ARS Pharmaceuticals, Inc. (SPRY) Key Metrics
SPRY valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $399.8M
- Enterprise value
- $369.0M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 3.4 10-yr median 34.9
- Price / book
- 33.3 10-yr median 3.2
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 1.08
SPRY key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSPRY valuation Price multiples at each fiscal year-end price.
Price / sales+12.4%
13.6
2025 · hover or tap a bar for each year
20182025
Price / book+138.9%
10.1
2025 · hover or tap a bar for each year
20182025
Free cash flow yield−16.1 pts
−14.9%
2025 · hover or tap a bar for each year
20182025
SPRY returns How much profit the business earns on the capital it uses.
Return on equity−95.6 pts
−92.3%
2025 · hover or tap a bar for each year
20182025
Return on assets−53.2 pts
−50.5%
2025 · hover or tap a bar for each year
20182025
Free cash flow margin−217.7 pts
−203.1%
2025 · hover or tap a bar for each year
20182025
Asset turnover−18.6%
0.25
2025 · hover or tap a bar for each year
20182025
SPRY per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−1.8%
$0.86
2025 · hover or tap a bar for each year
20182025
Earnings per share
−$1.74
2025 · hover or tap a bar for each year
20182025
Free cash flow per share
−$1.74
2025 · hover or tap a bar for each year
20182025
Book value per share−53.8%
$1.16
2025 · hover or tap a bar for each year
20182025
Shares outstanding−3.7%
98.6M
2025 · hover or tap a bar for each year
20182025
SPRY financial health Debt, liquidity and how easily interest is covered.
Debt / equity+515,621.9%
0.84
2025 · hover or tap a bar for each year
20182025
Net debt+$165.4M
−$148.6M
2025 · hover or tap a bar for each year
20182025
Current ratio−49.0%
7.28
2025 · hover or tap a bar for each year
20182025
Interest coverage
-69.0
2025 · hover or tap a bar for each year
20182025
Debt / assets+245,820.2%
0.29
2025 · hover or tap a bar for each year
20182025
SPRY efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+57 days
77 days
2025 · hover or tap a bar for each year
20182025
Days of inventory+75 days
121 days
2025 · hover or tap a bar for each year
20182025
Days payables outstanding+45 days
139 days
2025 · hover or tap a bar for each year
20182025
Cash conversion cycle+87 days
59 days
2025 · hover or tap a bar for each year
20182025
Capex / revenue−0.2 pts
0.4%
2025 · hover or tap a bar for each year
20182025
SPRY valuation history
Fiscal year-endToday8-year median
SPRY returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SPRY debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SPRY price vs earnings per share
Share price at year-endEPS (right axis)
SPRY key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $1.15B | $1.08B | $521.8M | $340.8M | $192.3M | $1.61B | — | — |
| Enterprise value | $999.7M | $766.2M | $293.7M | $66.9M | $141.3M | $1.59B | — | — |
| P/E ratio | — | 135.1 | — | — | — | — | — | — |
| Price / sales | 13.6 | 12.1 | — | 259.0 | 34.9 | 90.2 | — | — |
| Price / book | 10.1 | 4.2 | 2.3 | 1.2 | — | — | — | — |
| Price / free cash flow | — | 83.2 | — | — | — | 197.2 | — | — |
| Price / operating cash flow | — | 79.7 | — | — | — | 177.3 | — | — |
