Arena (AREN)
Market Price (8/13/2026): $1.27 | Market Cap: $60.3 MilSector: Communication Services | Industry: Interactive Media & Services
Arena (AREN)
Market Price (8/13/2026): $1.27Market Cap: $60.3 MilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 32% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Megatrend and thematic driversMegatrends include Digital Advertising, Social Media & Creator Economy, and Digital Content & Streaming. Themes include Ad-Tech Platforms, Show more. | Weak multi-year price returns3Y Excs Rtn is -134% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 144% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -31%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -16%, Rev Chg QQuarterly Revenue Change % is -51% High stock price volatilityVol 12M is 103% Key risksAREN key risks include [1] significant traffic volatility due to algorithmic changes, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 32% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Megatrend and thematic driversMegatrends include Digital Advertising, Social Media & Creator Economy, and Digital Content & Streaming. Themes include Ad-Tech Platforms, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -134% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 144% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -31%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -16%, Rev Chg QQuarterly Revenue Change % is -51% |
| High stock price volatilityVol 12M is 103% |
| Key risksAREN key risks include [1] significant traffic volatility due to algorithmic changes, Show more. |
Qualitative Assessment
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Updated on 8/12/2026
Arena (AREN) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. Significant Underperformance in Fiscal Q2 2026 Earnings. Arena Group reported a substantial decline in its fiscal Q2 2026 results (ended June 30, 2026), with revenue dropping 50.7% to $22.2 million from $45 million in fiscal Q2 2025, missing analyst estimates of $35 million by 36.6%. Concurrently, Adjusted EBITDA plummeted by 76.3% to $4.4 million from $18.6 million year-over-year. This poor financial performance led to a 27% stock price decrease on August 11, 2026.
2. Missed Fiscal Q1 2026 Earnings Expectations. The company's fiscal Q1 2026 results, reported on May 11, 2026, significantly missed analyst expectations. Revenue of $20.41 million fell short of the $25 million consensus by 18.38%, and the reported EPS of -$0.06 was a 160% miss compared to the $0.10 per share forecast. This poor performance resulted in a 29.3% decline in the stock price the day following the announcement.
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Arena (AREN) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. Significant Underperformance in Fiscal Q2 2026 Earnings. Arena Group reported a substantial decline in its fiscal Q2 2026 results (ended June 30, 2026), with revenue dropping 50.7% to $22.2 million from $45 million in fiscal Q2 2025, missing analyst estimates of $35 million by 36.6%. Concurrently, Adjusted EBITDA plummeted by 76.3% to $4.4 million from $18.6 million year-over-year. This poor financial performance led to a 27% stock price decrease on August 11, 2026.
2. Missed Fiscal Q1 2026 Earnings Expectations. The company's fiscal Q1 2026 results, reported on May 11, 2026, significantly missed analyst expectations. Revenue of $20.41 million fell short of the $25 million consensus by 18.38%, and the reported EPS of -$0.06 was a 160% miss compared to the $0.10 per share forecast. This poor performance resulted in a 29.3% decline in the stock price the day following the announcement.
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Updated on 8/12/2026
Arena (AREN) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. Significant Underperformance in Fiscal Q2 2026 Earnings. Arena Group reported a substantial decline in its fiscal Q2 2026 results (ended June 30, 2026), with revenue dropping 50.7% to $22.2 million from $45 million in fiscal Q2 2025, missing analyst estimates of $35 million by 36.6%. Concurrently, Adjusted EBITDA plummeted by 76.3% to $4.4 million from $18.6 million year-over-year. This poor financial performance led to a 27% stock price decrease on August 11, 2026.
2. Missed Fiscal Q1 2026 Earnings Expectations. The company's fiscal Q1 2026 results, reported on May 11, 2026, significantly missed analyst expectations. Revenue of $20.41 million fell short of the $25 million consensus by 18.38%, and the reported EPS of -$0.06 was a 160% miss compared to the $0.10 per share forecast. This poor performance resulted in a 29.3% decline in the stock price the day following the announcement.
