCF / Revenue | -55.2% | — |
| Capex IntensityCapex / Revenue | 7.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-43.5M | ||
| Q3 25 | — | $-47.0M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | $-9.4M | $-40.7M | ||
| Q4 24 | — | $42.0M | ||
| Q3 24 | — | $-14.5M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | $-5.6M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | $-10.7M | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | $-18.6M | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | -55.2% | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | -84.0% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | 7.1% | 1.1% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | 58.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MOGU
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
