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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Velocity Financial, Inc. is the larger business by last-quarter revenue ($51.6M vs $28.1M, roughly 1.8× ARS Pharmaceuticals, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -147.1%, a 214.5% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
SPRY vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $51.6M |
| Net Profit | $-41.3M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | -147.6% | 97.0% |
| Net Margin | -147.1% | 67.3% |
| Revenue YoY | -67.6% | 32.8% |
| Net Profit YoY | -182.8% | 67.0% |
| EPS (diluted) | $-0.41 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $32.5M | $49.1M | ||
| Q2 25 | $15.7M | $47.6M | ||
| Q1 25 | $8.0M | $37.5M | ||
| Q4 24 | $86.6M | $38.9M | ||
| Q3 24 | $2.1M | $35.1M | ||
| Q2 24 | $500.0K | $32.4M | ||
| Q1 24 | $0 | $29.5M |
| Q4 25 | $-41.3M | $34.8M | ||
| Q3 25 | $-51.2M | $25.4M | ||
| Q2 25 | $-44.9M | $26.0M | ||
| Q1 25 | $-33.9M | $18.9M | ||
| Q4 24 | $49.9M | $20.8M | ||
| Q3 24 | $-19.1M | $15.8M | ||
| Q2 24 | $-12.5M | $14.8M | ||
| Q1 24 | $-10.3M | $17.3M |
| Q4 25 | -147.6% | 97.0% | ||
| Q3 25 | -163.7% | 72.1% | ||
| Q2 25 | -302.9% | 71.3% | ||
| Q1 25 | -466.3% | 71.7% | ||
| Q4 24 | 54.5% | 82.5% | ||
| Q3 24 | -1051.6% | 60.6% | ||
| Q2 24 | -3068.0% | 61.3% | ||
| Q1 24 | — | 78.8% |
| Q4 25 | -147.1% | 67.3% | ||
| Q3 25 | -157.4% | 51.7% | ||
| Q2 25 | -285.6% | 54.6% | ||
| Q1 25 | -425.7% | 50.4% | ||
| Q4 24 | 57.7% | 53.5% | ||
| Q3 24 | -925.0% | 45.1% | ||
| Q2 24 | -2503.2% | 45.6% | ||
| Q1 24 | — | 58.5% |
| Q4 25 | $-0.41 | $0.90 | ||
| Q3 25 | $-0.52 | $0.65 | ||
| Q2 25 | $-0.46 | $0.69 | ||
| Q1 25 | $-0.35 | $0.51 | ||
| Q4 24 | $0.52 | $0.56 | ||
| Q3 24 | $-0.20 | $0.44 | ||
| Q2 24 | $-0.13 | $0.42 | ||
| Q1 24 | $-0.11 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $96.4M | — |
| Stockholders' EquityBook value | $114.3M | $672.5M |
| Total Assets | $327.7M | $7.4B |
| Debt / EquityLower = less leverage | 0.84× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | $92.1M | ||
| Q3 25 | $288.2M | $99.0M | ||
| Q2 25 | $240.1M | $79.6M | ||
| Q1 25 | $275.7M | $51.7M | ||
| Q4 24 | $314.0M | $49.9M | ||
| Q3 24 | $204.6M | $44.1M | ||
| Q2 24 | $218.7M | $47.4M | ||
| Q1 24 | $223.6M | $34.8M |
| 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 | $672.5M | ||
| Q3 25 | $147.7M | $634.3M | ||
| Q2 25 | $192.3M | $597.9M | ||
| Q1 25 | $229.0M | $563.2M | ||
| Q4 24 | $256.8M | $516.9M | ||
| Q3 24 | $201.0M | $484.6M | ||
| Q2 24 | $215.2M | $471.3M | ||
| Q1 24 | $223.9M | $452.9M |
| Q4 25 | $327.7M | $7.4B | ||
| Q3 25 | $372.8M | $7.0B | ||
| Q2 25 | $313.5M | $6.5B | ||
| Q1 25 | $327.3M | $6.0B | ||
| Q4 24 | $351.2M | $5.5B | ||
| Q3 24 | $217.6M | $5.2B | ||
| Q2 24 | $222.0M | $4.9B | ||
| Q1 24 | $227.6M | $4.6B |
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | 0.0% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | $18.2M | ||
| Q3 25 | $-47.0M | $11.5M | ||
| Q2 25 | $-39.6M | $7.7M | ||
| Q1 25 | $-40.7M | $3.5M | ||
| Q4 24 | $42.0M | $37.8M | ||
| Q3 24 | $-14.5M | $-17.6M | ||
| Q2 24 | $-7.3M | $11.5M | ||
| Q1 24 | $-6.7M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | $-47.2M | $11.4M | ||
| Q2 25 | $-39.6M | $7.6M | ||
| Q1 25 | $-40.8M | $3.5M | ||
| Q4 24 | $41.7M | $37.5M | ||
| Q3 24 | $-14.6M | $-17.6M | ||
| Q2 24 | $-7.3M | $11.4M | ||
| Q1 24 | $-6.8M | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | -145.4% | 23.2% | ||
| Q2 25 | -252.2% | 15.9% | ||
| Q1 25 | -512.1% | 9.2% | ||
| Q4 24 | 48.2% | 96.4% | ||
| Q3 24 | -706.3% | -50.3% | ||
| Q2 24 | -1463.4% | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | 0.6% | 0.1% | ||
| Q2 25 | 0.3% | 0.2% | ||
| Q1 25 | 1.1% | 0.2% | ||
| Q4 24 | 0.3% | 0.7% | ||
| Q3 24 | 6.8% | 0.2% | ||
| Q2 24 | 7.6% | 0.3% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | 0.84× | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