3. Persistent Digital Media Traffic and Monetization Headwinds. Arena Group faced ongoing challenges from an "unprecedented structural shift" in digital media, characterized by changing search algorithms and the impact of large language models (LLMs) diverting audience attention. This resulted in continued traffic volatility and reduced referral traffic, with monthly average page views declining to 187,715,312 in fiscal Q2 2026, directly impacting digital advertising revenue.
4. Widening Stockholders' Deficiency and High Leverage. The company's balance sheet showed increasing financial strain, with its stockholders' deficiency widening to $(7.550) million by June 30, 2026, from $(4.825) million at the end of fiscal 2025. This worsening equity position, combined with a significant term debt of $97.6 million, highlighted a highly leveraged capital structure that raised investor concerns.
Show less
Arena (AREN) stock has lost about 50% since 4/30/2026 because of the following key factors:
1. Significant Underperformance in Fiscal Q2 2026 Earnings. Arena Group reported a substantial decline in its fiscal Q2 2026 results (ended June 30, 2026), with revenue dropping 50.7% to $22.2 million from $45 million in fiscal Q2 2025, missing analyst estimates of $35 million by 36.6%. Concurrently, Adjusted EBITDA plummeted by 76.3% to $4.4 million from $18.6 million year-over-year. This poor financial performance led to a 27% stock price decrease on August 11, 2026.
2. Missed Fiscal Q1 2026 Earnings Expectations. The company's fiscal Q1 2026 results, reported on May 11, 2026, significantly missed analyst expectations. Revenue of $20.41 million fell short of the $25 million consensus by 18.38%, and the reported EPS of -$0.06 was a 160% miss compared to the $0.10 per share forecast. This poor performance resulted in a 29.3% decline in the stock price the day following the announcement.
3. Persistent Digital Media Traffic and Monetization Headwinds. Arena Group faced ongoing challenges from an "unprecedented structural shift" in digital media, characterized by changing search algorithms and the impact of large language models (LLMs) diverting audience attention. This resulted in continued traffic volatility and reduced referral traffic, with monthly average page views declining to 187,715,312 in fiscal Q2 2026, directly impacting digital advertising revenue.
4. Widening Stockholders' Deficiency and High Leverage. The company's balance sheet showed increasing financial strain, with its stockholders' deficiency widening to $(7.550) million by June 30, 2026, from $(4.825) million at the end of fiscal 2025. This worsening equity position, combined with a significant term debt of $97.6 million, highlighted a highly leveraged capital structure that raised investor concerns.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -48.4% change in AREN stock from 4/30/2026 to 8/12/2026 was primarily driven by a -89.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.52 | 1.30 | -48.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 135 | 101 | -25.4% |
| Net Income Margin (%) | 92.6% | 9.3% | -89.9% |
| P/E Multiple | 1.0 | 6.6 | 584.9% |
| Shares Outstanding (Mil) | 48 | 47 | 0.4% |
| Cumulative Contribution | -48.4% |
Market Drivers
4/30/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| AREN | -48.4% | |
| Market (SPY) | 7.5% | 8.8% |
| Sector (XLC) | -5.4% | 22.8% |
Fundamental Drivers
The -66.6% change in AREN stock from 1/31/2026 to 8/12/2026 was primarily driven by a -89.5% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.89 | 1.30 | -66.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 143 | 101 | -29.6% |
| Net Income Margin (%) | 88.5% | 9.3% | -89.5% |
| P/E Multiple | 1.5 | 6.6 | 352.1% |
| Shares Outstanding (Mil) | 47 | 47 | -0.2% |
| Cumulative Contribution | -66.6% |
Market Drivers
1/31/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| AREN | -66.6% | |
| Market (SPY) | 11.9% | 7.6% |
| Sector (XLC) | -7.9% | 16.3% |
Fundamental Drivers
The -78.7% change in AREN stock from 7/31/2025 to 8/12/2026 was primarily driven by a -84.8% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.11 | 1.30 | -78.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 129 | 101 | -21.9% |
