The Arena Group Holdings

AREN

Internet Content & Information · Communication Services

Price

$0.95

+0.13 (+15.85%)

Market Cap

$45.2M

Exchange

New York Stock Exchange American

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Jul 28, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+317.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 11.4M (2021) → 47.7M (2025)

The Arena Group Holdings, Inc. and its associated companies manage a digital media business with operations across the United States and globally. Central to its offerings is "The Platform," a custom-built online publishing system. This advanced platform incorporates a wide range of technologies, including content creation tools, video hosting capabilities, social media distribution channels, email newsletter technology, artificial intelligence-driven content recommendations, notification systems, and other proprietary innovations. The company rebranded to The Arena Group Holdings, Inc. in February 2022, having previously been known as TheMaven, Inc. Founded in 1990, its corporate headquarters are located in New York, New York.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-35.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-170.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Cash Position

Cash flow positive

$11M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

The Arena Group Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

30.3%

Modest — 30.3% gross margin

Operating Margin

-1.5%

Losing money on operations — -1.5%

ROCE

-0.3%

Weak — -0.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-4.2%

Shrinking sales (-4.2% YoY)

EPS YoY

+4433.8%

Earnings growing fast (4433.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

32%

Weak — only 32% of profit becomes cash

FCF Margin

23.3%

Converts sales into free cash efficiently (23.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

3.07x

Tight — interest eats into profit (3.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

0.4x

Attractive valuation — P/E 0.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-2.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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