vs
ARS Pharmaceuticals, Inc.（SPRY）与TELOS CORP（TLS）财务数据对比。点击上方公司名可切换其他公司
TELOS CORP的季度营收约是ARS Pharmaceuticals, Inc.的1.7倍（$46.8M vs $28.1M），TELOS CORP净利率更高（-34.9% vs -147.1%，领先112.3%），TELOS CORP同比增速更快（77.4% vs -67.6%）
ARS Pharmaceuticals是一家处于后期研发阶段的生物制药企业，专注于开发和商业化严重过敏反应创新疗法，核心产品为无需注射的肾上腺素鼻腔递送制剂，主要面向北美市场，服务存在致命过敏风险的成人及儿童患者群体。
泰洛斯公司（Telos Corporation）是一家信息技术与网络安全企业，总部位于美国弗吉尼亚州阿什本。公司主要服务对象为政府与企业客户，业务合同大部分来自美国国防部，核心客户涵盖美国军方、情报机构、民政部门以及北约盟友机构。
SPRY vs TLS — 直观对比
营收规模更大
TLS
是对方的1.7倍
$28.1M
营收增速更快
TLS
高出144.9%
-67.6%
净利率更高
TLS
高出112.3%
-147.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $28.1M | $46.8M |
| 净利润 | $-41.3M | $-16.3M |
| 毛利率 | — | 35.0% |
| 营业利润率 | -147.6% | -39.6% |
| 净利率 | -147.1% | -34.9% |
| 营收同比 | -67.6% | 77.4% |
| 净利润同比 | -182.8% | -74.8% |
| 每股收益（稀释后） | $-0.41 | $-0.22 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收SPRYTLS
| Q4 25 | $28.1M | $46.8M | ||
| Q3 25 | $32.5M | $51.4M | ||
| Q2 25 | $15.7M | $36.0M | ||
| Q1 25 | $8.0M | $30.6M | ||
| Q4 24 | $86.6M | $26.4M | ||
| Q3 24 | $2.1M | $23.8M | ||
| Q2 24 | $500.0K | $28.5M | ||
| Q1 24 | $0 | $29.6M |
净利润SPRYTLS
| Q4 25 | $-41.3M | $-16.3M | ||
| Q3 25 | $-51.2M | $-2.1M | ||
| Q2 25 | $-44.9M | $-9.5M | ||
| Q1 25 | $-33.9M | $-8.6M | ||
| Q4 24 | $49.9M | $-9.3M | ||
| Q3 24 | $-19.1M | $-28.1M | ||
| Q2 24 | $-12.5M | $-7.8M | ||
| Q1 24 | $-10.3M | $-7.4M |
毛利率SPRYTLS
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
营业利润率SPRYTLS
| Q4 25 | -147.6% | -39.6% | ||
| Q3 25 | -163.7% | -4.8% | ||
| Q2 25 | -302.9% | -27.5% | ||
| Q1 25 | -466.3% | -29.5% | ||
| Q4 24 | 54.5% | -37.6% | ||
| Q3 24 | -1051.6% | -121.4% | ||
| Q2 24 | -3068.0% | -30.3% | ||
| Q1 24 | — | -28.5% |
净利率SPRYTLS
| Q4 25 | -147.1% | -34.9% | ||
| Q3 25 | -157.4% | -4.1% | ||
| Q2 25 | -285.6% | -26.5% | ||
| Q1 25 | -425.7% | -28.1% | ||
| Q4 24 | 57.7% | -35.4% | ||
| Q3 24 | -925.0% | -118.0% | ||
| Q2 24 | -2503.2% | -27.2% | ||
| Q1 24 | — | -24.9% |
每股收益（稀释后）SPRYTLS
| Q4 25 | $-0.41 | $-0.22 | ||
| Q3 25 | $-0.52 | $-0.03 | ||
| Q2 25 | $-0.46 | $-0.13 | ||
| Q1 25 | $-0.35 | $-0.12 | ||
| Q4 24 | $0.52 | $-0.13 | ||
| Q3 24 | $-0.20 | $-0.39 | ||
| Q2 24 | $-0.13 | $-0.11 | ||
| Q1 24 | $-0.11 | $-0.10 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $245.0M | $53.2M |
| 总债务越低越好 | $96.4M | — |