| Net Income Margin (%) | 5.2% | 9.3% | 79.8% |
| P/E Multiple | 43.5 | 6.6 | -84.8% |
| Shares Outstanding (Mil) | 47 | 47 | -0.1% |
| Cumulative Contribution | -78.7% |
Market Drivers
7/31/2025 to 8/12/2026| Return | Correlation | |
|---|---|---|
| AREN | -78.7% | |
| Market (SPY) | 23.3% | 13.4% |
| Sector (XLC) | 3.7% | 19.5% |
Fundamental Drivers
The -65.4% change in AREN stock from 7/31/2023 to 8/12/2026 was primarily driven by a -60.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.76 | 1.30 | -65.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 201 | 101 | -50.0% |
| P/S Multiple | 0.3 | 0.6 | 75.4% |
| Shares Outstanding (Mil) | 19 | 47 | -60.6% |
| Cumulative Contribution | -65.4% |
Market Drivers
7/31/2023 to 8/12/2026| Return | Correlation | |
|---|---|---|
| AREN | -65.4% | |
| Market (SPY) | 74.7% | 0.9% |
| Sector (XLC) | 65.4% | -0.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AREN Return | 0% | 1902% | -78% | -44% | 199% | -60% | 202% |
| Peers Return | -22% | -60% | 20% | -7% | 173% | -5% | -9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| AREN Win Rate | 0% | 58% | 42% | 42% | 50% | 38% | |
| Peers Win Rate | 25% | 42% | 58% | 42% | 67% | 12% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AREN Max Drawdown | 0% | -43% | -82% | -78% | -62% | -81% | |
| Peers Max Drawdown | -71% | -72% | -41% | -42% | -33% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PARA, WBD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/12/2026 (YTD)
How Low Can It Go
| Event | AREN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.3% | -9.5% |
| % Gain to Breakeven | 93.3% | 10.5% |
| Time to Breakeven | 512 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -62.2% | -6.7% |
| % Gain to Breakeven | 164.6% | 7.1% |
| Time to Breakeven | 711 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.8% | -33.7% |
| % Gain to Breakeven | 107.5% | 50.9% |
| Time to Breakeven | 698 days | 140 days |
In The Past
Arena's stock fell -4.6% during the 2025 US Tariff Shock. Such a loss loss requires a 4.8% gain to breakeven.
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| Event | AREN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.3% | -9.5% |
| % Gain to Breakeven | 93.3% | 10.5% |
| Time to Breakeven | 512 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -62.2% | -6.7% |
| % Gain to Breakeven | 164.6% | 7.1% |
| Time to Breakeven | 711 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.8% | -33.7% |
| % Gain to Breakeven | 107.5% | 50.9% |
| Time to Breakeven | 698 days | 140 days |
In The Past
Arena's stock fell -4.6% during the 2025 US Tariff Shock. Such a loss loss requires a 4.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Arena (AREN)
Arena Group Holdings, Inc. (AREN) operates as a digital media platform company, providing essential technology and services for online content publishing. Formerly known as TheMaven, Inc., the company facilitates the creation, distribution, and monetization of digital content for various publishers.
The company's core offering is "The Platform," a proprietary online publishing system. This comprehensive platform provides publishers with a suite of tools, including publishing functionalities, video platforms, social distribution channels, and newsletter technology. It also incorporates advanced features such as machine learning content recommendations and notifications to enhance user engagement and content delivery.
Arena primarily serves publishers who utilize its platform to reach and engage their audiences. The company's operations and services extend to customers and markets both within the United States and internationally, supporting a diverse range of digital content creators.
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- Shopify for digital publishers
- WordPress VIP for online media companies
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- The Platform: A proprietary online publishing platform that provides tools for publishing content, video platforms, social distribution, newsletter technology, machine learning content recommendations, and notifications.
