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Side-by-side financial comparison of Arena Group Holdings, Inc. (AREN) and Sight Sciences, Inc. (SGHT). Click either name above to swap in a different company.
Arena Group Holdings, Inc. is the larger business by last-quarter revenue ($28.2M vs $20.4M, roughly 1.4× Sight Sciences, Inc.). Arena Group Holdings, Inc. runs the higher net margin — 18.9% vs -20.4%, a 39.3% gap on every dollar of revenue. On growth, Sight Sciences, Inc. posted the faster year-over-year revenue change (6.9% vs -22.0%). Over the past eight quarters, Sight Sciences, Inc.'s revenue compounded faster (2.9% 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.
Sight Sciences, Inc. is a commercial-stage medical technology company focused on developing and commercializing innovative products for treating common eye conditions including glaucoma and dry eye disease. It offers minimally invasive surgical devices and non-surgical care solutions, primarily serving ophthalmology clinicians and patients across the United States.
AREN vs SGHT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.2M | $20.4M |
| Net Profit | $5.3M | $-4.2M |
| Gross Margin | 43.6% | 87.3% |
| Operating Margin | 26.6% | -18.0% |
| Net Margin | 18.9% | -20.4% |
| Revenue YoY | -22.0% | 6.9% |
| Net Profit YoY | -22.5% | 64.9% |
| EPS (diluted) | $0.12 | $-0.07 |
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 | $20.4M | ||
| Q3 25 | $29.8M | $19.9M | ||
| Q2 25 | $45.0M | $19.6M | ||
| Q1 25 | $31.8M | $17.5M | ||
| Q4 24 | $36.2M | $19.1M | ||
| Q3 24 | $33.6M | $20.2M | ||
| Q2 24 | $27.2M | $21.4M | ||
| Q1 24 | $28.9M | $19.3M |
| Q4 25 | $5.3M | $-4.2M | ||
| Q3 25 | $6.9M | $-8.2M | ||
| Q2 25 | $108.6M | $-11.9M | ||
| Q1 25 | $4.0M | $-14.2M | ||
| Q4 24 | $6.9M | $-11.8M | ||
| Q3 24 | $4.0M | $-11.1M | ||
| Q2 24 | $-8.2M | $-12.3M | ||
| Q1 24 | $-103.4M | $-16.3M |
| Q4 25 | 43.6% | 87.3% | ||
| Q3 25 | 50.2% | 86.4% | ||
| Q2 25 | 56.5% | 84.8% | ||
| Q1 25 | 49.3% | 86.2% | ||
| Q4 24 | 52.6% | 86.8% | ||
| Q3 24 | 50.6% | 83.9% | ||
| Q2 24 | 39.4% | 85.8% | ||
| Q1 24 | 30.9% | 85.5% |
| Q4 25 | 26.6% | -18.0% | ||
| Q3 25 | 31.9% | -39.7% | ||
| Q2 25 | 36.5% | -59.6% | ||
| Q1 25 | 23.1% | -79.2% | ||
| Q4 24 | 28.6% | -62.5% | ||
| Q3 24 | 24.0% | -55.7% | ||
| Q2 24 | -9.5% | -59.2% | ||
| Q1 24 | -27.5% | -76.4% |
| Q4 25 | 18.9% | -20.4% | ||
| Q3 25 | 23.1% | -41.0% | ||
| Q2 25 | 241.4% | -61.0% | ||
| Q1 25 | 12.6% | -80.8% | ||
| Q4 24 | 19.0% | -62.1% | ||
| Q3 24 | 11.8% | -54.9% | ||
| Q2 24 | -30.1% | -57.7% | ||
| Q1 24 | -357.1% | -84.4% |
| Q4 25 | $0.12 | $-0.07 | ||
| Q3 25 | $0.14 | $-0.16 | ||
| Q2 25 | $2.28 | $-0.23 | ||
| Q1 25 | $0.08 | $-0.28 | ||
| Q4 24 | $1.23 | $-0.23 | ||