| EV / sales | 11.9 | 8.6 | — | 50.9 | 25.7 | 89.3 | — | — |
| EV / EBITDA | — | 91.6 | — | — | — | — | — | — |
| EV / free cash flow | — | 59.0 | — | — | — | 195.4 | — | — |
| Earnings yield | −14.9% | 0.7% | −10.4% | −10.2% | −10.5% | −0.1% | — | — |
| Free cash flow yield | −14.9% | 1.2% | −11.4% | −11.8% | −9.2% | 0.5% | — | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.0% | — | — | — | — |
| Share price at fiscal year-end | $11.65 | $10.55 | $5.48 | $8.53 | $6.66 | $46.34 | — | — |
| Per share | ||||||||
| Revenue per share | $0.86 | $0.87 | $0.00 | $0.03 | $0.19 | $0.51 | $0.00 | $0.00 |
| Earnings per share | −$1.74 | $0.08 | −$0.57 | −$0.87 | −$0.70 | −$0.03 | −$0.72 | −$0.53 |
| Operating cash flow per share | −$1.73 | $0.13 | −$0.62 | −$1.00 | −$0.61 | $0.26 | −$0.57 | −$0.51 |
| Free cash flow per share | −$1.74 | $0.13 | −$0.62 | −$1.01 | −$0.61 | $0.23 | −$0.57 | −$0.52 |
| Cash per share | $2.49 | $3.07 | $2.40 | $6.87 | $2.08 | $0.71 | $0.30 | $0.61 |
| Book value per share | $1.16 | $2.51 | $2.42 | $6.83 | −$1.08 | −$0.40 | −$0.17 | $0.55 |
| Tangible book value per share | $1.01 | $2.43 | $2.42 | $6.83 | −$1.08 | −$0.40 | −$0.17 | $0.55 |
| Capex per share | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.03 | $0.00 | $0.01 |
| Debt per share | $0.98 | $0.00 | $0.00 | $0.01 | $0.31 | $0.29 | $0.47 | $0.23 |
| Shares outstanding | 98.6M | 102.4M | 95.2M | 40.0M | 28.9M | 34.7M | 33.1M | 33.1M |
| Change in shares outstanding | −3.7% | +7.5% | +138.3% | +38.4% | −16.8% | +4.9% | 0.0% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | −92.3% | 3.3% | −21.6% | −28.7% | — | — | — | −96.6% |
| Return on invested capital (ROIC) | — | — | — | — | — | — | −654.3% | −250.8% |
| Return on assets (ROA) | −50.5% | 2.7% | −21.1% | −20.2% | −46.1% | −5.1% | −111.0% | −63.8% |
| Return on tangible assets | −54.7% | 2.3% | −23.4% | −12.3% | −32.9% | −4.0% | −153.2% | −63.8% |
| Free cash flow margin | −203.1% | 14.6% | — | — | −319.9% | 45.7% | — | — |
| Income quality (OCF / net income) | — | 1.69 | — | — | — | — | — | — |
| Financial health | ||||||||
| Total debt | $96.4M | $42,000 | $274,000 | $481,000 | $9.0M | $10.0M | $15.6M | $7.7M |
| Cash & short-term investments | $245.0M | $314.0M | $228.4M | $274.4M | $60.1M | $24.5M | $10.0M | $20.2M |
| Net debt | −$148.6M | −$314.0M | −$228.1M | −$273.9M | −$51.0M | −$14.5M | $5.6M | −$12.4M |
| Debt / equity | 0.84 | 0.00 | 0.00 | 0.00 | — | — | — | 0.43 |
| Debt / assets | 0.29 | 0.00 | 0.00 | 0.00 | 0.15 | 0.38 | 1.00 | 0.28 |
| Net debt / EBITDA | — | −37.53 | — | — | — | — | — | — |
| Current ratio | 7.28 | 14.26 | 96.85 | 51.01 | 7.42 | 3.21 | 0.59 | 4.04 |
| Quick ratio | 7.06 | 14.04 | 96.85 | 51.20 | 8.25 | 3.53 | 0.59 | 4.04 |
| Interest coverage | -69.0 | — | — | -42.6 | -183.5 | -16.2 | — | — |
| Working capital | $245.8M | $310.9M | $229.2M | $272.3M | $52.5M | $18.2M | −$7.4M | $15.6M |
| Invested capital | −$34.4M | −$57.2M | $2.7M | −$1.0M | −$82.3M | −$28.6M | $41,000 | $5.8M |
| Tangible asset value | $99.8M | $249.1M | $230.1M | $272.9M | −$31.3M | −$14.1M | −$5.6M | $18.2M |
