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Side-by-side financial comparison of Net Lease Office Properties (NLOP) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Net Lease Office Properties is the larger business by last-quarter revenue ($30.7M vs $28.1M, roughly 1.1× ARS Pharmaceuticals, Inc.). Net Lease Office Properties runs the higher net margin — -0.2% vs -147.1%, a 147.0% gap on every dollar of revenue. On growth, Net Lease Office Properties posted the faster year-over-year revenue change (10.9% vs -67.6%).
Net Lease Office Properties is a real estate investment entity focused on acquiring, owning, and operating high-quality single-tenant net lease office assets, primarily located across the United States. It delivers stable, long-term income streams to investors through its curated portfolio of commercial real estate holdings.
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.
NLOP vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.7M | $28.1M |
| Net Profit | $-53.0K | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | -0.2% | -147.6% |
| Net Margin | -0.2% | -147.1% |
| Revenue YoY | 10.9% | -67.6% |
| Net Profit YoY | 99.9% | -182.8% |
| EPS (diluted) | $-0.01 | $-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 | $30.7M | $28.1M | ||
| Q3 25 | $29.8M | $32.5M | ||
| Q2 25 | $29.2M | $15.7M | ||
| Q1 25 | $29.2M | $8.0M | ||
| Q4 24 | $27.7M | $86.6M | ||
| Q3 24 | $31.5M | $2.1M | ||
| Q2 24 | $39.0M | $500.0K | ||
| Q1 24 | $44.0M | $0 |
| Q4 25 | $-53.0K | $-41.3M | ||
| Q3 25 | $-64.2M | $-51.2M | ||
| Q2 25 | $-81.5M | $-44.9M | ||
| Q1 25 | $492.0K | $-33.9M | ||
| Q4 24 | $-35.8M | $49.9M | ||
| Q3 24 | $-40.3M | $-19.1M | ||
| Q2 24 | $12.5M | $-12.5M | ||
| Q1 24 | $-27.8M | $-10.3M |
| Q4 25 | -0.2% | -147.6% | ||
| Q3 25 | -215.2% | -163.7% | ||
| Q2 25 | -279.1% | -302.9% | ||
| Q1 25 | 2.0% | -466.3% | ||
| Q4 24 | -140.7% | 54.5% | ||
| Q3 24 | -126.4% | -1051.6% | ||
| Q2 24 | 32.3% | -3068.0% | ||
| Q1 24 | -62.7% | — |
| Q4 25 | -0.2% | -147.1% | ||
| Q3 25 | -215.4% | -157.4% | ||
| Q2 25 | -279.5% | -285.6% | ||
| Q1 25 | 1.7% | -425.7% | ||
| Q4 24 | -129.0% | 57.7% | ||
| Q3 24 | -128.0% | -925.0% | ||
| Q2 24 | 31.9% | -2503.2% | ||
| Q1 24 | -63.3% | — |
| Q4 25 | $-0.01 | $-0.41 | ||
| Q3 25 | $-4.33 | $-0.52 | ||
| Q2 25 | $-5.50 | $-0.46 | ||
| Q1 25 | $0.03 | $-0.35 | ||
| Q4 24 | $-2.41 | $0.52 | ||
| Q3 24 | $-2.73 | $-0.20 | ||
| Q2 24 | $0.84 | $-0.13 | ||
| Q1 24 | $-1.88 | $-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 | $119.6M | $245.0M |
| Total DebtLower is stronger | $21.9M | $96.4M |
| Stockholders' EquityBook value | $293.9M | $114.3M |
| Total Assets | $453.4M | $327.7M |
| Debt / EquityLower = less leverage | 0.07× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $119.6M | $245.0M | ||
| Q3 25 | $38.7M | $288.2M | ||
| Q2 25 | $54.1M | $240.1M | ||
| Q1 25 | $28.2M | $275.7M | ||
| Q4 24 | $25.1M | $314.0M | ||
| Q3 24 | $36.1M | $204.6M | ||
| Q2 24 | $36.1M | $218.7M | ||
| Q1 24 | $39.8M | $223.6M |
| Q4 25 | $21.9M | $96.4M | ||
| Q3 25 | $47.1M | $96.2M | ||
| Q2 25 | $117.2M | — | ||
| Q1 25 | $148.5M | — | ||
| Q4 24 | $169.2M | $0 | ||
| Q3 24 | $239.4M | — | ||
| Q2 24 | $327.4M | — | ||
| Q1 24 | $515.2M | — |
| Q4 25 | $293.9M | $114.3M | ||
| Q3 25 | $430.3M | $147.7M | ||
| Q2 25 | $500.0M | $192.3M | ||
| Q1 25 | $582.1M | $229.0M | ||
| Q4 24 | $581.2M | $256.8M | ||
| Q3 24 | $621.9M | $201.0M | ||
| Q2 24 | $660.3M | $215.2M | ||
| Q1 24 | $647.2M | $223.9M |
| Q4 25 | $453.4M | $327.7M | ||
| Q3 25 | $522.6M | $372.8M | ||
| Q2 25 | $668.7M | $313.5M | ||
| Q1 25 | $784.1M | $327.3M | ||
| Q4 24 | $805.1M | $351.2M | ||
| Q3 24 | $919.9M | $217.6M | ||
| Q2 24 | $1.0B | $222.0M | ||
| Q1 24 | $1.2B | $227.6M |
| Q4 25 | 0.07× | 0.84× | ||
| Q3 25 | 0.11× | 0.65× | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 0.29× | 0.00× | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | 0.80× | — |
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 | $64.1M | $-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 | $64.1M | $-43.5M | ||
| Q3 25 | $16.3M | $-47.0M | ||
| Q2 25 | $11.7M | $-39.6M | ||
| Q1 25 | $14.1M | $-40.7M | ||
| Q4 24 | $71.9M | $42.0M | ||
| Q3 24 | $20.3M | $-14.5M | ||
| Q2 24 | $14.7M | $-7.3M | ||
| Q1 24 | $26.4M | $-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 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 28.70× | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.18× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NLOP
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