| Q3 24 | $0.11 | $-0.22 | ||
| Q2 24 | $-0.28 | $-0.25 | ||
| Q1 24 | $-3.91 | $-0.33 |
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 | $92.0M |
| Total DebtLower is stronger | $97.6M | $42.4M |
| Stockholders' EquityBook value | $-4.8M | $63.9M |
| Total Assets | $112.6M | $115.3M |
| Debt / EquityLower = less leverage | — | 0.66× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.3M | $92.0M | ||
| Q3 25 | $12.5M | $92.4M | ||
| Q2 25 | $6.8M | $101.5M | ||
| Q1 25 | $2.9M | $108.8M | ||
| Q4 24 | $4.4M | $120.4M | ||
| Q3 24 | $5.8M | $118.6M | ||
| Q2 24 | $6.1M | $118.2M | ||
| Q1 24 | $4.0M | $127.3M |
| Q4 25 | $97.6M | $42.4M | ||
| Q3 25 | $110.5M | $42.4M | ||
| Q2 25 | $110.5M | $42.4M | ||
| Q1 25 | $110.5M | $42.4M | ||
| Q4 24 | $110.4M | $40.0M | ||
| Q3 24 | $102.4M | $37.1M | ||
| Q2 24 | $102.4M | $35.0M | ||
| Q1 24 | $102.3M | $35.0M |
| Q4 25 | $-4.8M | $63.9M | ||
| Q3 25 | $-10.4M | $64.3M | ||
| Q2 25 | $-17.3M | $70.0M | ||
| Q1 25 | $-126.1M | $77.6M | ||
| Q4 24 | $-130.3M | $87.5M | ||
| Q3 24 | $-137.5M | $95.0M | ||
| Q2 24 | $-157.2M | $101.6M | ||
| Q1 24 | $-149.6M | $109.2M |
| Q4 25 | $112.6M | $115.3M | ||
| Q3 25 | $121.4M | $116.3M | ||
| Q2 25 | $127.8M | $122.0M | ||
| Q1 25 | $114.6M | $129.7M | ||
| Q4 24 | $116.4M | $142.8M | ||
| Q3 24 | $114.2M | $143.6M | ||
| Q2 24 | $113.4M | $149.7M | ||
| Q1 24 | $120.3M | $155.6M |
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.34× | ||
| Q1 24 | — | 0.32× |
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 | $-1.8M |
| Free Cash FlowOCF − Capex | — | $-2.0M |
| FCF MarginFCF / Revenue | — | -9.7% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | 2.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.1M | $-1.8M | ||
| Q3 25 | $12.2M | $-8.7M | ||
| Q2 25 | $10.3M | $-7.5M | ||
| Q1 25 | $3.7M | $-11.6M | ||
| Q4 24 | $-8.6M | $-3.5M | ||
| Q3 24 | $-2.3M | $362.0K | ||
| Q2 24 | $-3.2M | $-9.5M | ||
| Q1 24 | $-2.0M | $-9.8M |
| Q4 25 | — | $-2.0M | ||
| Q3 25 | — | $-8.9M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-3.6M | ||
| Q3 24 | $-2.4M | $311.0K | ||
| Q2 24 | — | $-9.5M | ||
| Q1 24 | — | $-9.9M |
| Q4 25 | — | -9.7% | ||
| Q3 25 | — | -44.7% | ||
| Q2 25 | — | -39.6% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -18.9% | ||
| Q3 24 | -7.1% | 1.5% | ||
| Q2 24 | — | -44.7% | ||
| Q1 24 | — | -51.4% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | 0.0% | 0.9% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 0.1% | 0.3% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | 2.46× | — | ||
| 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.
Revenue Breakdown by Segment
AREN
Segment breakdown not available.
SGHT
| Surgical Glaucoma | $19.7M | 96% |
| Other | $724.0K | 4% |