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The Arena Group Holdings, Inc. (AREN) operates a diverse portfolio of digital media properties, including Sports Illustrated, TheStreet, and Parade. While the company generates significant revenue from advertising (selling to other companies), its business model primarily revolves around attracting and serving a large audience of individual consumers across its platforms. As specific major corporate advertisers are typically not disclosed as named major customers, and the request asks for specific names if the company sells primarily to other companies, it is more appropriate to describe the categories of individual customers served by Arena Group's platforms.
Here are the major customer categories for Arena Group:
- Paying Subscribers: Individuals who subscribe to premium content, specialized newsletters, or exclusive services offered across Arena Group's platforms, particularly within its financial (e.g., TheStreet) and sports verticals.
- Digital Content Consumers (General Audience): Individuals who regularly access and engage with the wide array of free news, articles, videos, and other content across Arena Group's diverse digital properties, including sports enthusiasts (Sports Illustrated), financial readers (TheStreet), and lifestyle audiences (Parade, HubPages). Their engagement drives the company's advertising revenue.
- Community Participants & User-Generated Content (UGC) Creators: Individuals who actively participate in online communities, forums, or contribute their own content to platforms within Arena Group's network, fostering engagement and expanding content offerings.
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Paul Edmondson - Chief Executive Officer
Paul Edmondson was appointed Chief Executive Officer of The Arena Group, effective March 7, 2025, after serving as interim CEO since February 12, 2025. He began working with the company in 2018 when The Arena Group acquired HubPages, the business he founded and led. Prior to his CEO appointment, he held various leadership roles within The Arena Group, including COO from August 2018 to October 2019, and then President. In January 2021, he became President of Platform, overseeing the company's core content management system, programmatic advertising, and technology stack. In 2024, in addition to his President of Platform role, Edmondson was named General Manager of The Arena Group's sports media business, including Athlon Sports, which saw significant growth under his direction. Before founding HubPages, he worked for Microsoft Corporation's MSN Entertainment (joining through the acquisition of MongoMusic, Inc.) and developed applications for Hewlett-Packard Company.
Geoffrey Wait - Principal Financial Officer
Geoffrey Wait was appointed Principal Financial Officer of The Arena Group Holdings, Inc., effective August 6, 2024. He joined the company as a senior financial advisor in June 2024. Before this, from April 2024 to June 2024, Wait served as Controller of Simplify Inventions, LLC, an affiliate of The Arena Group. His career also includes various capacities at American Axle & Manufacturing, Inc. starting in 2016, where he most recently served as Plant Finance Manager from March 2019. Wait began his career as a Manager at Grant Thornton LLP. He is a Certified Public Accountant and holds a Bachelor of Arts in Accounting and a Master of Science in Accounting from Michigan State University.
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Here are the key risks to The Arena Group Holdings, Inc. (AREN) business:
- Financial Health (Negative Shareholder Equity, Debt, and Liquidity): The Arena Group Holdings, Inc. faces significant financial risks, including negative shareholder equity of $-10.2 million and total debt of $110.5 million, resulting in a highly negative debt-to-equity ratio of -1081.3%. The company's debt is not well covered by operating cash flow, and its current ratio of 0.33 indicates tight liquidity, suggesting that current assets barely cover short-term liabilities, which could limit financial flexibility. These factors contribute to an elevated financial distress risk.
- Dependence on Advertising Revenue and Digital Advertising Landscape Volatility: The Arena Group's revenue is primarily reliant on advertising. This makes the company vulnerable to fluctuations in the digital advertising market, economic downturns, and changes in advertiser spending. Furthermore, the company has experienced significant headwinds and traffic volatility due to algorithmic changes in the industry, which have impacted organic traffic and posed challenges to maintaining consistent traffic levels, particularly in lifestyle and sports categories. Potential new regulations concerning interest-based advertising also pose a risk to a significant revenue source.
- Intense Competition in the Digital Media Industry: The Arena Group operates in a highly competitive digital media landscape, facing numerous competitors. This intense competition can make it challenging to attract and retain audiences, secure advertising revenue, and grow market share. Analysts' comparisons to competitors sometimes indicate that The Arena Group is less favorably positioned in terms of factors like analyst recommendations, media sentiment, and profitability.
