Latest Ratios: P/E Ratio -2.3x · EV/EBITDA N/A · ROE -92.3%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $404M | $1.1B | $1.1B | $522M | $341M | $192M | $1.6B | — | — |
| Enterprise Value | $459M | $1.2B | $1.0B | $451M | $131M | $141M | $1.6B | — | — |
| P/E Ratio → | -2.34 | — | 135.08 | — | — | — | — | — | — |
| P/S Ratio | 4.80 | 13.63 | 12.12 | 17392.67 | 258.99 | 34.92 | 90.16 | — | — |
| P/B Ratio | 3.51 | 10.05 | 4.21 | 2.26 | 1.25 | — | — | — | — |
| P/FCF | — | — | 83.19 | — | — | — | 197.21 | — | — |
| P/OCF | — | — | 79.73 | — | — | — | 177.27 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.28 | 11.55 | 15036.10 | 99.38 | 25.66 | 89.35 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 124.24 | — | — | — | — | — | — |
| EV / FCF | — | — | 79.28 | — | — | — | 195.43 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.8% | 75.8% | 76.9% | 100.0% | -1200.9% | 96.1% | 21.1% | — | — |
| Operating Margin | -212.9% | -212.9% | -3.5% | -225066.7% | -2698.8% | -353.3% | -2.6% | — | — |
| Net Profit Margin | -203.3% | -203.3% | 9.0% | -181216.7% | -2635.4% | -367.7% | -6.0% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -92.3% | -92.3% | 3.3% | -21.6% | -28.7% | — | — | -380.6% | -96.6% |
| ROA | -50.5% | -50.5% | 2.7% | -21.1% | -20.2% | -46.1% | -5.1% | -111.0% | -63.8% |
| ROIC | -71.7% | -71.7% | -1.3% | -45.4% | — | — | — | -621.1% | — |
| ROCE | -58.2% | -58.2% | -1.1% | -26.6% | -21.6% | -54.5% | -5.9% | -239.2% | -81.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.84 | 0.84 | 0.00 | 0.00 | 0.00 | — | — | — | 0.43 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.48 | -0.20 | -0.31 | -0.77 | — | — | — | -0.68 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | -3.91 | — | — | — | -1.78 | — | — |
| Interest Coverage | -64.94 | -64.94 | — | — | — | -189.97 | -16.17 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.28 | 7.28 | 14.26 | 96.85 | 51.01 | 7.42 | 3.21 | 0.59 | 4.04 |
| Quick Ratio | 7.06 | 7.06 | 14.04 | 96.85 | 51.01 | 7.42 | 3.21 | 0.59 | 4.04 |
| Cash Ratio | 6.26 | 6.26 | 13.40 | 95.51 | 50.40 | 7.34 | 2.99 | 0.56 | 3.92 |
| Asset Turnover | — | 0.26 | 0.25 | 0.00 | 0.00 | 0.09 | 0.68 | — | — |
| Inventory Turnover | 2.44 | 2.44 | 3.94 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 114.11 | 37.51 | 9672.50 | — | 0.07 | 7.86 | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.7% | — | — | — | — | — | — |
| FCF Yield | — | — | 1.2% | — | — | — | 0.5% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $99M | $102M | $95M | $40M | $29M | $35M | $33M | $33M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SPRY stock.
ARS Pharmaceuticals, Inc.'s current P/E ratio is -2.3x. The historical average is 135.1x.
ARS Pharmaceuticals, Inc.'s return on equity (ROE) is -92.3%. The historical average is -102.8%.
Based on historical data, ARS Pharmaceuticals, Inc. is trading at a P/E of -2.3x. Compare with industry peers and growth rates for a complete picture.
ARS Pharmaceuticals, Inc. has 75.8% gross margin and -212.9% operating margin.
Key Metrics
Top Statement Risk
Rapid cash depletion and leverage spike
Metrics are mathematically derived from official filings.
Gross Margin Volatility Masks Structural SG&A Burden
Gross margins have swung from -12.8% to 95.5% over the past year, but the persistent operating loss, exceeding -180% of revenue in 2026Q2, indicates that the massive SG&A base is the primary impediment to profitability, not product economics.
The wide swings in gross margin, from negative to near-perfect, suggest that unit economics are highly sensitive to product mix and volume leverage, making the underlying profitability of the core product difficult to assess. However, the consistent and massive operating losses, with SG&A expenses dwarfing revenue, point to a structural cost structure issue. This implies that even if gross margins stabilize at a healthy level, the path to operating breakeven requires a significant reduction in the fixed SG&A base or a dramatic increase in revenue scale.
Negative Returns Signal Capital Erosion
Return on Invested Capital (ROIC) has deteriorated from a positive 19.3% in 2024Q4 to a deeply negative -66.9% in 2026Q2, indicating that the company is destroying value with each dollar invested, driven by severe operating losses and a shrinking equity base.
The collapse in ROIC from a brief period of profitability to deeply negative territory is a stark indicator of value destruction. This trend is driven by the combination of negative operating margins and a rapidly eroding capital base, as evidenced by the decline in total equity. The negative returns suggest that the current commercial investment phase is consuming capital at an accelerating rate without generating commensurate returns, raising questions about the long-term viability of the business model without additional financing.
Leverage Spike Highlights Refinancing Risk
The Debt-to-Equity ratio surged from near zero to 1.57 in 2026Q1 before debt was repaid, indicating a critical reliance on external financing to bridge a cash shortfall, as reported in recent SEC filings, which underscores significant refinancing risk.
The sudden appearance and disappearance of a significant debt load, coupled with a negative interest coverage ratio of -24.79 in 2026Q2, suggests that the company's ability to service debt is severely compromised by its operating losses. This pattern indicates that any future debt financing would likely come with restrictive covenants and high costs, further straining the financial structure. The leverage spike is a clear signal that the company's internal cash generation is insufficient to fund its operations, making it dependent on capital markets for survival.
Liquidity Position Approaches Critical Levels
The current ratio has plummeted from a peak of 60.90 in 2024Q1 to 3.48 in 2026Q2, while cash reserves have collapsed by 86% in nine months, indicating a rapidly deteriorating liquidity position that may not withstand further operational cash burn.
The sharp decline in the current ratio, while still above 1.0, is driven by the near-total depletion of cash reserves, which fell from $59.6M to $8.2M. This suggests that the company's liquidity is now heavily dependent on the timing of receivables and payables, as evidenced by the volatile cash conversion cycle. The rapid erosion of the cash cushion implies that the company has minimal runway to absorb further losses without securing additional financing, placing it in a vulnerable position.
The Misleading Signal of a High Current Ratio
The current ratio, while nominally healthy at 3.48, is a misleading indicator of liquidity for SPRY because it is inflated by a large accounts receivable balance, which may not be quickly convertible to cash given the lumpy sales pattern.
For a company like SPRY with highly volatile, non-recurring revenue streams, the current ratio can be deceptive. The high ratio is driven by a significant accounts receivable balance (DSO of 103 days in 2026Q2), which may not represent near-term cash inflows. A more appropriate metric would be the quick ratio, which excludes inventory, or a direct analysis of the cash balance relative to the quarterly cash burn rate. Relying on the current ratio alone could overstate the company's ability to meet its short-term obligations, especially if receivables collection slows.