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Side-by-side financial comparison of NELNET INC (NNI) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
NELNET INC is the larger business by last-quarter revenue ($33.5M vs $28.1M, roughly 1.2× ARS Pharmaceuticals, Inc.). NELNET INC runs the higher net margin — 172.3% vs -147.1%, a 319.4% gap on every dollar of revenue. On growth, NELNET INC posted the faster year-over-year revenue change (79.6% vs -67.6%).
Nelnet, Inc. is a United States–based conglomerate that primarily focuses on financial services including student and consumer loan origination and servicing. Additionally, the company operates an investing arm, an internet bank and has a 26% stake in Allo Fiber, a cable and internet provider. The company is headquartered in Lincoln, Nebraska.
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.
NNI vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $33.5M | $28.1M |
| Net Profit | $57.8M | $-41.3M |
| Gross Margin | 50.5% | — |
| Operating Margin | — | -147.6% |
| Net Margin | 172.3% | -147.1% |
| Revenue YoY | 79.6% | -67.6% |
| Net Profit YoY | -8.5% | -182.8% |
| EPS (diluted) | $1.62 | $-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 | $33.5M | $28.1M | ||
| Q3 25 | $23.2M | $32.5M | ||
| Q2 25 | $26.1M | $15.7M | ||
| Q1 25 | $24.7M | $8.0M | ||
| Q4 24 | $18.7M | $86.6M | ||
| Q3 24 | $16.6M | $2.1M | ||
| Q2 24 | $14.9M | $500.0K | ||
| Q1 24 | $12.8M | $0 |
| Q4 25 | $57.8M | $-41.3M | ||
| Q3 25 | $106.7M | $-51.2M | ||
| Q2 25 | $181.5M | $-44.9M | ||
| Q1 25 | $82.6M | $-33.9M | ||
| Q4 24 | $63.2M | $49.9M | ||
| Q3 24 | $2.4M | $-19.1M | ||
| Q2 24 | $45.1M | $-12.5M | ||
| Q1 24 | $73.4M | $-10.3M |
| Q4 25 | 50.5% | — | ||
| Q3 25 | 29.6% | — | ||
| Q2 25 | 29.8% | — | ||
| Q1 25 | 30.5% | — | ||
| Q4 24 | 13.7% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 27.3% | — | ||
| Q1 24 | 15.3% | — |
| Q4 25 | — | -147.6% | ||
| Q3 25 | — | -163.7% | ||
| Q2 25 | — | -302.9% | ||
| Q1 25 | — | -466.3% | ||
| Q4 24 | 97.7% | 54.5% | ||
| Q3 24 | -13.4% | -1051.6% | ||
| Q2 24 | 88.0% | -3068.0% | ||
| Q1 24 | — | — |
| Q4 25 | 172.3% | -147.1% | ||
| Q3 25 | 460.5% | -157.4% | ||
| Q2 25 | 694.9% | -285.6% | ||
| Q1 25 | 334.4% | -425.7% | ||
| Q4 24 | 338.2% | 57.7% | ||
| Q3 24 | 14.4% | -925.0% | ||
| Q2 24 | 303.6% | -2503.2% | ||
| Q1 24 | 574.4% | — |
| Q4 25 | $1.62 | $-0.41 | ||
| Q3 25 | $2.94 | $-0.52 | ||
| Q2 25 | $4.97 | $-0.46 | ||
| Q1 25 | $2.26 | $-0.35 | ||
| Q4 24 | $1.74 | $0.52 | ||
| Q3 24 | $0.07 | $-0.20 | ||
| Q2 24 | $1.23 | $-0.13 | ||
| Q1 24 | $1.98 | $-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 | $296.0M | $245.0M |
| Total DebtLower is stronger | $7.8B | $96.4M |
| Stockholders' EquityBook value | $3.7B | $114.3M |
| Total Assets | $14.1B | $327.7M |
