Ars Pharmaceuticals, Inc. (SPRY) intrinsic value & 10-year financials
Ars Pharmaceuticals, Inc. (SPRY) has a Graham intrinsic value of $2.66 per share. At $4.02 on Oct 17, 2026, the stock trades 51% above that value. Over the last 7 fiscal years revenue grew 97.8% a year to $84.3M, with an average return on invested capital of 318.7%.
- Graham intrinsic value
- $2.66
- Share price (Oct 17, 2026)
- $4.02
- Price vs Graham value
- 51% above
- Market cap
- $396.2M
- Revenue (FY2025)
- $84.3M
- Revenue growth (7-yr CAGR)
- 97.8%
- ROIC (10-yr avg)
- 318.7%
- Free cash flow (FY2025)
- -$171.2M
SPRY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $84.3M | -$171.3M | -$1.74 | -$171.2M | -212.9% | -95.6% |
| FY2024 | $89.1M | $8.0M | $0.08 | $13.0M | -3.5% | -1.6% |
| FY2023 | $30.0K | -$54.4M | -$0.57 | -$59.4M | -225066.7% | -60.7% |
| FY2022 | $1.3M | -$34.7M | -$0.87 | -$40.3M | -2698.8% | -55.9% |
| FY2021 | $5.5M | -$89.5M | -$0.70 | -$68.1M | -1627.0% | -283.7% |
| FY2020 | — | -$32.9M | — | -$32.1M | — | 2409.8% |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ARS Pharmaceuticals, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
ARS Pharmaceuticals, Inc. has historically struggled to out-earn its cost of capital, averaging just -32.1% ROIC.
ARS Pharmaceuticals, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ARS Pharmaceuticals, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.66 per share.