ARS Pharmaceuticals, Inc. (SPRY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-243.4%

-$4.38

vs $3.05 price

Levered DCF

-$5.90

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-3.17

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-6.7×	127.88×	-9.61×	-9.8×	-9.51×	-1,509.45×	-34.72×	-47.17×
P/B	10.05×	3.98×	2.26×	1.25×	-6.15×	-114.44×	-147.54×	45.43×
P/S	13.63×	11.47×	17,392.67×	258.99×	34.92×	90.16×	0×	0×
EV / EBITDA	-7.19×	116.19×	-8.31×	-3.81×	-7.09×	-3,441.8×	-36.96×	-48.18×
Gross margin	75.8%	76.9%	100.0%	-1200.9%	96.1%	21.1%	0.0%	0.0%
Operating margin	-212.9%	-3.5%	-225066.7%	-2698.8%	-353.3%	-2.6%	0.0%	0.0%
Net margin	-203.3%	9.0%	-181216.7%	-2635.4%	-367.7%	-6.0%	0.0%	0.0%
Current ratio	7.28×	14.26×	96.85×	51.01×	7.42×	3.21×	0.59×	4.04×
Debt / equity	0.84×	0×	0×	0×	-0.29×	-0.71×	-2.79×	0.43×
Interest coverage	-69.05×	0×	0×	0×	-183.53×	-16.17×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-149.9%	3.1%	-23.6%	-12.7%	64.7%	7.6%	427.8%	-96.6%
Return on invested capital	-62.2%	-0.9%	-29.2%	-12.9%	-34.2%	-2.3%	-240.3%	-70.6%
Return on assets	-52.3%	2.3%	-23.3%	-12.3%	-32.9%	-4.0%	-153.2%	-63.8%
Free cash flow yield	-14.9%	1.3%	-11.4%	-11.8%	-9.2%	0.5%	-2.3%	-2.1%
Earnings yield	-14.9%	0.8%	-10.4%	-10.2%	-10.5%	-0.1%	-2.9%	-2.1%
Enterprise value	$1.2B	$971.9M	$451.1M	$130.8M	$141.3M	$1.6B	$832.3M	$814.2M
Net debt / EBITDA	-0.33×	-6.07×	1.3×	6.11×	2.56×	31.32×	-0.25×	0.74×
Cash conversion cycle (days)	161	-45	9,673	-35	-3,060	-24	-831	-199