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The rapid advancement and widespread adoption of generative artificial intelligence (AI) tools for content creation, curation, and distribution pose a clear emerging threat to Arena. These AI tools are increasingly capable of automating tasks central to digital media publishing, such as generating text, images, and video, optimizing content for various platforms, and personalizing recommendations. As these AI capabilities become more sophisticated, accessible, and cost-effective, they could diminish the unique value proposition of Arena's proprietary platform by enabling publishers and creators to manage their content and audience engagement with less reliance on traditional publishing platforms or by offering superior automation independently.
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The addressable markets for Arena Group Holdings, Inc. (AREN) main products and services encompass several significant digital sectors, primarily due to its operation of a proprietary online publishing platform with comprehensive tools for content creation, distribution, and monetization.
Arena's main products and services tap into the following addressable markets:
* Digital Publishing Platforms: The global digital publishing platforms market was valued at approximately USD 2.87 billion in 2025 and is projected to reach USD 6.31 billion by 2035. North America is expected to hold a significant share of this market, estimated at 35% by 2035. Another estimate placed the global market size at USD 2.93 billion in 2025, with a projection to grow to USD 4.68 billion by 2031.
* Content Management Systems (CMS): The global Content Management System market size was valued at USD 35.16 billion in 2025 and is expected to reach USD 79.30 billion by 2033. In the United States, this market was valued at USD 8.66 billion in 2025 and is projected to reach USD 19.15 billion by 2033. North America held the largest share of the global CMS market at 34.20% in 2025.
* Creator Economy: The global creator economy is a rapidly expanding market, valued at over USD 191 billion currently. It was estimated at USD 203.6 billion in 2024 and USD 205.25 billion in 2024. Projections indicate it could reach USD 528.39 billion by 2030, USD 1181.3 billion by 2032, and exceed USD 1.35 trillion by 2035. North America holds a substantial share, around 40% of the global creator economy market, and was valued at approximately USD 32.28 billion in 2025. The U.S. creator economy market alone was valued at USD 56.3 billion in 2024 and is projected to reach USD 321.9 billion by 2032.
* Digital Media: The global digital media market size was estimated at USD 832.99 billion in 2023 and USD 874.42 billion in 2023. It is projected to reach USD 1,902.28 billion by 2030 and USD 2648.96 billion by 2032. The digital media market in the United States reached USD 272,200.2 million in 2023 and is expected to reach USD 567,498.8 million by 2030. North America accounted for the largest revenue share globally, over 37% in 2023.
* Online Advertising: The global online advertising market was valued at USD 272.66 billion in 2024 and USD 359.88 billion in 2025. This market is projected to reach USD 708.87 billion by 2033 and USD 1344.68 billion by 2034. North America accounts for approximately 36% of the global online advertising market share. The U.S. leads the online advertising market.
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Here are 3-5 expected drivers of future revenue growth for The Arena Group (AREN) over the next 2-3 years:
- Expansion of the "Competitive Publishing" Model and Audience Growth: The Arena Group's "competitive publishing" model, which has shown success with Athlon Sports, is being rolled out to other major brands like Men's Journal, Parade, and TheStreet. This strategy is designed to grow audiences, which in turn is expected to lead to increased profitability and revenue. For example, Men's Journal experienced a 479% traffic increase over Q2 2024, while TheStreet doubled its pageviews, and Parade saw a 70% increase in traffic in Q2 2025.
- Strategic Acquisitions and E-commerce Expansion: The company has expanded its e-commerce and sports portfolios through strategic acquisitions, such as the digital assets and IP of ShopHQ and Lindy's Sports. ShopHQ is already generating revenue, and Lindy's Sports is anticipated to launch soon, with both expected to contribute to profitability by 2026.
