# ARS Pharmaceuticals Inc. (SPRY) fundamentals

Data as of 2026-11-04. NASDAQ, United States. Sector: Healthcare / Biotechnology. Price $3.05, market value $303 million.

## Valuation
- **P/E (trailing): n/a** (negative earnings). ARS Pharmaceuticals Inc. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 2.6×**. Each dollar of revenue is priced at 2.6×.
- **Price / book: 24.2×**. The shares trade at 24.2× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **Free-cash-flow yield: -64.8%** (5-yr avg -9.2%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Operating margin: -185.0%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -203.3%**. The company reported a net loss over the last twelve months.
- **Return on equity: -149.9%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -100.9%**. Return on all capital, debt included, is -100.9%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -65.8%**. Each dollar of assets produces -65.8% of profit.

## Growth
- **Revenue growth (1 yr): -5.5%** (3-yr 300.1%/yr). Revenue fell 5.5% over the last year.
- **EPS growth (1 yr): -2275.0%**. Earnings per share fell 2275.0%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.84**. Debt is 0.84 times equity, moderate leverage.
- **Net debt / EBITDA: net cash**. ARS Pharmaceuticals Inc. holds more cash than debt.
- **Current ratio: 7.28** (quick 7.28). Current assets cover the next year's liabilities 7.28 times.
- **Altman Z-score: 0.69**. A Z-score of 0.69 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.

## Dividends
- **Dividend: none**. ARS Pharmaceuticals Inc. does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): -64.6%** (YTD -73.8%, 3-mo -42.7%). The shares are down 64.6% over twelve months including dividends.
- **From 52-week high: -76.8%** (4.8% above the low). Trading 77% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 25**. An RSI of 25 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 1.62** (volatility 75%). Beta of 1.62 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=SPRY · Page: https://foliofundamentals.com/stocks/spry

Not investment advice.