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Side-by-side financial comparison of Arena Group Holdings, Inc. (AREN) and Neptune Insurance Holdings Inc. (NP). Click either name above to swap in a different company.
Neptune Insurance Holdings Inc. is the larger business by last-quarter revenue ($37.8M vs $28.2M, roughly 1.3× Arena Group Holdings, Inc.). Arena Group Holdings, Inc. runs the higher net margin — 18.9% vs 0.1%, a 18.8% gap on every dollar of revenue. On growth, Neptune Insurance Holdings Inc. posted the faster year-over-year revenue change (28.8% vs -22.0%).
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.
Neptune Insurance Holdings Inc. is a specialty insurance holding company that offers a broad portfolio of property and casualty insurance products, with a core focus on residential and commercial flood insurance for customers across the United States. It serves both individual consumers and small to mid-sized business clients, using advanced data analytics to support accurate policy pricing and robust risk management.
AREN vs NP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.2M | $37.8M |
| Net Profit | $5.3M | $50.0K |
| Gross Margin | 43.6% | — |
| Operating Margin | 26.6% | — |
| Net Margin | 18.9% | 0.1% |
| Revenue YoY | -22.0% | 28.8% |
| Net Profit YoY | -22.5% | 0.0% |
| EPS (diluted) | $0.12 | $0.05 |
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.
| Q1 26 | — | $37.8M | ||
| Q4 25 | $28.2M | — | ||
| Q3 25 | $29.8M | $44.4M | ||
| Q2 25 | $45.0M | — | ||
| Q1 25 | $31.8M | — | ||
| Q4 24 | $36.2M | — | ||
| Q3 24 | $33.6M | $33.8M | ||
| Q2 24 | $27.2M | — |
| Q1 26 | — | $50.0K | ||
| Q4 25 | $5.3M | — | ||
| Q3 25 | $6.9M | $11.5M | ||
| Q2 25 | $108.6M | — | ||
| Q1 25 | $4.0M | — | ||
| Q4 24 | $6.9M | — | ||
| Q3 24 | $4.0M | $12.1M | ||
| Q2 24 | $-8.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | 43.6% | — | ||
| Q3 25 | 50.2% | — | ||
| Q2 25 | 56.5% | — | ||
| Q1 25 | 49.3% | — | ||
| Q4 24 | 52.6% | — | ||
| Q3 24 | 50.6% | — | ||
| Q2 24 | 39.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 26.6% | — | ||
| Q3 25 | 31.9% | 46.7% | ||
| Q2 25 | 36.5% | — | ||
| Q1 25 | 23.1% | — | ||
| Q4 24 | 28.6% | — | ||
| Q3 24 | 24.0% | 58.6% | ||
| Q2 24 | -9.5% | — |
| Q1 26 | — | 0.1% | ||
| Q4 25 | 18.9% | — | ||
| Q3 25 | 23.1% | 25.9% | ||
| Q2 25 | 241.4% | — | ||
| Q1 25 | 12.6% | — | ||
| Q4 24 | 19.0% | — | ||
| Q3 24 | 11.8% | 35.8% | ||
| Q2 24 | -30.1% | — |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.12 | — | ||
| Q3 25 | $0.14 | $0.06 | ||
| Q2 25 | $2.28 | — | ||
| Q1 25 | $0.08 | — | ||
| Q4 24 | $1.23 | — | ||
| Q3 24 | $0.11 | $0.06 | ||
| Q2 24 | $-0.28 | — |
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 | — |
| Total DebtLower is stronger | $97.6M | — |
| Stockholders' EquityBook value | $-4.8M | — |
| Total Assets | $112.6M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $10.3M | — | ||
| Q3 25 | $12.5M | $12.2M | ||
| Q2 25 | $6.8M | — | ||
| Q1 25 | $2.9M | — | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $5.8M | — | ||
| Q2 24 | $6.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $97.6M | — | ||
| Q3 25 | $110.5M | $247.6M | ||
| Q2 25 | $110.5M | — | ||
| Q1 25 | $110.5M | — | ||
| Q4 24 | $110.4M | — | ||
| Q3 24 | $102.4M | — | ||
| Q2 24 | $102.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-4.8M | — | ||
| Q3 25 | $-10.4M | $-509.5M | ||
| Q2 25 | $-17.3M | — | ||
| Q1 25 | $-126.1M | — | ||
| Q4 24 | $-130.3M | — | ||
| Q3 24 | $-137.5M | $-374.3M | ||
| Q2 24 | $-157.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | $112.6M | — | ||
| Q3 25 | $121.4M | $89.6M | ||
| Q2 25 | $127.8M | — | ||
| Q1 25 | $114.6M | — | ||
| Q4 24 | $116.4M | — | ||
| Q3 24 | $114.2M | — | ||
| Q2 24 | $113.4M | — |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 2.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $13.1M | — | ||
| Q3 25 | $12.2M | $38.9M | ||
| Q2 25 | $10.3M | — | ||
| Q1 25 | $3.7M | — | ||
| Q4 24 | $-8.6M | — | ||
| Q3 24 | $-2.3M | — | ||
| Q2 24 | $-3.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-2.4M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -7.1% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.46× | — | ||
| Q3 25 | 1.77× | 3.38× | ||
| Q2 25 | 0.09× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.25× | — | ||
| Q3 24 | -0.59× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
