vs
Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
Waterstone Financial, Inc. is the larger business by last-quarter revenue ($37.2M vs $28.1M, roughly 1.3× ARS Pharmaceuticals, Inc.). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% 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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
SPRY vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $37.2M |
| Net Profit | $-41.3M | — |
| Gross Margin | — | — |
| Operating Margin | -147.6% | 27.0% |
| Net Margin | -147.1% | — |
| Revenue YoY | -67.6% | 16.7% |
| Net Profit YoY | -182.8% | — |
| EPS (diluted) | $-0.41 | $0.43 |
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 | $37.2M | ||
| Q3 25 | $32.5M | $37.0M | ||
| Q2 25 | $15.7M | $38.0M | ||
| Q1 25 | $8.0M | $29.7M | ||
| Q4 24 | $86.6M | $31.8M | ||
| Q3 24 | $2.1M | $34.1M | ||
| Q2 24 | $500.0K | $37.2M | ||
| Q1 24 | $0 | $32.4M |
| Q4 25 | $-41.3M | — | ||
| Q3 25 | $-51.2M | $7.9M | ||
| Q2 25 | $-44.9M | $7.7M | ||
| Q1 25 | $-33.9M | $3.0M | ||
| Q4 24 | $49.9M | — | ||
| Q3 24 | $-19.1M | $4.7M | ||
| Q2 24 | $-12.5M | $5.7M | ||
| Q1 24 | $-10.3M | $3.0M |
| Q4 25 | -147.6% | 27.0% | ||
| Q3 25 | -163.7% | 26.6% | ||
| Q2 25 | -302.9% | 25.4% | ||
| Q1 25 | -466.3% | 13.1% | ||
| Q4 24 | 54.5% | 19.5% | ||
| Q3 24 | -1051.6% | 17.3% | ||
| Q2 24 | -3068.0% | 19.2% | ||
| Q1 24 | — | 14.7% |
| Q4 25 | -147.1% | — | ||
| Q3 25 | -157.4% | 21.4% | ||
| Q2 25 | -285.6% | 20.3% | ||
| Q1 25 | -425.7% | 10.2% | ||
| Q4 24 | 57.7% | — | ||
| Q3 24 | -925.0% | 13.9% | ||
| Q2 24 | -2503.2% | 15.4% | ||
| Q1 24 | — | 9.4% |
| Q4 25 | $-0.41 | $0.43 | ||
| Q3 25 | $-0.52 | $0.45 | ||
| Q2 25 | $-0.46 | $0.43 | ||
| Q1 25 | $-0.35 | $0.17 | ||
| Q4 24 | $0.52 | $0.28 | ||
| Q3 24 | $-0.20 | $0.26 | ||
| Q2 24 | $-0.13 | $0.31 | ||
| Q1 24 | $-0.11 | $0.16 |
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 | — |
| Total DebtLower is stronger | $96.4M | $412.3M |
| Stockholders' EquityBook value | $114.3M | $349.4M |
| Total Assets | $327.7M | $2.3B |
| Debt / EquityLower = less leverage | 0.84× | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | — | ||
| Q3 25 | $288.2M | — | ||
| Q2 25 | $240.1M | — | ||
| Q1 25 | $275.7M | — | ||
| Q4 24 | $314.0M | — | ||
| Q3 24 | $204.6M | — | ||
| Q2 24 | $218.7M | — | ||
| Q1 24 | $223.6M | — |
| Q4 25 | $96.4M | $412.3M | ||
| Q3 25 | $96.2M | $469.1M | ||
| Q2 25 | — | $465.7M | ||
| Q1 25 | — | $395.9M | ||
| Q4 24 | $0 | $446.5M | ||
| Q3 24 | — | $560.1M | ||
| Q2 24 | — | $660.8M | ||
| Q1 24 | — | $634.2M |
| Q4 25 | $114.3M | $349.4M | ||
| Q3 25 | $147.7M | $345.5M | ||
| Q2 25 | $192.3M | $341.5M | ||
| Q1 25 | $229.0M | $341.4M | ||
| Q4 24 | $256.8M | $339.1M | ||
| Q3 24 | $201.0M | $342.0M | ||
| Q2 24 | $215.2M | $334.9M | ||
| Q1 24 | $223.9M | $338.0M |
| Q4 25 | $327.7M | $2.3B | ||
| Q3 25 | $372.8M | $2.3B | ||
| Q2 25 | $313.5M | $2.3B | ||
| Q1 25 | $327.3M | $2.2B | ||
| Q4 24 | $351.2M | $2.2B | ||
| Q3 24 | $217.6M | $2.2B | ||
| Q2 24 | $222.0M | $2.3B | ||
| Q1 24 | $227.6M | $2.2B |
| Q4 25 | 0.84× | 1.18× | ||
| Q3 25 | 0.65× | 1.36× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | 0.00× | 1.32× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.88× |
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 | $24.2M |
| Free Cash FlowOCF − Capex | — | $23.0M |
| FCF MarginFCF / Revenue | — | 61.9% |
| Capex IntensityCapex / Revenue | 0.0% | 3.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | $24.2M | ||
| Q3 25 | $-47.0M | $32.7M | ||
| Q2 25 | $-39.6M | $-38.4M | ||
| Q1 25 | $-40.7M | $26.7M | ||
| Q4 24 | $42.0M | $48.1M | ||
| Q3 24 | $-14.5M | $74.1M | ||
| Q2 24 | $-7.3M | $-39.5M | ||
| Q1 24 | $-6.7M | $-9.9M |
| Q4 25 | — | $23.0M | ||
| Q3 25 | $-47.2M | $32.4M | ||
| Q2 25 | $-39.6M | $-38.5M | ||
| Q1 25 | $-40.8M | $26.5M | ||
| Q4 24 | $41.7M | $47.0M | ||
| Q3 24 | $-14.6M | $73.9M | ||
| Q2 24 | $-7.3M | $-39.7M | ||
| Q1 24 | $-6.8M | $-10.3M |
| Q4 25 | — | 61.9% | ||
| Q3 25 | -145.4% | 87.5% | ||
| Q2 25 | -252.2% | -101.2% | ||
| Q1 25 | -512.1% | 89.2% | ||
| Q4 24 | 48.2% | 147.5% | ||
| Q3 24 | -706.3% | 216.9% | ||
| Q2 24 | -1463.4% | -106.7% | ||
| Q1 24 | — | -31.9% |
| Q4 25 | 0.0% | 3.1% | ||
| Q3 25 | 0.6% | 0.8% | ||
| Q2 25 | 0.3% | 0.2% | ||
| Q1 25 | 1.1% | 0.9% | ||
| Q4 24 | 0.3% | 3.5% | ||
| Q3 24 | 6.8% | 0.6% | ||
| Q2 24 | 7.6% | 0.4% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.13× | ||
| Q2 25 | — | -4.98× | ||
| Q1 25 | — | 8.81× | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | — | 15.67× | ||
| Q2 24 | — | -6.92× | ||
| Q1 24 | — | -3.27× |
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% |
WSBF
Segment breakdown not available.
