IMPORTANT DISCLAIMER: Blank Capital Research ("BCR") is a technology platform, not a registered investment advisor or broker-dealer. The algorithmically generated signals, scores, and rankings provided on this site ("God Mode" Signals) are for informational and research purposes only and do not constitute financial advice, investment recommendations, or an offer to sell or solicit an offer to buy any securities.
HYPOTHETICAL PERFORMANCE RESULTS: The "timing scores" and "regime signals" displayed are based on quantitative models. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.
RISK OF LOSS: Trading in financial markets involves a high degree of risk and may result in the loss of your entire investment. Data provided by third-party sources (Intrinio, Snowflake) is believed to be reliable but is not guaranteed for accuracy or completeness. Past performance is not indicative of future results.
© 2026 Blank Capital Research. All rights reserved. System Version: Aegis V8 (God Mode).
Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#4135
Positioning
Market Dominance
Manufacturing
Pharmaceutical Products
$993M
Richard E. Lowenthal
ARS Pharmaceuticals, Inc. develops ARS-1, a novel intranasal epinephrine spray with absorption technology for patients and their families at-risk of severe allergic reactions to food, medications, and insect bites. Its product includes Neffy, a low-dose intranasal epinephrine nasal spray. The company was incorporated in 2015 and is based in San Diego, California.
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$SPRY ARS Pharmaceuticals, Inc. | 35 | 40 | 40 | 32 | - | - | -101.0% | -40.0% | 100.0% | -496.1% | -448.4% | 6400.2% | 0.0% | 65.0x | $993M | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
ARS Pharmaceuticals, Inc. (SPRY) receives a "Avoid" rating with a composite score of 34.8/100. It ranks #4135 out of 7,333 stocks in our coverage universe and carries a 1-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
Sign in to join the discussion.
YOY expansion rate
Core pricing power
Operating efficiency
Bottom-line conversion
Equity capital efficiency
Asset base utilization
Financial leverage load
Direct cash return
Richard E. Lowenthal
Chief Executive Officer
Labor Force
90
40
21
50
Audit Verdict: Lower quality and stability scores may indicate governance concerns.
No recent insider transactions available for SPRY
Lagging peers — losers tend to keep underperforming
Fair valuation relative to peers
Average quality profile
Average volatility — neutral timing signal
Aggressive spending — empire-building risk, dilutive growth
Below-average composite — caution warranted
Get full access to institutional-quality research tools with Blank Capital Pro.
Upgrade to ProStarting at $19.99/mo
Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
No analyst ratings for SPRY.
View All RatingsHigh margin volatility — erratic forensic earnings quality
ROIC -114.6% vs WACC 9.2% (spread -123.8%)
GM 100% vs sector 43%, OM -496% vs sector 1%
Capital turnover 0.89x, R&D intensity 17.3%
Rev growth 6400%, 5yr history
Interest coverage N/A
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
Our quantitative model flags ARS Pharmaceuticals, Inc. with an Avoid rating, assigning a composite score of 34.8/100 and 1 out of 5 stars. Ranked #4135 of 7,333 stocks, SPRY falls in the bottom tier across key factors. Historically, stocks with this profile have faced elevated risk of underperformance and capital loss.
SPRY's quality score of 40/100 is below average, suggesting challenges with profitability or capital efficiency. The company reports a return on equity of -101.0% (sector avg: -2.5%), gross margins of 100.0% (sector avg: 42.5%), net margins of -448.4% (sector avg: -0.2%). Investors should examine whether management is actively addressing these weaknesses or if they reflect structural industry headwinds.
With a value score of 40/100, SPRY appears somewhat expensive relative to its fundamentals. Key valuation metrics include a P/B ratio of 6.03x. Investors paying a premium here are likely betting on above-average growth or margin expansion to justify current prices.
ARS Pharmaceuticals, Inc.'s investment score of 21/100 suggests limited reinvestment activity. Key growth metrics include revenue growth of 6400.2% vs. a sector average of 5.9% and a return on assets of -40.0% (sector: -0.1%). While this can be positive for mature, cash-generative businesses returning capital to shareholders, it may also signal a lack of growth opportunities or management conservatism.
SPRY is currently showing below-average momentum at 32/100, which may indicate weakening institutional interest or negative sentiment shifts. Revenue growth stands at 6400.2% year-over-year, while a beta of 0.93 reflects its sensitivity to broader market moves. Investors should note that declining momentum can precede further price weakness, though contrarian opportunities sometimes emerge at these levels.
With a stability score of 50/100, SPRY exhibits average financial resilience. Key stability metrics include a beta of 0.93 and a debt-to-equity ratio of 65.00x (sector avg: 0.2x). While the balance sheet is not a major concern, the stock is subject to typical market volatility and may experience sharper drawdowns during risk-off episodes.
