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Side-by-side financial comparison of Arena Group Holdings, Inc. (AREN) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
CODEXIS, INC. is the larger business by last-quarter revenue ($38.9M vs $28.2M, roughly 1.4× Arena Group Holdings, Inc.). CODEXIS, INC. runs the higher net margin — 24.7% vs 18.9%, a 5.8% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs -22.0%). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -1.2%).
Arena Racing Company, also called ARC Racing and Leisure Group is a UK private company, created in 2012 by the merger of Arena Leisure and Northern Racing. It owns and operates 16 racecourses in Great Britain, accounting for 39% of British racing fixtures. It also operates hotels at Wolverhampton Racecourse, Lingfield Park Racecourse and Doncaster Racecourse and golf courses at Lingfield, Southwell and Newcastle.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
AREN vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.2M | $38.9M |
| Net Profit | $5.3M | $9.6M |
| Gross Margin | 43.6% | 94.8% |
| Operating Margin | 26.6% | 27.1% |
| Net Margin | 18.9% | 24.7% |
| Revenue YoY | -22.0% | 81.3% |
| Net Profit YoY | -22.5% | 192.5% |
| EPS (diluted) | $0.12 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $28.2M | $38.9M | ||
| Q3 25 | $29.8M | $8.6M | ||
| Q2 25 | $45.0M | $15.3M | ||
| Q1 25 | $31.8M | $7.5M | ||
| Q4 24 | $36.2M | $21.5M | ||
| Q3 24 | $33.6M | $12.8M | ||
| Q2 24 | $27.2M | $8.0M | ||
| Q1 24 | $28.9M | $17.1M |
| Q4 25 | $5.3M | $9.6M | ||
| Q3 25 | $6.9M | $-19.6M | ||
| Q2 25 | $108.6M | $-13.3M | ||
| Q1 25 | $4.0M | $-20.7M | ||
| Q4 24 | $6.9M | $-10.4M | ||
| Q3 24 | $4.0M | $-20.6M | ||
| Q2 24 | $-8.2M | $-22.8M | ||
| Q1 24 | $-103.4M | $-11.5M |
| Q4 25 | 43.6% | 94.8% | ||
| Q3 25 | 50.2% | 71.3% | ||
| Q2 25 | 56.5% | 86.3% | ||
| Q1 25 | 49.3% | 63.8% | ||
| Q4 24 | 52.6% | 83.0% | ||
| Q3 24 | 50.6% | 66.4% | ||
| Q2 24 | 39.4% | 56.6% | ||
| Q1 24 | 30.9% | 71.6% |
| Q4 25 | 26.6% | 27.1% | ||
| Q3 25 | 31.9% | -220.3% | ||
| Q2 25 | 36.5% | -83.9% | ||
| Q1 25 | 23.1% | -271.6% | ||
| Q4 24 | 28.6% | -34.2% | ||
| Q3 24 | 24.0% | -129.0% | ||
| Q2 24 | -9.5% | -284.9% | ||
| Q1 24 | -27.5% | -69.6% |
| Q4 25 | 18.9% | 24.7% | ||
| Q3 25 | 23.1% | -228.1% | ||
| Q2 25 | 241.4% | -86.6% | ||
| Q1 25 | 12.6% | -274.3% | ||
| Q4 24 | 19.0% | -48.4% | ||
| Q3 24 | 11.8% | -160.8% | ||
| Q2 24 | -30.1% | -285.2% | ||
| Q1 24 | -357.1% | -67.4% |
| Q4 25 | $0.12 | $0.13 | ||
| Q3 25 | $0.14 | $-0.22 | ||
| Q2 25 | $2.28 | $-0.16 | ||
| Q1 25 | $0.08 | $-0.25 | ||
| Q4 24 | $1.23 | $-0.12 | ||
| Q3 24 | $0.11 | $-0.29 | ||
| Q2 24 | $-0.28 | $-0.32 | ||
