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Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $36.7M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 135%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~11.6% on $97.6M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $1.03 today, the market must believe free cash flow compounds -16.0%/yr for a decade (off $36.7M on the 3-yr avg basis).
On the basis ($36.2M) the requirement is -15.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 10.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.05B shares (market data) · net debt $87.2M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 37 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CCZ | $232.7B | 11.7× | 8.7× | 1.9× | -0.0% | — | 16.2% | 20.6% | 10.2% | 2.4× | 1 |
| VZ | $190.8B | 11.3× | 7.0× | 1.4× | 2.5% | — | 12.4% | 16.2% | 7.0% | 2.7× | 3,043 |
| TMUS | $175.5B | 16.8× | 8.1× | 2.0× | 8.5% | — | 12.4% | 18.6% | 7.6% | 2.5× | 1,605 |
| T | $166.5B | 8.0× | 6.5× | 1.3× | 2.7% | — | 17.5% | 17.4% | 8.1% | 2.8× | 2,601 |
| WBD | $77.6B | 106.7× | 16.5× | 2.1× | -5.1% | — | 1.9% | 2.0% | 1.1% | 4.4× | 1,284 |
| ROKU | $22.6B | 258.3× | — | 4.8× | 15.2% | 43.8% | 1.9% | 3.3% | 3.3% | — | 759 |
| CHTR | $12.5B | 3.0× | 5.1× | 0.2× | -0.6% | — | 9.1% | 31.1% | 4.5% | 4.5× | 774 |
| GSAT | $10.8B | — | 115.7× | 39.5× | 9.0% | — | -3.2% | -2.4% | -1.0% | 0.4× | 314 |
| VSAT | $9.9B | — | 7.2× | 2.1× | 2.7% | — | -0.7% | -0.7% | -0.7% | -1.5× | 480 |
| SIRI | $8.7B | 11.5× | 9.7× | 1.0× | -1.6% | 52.4% | 9.4% | 7.0% | 3.8% | 5.1× | 597 |
| LUMN | $5.9B | — | 2.5× | 0.5× | -5.4% | 46.5% | -14.0% | 156% | 156% | -0.5× | 613 |
| IRDM | $5.2B | 46.2× | 15.4× | 6.0× | 4.9% | — | 13.1% | 24.7% | 5.1% | 3.7× | 472 |
| NXST | $4.8B | 51.8× | 8.2× | 1.0× | -8.5% | — | 2.2% | 5.3% | 1.3% | 4.6× | 473 |
| TDS | $4.1B | — | 16.1× | 3.3× | -5.3% | — | -0.5% | -0.1% | -0.1% | -3.7× | 340 |
| LBTYA | $3.0B | — | — | 0.6× | 12.4% | 65.8% | -146% | -73.3% | -39.0% | — | — |
| AD | $3.0B | 61.4× | — | 18.3× | 58.3% | 51.2% | 29.9% | 1.9% | 1.9% | — | 140 |
| ADEA | $2.8B | 26.0× | 18.0× | 6.4× | 17.9% | — | 25.1% | 23.1% | 12.4% | 1.9× | 290 |
| CALX | $2.2B | 133.9× | 52.9× | 2.2× | 20.3% | 56.8% | 1.8% | 2.1% | 2.1% | -3.7× | 274 |
| IDT | $2.0B | 26.2× | 14.5× | 1.6× | 2.1% | 36.2% | 6.2% | 24.9% | 24.9% | -1.9× | 195 |
| UNIT | $2.0B | 1.6× | 14.6× | 0.9× | 91.5% | — | 58.4% | 343% | 13.2% | 12.1× | 276 |
| ZD | $1.9B | 48.0× | 5.3× | 1.3× | 3.5% | 85.8% | 3.3% | 2.7% | 1.8% | 0.7× | 258 |
| LILA | $1.7B | — | 9.4× | 0.4× | -0.1% | 78.0% | -13.8% | -110% | -6.6% | 7.8× | — |
| NMAX | $1.2B | — | — | 6.5× | 10.7% | 39.3% | -52.6% | -93.8% | -93.8% | — | 232 |
| SBGI | $899M | — | 10.4× | 0.3× | -10.7% | — | -3.5% | -25.3% | -2.3% | 8.3× | 178 |
| EVC | $681M | — | — | 1.5× | 22.6% | 58.9% | -17.7% | -143% | -35.6% | — | 144 |
| AREN | $49M | 0.4× | 3.3× | 0.4× | 698% | 50.7% | 92.6% | — | 135% | 2.1× | 46 |
Peers = companies sharing AREN's sector (Cable & Other Pay Television Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-11 · 25d old
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134.8M 100.0% | $16.9M 100.0% | $143.6M 100.0% | $13.3M 100.0% | $189.1M 100.0% | $128.0M 100.0% | $53.3M 100.0% | $5.7M 100.0% | $77K 100.0% | — |
| Cost of Revenue | $66.5M 49.3% | $70.2M 415.5% | $88.4M 61.5% | $132.9M 1003.0% | $110.5M 58.4% | $103.1M 80.5% | $47.3M 88.7% | $7.6M 134.1% | $1.6M 2065.9% | — |
| Gross Profit | $68.3M 50.7% | $55.7M 329.8% | $55.3M 38.5% | $88.0M 664.1% | $78.6M 41.6% | $25.0M 19.5% | $6.0M 11.3% | -$1.9M -34.1% | -$1.5M -1965.9% | — |
| Research & Development | — | — | — | — | — | — | — | $1.2M 20.7% | $115K 149.2% | — |
| Selling, General & Admin | $17.1M 12.7% | $30.4M 180.0% | $43.8M 30.5% | $53.5M 403.7% | $55.6M 29.4% | $36.0M 28.1% | $29.5M 55.3% | $10.3M 180.5% | $4.7M 6131.3% | — |