- Expansion into Video and Social Commerce: The Arena Group plans to extend its entrepreneurial publishing model into video and social commerce. This initiative aims to leverage data and artificial intelligence to build higher-margin revenue streams by tapping into new digital content formats and distribution channels.
- Launch of New Brands and Publications: A consistent growth driver for The Arena Group is its goal to launch approximately one new brand per quarter, expanding its portfolio and sustaining long-term growth. The launch of new publications, such as TravelHost, has already contributed to revenue growth in Q2 2025.
- Growth in Digital Advertising and Licensing/Syndication: While facing industry-wide digital traffic headwinds, The Arena Group has demonstrated historical growth in digital advertising revenue and anticipates continued strong performance in its licensing and syndication segment due to expanding partnerships. The increased audience engagement driven by the competitive publishing model is expected to bolster digital advertising revenue.
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Share Repurchases
- In July 2025, The Arena Group's Board of Directors authorized a share repurchase program, allowing the company to buy back up to 3 million shares of its common stock over the subsequent 12 months.
- The share repurchase program is intended to be funded through operating cash flow.
- Management initiated the program based on their belief that the company's stock was undervalued compared to its peers.
Share Issuance
- The company completed an underwritten public offering, generating $31.5 million in net proceeds, which was used to fund the acquisition of AMG/Parade in March 2022.
- Capital raises from Manoj Bhargava, the majority owner, contributed to improving the company's tangible net worth by March 31, 2025.
- Institutional investors engaged in a net buying trend, acquiring approximately 1,309,426 shares over the 24 months leading up to late 2025.
Inbound Investments
- Manoj Bhargava's Simplify Inventions, LLC holds a majority stake in The Arena Group, with holdings of 71.4% of the stock as of June 2025.
- In August 2024, The Arena Group announced an expectation to receive funding from Strome Investment Management, LP.
Outbound Investments
- In October 2025, The Arena Group acquired the intellectual property and customer data of ShopHQ and the digital assets of Lindy's Sports, funding these transactions with cash on hand to expand its e-commerce and sports portfolios.
- The company acquired Maestra, a premium events and scenic build specialist, in January 2025 to strengthen its presence in the Middle East.
- In March 2022, The Arena Group completed the acquisition of AMG/Parade for a purchase price of $16.3 million, net of cash acquired, and common equity.
Capital Expenditures
- Capital expenditures were reported as $54K in the fiscal year ending December 2024, utilizing most of the -$16.1 million in operating cash flow for that period.
- Historically, capital expenditures have been low, with figures such as -0.05 million USD in FY 2024, -0.53 million USD in FY 2022, -0.38 million USD in FY 2021, and -1.21 million USD in FY 2020.
- The company's entrepreneurial publishing model and focus on software as its main investment allow for significant growth without substantial fixed asset needs or inventory funding, reflecting an asset-light operational strategy.
Peer Outperformance in Interactive Media & Services
AREN has outperformed 97% of its 33 Interactive Media & Services peers over 5Y. Interactive Media & Services ranks 8th of 9 industries in Communication Services by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Interactive Media & Services constituents that AREN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
7%
of 43 industry peers · -81.4% return
3Y
32%
of 37 industry peers · -61.4% return
5Y
97%
of 33 industry peers · 145.3% return
No Interactive Media & Services peer with a comparable growth profile has beaten AREN by more than 20pp over 5Y.
