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Side-by-side financial comparison of Arena Group Holdings, Inc. (AREN) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
Waterstone Financial, Inc. is the larger business by last-quarter revenue ($37.2M vs $28.2M, roughly 1.3× Arena Group Holdings, Inc.). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs -22.0%). Over the past eight quarters, Waterstone Financial, Inc.'s revenue compounded faster (7.1% 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.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
AREN vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.2M | $37.2M |
| Net Profit | $5.3M | — |
| Gross Margin | 43.6% | — |
| Operating Margin | 26.6% | 27.0% |
| Net Margin | 18.9% | — |
| Revenue YoY | -22.0% | 16.7% |
| Net Profit YoY | -22.5% | — |
| EPS (diluted) | $0.12 | $0.43 |
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 | $37.2M | ||
| Q3 25 | $29.8M | $37.0M | ||
| Q2 25 | $45.0M | $38.0M | ||
| Q1 25 | $31.8M | $29.7M | ||
| Q4 24 | $36.2M | $31.8M | ||
| Q3 24 | $33.6M | $34.1M | ||
| Q2 24 | $27.2M | $37.2M | ||
| Q1 24 | $28.9M | $32.4M |
| Q4 25 | $5.3M | — | ||
| Q3 25 | $6.9M | $7.9M | ||
| Q2 25 | $108.6M | $7.7M | ||
| Q1 25 | $4.0M | $3.0M | ||
| Q4 24 | $6.9M | — | ||
| Q3 24 | $4.0M | $4.7M | ||
| Q2 24 | $-8.2M | $5.7M | ||
| Q1 24 | $-103.4M | $3.0M |
| 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 24 | 30.9% | — |
| Q4 25 | 26.6% | 27.0% | ||
| Q3 25 | 31.9% | 26.6% | ||
| Q2 25 | 36.5% | 25.4% | ||
| Q1 25 | 23.1% | 13.1% | ||
| Q4 24 | 28.6% | 19.5% | ||
| Q3 24 | 24.0% | 17.3% | ||
| Q2 24 | -9.5% | 19.2% | ||
| Q1 24 | -27.5% | 14.7% |
| Q4 25 | 18.9% | — | ||
| Q3 25 | 23.1% | 21.4% | ||
| Q2 25 | 241.4% | 20.3% | ||
| Q1 25 | 12.6% | 10.2% | ||
| Q4 24 | 19.0% | — | ||
| Q3 24 | 11.8% | 13.9% | ||
| Q2 24 | -30.1% | 15.4% | ||
| Q1 24 | -357.1% | 9.4% |
| Q4 25 | $0.12 | $0.43 | ||
| Q3 25 | $0.14 | $0.45 | ||
| Q2 25 | $2.28 | $0.43 | ||
| Q1 25 | $0.08 | $0.17 | ||
| Q4 24 | $1.23 | $0.28 | ||
| Q3 24 | $0.11 | $0.26 | ||
| Q2 24 | $-0.28 | $0.31 | ||
| 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 | — |
| Total DebtLower is stronger | $97.6M | $412.3M |
| Stockholders' EquityBook value | $-4.8M | $349.4M |
| Total Assets | $112.6M | $2.3B |
| Debt / EquityLower = less leverage | — | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.3M | — | ||
| Q3 25 | $12.5M | — | ||
| Q2 25 | $6.8M | — | ||
| Q1 25 | $2.9M | — | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $5.8M | — | ||
| Q2 24 | $6.1M | — | ||
| Q1 24 | $4.0M | — |
| Q4 25 | $97.6M | $412.3M | ||
| Q3 25 | $110.5M | $469.1M | ||
| Q2 25 | $110.5M | $465.7M | ||
| Q1 25 | $110.5M | $395.9M | ||
| Q4 24 | $110.4M | $446.5M | ||
| Q3 24 | $102.4M | $560.1M | ||
| Q2 24 | $102.4M | $660.8M | ||
| Q1 24 | $102.3M | $634.2M |
| Q4 25 | $-4.8M | $349.4M | ||
| Q3 25 | $-10.4M | $345.5M | ||
| Q2 25 | $-17.3M | $341.5M | ||
| Q1 25 | $-126.1M | $341.4M | ||
| Q4 24 | $-130.3M | $339.1M | ||
| Q3 24 | $-137.5M | $342.0M | ||
| Q2 24 | $-157.2M | $334.9M | ||
| Q1 24 | $-149.6M | $338.0M |
| Q4 25 | $112.6M | $2.3B | ||
| Q3 25 | $121.4M | $2.3B | ||
| Q2 25 | $127.8M | $2.3B | ||
| Q1 25 | $114.6M | $2.2B | ||
| Q4 24 | $116.4M | $2.2B | ||
| Q3 24 | $114.2M | $2.2B | ||
| Q2 24 | $113.4M | $2.3B | ||
| Q1 24 | $120.3M | $2.2B |
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.88× |
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 | $24.2M |
| Free Cash FlowOCF − Capex | — | $23.0M |
| FCF MarginFCF / Revenue | — | 61.9% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | 2.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.1M | $24.2M | ||
| Q3 25 | $12.2M | $32.7M | ||
| Q2 25 | $10.3M | $-38.4M | ||
| Q1 25 | $3.7M | $26.7M | ||
| Q4 24 | $-8.6M | $48.1M | ||
| Q3 24 | $-2.3M | $74.1M | ||
| Q2 24 | $-3.2M | $-39.5M | ||
| Q1 24 | $-2.0M | $-9.9M |
| Q4 25 | — | $23.0M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $-38.5M | ||
| Q1 25 | — | $26.5M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | $-2.4M | $73.9M | ||
| Q2 24 | — | $-39.7M | ||
| Q1 24 | — | $-10.3M |
| Q4 25 | — | 61.9% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | -101.2% | ||
| Q1 25 | — | 89.2% | ||
| Q4 24 | — | 147.5% | ||
| Q3 24 | -7.1% | 216.9% | ||
| Q2 24 | — | -106.7% | ||
| Q1 24 | — | -31.9% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | 0.0% | 0.8% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | 0.1% | 0.6% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | 2.46× | — | ||
| Q3 25 | 1.77× | 4.13× | ||
| Q2 25 | 0.09× | -4.98× | ||
| Q1 25 | 0.91× | 8.81× | ||
| Q4 24 | -1.25× | — | ||
| Q3 24 | -0.59× | 15.67× | ||
| Q2 24 | — | -6.92× | ||
| Q1 24 | — | -3.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
