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Side-by-side financial comparison of Arena Group Holdings, Inc. (AREN) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Spok Holdings, Inc is the larger business by last-quarter revenue ($33.9M vs $28.2M, roughly 1.2× Arena Group Holdings, Inc.). Arena Group Holdings, Inc. runs the higher net margin — 18.9% vs 8.7%, a 10.2% gap on every dollar of revenue. On growth, Spok Holdings, Inc posted the faster year-over-year revenue change (-0.1% vs -22.0%). Over the past eight quarters, Arena Group Holdings, Inc.'s revenue compounded faster (-1.2% CAGR vs -1.5%).
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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
AREN vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.2M | $33.9M |
| Net Profit | $5.3M | $2.9M |
| Gross Margin | 43.6% | 76.7% |
| Operating Margin | 26.6% | 11.6% |
| Net Margin | 18.9% | 8.7% |
| Revenue YoY | -22.0% | -0.1% |
| Net Profit YoY | -22.5% | -19.6% |
| 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 | $33.9M | ||
| Q3 25 | $29.8M | $33.9M | ||
| Q2 25 | $45.0M | $35.7M | ||
| Q1 25 | $31.8M | $36.3M | ||
| Q4 24 | $36.2M | $33.9M | ||
| Q3 24 | $33.6M | $34.9M | ||
| Q2 24 | $27.2M | $34.0M | ||
| Q1 24 | $28.9M | $34.9M |
| Q4 25 | $5.3M | $2.9M | ||
| Q3 25 | $6.9M | $3.2M | ||
| Q2 25 | $108.6M | $4.6M | ||
| Q1 25 | $4.0M | $5.2M | ||
| Q4 24 | $6.9M | $3.6M | ||
| Q3 24 | $4.0M | $3.7M | ||
| Q2 24 | $-8.2M | $3.4M | ||
| Q1 24 | $-103.4M | $4.2M |
| Q4 25 | 43.6% | 76.7% | ||
| Q3 25 | 50.2% | 78.3% | ||
| Q2 25 | 56.5% | 79.5% | ||
| Q1 25 | 49.3% | 80.1% | ||
| Q4 24 | 52.6% | 78.5% | ||
| Q3 24 | 50.6% | 79.5% | ||
| Q2 24 | 39.4% | 78.9% | ||
| Q1 24 | 30.9% | 79.5% |
| Q4 25 | 26.6% | 11.6% | ||
| Q3 25 | 31.9% | 12.9% | ||
| Q2 25 | 36.5% | 15.1% | ||
| Q1 25 | 23.1% | 16.6% | ||
| Q4 24 | 28.6% | 13.7% | ||
| Q3 24 | 24.0% | 14.2% | ||
| Q2 24 | -9.5% | 13.2% | ||
| Q1 24 | -27.5% | 14.0% |
| Q4 25 | 18.9% | 8.7% | ||
| Q3 25 | 23.1% | 9.5% | ||
| Q2 25 | 241.4% | 12.8% | ||
| Q1 25 | 12.6% | 14.3% | ||
| Q4 24 | 19.0% | 10.8% | ||
| Q3 24 | 11.8% | 10.5% | ||
| Q2 24 | -30.1% | 10.1% | ||
| Q1 24 | -357.1% | 12.1% |
| Q4 25 | $0.12 | $0.13 | ||
| Q3 25 | $0.14 | $0.15 | ||
| Q2 25 | $2.28 | $0.22 | ||
| Q1 25 | $0.08 | $0.25 | ||
| Q4 24 | $1.23 | $0.17 | ||
| Q3 24 | $0.11 | $0.18 | ||
| Q2 24 | $-0.28 | $0.17 | ||
| Q1 24 | $-3.91 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | $97.6M | — |
| Stockholders' EquityBook value | $-4.8M | $146.4M |
| Total Assets | $112.6M | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.3M | $25.3M | ||
| Q3 25 | $12.5M | $21.4M | ||
| Q2 25 | $6.8M | $20.2M | ||
| Q1 25 | $2.9M | $19.9M | ||
| Q4 24 | $4.4M | $29.1M | ||
| Q3 24 | $5.8M | $27.8M | ||
| Q2 24 | $6.1M | $23.9M | ||
| Q1 24 | $4.0M | $23.3M |
| Q4 25 | $97.6M | — | ||
| Q3 25 | $110.5M | — | ||
| Q2 25 | $110.5M | — | ||
| Q1 25 | $110.5M | — | ||
| Q4 24 | $110.4M | — | ||
| Q3 24 | $102.4M | — | ||
| Q2 24 | $102.4M | — | ||
| Q1 24 | $102.3M | — |
| Q4 25 | $-4.8M | $146.4M | ||
| Q3 25 | $-10.4M | $148.7M | ||
| Q2 25 | $-17.3M | $150.9M | ||
| Q1 25 | $-126.1M | $151.7M | ||
| Q4 24 | $-130.3M | $154.7M | ||
| Q3 24 | $-137.5M | $156.3M | ||
| Q2 24 | $-157.2M | $158.2M | ||
| Q1 24 | $-149.6M | $160.2M |
| Q4 25 | $112.6M | $206.1M | ||
| Q3 25 | $121.4M | $209.7M | ||
| Q2 25 | $127.8M | $208.7M | ||
| Q1 25 | $114.6M | $204.5M | ||
| Q4 24 | $116.4M | $217.1M | ||
| Q3 24 | $114.2M | $216.8M | ||
| Q2 24 | $113.4M | $216.4M | ||
| Q1 24 | $120.3M | $215.0M |
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 | $11.5M |
| Free Cash FlowOCF − Capex | — | $10.1M |
| FCF MarginFCF / Revenue | — | 29.9% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | 2.46× | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.1M | $11.5M | ||
| Q3 25 | $12.2M | $8.1M | ||
| Q2 25 | $10.3M | $7.0M | ||
| Q1 25 | $3.7M | $2.3M | ||
| Q4 24 | $-8.6M | $8.4M | ||
| Q3 24 | $-2.3M | $11.1M | ||
| Q2 24 | $-3.2M | $7.4M | ||
| Q1 24 | $-2.0M | $2.0M |
| Q4 25 | — | $10.1M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | — | $6.0M | ||
| Q1 25 | — | $1.5M | ||
| Q4 24 | — | $7.5M | ||
| Q3 24 | $-2.4M | $10.3M | ||
| Q2 24 | — | $6.8M | ||
| Q1 24 | — | $1.1M |
| Q4 25 | — | 29.9% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 22.3% | ||
| Q3 24 | -7.1% | 29.4% | ||
| Q2 24 | — | 20.0% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | 0.0% | 1.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 0.1% | 2.4% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | 2.46× | 3.93× | ||
| Q3 25 | 1.77× | 2.54× | ||
| Q2 25 | 0.09× | 1.55× | ||
| Q1 25 | 0.91× | 0.43× | ||
| Q4 24 | -1.25× | 2.31× | ||
| Q3 24 | -0.59× | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AREN
Segment breakdown not available.
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