| 股东权益账面价值 | $114.3M | $96.0M |
| 总资产 | $327.7M | $139.9M |
| 负债/权益比越低杠杆越低 | 0.84× | — |
8季度趋势，按日历期对齐
现金及短期投资SPRYTLS
| Q4 25 | $245.0M | $53.2M | ||
| Q3 25 | $288.2M | $59.0M | ||
| Q2 25 | $240.1M | $57.0M | ||
| Q1 25 | $275.7M | $57.8M | ||
| Q4 24 | $314.0M | $54.6M | ||
| Q3 24 | $204.6M | $69.8M | ||
| Q2 24 | $218.7M | $80.1M | ||
| Q1 24 | $223.6M | $93.9M |
总债务SPRYTLS
| Q4 25 | $96.4M | — | ||
| Q3 25 | $96.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SPRYTLS
| Q4 25 | $114.3M | $96.0M | ||
| Q3 25 | $147.7M | $119.7M | ||
| Q2 25 | $192.3M | $118.4M | ||
| Q1 25 | $229.0M | $126.1M | ||
| Q4 24 | $256.8M | $127.1M | ||
| Q3 24 | $201.0M | $129.5M | ||
| Q2 24 | $215.2M | $149.1M | ||
| Q1 24 | $223.9M | $154.4M |
总资产SPRYTLS
| Q4 25 | $327.7M | $139.9M | ||
| Q3 25 | $372.8M | $164.3M | ||
| Q2 25 | $313.5M | $165.0M | ||
| Q1 25 | $327.3M | $158.1M | ||
| Q4 24 | $351.2M | $158.2M | ||
| Q3 24 | $217.6M | $166.3M | ||
| Q2 24 | $222.0M | $182.4M | ||
| Q1 24 | $227.6M | $195.4M |
负债/权益比SPRYTLS
| Q4 25 | 0.84× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-43.5M | $8.0M |
| 自由现金流经营现金流 - 资本支出 | — | $8.0M |
| 自由现金流率自由现金流/营收 | — | 17.0% |
| 资本支出强度资本支出/营收 | 0.0% | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $29.4M |
8季度趋势，按日历期对齐
经营现金流SPRYTLS
| Q4 25 | $-43.5M | $8.0M | ||
| Q3 25 | $-47.0M | $9.1M | ||
| Q2 25 | $-39.6M | $7.0M | ||
| Q1 25 | $-40.7M | $6.1M | ||
| Q4 24 | $42.0M | $-10.5M | ||
| Q3 24 | $-14.5M | $-7.1M | ||
| Q2 24 | $-7.3M | $-8.0M | ||
| Q1 24 | $-6.7M | $-350.0K |
自由现金流SPRYTLS
| Q4 25 | — | $8.0M | ||
| Q3 25 | $-47.2M | $8.7M | ||
| Q2 25 | $-39.6M | $6.8M | ||
| Q1 25 | $-40.8M | $6.0M | ||
| Q4 24 | $41.7M | $-12.4M | ||
| Q3 24 | $-14.6M | $-7.1M | ||
| Q2 24 | $-7.3M | $-8.2M | ||
| Q1 24 | $-6.8M | $-447.0K |
自由现金流率SPRYTLS
| Q4 25 | — | 17.0% | ||
| Q3 25 | -145.4% | 16.9% | ||
| Q2 25 | -252.2% | 19.0% | ||
| Q1 25 | -512.1% | 19.5% | ||
| Q4 24 | 48.2% | -47.0% | ||
| Q3 24 | -706.3% | -30.0% | ||
| Q2 24 | -1463.4% | -28.9% | ||
| Q1 24 | — | -1.5% |
资本支出强度SPRYTLS
| Q4 25 | 0.0% | 0.1% | ||
| Q3 25 | 0.6% | 0.9% | ||
| Q2 25 | 0.3% | 0.4% | ||
| Q1 25 | 1.1% | 0.4% | ||
| Q4 24 | 0.3% | 7.1% | ||
| Q3 24 | 6.8% | 0.2% | ||
| Q2 24 | 7.6% | 0.8% | ||
| Q1 24 | — | 0.3% |
现金转化率SPRYTLS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