ARS Pharmaceuticals, Inc.'s short interest score of 15/100 reveals significant bearish positioning, suggesting institutional investors are actively betting against the stock. Specific risk factors include elevated leverage (D/E: 65.00x), small-cap liquidity risk. At $993M (small-cap), SPRY carries meaningful risk and is best suited for investors with high risk tolerance who have thoroughly evaluated the bear thesis.
ARS Pharmaceuticals, Inc. is a small-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #4135 of 7,333 overall (44th percentile). Key comparisons include ROE of -101.0% trailing the -2.5% sector median and operating margins of -496.1% below the 1.3% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While SPRY currently exhibits a AVOID profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
View Top Manufacturing Alpha →Quant Factor Profile
Upgrade catalyst
Improvement in Short Int. (15) would have the largest impact on the composite score.
ROE 3972% ABOVE SECTOR MEDIAN (FAVORABLE)
Gross Margin 135% ABOVE SECTOR MEDIAN (FAVORABLE)
Op. Margin 38560% BELOW SECTOR MEDIAN
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate ARS Pharmaceuticals, Inc. (SPRY) as Avoid with a composite score of 34.8/100 at a current price of $9.14. The stock falls in the bottom quintile of our universe across key quantitative factors, and the multi-factor weakness suggests a high probability of continued underperformance.
The rating is primarily driven by strength in stability (50th percentile) and quality (40th percentile), which together account for the majority of the composite score. Offsetting weakness in investment (21th percentile) and momentum (32th percentile) tempers our overall conviction. We assign a No Moat rating (38/100), High uncertainty, and Poor capital allocation.
Key items to watch: momentum to confirm whether the current price trend has legs; sustainability of the current growth rate; the path to profitability. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
ARS Pharmaceuticals, Inc. holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 34.8/100 places it at rank #4135 in our full 7,333-stock universe. At $993M in market capitalization, ARS Pharmaceuticals, Inc. is a small-cap player in the Manufacturing space, which limits certain scale advantages but may allow for more agile strategic execution.
Revenue is growing at 6400%, though momentum at the 32th percentile suggests the market has not yet fully recognized this trajectory. This potential disconnect between fundamental improvement and market recognition could represent an opportunity for patient investors if the growth trend persists.
The margin cascade tells an important story: gross margins of 100% (+57.5pp vs sector) narrow to operating margins of -496% (-497.4pp vs sector) and net margins of -448.4%, yielding a gross-to-net conversion rate of -448%. The significant margin erosion from gross to net suggests elevated operating expenses, high interest costs, or other structural drags that warrant monitoring.
At a current price of $9.14, ARS Pharmaceuticals, Inc. is trading near fair value based on current fundamentals. Our value factor score of 40/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. Valuation metrics are mixed, with no strong signal of mispricing in either direction.
The stock currently trades at P/B of 6.0x, P/S of 15.3x. We evaluate these multiples in the context of both absolute levels and sector-relative positioning to form our valuation view.
Gross margins of 100% signal strong pricing power and brand/IP advantages — businesses with margins above 40% have historically demonstrated more resilient earnings through economic cycles.
Revenue growth of 6400% confirms the business is expanding its addressable market — growth at this level typically supports multiple expansion and attracts institutional capital.
The Avoid rating (composite 34.8/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
Thin net margins of -448.4% provide limited cushion against cost pressures, competitive pricing, or macroeconomic headwinds — even small changes in costs could swing the company to a loss.
Weak momentum (32th percentile) suggests institutional selling pressure and unfavorable technical dynamics that may persist.
We assign a High uncertainty rating to ARS Pharmaceuticals, Inc.. Key risk factors include current negative profitability (net margin -448.4%), the combination of leverage (65% D/E) and thin margins (-448.4% net) amplifies downside risk. The wide range of potential outcomes widens our fair value estimate and increases the possibility of permanent capital impairment. Investors considering this name should size positions accordingly and demand a meaningful margin of safety before initiating.
Specific risk factors that inform our assessment include: current negative profitability (net margin -448.4%); the combination of leverage (65% D/E) and thin margins (-448.4% net) amplifies downside risk. Each of these factors independently widens the distribution of potential outcomes, and in combination they create a risk profile that demands careful position sizing. The stability factor at the 50th percentile and quality factor at the 40th percentile provide a quantitative summary of the overall risk landscape.
Key risk mitigants include: healthy gross margins of 100% provide a buffer against cost pressures. These factors partially offset the identified risks and provide downside protection in adverse scenarios. On balance, the risk-reward profile warrants caution and disciplined position management.
We rate ARS Pharmaceuticals, Inc.'s capital allocation as Poor. Key concerns include low returns on equity (-101.0%), negative profitability, weak asset returns (ROA -40.0%). Exemplary capital allocators generate ROE above 20% and maintain conservative leverage — ARS Pharmaceuticals, Inc. significantly underperforms these benchmarks, raising questions about management's ability to create shareholder value.
