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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
ARS Pharmaceuticals's Sloan Ratio for the quarter that ended in Mar. 2026 was -27.26%.
As of Mar. 2026, ARS Pharmaceuticals has a Sloan Ratio of -27.26%, indicating there is a warning stage of accrual build up.
ARS Pharmaceuticals (NAS:SPRY) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, ARS Pharmaceuticals has a Sloan Ratio of -27.26%, indicating there is a warning stage of accrual build up.
ARS Pharmaceuticals Sloan Ratio % Related Terms
ARS Pharmaceuticals Sloan Ratio % Historical Data
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The historical data trend for ARS Pharmaceuticals's Sloan Ratio % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SPRY vs ALLO, CBIO, IMMX: Sloan Ratio % Comparison
For the Biotechnology subindustry, ARS Pharmaceuticals's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
ARS Pharmaceuticals Sloan Ratio % vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, ARS Pharmaceuticals's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where ARS Pharmaceuticals's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
ARS Pharmaceuticals's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
ARS Pharmaceuticals's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was -44.883 (Jun. 2025 ) + -51.151 (Sep. 2025 ) + -41.324 (Dec. 2025 ) + -60.618 (Mar. 2026 ) = $-197.98 Mil.
ARS Pharmaceuticals's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was -39.592 (Jun. 2025 ) + -47.047 (Sep. 2025 ) + -43.485 (Dec. 2025 ) + -44.946 (Mar. 2026 ) = $-175.07 Mil.
ARS Pharmaceuticals's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was 48.571 (Jun. 2025 ) + -44.981 (Sep. 2025 ) + 24.114 (Dec. 2025 ) + 27.791 (Mar. 2026 ) = $55.50 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ARS Pharmaceuticals (SPRY) has a Sloan Ratio % of -27.26% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on ARS Pharmaceuticals and its competitors.
Is ARS Pharmaceuticals' Sloan Ratio % too high?
ARS Pharmaceuticals' current Sloan Ratio % is -27.26%. Overall, ARS Pharmaceuticals has a GF Score™ of 28/100, reflecting its overall financial health beyond just this single metric.
How does ARS Pharmaceuticals' Sloan Ratio % compare to ALLO and CBIO?
ARS Pharmaceuticals' Sloan Ratio % of -27.26% can be compared against companies in the Biotechnology industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Biotechnology company?
A good Sloan Ratio % depends on the Biotechnology industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on ARS Pharmaceuticals and its competitors. ARS Pharmaceuticals's current Sloan Ratio % is -27.26%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ARS Pharmaceuticals stock overvalued right now?
ARS Pharmaceuticals (SPRY) has a current Sloan Ratio % of -27.26%. The current Sloan Ratio % is -27.26%. ARS Pharmaceuticals' overall GF Score™ is 28/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For ARS Pharmaceuticals (SPRY), the current Sloan Ratio % is -27.26% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
ARS Pharmaceuticals Inc is a biopharmaceutical company focused on the commercialization and development of neffy (currently identified in the European Union (EU) and United Kingdom (U.K.) by the trade name EURneffy and in China) for needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis. Neffy is a proprietary composition of epinephrine with an absorption enhancer called Intravail, which allows Neffy to safely provide intranasal delivery of epinephrine at a low dose within the exposures of approved injectable products across a range of dosing conditions.
28GF Score
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