System1, Inc.(SST)Earnings, Financials & Key Ratios
SST•NYSE
$4.46
$36M mkt cap·Price updated May 6, 2026
SectorIndustrialsIndustryBusiness ServicesSub-IndustryMarketing, Printing and Investor Communications
AboutSystem1, Inc. develops technology and data science to operate responsive acquisition marketing platform. The company also operates a real-time coupon code search engine and directory that offers coupon destinations for online shoppers. It serves customers in the areas of health, subscription, finance, insurance, business and technology, travel, auto, and other direct-to-consumer businesses. The company was founded in 2013 and is based in Los Angeles, California.Show more
- Revenue$266M-22.6%
- EBITDA$21M+345.1%
- Net Income-$65M+12.5%
- EPS (Diluted)-8.32-677.6%
- Gross Margin37.72%-14.8%
- EBITDA Margin7.82%+416.8%
- Operating Margin-23.31%+9.5%
- Net Margin-24.55%-13.1%
- ROE-127.61%-117.3%
- ROIC-39.35%-103.0%
- Debt/Equity0.55-82.9%
- Interest Coverage-2.25+19.8%
SST Key Insights
System1, Inc. (SST) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Share count reduced 88.7% through buybacks
✗Weaknesses
- ✗Weak Piotroski F-Score: 3/9
- ✗Negative free cash flow
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Sales declining 11.0% over 5 years
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
SST Price & Volume
System1, Inc. (SST) stock price & volume — 10-year historical chart
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SST Growth Metrics
System1, Inc. (SST) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-10.98%
3 Years-26.31%
TTM-22.62%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM12.49%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-504.72%
Return on Capital
10 Years-13.86%
5 Years-27.64%
3 Years-17.42%
Last Year-20.26%
SST Recent Earnings
System1, Inc. (SST) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 1/12 qtrs (9%)●Beat Revenue 6/12 qtrs (55%)
Q4 2025Latest
Nov 5, 2025EPS
$2.30
Est $2.02
-13.9%
Revenue
$62M
Est $53M
+16.1%
Q3 2025
Aug 7, 2025EPS
$2.23
Est $2.60
+14.2%
Revenue
$78M
Est $77M
+1.4%
Q2 2025
May 6, 2025EPS
$2.10
Est $0.35
-500.0%
Revenue
$75M
Est $75M
-1.3%
Q2 2025
Mar 10, 2025EPS
$1.90
Est $0.23
-726.1%
Revenue
$76M
Est $91M
-17.2%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q4 2025Latest | Nov 5, 2025 | $2.30vs $2.02-13.9% | $62Mvs $53M+16.1% |
| Q3 2025 | Aug 7, 2025 | $2.23vs $2.60+14.2% | $78Mvs $77M+1.4% |
| Q2 2025 | May 6, 2025 | $2.10vs $0.35-500.0% | $75Mvs $75M-1.3% |
| Q2 2025 | Mar 10, 2025 | $1.90vs $0.23-726.1% | $76Mvs $91M-17.2% |
Based on last 12 quarters of dataView full earnings history →
SST Peer Comparison
System1, Inc. (SST) competitors in Marketing, Printing and Investor Communications — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 TPVG | 225.54M | 5.57 | 4.57 | 36.55% | 13.09% | 1.33 | ||
 QNST | 742.06M | 13.02 | 161.34 | 78.27% | 5.64% | 24.45% | 0.04 | |
 RAMP | 1.86B | 29.44 | -2433.06 | 13.02% | 8.64% | 7.15% | 0.04 | |
 ACMR | 3.67B | 55.38 | 40.42 | 15.24% | 10.44% | 6.11% | 0.16 | |
 FLNT | 86.2M | 2.92 | -2.78 | -18.01% | -13.01% | -134.23% | 2.07 | |