Investors should scrutinize management's reinvestment decisions and balance sheet trajectory before committing capital. Poor capital allocation often compounds over time: overlevered balance sheets limit strategic flexibility, while low returns on capital destroy shareholder value. We would need to see sustained improvement in profitability metrics and balance sheet discipline before considering an upgrade.
In summary, ARS Pharmaceuticals, Inc. receives a Avoid rating with a composite score of 34.8/100 (rank #4135 of 7,333). Our quantitative framework assigns a No Moat (38/100, trend: stable), High uncertainty, and Poor capital allocation. The average factor score across quality, value, momentum, stability, and investment is 37/100.
Our analysis does not support a constructive view on ARS Pharmaceuticals, Inc. at this time. The combination of limited competitive advantages, high uncertainty, and poor capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We do not assign ARS Pharmaceuticals, Inc. a meaningful economic moat, scoring 38/100 on our composite assessment. The ROIC-WACC spread of -123.8% is the primary signal of economic value creation. Current fundamentals do not demonstrate the kind of durable competitive advantages — such as superior returns on invested capital, margin superiority, or reinvestment efficiency — that would protect the company from competitive erosion over the long term. The highest-scoring pillar, margin superiority, reached only 12.9/20.
The strongest moat sources are margin superiority (12.9/20) and growth durability (8.8/20). GM 100% vs sector 43%, OM -496% vs sector 1%. Rev growth 6400%, 5yr history. These pillars form the core of ARS Pharmaceuticals, Inc.'s competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include economic value creation (2.5/20) and financial resilience (6.4/20). ROIC -114.6% vs WACC 9.2% (spread -123.8%). Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect ARS Pharmaceuticals, Inc.'s moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers include gross margins of 100% providing a solid profitability foundation, robust top-line growth of 6400% expanding the revenue base. The margin cascade from 100% gross to -496% operating to -448.4% net reveals the company's cost structure and reinvestment intensity. Our analysis indicates that profit quality is adequate though not exceptional, with the quality factor at the 40th percentile.
The margin profile shows gross margins of 100%, operating margins of -496%, net margins of -448.4%. Return metrics include ROE of -101.0% and ROA of -40.0%. Relative to the Manufacturing sector, gross margins are 57.5 percentage points above the sector median of 43%, and ROE of -101.0% compares to a sector median of -2.5%.
The balance sheet reflects moderate leverage with D/E of 65%, revenue growth of 6400%. The sector median D/E is 0%, putting ARS Pharmaceuticals, Inc. at higher leverage than the typical peer. Overall balance sheet health is adequate for the current business environment.
Above 50MA
37.18%
Net New Highs
+51081
SAN DIEGO, Feb. 23, 2026 (GLOBE NEWSWIRE) -- ARS Pharmaceuticals, Inc. (Nasdaq: SPRY), a biopharmaceutical company dedicated to empowering at-risk patients and their caregivers to better protect patients from allergic reactions that could lead to anaphylaxis, today announced the company will host a conference call and webcast on Monday, March 9, 2026 at 5:30 a.m. PT / 8:30 a.m. ET to discuss its fourth quarter and full year 2025 financial results and business highlights. Dial-in information for
Analysts recently nudged their fair value estimate for ARS Pharmaceuticals stock from about US$28.00 to roughly US$28.83 per share, while keeping revenue growth expectations around 45.34% and making only marginal tweaks to the discount rate. The shift reflects a tug of war between bullish views that a competitor’s regulatory setback gives ARS Pharmaceuticals more room to execute, and cautious voices who see higher expectations and ongoing regulatory risk on both sides. Stay with this article...
-Five poster presentations highlight clinical advancement of neffy, real-world usability and advantages of needle-free epinephrine delivery -Longer shelf life of nasal epinephrine compared with epinephrine auto-injectors translates into a more affordable, value-based price -When factoring in patients’ dislike of needle-based administration, the value of a nasal option increased by more than 25% SAN DIEGO, Feb. 10, 2026 (GLOBE NEWSWIRE) -- ARS Pharmaceuticals, Inc. (Nasdaq: SPRY), a biopharmaceut
ARS Pharmaceuticals reported strong Q2 2025 revenue of $15.7 million, driven by its needle-free epinephrine nasal spray neffy. Prescription volumes grew 180%, and commercial coverage reached 93%, though high operating costs led to a net loss of $44.9 million.
ARS Pharmaceuticals (SPRY) has seen a significant price increase over the past 12 weeks, indicating a positive trend. The company's fundamentals, including a Zacks Rank #2 (Buy) and positive earnings estimate revisions, suggest the trend could be sustainable.