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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and WEST BANCORPORATION INC (WTBA). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $26.9M, roughly 1.0× WEST BANCORPORATION INC). WEST BANCORPORATION INC runs the higher net margin — 39.2% vs -147.1%, a 186.4% gap on every dollar of revenue. On growth, WEST BANCORPORATION INC posted the faster year-over-year revenue change (16.6% 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.
West Bancorporation Inc. is a regional financial holding company headquartered in the U.S. Midwest, primarily serving markets across Iowa and Minnesota. It provides a full suite of personal and commercial banking services, including deposit accounts, mortgage loans, business lending, and wealth management solutions for individual consumers, small-to-medium enterprises, and local organizational clients.
SPRY vs WTBA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $26.9M |
| Net Profit | $-41.3M | $10.6M |
| Gross Margin | — | — |
| Operating Margin | -147.6% | 50.0% |
| Net Margin | -147.1% | 39.2% |
| Revenue YoY | -67.6% | 16.6% |
| Net Profit YoY | -182.8% | 34.8% |
| EPS (diluted) | $-0.41 | $0.61 |
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.
| Q1 26 | — | $26.9M | ||
| Q4 25 | $28.1M | $24.2M | ||
| Q3 25 | $32.5M | $25.0M | ||
| Q2 25 | $15.7M | $23.8M | ||
| Q1 25 | $8.0M | $23.1M | ||
| Q4 24 | $86.6M | $20.9M | ||
| Q3 24 | $2.1M | $20.3M | ||
| Q2 24 | $500.0K | $19.6M |
| Q1 26 | — | $10.6M | ||
| Q4 25 | $-41.3M | $7.4M | ||
| Q3 25 | $-51.2M | $9.3M | ||
| Q2 25 | $-44.9M | $8.0M | ||
| Q1 25 | $-33.9M | $7.8M | ||
| Q4 24 | $49.9M | $7.1M | ||
| Q3 24 | $-19.1M | $6.0M | ||
| Q2 24 | $-12.5M | $5.2M |
| Q1 26 | — | 50.0% | ||
| Q4 25 | -147.6% | 39.6% | ||
| Q3 25 | -163.7% | 45.8% | ||
| Q2 25 | -302.9% | 43.4% | ||
| Q1 25 | -466.3% | 43.4% | ||
| Q4 24 | 54.5% | 30.9% | ||
| Q3 24 | -1051.6% | 36.6% | ||
| Q2 24 | -3068.0% | 32.6% |
| Q1 26 | — | 39.2% | ||
| Q4 25 | -147.1% | 30.7% | ||
| Q3 25 | -157.4% | 37.3% | ||
| Q2 25 | -285.6% | 33.5% | ||
| Q1 25 | -425.7% | 34.0% | ||
| Q4 24 | 57.7% | 34.0% | ||
| Q3 24 | -925.0% | 29.3% | ||
| Q2 24 | -2503.2% | 26.5% |
| Q1 26 | — | $0.61 | ||
| Q4 25 | $-0.41 | $0.44 | ||
| Q3 25 | $-0.52 | $0.55 | ||
| Q2 25 | $-0.46 | $0.47 | ||
| Q1 25 | $-0.35 | $0.46 | ||
| Q4 24 | $0.52 | $0.41 | ||
| Q3 24 | $-0.20 | $0.35 | ||
| Q2 24 | $-0.13 | $0.31 |
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 | $362.0M |
| Total DebtLower is stronger | $96.4M | — |
| Stockholders' EquityBook value | $114.3M | $270.7M |
| Total Assets | $327.7M | $4.0B |
| Debt / EquityLower = less leverage | 0.84× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $362.0M | ||
| Q4 25 | $245.0M | $471.1M | ||
| Q3 25 | $288.2M | $232.9M | ||
| Q2 25 | $240.1M | $345.2M | ||
| Q1 25 | $275.7M | — | ||
| Q4 24 | $314.0M | $243.5M | ||
| Q3 24 | $204.6M | — | ||
| Q2 24 | $218.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | $96.4M | — | ||
| Q3 25 | $96.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $270.7M | ||
| Q4 25 | $114.3M | $266.0M | ||
| Q3 25 | $147.7M | $255.1M | ||
| Q2 25 | $192.3M | $240.9M | ||
| Q1 25 | $229.0M | $237.9M | ||
| Q4 24 | $256.8M | $227.9M | ||
| Q3 24 | $201.0M | $235.4M | ||
| Q2 24 | $215.2M | $223.9M |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $327.7M | $4.1B | ||
| Q3 25 | $372.8M | $4.0B | ||
| Q2 25 | $313.5M | $4.1B | ||
| Q1 25 | $327.3M | $4.0B | ||
| Q4 24 | $351.2M | $4.0B | ||
| Q3 24 | $217.6M | $4.0B | ||
| Q2 24 | $222.0M | $4.0B |
| Q1 26 | — | — | ||
| Q4 25 | 0.84× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $12.9M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 46.0% |
| Capex IntensityCapex / Revenue | 0.0% | 1.8% |
| Cash ConversionOCF / Net Profit | — | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $79.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.9M | ||
| Q4 25 | $-43.5M | $46.5M | ||
| Q3 25 | $-47.0M | $11.4M | ||
| Q2 25 | $-39.6M | $13.5M | ||
| Q1 25 | $-40.7M | $9.7M | ||
| Q4 24 | $42.0M | $39.8M | ||
| Q3 24 | $-14.5M | $12.9M | ||
| Q2 24 | $-7.3M | $10.0M |
| Q1 26 | — | $12.4M | ||
| Q4 25 | — | $43.2M | ||
| Q3 25 | $-47.2M | $10.8M | ||
| Q2 25 | $-39.6M | $12.8M | ||
| Q1 25 | $-40.8M | $8.3M | ||
| Q4 24 | $41.7M | $13.7M | ||
| Q3 24 | $-14.6M | $7.0M | ||
| Q2 24 | $-7.3M | $2.7M |
| Q1 26 | — | 46.0% | ||
| Q4 25 | — | 178.3% | ||
| Q3 25 | -145.4% | 43.0% | ||
| Q2 25 | -252.2% | 53.6% | ||
| Q1 25 | -512.1% | 35.7% | ||
| Q4 24 | 48.2% | 65.6% | ||
| Q3 24 | -706.3% | 34.2% | ||
| Q2 24 | -1463.4% | 14.0% |
| Q1 26 | — | 1.8% | ||
| Q4 25 | 0.0% | 13.7% | ||
| Q3 25 | 0.6% | 2.6% | ||
| Q2 25 | 0.3% | 3.2% | ||
| Q1 25 | 1.1% | 6.5% | ||
| Q4 24 | 0.3% | 125.3% | ||
| Q3 24 | 6.8% | 29.4% | ||
| Q2 24 | 7.6% | 37.1% |
| Q1 26 | — | 1.22× | ||
| Q4 25 | — | 6.26× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | — | 1.70× | ||
| Q1 25 | — | 1.24× | ||
| Q4 24 | 0.84× | 5.61× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 1.93× |
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% |
WTBA
Segment breakdown not available.