 MGNI | 1.92B | 13.39 | 14.09 | 6.85% | 21.96% | 18.57% | 0.30 | |
 PUBM | 476.66M | 10.14 | -32.71 | -2.86% | -5.11% | -5.51% | 0.17 | |
 IAS | 1.74B | 10.34 | 44.96 | 11.75% | 7.91% | 4.23% | 0.06 |
Compare SST vs Peers
System1, Inc. (SST) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SST Income Statement
System1, Inc. (SST) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 407.49M | 475.98M | 688.39M | 664.94M | 401.97M | 343.93M | 266.13M |
| Revenue Growth % | - | 16.81% | 44.63% | -3.41% | -39.55% | -14.44% | -22.62% |
| Cost of Goods Sold | 275.77M | 341M | 601.75M | 649.57M | 355.25M | 191.56M | 165.73M |
| COGS % of Revenue | 67.67% | 71.64% | 87.41% | 97.69% | 88.38% | 55.7% | 62.28% |
| Gross Profit | 131.72M▲ 0% | 134.98M▲ 2.5% | 86.64M▼ 35.8% | 15.37M▼ 82.3% | 46.72M▲ 204.0% | 152.36M▲ 226.1% | 100.39M▼ 34.1% |
| Gross Margin % | 32.33% | 28.36% | 12.59% | 2.31% | 11.62% | 44.3% | 37.72% |
| Gross Profit Growth % | - | 2.47% | -35.81% | -82.26% | 204% | 226.11% | -34.11% |
| Operating Expenses | 79.59M | 92.36M | 35.81M | 509.69M | 132.71M | 240.97M | 162.44M |
| OpEx % of Revenue | 19.53% | 19.4% | 5.2% | 76.65% | 33.01% | 70.06% | 61.04% |
| Selling, General & Admin | 68.35M | 78.53M | 35.81M | 66.5M | 54.31M | 47.35M | 69.69M |
| SG&A % of Revenue | 16.77% | 16.5% | 5.2% | 10% | 13.51% | 13.77% | 26.19% |
| Research & Development | 0 | 0 | 4.93M | 822K | 2.98M | 0 | 0 |
| R&D % of Revenue | - | - | 0.72% | 0.12% | 0.74% | - | - |
| Other Operating Expenses | 11.24M | 13.83M | -4.93M | 442.38M | 75.42M | 193.62M | 92.75M |
| Operating Income | 52.13M▲ 0% | 42.62M▼ 18.2% | 50.83M▲ 19.3% | -494.32M▼ 1072.5% | -85.99M▲ 82.6% | -88.6M▼ 3.0% | -62.04M▲ 30.0% |
| Operating Margin % | 12.79% | 8.95% | 7.38% | -74.34% | -21.39% | -25.76% | -23.31% |
| Operating Income Growth % | - | -18.24% | 19.26% | -1072.49% | 82.6% | -3.04% | 29.98% |
| EBITDA | 63.37M | 52.92M | 64.72M | -424.68M | -7.59M | -8.49M | 20.82M |
| EBITDA Margin % | 15.55% | 11.12% | 9.4% | -63.87% | -1.89% | -2.47% | 7.82% |
| EBITDA Growth % | - | -16.49% | 22.28% | -756.22% | 98.21% | -11.97% | 345.14% |
| D&A (Non-Cash Add-back) | 11.24M | 10.3M | 13.88M | 69.65M | 78.4M | 80.11M | 82.86M |
| EBIT | 50.98M | 42.62M | 50.83M | -121.6M | -82.88M | -66.11M | -62.04M |
| Net Interest Income | -26.03M | -24.35M | -16.87M | 16.23M | -48.74M | -31.56M | -27.56M |
| Interest Income | 0 | 0 | 0 | 33.1M | 0 | 0 | 0 |
| Interest Expense | 26.03M | 24.35M | 16.87M | 16.87M | 48.74M | 31.56M | 27.56M |
| Other Income/Expense | -27.18M | -24.35M | -16.87M | 182.21M | -45.64M | -9.07M | -22.03M |
| Pretax Income | 24.95M▲ 0% | 18.27M▼ 26.8% | 33.96M▲ 85.9% | -312.12M▼ 1019.0% | -131.63M▲ 57.8% | -97.67M▲ 25.8% | -84.07M▲ 13.9% |
| Pretax Margin % | 6.12% | 3.84% | 4.93% | -46.94% | -32.75% | -28.4% | -31.59% |
| Income Tax | 702K | 1.91M | 965K | 109.31M | -20.37M | -370K | -2.88M |
| Effective Tax Rate % | 2.81% | 10.44% | 2.84% | -35.02% | 15.48% | 0.38% | 3.42% |
| Net Income | 8.79M▲ 0% | 63.76M▲ 625.0% | 33M▼ 48.3% | -367.45M▼ 1213.6% | -227.22M▲ 38.2% | -74.67M▲ 67.1% | -65.34M▲ 12.5% |