| Net current asset value | $71.5M | $239.9M | $229.1M | $269.2M | −$32.0M | −$14.1M | −$10.7M | $11.4M |
| Graham number | — | $2.10 | — | — | — | — | — | — |
| Graham net-net per share | $0.56 | $2.24 | $2.38 | $6.66 | −$1.25 | −$0.49 | −$0.34 | $0.33 |
| Capital allocation | ||||||||
| Share buybacks (net) | — | — | — | $0 | — | — | — | — |
| Capex / revenue | 0.4% | 0.6% | 583.3% | 15.1% | 1.0% | 5.1% | — | — |
| Capex / operating cash flow | — | 4.2% | — | — | — | 10.1% | — | — |
| Capex / depreciation | 0.25 | 7.13 | 2.40 | 0.62 | 0.26 | 152.83 | 0.06 | 0.32 |
| Stock-based compensation / revenue | 26.2% | 16.3% | 30,783.3% | 444.0% | 51.4% | 19.9% | — | — |
| R&D / revenue | 15.6% | 22.0% | 67,553.3% | 1,396.4% | 368.2% | 78.9% | — | — |
| SG&A / revenue | 273.1% | 80.4% | 157,856.7% | 1,402.4% | 85.1% | 23.7% | — | — |
| Efficiency | ||||||||
| Days sales outstanding | 76.9 | 20.4 | 10,974.3 | 140.1 | 12.8 | 7.9 | — | — |
| Days of inventory on hand | 121.4 | 46.3 | — | -83.0 | -8,046.3 | -67.7 | — | — |
| Days payables outstanding | 139.4 | 94.4 | 6,045.0 | 36.7 | 2,574.7 | 61.4 | 506.8 | 199.2 |
| Cash conversion cycle (days) | 58.9 | -27.7 | 2,406.8 | 20.3 | -10,608.2 | -121.3 | — | — |
| Receivables turnover | 4.75 | 17.91 | 0.03 | 2.61 | 28.60 | 46.45 | — | — |
| Payables turnover | 2.62 | 3.87 | 0.06 | 9.94 | 0.14 | 5.94 | 0.72 | 1.83 |
| Inventory turnover | 3.01 | 7.89 | — | — | — | — | — | — |
| Asset turnover | 0.25 | 0.31 | 0.00 | 0.01 | 0.13 | 0.85 | 0.00 | 0.00 |
| Average receivables | $17.8M | $5.0M | $902,000 | $505,000 | $192,500 | $384,000 | — | — |
| Average payables | $7.8M | $5.3M | $1.2M | $1.7M | $1.5M | $2.4M | $2.1M | $775,000 |
| Average inventory | $6.8M | $2.6M | −$504,500 | −$3.9M | −$4.7M | −$2.6M | — | — |
| Intangibles / total assets | 4.4% | 2.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from SPRY's annual financial statements (latest annual report filed March 9, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SPRY valuation and financial ratios
ARS Pharmaceuticals earned a return on equity of −92.3% in fiscal 2025. It ended the year with $96.4 million of debt and $245.0 million in cash and short-term investments, a net cash position of $148.6 million. The share count rose 198.1% from 33.1M to 98.6M over 7 years.
See the SPRY income statement, the SPRY chart for price history, or the SPRY stock overview for the latest quote and news.
SPRY key metrics FAQ
What is ARS Pharmaceuticals's return on equity?
ARS Pharmaceuticals's return on equity (ROE) was −92.3% in fiscal 2025: net income of -$171.3 million on average shareholders' equity of $185.5 million.
How much debt does ARS Pharmaceuticals have?
ARS Pharmaceuticals had total debt of $96.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.84 and more cash than debt.
What is ARS Pharmaceuticals's free cash flow yield?
ARS Pharmaceuticals generated -$171.2 million of free cash flow in fiscal 2025, a free cash flow yield of −14.9% on its market value at year-end ($1.1 billion).
What is ARS Pharmaceuticals's current ratio?
ARS Pharmaceuticals's current ratio was 7.28 at the end of fiscal 2025: current assets were 7.28 times current liabilities.