Median price return by industry across the Communication Services sector, ranked by 5Y. Interactive Media & Services is AREN's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | 3.2% | 33.9% | 27.8% | ECHO 264% · TMUS 28% · SHEN -56% |
| Publishing | 5 | 27.5% | -0.6% | 27.5% | SCHL 42% · NYT 41% · NWSA 28% |
| Integrated Telecommunication Services | 24 | -8.6% | 1.1% | -12.9% | IQST 1701% · GSAT 293% · TIGO 279% |
| Movies & Entertainment | 23 | 15.3% | 79.4% | -21.7% | IMAX 252% · MSGS 181% · CNK 163% |
| Alternative Carriers | 4 | 50.1% | 8.4% | -41.7% | IRDM 30% · UNIT -41% · LUMN -42% |
| Advertising | 18 | -0.9% | -16.7% | -56.6% | APP 438% · EVC 64% · STGW 38% |
| Broadcasting | 14 | -3.9% | -21.8% | -62.3% | FOXA 82% · NXST 49% · WBD -3% |
| Interactive Media & Services ← | 34 | -26.7% | -39.4% | -65.9% | GOOGL 152% · AREN 145% · SPOT 132% |
| Interactive Home Entertainment | 8 | -37.6% | -46.2% | -88.8% | TTWO 52% · RBLX -58% · PINS -59% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Arena Earnings Notes | 12/16/2025 | |
| Can Arena Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 1.74 |
| Mkt Cap | 34.7 |
| Rev LTM | 101 |
| Op Inc LTM | 19 |
| FCF LTM | 20 |
| FCF 3Y Avg | -0 |
| CFO LTM | 27 |
| CFO 3Y Avg | 6 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -6.1% |
| Rev Chg 3Y Avg | -10.6% |
| Rev Chg Q | -20.2% |
| QoQ Delta Rev Chg LTM | -5.6% |
| Op Inc Chg LTM | -28.3% |
| Op Inc Chg 3Y Avg | 163.5% |
| Op Mgn LTM | 6.1% |
| Op Mgn 3Y Avg | 2.4% |
| QoQ Delta Op Mgn LTM | -8.0% |
| CFO/Rev LTM | 9.5% |
| CFO/Rev 3Y Avg | 6.5% |
| FCF/Rev LTM | 6.0% |
| FCF/Rev 3Y Avg | 1.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Sports & Leisure | 47 | 51 | 66 | ||
| Finance | 38 | 28 | 30 | ||
| Lifestyle | 38 | 31 | 37 | ||
| Platform & Other | 11 | 16 | 11 | ||
| Digital advertising | 109 | 63 | |||
| Digital subscriptions | 21 | 30 | |||
| Licensing and syndication revenue | 18 | 8 | |||
| Other digital revenue | 1 | 0 | |||
| Print advertising | 10 | 9 | |||
| Print subscriptions | 61 | 79 | |||
| Total | 135 | 126 | 144 | 221 | 189 |
Price Behavior
Price Behavior
| Market Price | $1.30 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 03/16/2018 | |
| Distance from 52W High | -82.0% | |
| 50 Days | 200 Days | |
| DMA Price | $1.25 | $2.76 |
| DMA Trend | down | down |
| Distance from DMA | 3.7% | -52.9% |
| 3M | 1YR | |
| Volatility | 143.9% | 103.0% |
| Downside Capture | 170.68 | 213.45 |
| Upside Capture | -2.32 | -27.83 |
| Correlation (SPY) | 9.7% | 14.0% |
AREN Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.56 | -0.23 | -0.16 | 0.16 | 0.77 | 0.02 |
| Up Beta | -1.68 | -3.57 | -1.79 | -1.29 | 0.34 | 0.85 |
| Down Beta | -1.99 | -0.11 | -1.23 | -0.21 | 1.06 | -0.75 |
| Up Capture | 752% | 15% | -83% | -39% | -18% | -3% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 19 | 27 | 53 | 110 | 337 |
| Down Capture | 60% | 110% | 230% | 180% | 149% | 54% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 21 | 33 | 66 | 133 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AREN | |
|---|---|---|---|---|
| AREN | -80.8% | 102.9% | -1.10 | - |
| Sector ETF (XLC) | 3.0% | 15.0% | -0.02 | 19.4% |
| Equity (SPY) | 22.6% | 12.8% | 1.32 | 13.7% |
| Gold (GLD) | 31.4% | 28.4% | 0.95 | -7.3% |
