What is ARS Pharmaceuticals, Inc.'s operating margin?

ARS Pharmaceuticals, Inc. (SPRY) reported operating margin of -204.5% in Q1 2026.

What is the long-term trend for ARS Pharmaceuticals, Inc.'s operating margin?

Over 2 years (2022 to 2025), ARS Pharmaceuticals, Inc.'s operating margin has grown at a -71.9% compound annual growth rate (CAGR), from -2,698.8% to -212.9%.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

ARS Pharmaceuticals, Inc. SPRY Operating margin

Operating margin at other companies

Amneal Pharmaceuticals, Inc.AMRX

14.3%+1.6pp

ViatrisVTRS

1%—

AMP

Amphastar PharmaceuticalsAMPH

16.2%-10.4pp

Catalyst PharmaceuticalCPRX

44.8%+1.6pp

Eton Pharmaceuticals, Inc.ETON

-15.1%—

Other financials

Income statement

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Revenue$22.7M+184%

Operating income-$60.1M-61.8%

Net income-$60.6M-78.6%

EPS (diluted)-$0.61-74.3%

Balance sheet

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Cash & equivalents$24.3M-39.0%

Total debt$96.5M+132,122%

Total equity$61.3M-73.2%

Total assets$287.6M-12.1%

Cash flow

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Operating cash flow-$44.9M-10.3%

CapEx--100%

Free cash flow-$44.9M-10.1%

Valuation

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Market cap$1.05B-32.6%

Enterprise value$1.12B-26.0%

P/S10.6×-5.4×

Profitability

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Net margin-200%-219pp

FCF margin-177.1%-206pp

Returns & leverage

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Return on equity-136.4%-144pp

Debt / equity1.6×+1.6×

Current ratio4.9×-6.1×

Where this comes from

Calculated from ARS Pharmaceuticals, Inc.’s reported figures.

operating income/total revenue=-204.5%

Based on trailing twelve months.

The official record: ARS Pharmaceuticals, Inc.’s 10-Q, filed May 15, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is ARS Pharmaceuticals, Inc.'s operating margin?: ARS Pharmaceuticals, Inc. (SPRY) reported operating margin of -204.5% in Q1 2026.
What is the long-term trend for ARS Pharmaceuticals, Inc.'s operating margin?: Over 2 years (2022 to 2025), ARS Pharmaceuticals, Inc.'s operating margin has grown at a -71.9% compound annual growth rate (CAGR), from -2,698.8% to -212.9%.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.