| Q1 24 | $-3.91 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.3M | $78.2M |
| Total DebtLower is stronger | $97.6M | $40.1M |
| Stockholders' EquityBook value | $-4.8M | $50.5M |
| Total Assets | $112.6M | $147.8M |
| Debt / EquityLower = less leverage | — | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.3M | $78.2M | ||
| Q3 25 | $12.5M | $58.7M | ||
| Q2 25 | $6.8M | $66.3M | ||
| Q1 25 | $2.9M | $59.8M | ||
| Q4 24 | $4.4M | $73.5M | ||
| Q3 24 | $5.8M | $90.3M | ||
| Q2 24 | $6.1M | $73.2M | ||
| Q1 24 | $4.0M | $85.5M |
| Q4 25 | $97.6M | $40.1M | ||
| Q3 25 | $110.5M | $39.7M | ||
| Q2 25 | $110.5M | $39.4M | ||
| Q1 25 | $110.5M | $29.2M | ||
| Q4 24 | $110.4M | $28.9M | ||
| Q3 24 | $102.4M | $28.6M | ||
| Q2 24 | $102.4M | $28.4M | ||
| Q1 24 | $102.3M | $28.1M |
| Q4 25 | $-4.8M | $50.5M | ||
| Q3 25 | $-10.4M | $38.5M | ||
| Q2 25 | $-17.3M | $55.6M | ||
| Q1 25 | $-126.1M | $49.6M | ||
| Q4 24 | $-130.3M | $66.9M | ||
| Q3 24 | $-137.5M | $73.4M | ||
| Q2 24 | $-157.2M | $61.4M | ||
| Q1 24 | $-149.6M | $79.3M |
| Q4 25 | $112.6M | $147.8M | ||
| Q3 25 | $121.4M | $124.0M | ||
| Q2 25 | $127.8M | $138.2M | ||
| Q1 25 | $114.6M | $128.9M | ||
| Q4 24 | $116.4M | $149.0M | ||
| Q3 24 | $114.2M | $148.2M | ||
| Q2 24 | $113.4M | $132.0M | ||
| Q1 24 | $120.3M | $149.6M |
| Q4 25 | — | 0.79× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.59× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.35× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.1M | $20.1M |
| Free Cash FlowOCF − Capex | — | $19.6M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 2.46× | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.1M | $20.1M | ||
| Q3 25 | $12.2M | $-7.7M | ||
| Q2 25 | $10.3M | $-18.0M | ||
| Q1 25 | $3.7M | $-13.8M | ||
| Q4 24 | $-8.6M | $-16.5M | ||
| Q3 24 | $-2.3M | $-13.0M | ||
| Q2 24 | $-3.2M | $-12.2M | ||
| Q1 24 | $-2.0M | $-7.8M |
| Q4 25 | — | $19.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $-20.5M | ||
| Q1 25 | — | $-15.1M | ||
| Q4 24 | — | $-18.2M | ||
| Q3 24 | $-2.4M | $-14.0M | ||
| Q2 24 | — | $-12.6M | ||
| Q1 24 | — | $-8.9M |
| Q4 25 | — | 50.3% | ||
| Q3 25 | — | -91.7% | ||
| Q2 25 | — | -133.6% | ||
| Q1 25 | — | -199.6% | ||
| Q4 24 | — | -85.0% | ||
| Q3 24 | -7.1% | -109.0% | ||
| Q2 24 | — | -157.5% | ||
| Q1 24 | — | -52.2% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 0.0% | 2.1% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 16.7% | ||
| Q4 24 | — | 8.3% | ||
| Q3 24 | 0.1% | 7.8% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | — | 6.6% |
| Q4 25 | 2.46× | 2.09× | ||
| Q3 25 | 1.77× | — | ||
| Q2 25 | 0.09× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.25× | — | ||
| Q3 24 | -0.59× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