| Commodities (DBC) | 37.9% | 20.1% | 1.48 | 1.7% |
| Real Estate (VNQ) | 14.3% | 13.8% | 0.73 | -7.2% |
| Bitcoin (BTCUSD) | -46.5% | 42.9% | -1.33 | 16.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AREN | |
|---|---|---|---|---|
| AREN | -32.8% | 147.8% | 0.22 | - |
| Sector ETF (XLC) | 7.1% | 20.9% | 0.26 | 5.2% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 6.4% |
| Gold (GLD) | 19.0% | 18.6% | 0.83 | -1.4% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | -0.1% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 8.5% |
| Bitcoin (BTCUSD) | 9.9% | 52.8% | 0.37 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AREN | |
|---|---|---|---|---|
| AREN | -20.2% | 146.9% | 0.24 | - |
| Sector ETF (XLC) | 9.1% | 22.2% | 0.46 | 4.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 6.4% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 0.8% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 0.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 7.1% |
| Bitcoin (BTCUSD) | 60.9% | 66.1% | 1.01 | 8.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -27.3% | ||
| 5/11/2026 | -29.3% | -42.6% | -49.0% |
| 3/17/2026 | -26.2% | -9.1% | -37.6% |
| 11/19/2025 | -1.0% | 8.9% | 2.9% |
| 8/15/2025 | 5.4% | -3.5% | -17.6% |
| 5/16/2025 | 24.0% | -14.4% | -32.9% |
| 11/14/2024 | 207.0% | 164.9% | 173.7% |
| 8/23/2024 | 8.7% | -3.0% | -11.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 7 | 7 |
| # Negative | 7 | 9 | 9 |
| Median Positive | 6.1% | 12.1% | 22.0% |
| Median Negative | -5.1% | -9.5% | -17.6% |
| Max Positive | 207.0% | 164.9% | 1,462.3% |
| Max Negative | -29.3% | -42.6% | -49.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -27.3% | ||
| 5/11/2026 | -29.3% | -42.6% | -49.0% |
| 3/17/2026 | -26.2% | -9.1% | -37.6% |
| 11/19/2025 | -1.0% | 8.9% | 2.9% |
| 8/15/2025 | 5.4% | -3.5% | -17.6% |
| 5/16/2025 | 24.0% | -14.4% | -32.9% |
| 11/14/2024 | 207.0% | 164.9% | 173.7% |
| 8/23/2024 | 8.7% | -3.0% | -11.8% |
| 11/14/2023 | -1.6% | -23.8% | -33.7% |
| 8/14/2023 | 10.9% | 21.9% | 23.1% |
| 5/10/2023 | -5.1% | -14.4% | -15.6% |
| 3/16/2023 | -1.4% | -6.5% | -12.8% |
| 11/9/2022 | 5.6% | -9.5% | -3.1% |
| 8/9/2022 | 6.5% | 12.1% | 22.0% |
| 5/4/2022 | 0.5% | 30.7% | 2.8% |
| 1/18/2022 | 0.0% | 0.0% | 1,462.3% |
| 11/15/2021 | 0.0% | 0.0% | 0.0% |
| SUMMARY STATS | |||
| # Positive | 10 | 7 | 7 |
| # Negative | 7 | 9 | 9 |
| Median Positive | 6.1% | 12.1% | 22.0% |
| Median Negative | -5.1% | -9.5% | -17.6% |
| Max Positive | 207.0% | 164.9% | 1,462.3% |
| Max Negative | -29.3% | -42.6% | -49.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/19/2024 | 10-Q |
| 03/31/2024 | 05/17/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/19/2024 | 10-Q |
| 03/31/2024 | 05/17/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 04/01/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 08/16/2021 | 10-Q |
| 12/31/2020 | 08/16/2021 | 10-K |
| 09/30/2020 | 05/18/2021 | 10-Q |
| 06/30/2020 | 05/12/2021 | 10-Q |
| 03/31/2020 | 05/07/2021 | 10-Q |
| 12/31/2019 | 04/09/2021 | 10-K |
| 12/31/2018 | 01/08/2021 | 10-K |
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Interactive Media & Services Resources |
| Social Media Today |
| Search Engine Land |
| Nieman Journalism Lab |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/12/2026