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Side-by-side financial comparison of NATIONAL BANKSHARES INC (NKSH) 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 $15.3M, roughly 1.8× NATIONAL BANKSHARES INC). NATIONAL BANKSHARES INC runs the higher net margin — 38.5% vs -147.1%, a 185.6% gap on every dollar of revenue. On growth, NATIONAL BANKSHARES INC posted the faster year-over-year revenue change (24.7% vs -67.6%).
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
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.
NKSH vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.3M | $28.1M |
| Net Profit | $5.9M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | 47.4% | -147.6% |
| Net Margin | 38.5% | -147.1% |
| Revenue YoY | 24.7% | -67.6% |
| Net Profit YoY | 91.0% | -182.8% |
| EPS (diluted) | $0.93 | $-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 | $15.3M | $28.1M | ||
| Q3 25 | $14.2M | $32.5M | ||
| Q2 25 | $13.3M | $15.7M | ||
| Q1 25 | $12.8M | $8.0M | ||
| Q4 24 | $12.2M | $86.6M | ||
| Q3 24 | $11.7M | $2.1M | ||
| Q2 24 | $10.9M | $500.0K | ||
| Q1 24 | $10.4M | $0 |
| Q4 25 | $5.9M | $-41.3M | ||
| Q3 25 | $4.4M | $-51.2M | ||
| Q2 25 | $2.3M | $-44.9M | ||
| Q1 25 | $3.2M | $-33.9M | ||
| Q4 24 | $3.1M | $49.9M | ||
| Q3 24 | $2.7M | $-19.1M | ||
| Q2 24 | $-307.0K | $-12.5M | ||
| Q1 24 | $2.2M | $-10.3M |
| Q4 25 | 47.4% | -147.6% | ||
| Q3 25 | 37.9% | -163.7% | ||
| Q2 25 | 20.0% | -302.9% | ||
| Q1 25 | 30.5% | -466.3% | ||
| Q4 24 | 30.1% | 54.5% | ||
| Q3 24 | 27.5% | -1051.6% | ||
| Q2 24 | -4.4% | -3068.0% | ||
| Q1 24 | 25.8% | — |
| Q4 25 | 38.5% | -147.1% | ||
| Q3 25 | 31.1% | -157.4% | ||
| Q2 25 | 17.2% | -285.6% | ||
| Q1 25 | 25.3% | -425.7% | ||
| Q4 24 | 25.1% | 57.7% | ||
| Q3 24 | 22.8% | -925.0% | ||
| Q2 24 | -2.8% | -2503.2% | ||
| Q1 24 | 20.8% | — |
| Q4 25 | $0.93 | $-0.41 | ||
| Q3 25 | $0.69 | $-0.52 | ||
| Q2 25 | $0.36 | $-0.46 | ||
| Q1 25 | $0.51 | $-0.35 | ||
| Q4 24 | $0.50 | $0.52 | ||
| Q3 24 | $0.42 | $-0.20 | ||
| Q2 24 | $-0.05 | $-0.13 | ||
| Q1 24 | $0.37 | $-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 | $59.3M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $184.9M | $114.3M |
| Total Assets | $1.8B | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $59.3M | $245.0M | ||
| Q3 25 | $42.3M | $288.2M | ||
| Q2 25 | $92.8M | $240.1M | ||
| Q1 25 | $122.5M | $275.7M | ||
| Q4 24 | $108.1M | $314.0M | ||
| Q3 24 | $49.8M | $204.6M | ||
| Q2 24 | $98.9M | $218.7M | ||
| Q1 24 | $121.2M | $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 | $184.9M | $114.3M | ||
| Q3 25 | $179.2M | $147.7M | ||
| Q2 25 | $168.7M | $192.3M | ||
| Q1 25 | $167.3M | $229.0M | ||
| Q4 24 | $156.4M | $256.8M | ||
| Q3 24 | $167.8M | $201.0M | ||
| Q2 24 | $149.0M | $215.2M | ||
| Q1 24 | $139.4M | $223.9M |
| Q4 25 | $1.8B | $327.7M | ||
| Q3 25 | $1.8B | $372.8M | ||
| Q2 25 | $1.8B | $313.5M | ||
| Q1 25 | $1.8B | $327.3M | ||
| Q4 24 | $1.8B | $351.2M | ||
| Q3 24 | $1.8B | $217.6M | ||
| Q2 24 | $1.8B | $222.0M | ||
| Q1 24 | $1.7B | $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 | $17.9M | $-43.5M |
| Free Cash FlowOCF − Capex | $15.2M | — |
| FCF MarginFCF / Revenue | 99.2% | — |
| Capex IntensityCapex / Revenue | 17.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 3.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $23.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.9M | $-43.5M | ||
| Q3 25 | $6.1M | $-47.0M | ||
| Q2 25 | $2.1M | $-39.6M | ||
| Q1 25 | $2.6M | $-40.7M | ||
| Q4 24 | $9.4M | $42.0M | ||
| Q3 24 | $3.1M | $-14.5M | ||
| Q2 24 | $-3.0M | $-7.3M | ||
| Q1 24 | $3.8M | $-6.7M |
| Q4 25 | $15.2M | — | ||
| Q3 25 | $5.3M | $-47.2M | ||
| Q2 25 | $1.5M | $-39.6M | ||
| Q1 25 | $1.6M | $-40.8M | ||
| Q4 24 | $6.2M | $41.7M | ||
| Q3 24 | $2.2M | $-14.6M | ||
| Q2 24 | $-4.0M | $-7.3M | ||
| Q1 24 | $3.5M | $-6.8M |
| Q4 25 | 99.2% | — | ||
| Q3 25 | 37.4% | -145.4% | ||
| Q2 25 | 11.5% | -252.2% | ||
| Q1 25 | 12.5% | -512.1% | ||
| Q4 24 | 50.5% | 48.2% | ||
| Q3 24 | 18.5% | -706.3% | ||
| Q2 24 | -36.3% | -1463.4% | ||
| Q1 24 | 33.8% | — |
| Q4 25 | 17.9% | 0.0% | ||
| Q3 25 | 5.6% | 0.6% | ||
| Q2 25 | 4.1% | 0.3% | ||
| Q1 25 | 7.5% | 1.1% | ||
| Q4 24 | 26.6% | 0.3% | ||
| Q3 24 | 8.3% | 6.8% | ||
| Q2 24 | 9.3% | 7.6% | ||
| Q1 24 | 3.0% | — |
| Q4 25 | 3.04× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 3.07× | 0.84× | ||
| Q3 24 | 1.17× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.77× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NKSH
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