| Debt / EquityLower = less leverage | 2.11× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $296.0M | $245.0M | ||
| Q3 25 | $216.4M | $288.2M | ||
| Q2 25 | $225.8M | $240.1M | ||
| Q1 25 | $220.5M | $275.7M | ||
| Q4 24 | $194.5M | $314.0M | ||
| Q3 24 | $219.7M | $204.6M | ||
| Q2 24 | $145.5M | $218.7M | ||
| Q1 24 | $179.7M | $223.6M |
| Q4 25 | $7.8B | $96.4M | ||
| Q3 25 | $7.8B | $96.2M | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $8.7B | — | ||
| Q4 24 | $8.3B | $0 | ||
| Q3 24 | $8.9B | — | ||
| Q2 24 | $9.6B | — | ||
| Q1 24 | $10.6B | — |
| Q4 25 | $3.7B | $114.3M | ||
| Q3 25 | $3.7B | $147.7M | ||
| Q2 25 | $3.6B | $192.3M | ||
| Q1 25 | $3.4B | $229.0M | ||
| Q4 24 | $3.3B | $256.8M | ||
| Q3 24 | $3.3B | $201.0M | ||
| Q2 24 | $3.3B | $215.2M | ||
| Q1 24 | $3.3B | $223.9M |
| Q4 25 | $14.1B | $327.7M | ||
| Q3 25 | $13.9B | $372.8M | ||
| Q2 25 | $13.7B | $313.5M | ||
| Q1 25 | $14.2B | $327.3M | ||
| Q4 24 | $13.8B | $351.2M | ||
| Q3 24 | $14.1B | $217.6M | ||
| Q2 24 | $14.5B | $222.0M | ||
| Q1 24 | $15.4B | $227.6M |
| Q4 25 | 2.11× | 0.84× | ||
| Q3 25 | 2.14× | 0.65× | ||
| Q2 25 | 2.21× | — | ||
| Q1 25 | 2.53× | — | ||
| Q4 24 | 2.48× | 0.00× | ||
| Q3 24 | 2.72× | — | ||
| Q2 24 | 2.90× | — | ||
| Q1 24 | 3.20× | — |
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 | $423.0M | $-43.5M |
| Free Cash FlowOCF − Capex | $396.7M | — |
| FCF MarginFCF / Revenue | 1183.0% | — |
| Capex IntensityCapex / Revenue | 78.2% | 0.0% |
| Cash ConversionOCF / Net Profit | 7.32× | — |
| TTM Free Cash FlowTrailing 4 quarters | $663.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $423.0M | $-43.5M | ||
| Q3 25 | $112.4M | $-47.0M | ||
| Q2 25 | $81.8M | $-39.6M | ||
| Q1 25 | $91.2M | $-40.7M | ||
| Q4 24 | $662.9M | $42.0M | ||
| Q3 24 | $137.0M | $-14.5M | ||
| Q2 24 | $133.8M | $-7.3M | ||
| Q1 24 | $211.6M | $-6.7M |
| Q4 25 | $396.7M | — | ||
| Q3 25 | $100.8M | $-47.2M | ||
| Q2 25 | $78.1M | $-39.6M | ||
| Q1 25 | $87.8M | $-40.8M | ||
| Q4 24 | $642.0M | $41.7M | ||
| Q3 24 | $132.6M | $-14.6M | ||
| Q2 24 | $123.1M | $-7.3M | ||
| Q1 24 | $188.3M | $-6.8M |
| Q4 25 | 1183.0% | — | ||
| Q3 25 | 435.0% | -145.4% | ||
| Q2 25 | 299.0% | -252.2% | ||
| Q1 25 | 355.6% | -512.1% | ||
| Q4 24 | 3438.0% | 48.2% | ||
| Q3 24 | 797.9% | -706.3% | ||
| Q2 24 | 829.2% | -1463.4% | ||
| Q1 24 | 1473.7% | — |
| Q4 25 | 78.2% | 0.0% | ||
| Q3 25 | 50.4% | 0.6% | ||
| Q2 25 | 14.2% | 0.3% | ||
| Q1 25 | 13.7% | 1.1% | ||
| Q4 24 | 111.9% | 0.3% | ||
| Q3 24 | 26.7% | 6.8% | ||
| Q2 24 | 71.5% | 7.6% | ||
| Q1 24 | 181.7% | — |
| Q4 25 | 7.32× | — | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 10.50× | 0.84× | ||
| Q3 24 | 57.39× | — | ||
| Q2 24 | 2.97× | — | ||
| Q1 24 | 2.88× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NNI
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
