2022–2025 (latest 4 aligned FYs; v3 window cap 5): revenue $221M to $135M, decreasing; diluted EPS -4.02 to 2.62, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
37
Median gross margin 38.5% over 9y, variable.
0
Median ROIC -212.1%, above the 12% hurdle in 0% of years.
31
Net debt/EBITDA n/ax, interest coverage 4x.
44
Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$1.50
No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 227% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
17 years of fundamentals
The business, in plain English
THE ARENA GROUP HOLDINGS, INC. booked $135M of revenue in FY2025 in the Communications sector and kept 50.7% of it as gross profit — a solid-margin business by that measure. After every other cost, 92.6% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $76995 (FY2017) to $135M (FY2025) — about 154.3% a year compounded over 8 years.
ROIC is not available for the latest filed year, FY2025. Across the full 9-year measurable filed record, median ROIC was −11.5%. Over the v3 recent window (3 measurable filed years), median ROIC was −212.1%. The Returns on Capital filter above scores it 0/100.
PAAI's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Capital Allocation is the strongest of the five filters (44/100) and Returns on Capital the weakest (0/100), which is how PAAI lands at 29/100 — a None moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2009–FY2025 · 17 fiscal years, normalized from PAAI’s SEC filings
Sales, as filed$135M FY2025Revenue kept after cost of goods50.7% FY2025Standard ROIC or separately labeled Operating ROICStandard ROIC −456.7% FY2021
Exact FY and FY-1 financing invested-capital inputs are required.
Cash an owner could take out$128M FY2025
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How THE ARENA GROUP HOLDINGS, INC. makes its money
Start with a dollar of revenue and follow what the filing says remains.
Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.
· event Dec 31, 2025 · retrieved Sep 19, 2026 · annual-row source set
Curated 19-manager tier
Who reported holding THE ARENA GROUP HOLDINGS, INC.
Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.
0 holding0 exited0 not holding0/19 resolved19 not retrieved
Named manager positions and quarter-over-quarter changes
Manager
Reported position
Quarter-over-quarter
Filing accession
Abrams Capital
Not retrieved
Comparison not retrieved
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Akre Capital
Not retrieved
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Baupost Group
Not retrieved
Comparison not retrieved
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Berkshire Hathaway
Not retrieved
Comparison not retrieved
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Brave Warrior Advisors
Not retrieved
Comparison not retrieved
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Dodge & Cox
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First Eagle
Not retrieved
Comparison not retrieved
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Fundsmith
Not retrieved
Comparison not retrieved
Filing not retrieved
Gardner Russo & Quinn
Not retrieved
Comparison not retrieved
Filing not retrieved
Gates Foundation Trust
Not retrieved
Comparison not retrieved
Filing not retrieved
Mairs & Power
Not retrieved
Comparison not retrieved
Filing not retrieved
Markel / Markel-Gayner
Not retrieved
Comparison not retrieved
Filing not retrieved
Oakmark / Harris Associates
Not retrieved
Comparison not retrieved
Filing not retrieved
Pershing Square
Not retrieved
Comparison not retrieved
Filing not retrieved
Polen Capital
Not retrieved
Comparison not retrieved
Filing not retrieved
Sequoia / Ruane Cunniff
Not retrieved
Comparison not retrieved
Filing not retrieved
Southeastern Asset Management
Not retrieved
Comparison not retrieved
Filing not retrieved
Tweedy, Browne
Not retrieved
Comparison not retrieved
Filing not retrieved
Yacktman Asset Management
Not retrieved
Comparison not retrieved
Filing not retrieved
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 19, 2026
Flagship explainer
What THE ARENA GROUP HOLDINGS, INC. insiders reported
Records still being gathered — partial as of retrieval Sep 19, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
1 logged reading since Sep 19, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale29.4 / 100
Score history begins Sep 19, 2026 — the record builds forward from here.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
None yet — PAAI has read No moat for every logged capture since Sep 19, 2026.
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Sep 19, 2026.
5 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for PAAI; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Communications context
#91 of 135 scored Communications companies, ranked by Moat Score.
Does THE ARENA GROUP HOLDINGS, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores THE ARENA GROUP HOLDINGS, INC. (PAAI) 29.4 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 35, pricing power 37, returns on capital 0, balance-sheet safety 31, capital allocation 44.
How has PAAI's Moat Score changed over time?
The record logs 1 reading since Sep 19, 2026; the latest reads 29.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PAAI. See the disclaimer.