| Total Operating Expenses | $27.6M 20.4% | $47.8M 283.3% | $72.7M 50.6% | $143.9M 1085.8% | $162.9M 86.1% | $96.2M 75.1% | $46.9M 87.8% | $12.1M 211.8% | $4.8M 6280.5% | — |
| Operating Income | $40.8M 30.3% | $7.9M 46.6% | -$17.5M -12.2% | -$55.9M -421.7% | -$84.3M -44.6% | -$71.2M -55.6% | -$40.8M -76.5% | -$14.0M -245.8% | -$6.3M -8246.4% | — |
| Interest Expense | $11.4M 8.4% | $14.7M 86.8% | $18.0M 12.5% | $11.4M 86.2% | $10.4M 5.5% | $16.5M 12.9% | $10.5M 19.6% | $2.5M 44.0% | — | — |
| Interest & Investment Income | — | — | — | — | $6K 0.0% | $381K 0.3% | $14K 0.0% | $22K 0.4% | $411 0.5% | — |
| Other Income (Expense), net | -$11.7M -8.7% | -$15.3M -90.5% | -$19.6M -13.6% | -$12.6M -94.8% | -$7.3M -3.9% | -$17.8M -13.9% | -$17.2M -32.3% | -$12.1M -213.1% | $65K 84.5% | — |
| Pretax Income | $29.1M 21.6% | -$7.4M -43.9% | -$37.0M -25.8% | -$68.5M -516.5% | -$91.6M -48.4% | -$89.0M -69.5% | -$58.0M -108.8% | -$26.2M -458.9% | -$6.3M -8162.0% | — |
| Income Tax Expense | $520K 0.4% | $249K 1.5% | $197K 0.1% | -$1.1M -8.0% | -$1.7M -0.9% | $211K 0.2% | $211K 0.4% | -$92K -1.6% | $0 0.0% | — |
| Net Income | $124.9M 92.6% | -$100.7M -596.2% | -$55.6M -38.7% | -$70.9M -534.7% | -$89.9M -47.6% | -$89.2M -69.7% | -$38.5M -72.2% | -$26.1M -457.3% | -$6.3M -8162.0% | — |
| Per Share | ||||||||||
| EPS (Basic) | $2.63 | -$2.85 | -$2.49 | -$4.02 | -$7.87 | — | — | — | — | — |
| EPS (Diluted) | $2.62 | -$2.85 | -$2.49 | -$4.02 | — | — | — | — | — | — |
| Weighted Avg Shares (Basic) | 47.5M | 35.4M | 22.3M | 17.6M | 11.4M | — | — | — | — | — |
| Weighted Avg Shares (Diluted) | 47.7M | 35.4M | 22.3M | 17.6M | — | — | — | — | 23.4M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-11
Where each multiple sits in its own 14-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -2588% against ROIC 135% — -2722% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 134.1 | 88.7 | 80.5 | 58.4 | 1003.0 | 61.5 | 415.5 | 49.3 |
| Gross Profit | -34.1 | 11.3 | 19.5 | 41.6 | 664.1 | 38.5 | 329.8 | 50.7 |
| R&D | 20.7 | — | — | — | — | — | — | — |
| SG&A | 180.5 | 55.3 | 28.1 | 29.4 | 403.7 | 30.5 | 180.0 | 12.7 |
| Operating Income | -245.8 | -76.5 | -55.6 | -44.6 | -421.7 | -12.2 | 46.6 | 30.3 |
| Income Tax | -1.6 | 0.4 | 0.2 | -0.9 | -8.0 | 0.1 | 1.5 | 0.4 |
| Net Income | -457.3 | -72.2 | -69.7 | -47.6 | -534.7 | -38.7 | -596.2 | 92.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AREN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 34.76pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -110.9% | 10.8% (today's — no rate published for this year) | -121.7pts |
| FY2020 | -124.1% | 10.8% (today's — no rate published for this year) | -134.9pts |
| FY2021 | -589.8% | 12.3% | -602.2pts |
| FY2022 | -82.7% | 11.6% | -94.3pts |
| FY2023 | -12.3% | 11.6% | -23.9pts |
| FY2025 | 45.7% | 10.5% | 35.2pts |
| Now | 134.6% | 10.8% | 123.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | -1965.9% | -8246.4% | -8162.0% |
| FY2018 | -34.1% | -245.8% | -457.3% |
| FY2019 | 11.3% | -76.5% | -72.2% |
| FY2020 | 19.5% | -55.6% | -69.7% |
| FY2021 | 41.6% | -44.6% | -47.6% |
| FY2022 | 664.1% | -421.7% | -534.7% |
| FY2023 | 38.5% | -12.2% | -38.7% |
| FY2024 | 329.8% | 46.6% | -596.2% |
| FY2025 | 50.7% | 30.3% | 92.6% |
$43M of goodwill — 48% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 88.34% against 45.57% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Covers interest 2.5x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 3.59x |
| 5% | 3.41x |
| 10% | 3.23x |
| 15% | 3.05x |
| 20% | 2.87x |
| 25% | 2.69x |
| 30% | 2.51x |
| 35% | 2.33x |
| 40% | 2.15x |
| 45% | 1.98x |
| 50% | 1.80x |
| 55% | 1.62x |
| 60% | 1.44x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $1.03, free cash flow must compound -15.67%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.