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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and TEJON RANCH CO (TRC). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $21.1M, roughly 1.3× TEJON RANCH CO). TEJON RANCH CO runs the higher net margin — 7.5% vs -147.1%, a 154.6% gap on every dollar of revenue. On growth, TEJON RANCH CO posted the faster year-over-year revenue change (17.7% vs -67.6%).
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.
Tejon Ranch Company, based in Lebec, California, is one of the largest private landowners in California. The company was incorporated in 1936 to organize the ownership of a large tract of land that was consolidated from four Mexican land grants acquired in the 1850s and 1860s by ranch founder Edward Fitzgerald Beale.
SPRY vs TRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $21.1M |
| Net Profit | $-41.3M | $1.6M |
| Gross Margin | — | 30.6% |
| Operating Margin | -147.6% | 10.9% |
| Net Margin | -147.1% | 7.5% |
| Revenue YoY | -67.6% | 17.7% |
| Net Profit YoY | -182.8% | -64.7% |
| EPS (diluted) | $-0.41 | $0.05 |
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 | $21.1M | ||
| Q3 25 | $32.5M | $12.0M | ||
| Q2 25 | $15.7M | $8.3M | ||
| Q1 25 | $8.0M | $8.2M | ||
| Q4 24 | $86.6M | $17.9M | ||
| Q3 24 | $2.1M | $10.9M | ||
| Q2 24 | $500.0K | $5.7M | ||
| Q1 24 | $0 | $7.4M |
| Q4 25 | $-41.3M | $1.6M | ||
| Q3 25 | $-51.2M | $1.7M | ||
| Q2 25 | $-44.9M | $-1.7M | ||
| Q1 25 | $-33.9M | $-1.5M | ||
| Q4 24 | $49.9M | $4.5M | ||
| Q3 24 | $-19.1M | $-1.8M | ||
| Q2 24 | $-12.5M | $957.0K | ||
| Q1 24 | $-10.3M | $-914.0K |
| Q4 25 | — | 30.6% | ||
| Q3 25 | — | 28.4% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 22.9% | ||
| Q2 24 | — | 45.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | -147.6% | 10.9% | ||
| Q3 25 | -163.7% | -16.9% | ||
| Q2 25 | -302.9% | -48.8% | ||
| Q1 25 | -466.3% | -50.7% | ||
| Q4 24 | 54.5% | 11.9% | ||
| Q3 24 | -1051.6% | -34.9% | ||
| Q2 24 | -3068.0% | -62.4% | ||
| Q1 24 | — | -53.8% |
| Q4 25 | -147.1% | 7.5% | ||
| Q3 25 | -157.4% | 14.0% | ||
| Q2 25 | -285.6% | -20.6% | ||
| Q1 25 | -425.7% | -17.8% | ||
| Q4 24 | 57.7% | 25.0% | ||
| Q3 24 | -925.0% | -16.9% | ||
| Q2 24 | -2503.2% | 16.8% | ||
| Q1 24 | — | -12.3% |
| Q4 25 | $-0.41 | $0.05 | ||
| Q3 25 | $-0.52 | $0.06 | ||
| Q2 25 | $-0.46 | $-0.06 | ||
| Q1 25 | $-0.35 | $-0.05 | ||
| Q4 24 | $0.52 | $0.16 | ||
| Q3 24 | $-0.20 | $-0.07 | ||
| Q2 24 | $-0.13 | $0.04 | ||
| Q1 24 | $-0.11 | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $245.0M | $9.5M |
| Total DebtLower is stronger | $96.4M | — |
| Stockholders' EquityBook value | $114.3M | $475.2M |
| Total Assets | $327.7M | $630.5M |
| Debt / EquityLower = less leverage | 0.84× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | $9.5M | ||
| Q3 25 | $288.2M | $3.6M | ||
| Q2 25 | $240.1M | $2.5M | ||
| Q1 25 | $275.7M | $12.3M | ||
| Q4 24 | $314.0M | $39.3M | ||
| Q3 24 | $204.6M | $27.4M | ||
| Q2 24 | $218.7M | $33.0M | ||
| Q1 24 | $223.6M | $35.6M |
| 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 | $475.2M | ||
| Q3 25 | $147.7M | $473.2M | ||
| Q2 25 | $192.3M | $471.5M | ||
| Q1 25 | $229.0M | $472.5M | ||
| Q4 24 | $256.8M | $473.6M | ||
| Q3 24 | $201.0M | $468.3M | ||
| Q2 24 | $215.2M | $469.2M | ||
| Q1 24 | $223.9M | $467.4M |
| Q4 25 | $327.7M | $630.5M | ||
| Q3 25 | $372.8M | $629.6M | ||
| Q2 25 | $313.5M | $618.5M | ||
| Q1 25 | $327.3M | $614.6M | ||
| Q4 24 | $351.2M | $608.0M | ||
| Q3 24 | $217.6M | $598.0M | ||
| Q2 24 | $222.0M | $590.8M | ||
| Q1 24 | $227.6M | $581.6M |
| 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 | $-43.5M | $6.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | 3.88× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | $6.1M | ||
| Q3 25 | $-47.0M | $-2.4M | ||
| Q2 25 | $-39.6M | $-381.0K | ||
| Q1 25 | $-40.7M | $-1.3M | ||
| Q4 24 | $42.0M | $14.3M | ||
| Q3 24 | $-14.5M | $2.1M | ||
| Q2 24 | $-7.3M | $-1.8M | ||
| Q1 24 | $-6.7M | $777.0K |
| Q4 25 | — | — | ||
| Q3 25 | $-47.2M | $-14.6M | ||
| Q2 25 | $-39.6M | $-20.0M | ||
| Q1 25 | $-40.8M | $-18.9M | ||
| Q4 24 | $41.7M | $-42.9M | ||
| Q3 24 | $-14.6M | $-16.8M | ||
| Q2 24 | $-7.3M | $-15.8M | ||
| Q1 24 | $-6.8M | $-7.3M |
| Q4 25 | — | — | ||
| Q3 25 | -145.4% | -122.2% | ||
| Q2 25 | -252.2% | -240.6% | ||
| Q1 25 | -512.1% | -230.1% | ||
| Q4 24 | 48.2% | -239.3% | ||
| Q3 24 | -706.3% | -155.2% | ||
| Q2 24 | -1463.4% | -277.2% | ||
| Q1 24 | — | -99.0% |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.6% | 102.3% | ||
| Q2 25 | 0.3% | 236.0% | ||
| Q1 25 | 1.1% | 213.7% | ||
| Q4 24 | 0.3% | 319.1% | ||
| Q3 24 | 6.8% | 174.3% | ||
| Q2 24 | 7.6% | 245.5% | ||
| Q1 24 | — | 109.5% |
| Q4 25 | — | 3.88× | ||
| Q3 25 | — | -1.43× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.84× | 3.19× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.88× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
TRC
Segment breakdown not available.