| Net Margin % | 2.16% | 13.4% | 4.79% | -55.26% | -56.53% | -21.71% | -24.55% |
| Net Income Growth % | - | 624.97% | -48.25% | -1213.63% | 38.16% | 67.14% | 12.49% |
| Net Income (Continuing) | 24.25M | 16.36M | 33M | -421.42M | -111.26M | -97.3M | -81.19M |
| Discontinued Operations | -15.45M | 47.4M | 0 | -45.87M | -141.49M | 0 | 0 |
| Minority Interest | 2.42M | 0 | 0 | 78.65M | 34.04M | 4.73M | -13.05M |
| EPS (Diluted) | 0.27▲ 0% | 0.25▼ 7.4% | 0.40▲ 60.0% | -3.81▼ 1052.5% | -2.44▲ 36.0% | -1.07▲ 56.1% | -8.32▼ 677.6% |
| EPS Growth % | - | -7.41% | 60% | -1052.5% | 35.96% | 56.15% | -677.57% |
| EPS (Basic) | 0.27 | 0.25 | 0.40 | -3.81 | -2.44 | -1.07 | -8.32 |
| Diluted Shares Outstanding | 89.25M | 64.69M | 84.15M | 91.67M | 91.45M | 69.55M | 7.85M |
| Basic Shares Outstanding | 89.25M | 64.69M | 84.15M | 91.67M | 91.45M | 69.55M | 7.85M |
| Dividend Payout Ratio | 98.41% | 27.89% | 44.18% | - | - | - | - |
SST Balance Sheet
System1, Inc. (SST) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 120.35M | 1.05M | 145.79M | 126.51M | 202M | 134.48M | 149.48M |
| Cash & Short-Term Investments | 31.89M | 843.64K | 47.9M | 8.9M | 135.34M | 63.61M | 86.89M |
| Cash Only | 31.89M | 843.64K | 47.9M | 8.9M | 135.34M | 63.61M | 86.89M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 75.4M | 71.14M | 90.2M | 80.43M | 56.09M | 62.92M | 57.29M |
| Days Sales Outstanding | 67.54 | 54.55 | 47.83 | 44.15 | 50.93 | 66.77 | 78.57 |
| Inventory | 11.04M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 14.61 | - | - | - | - | - | - |
| Other Current Assets | 0 | -71.14M | 7.62M | 37.17M | 10.57M | 7.95M | 5.3M |
| Total Non-Current Assets | 192.77M | 517.5M | 111.12M | 1.03B | 403.47M | 324.65M | 255.49M |
| Property, Plant & Equipment | 1.35M | 1.06M | 830K | 9.65M | 7.82M | 4.75M | 10.68M |
| Fixed Asset Turnover | 301.62x | 450.31x | 829.38x | 68.93x | 51.43x | 72.44x | 24.91x |
| Goodwill | 44.82M | 44.82M | 44.82M | 82.41M | 82.41M | 82.41M | 82.41M |
| Intangible Assets | 75.84M | 68.67M | 61.58M | 378.61M | 308.43M | 222.34M | 148.09M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 4.29M | 371K | 379K |
| Other Non-Current Assets | 70.76M | 402.95M | 3.89M | 563.29M | 524K | 14.79M | 13.94M |
| Total Assets | 313.12M▲ 0% | 518.55M▲ 65.6% | 256.91M▼ 50.5% | 1.16B▲ 351.7% | 605.47M▼ 47.8% | 459.13M▼ 24.2% | 404.97M▼ 11.8% |
| Asset Turnover | 1.30x | 0.92x | 2.68x | 0.57x | 0.66x | 0.75x | 0.66x |
| Asset Growth % | - | 65.61% | -50.46% | 351.7% | -47.82% | -24.17% | -11.8% |
| Total Current Liabilities | 132.99M | 613.05K | 276.55M | 211.07M | 86.42M | 105.09M | 146.44M |
| Accounts Payable | 47.8M | 613.05K | 72.85M | 6.71M | 9.5M | 10.4M | 22.02M |
| Days Payables Outstanding | 63.27 | 0.66 | 44.19 | 3.77 | 9.76 | 19.82 | 48.49 |
| Short-Term Debt | 24.24M | 9.37M | 170.45M | 15.02M | 15.27M | 16.41M | 1.43M |
| Deferred Revenue (Current) | 1.47M | 1.89M | 1.97M | 1.55M | 1.76M | 0 | 0 |
| Other Current Liabilities | 48.17M | -17.95M | 3.31M | 115.96M | 43.81M | 76.2M | 123M |
| Current Ratio | 0.90x | 1.72x | 0.53x | 0.60x | 2.34x | 1.28x | 1.02x |
| Quick Ratio | 0.82x | 1.72x | 0.53x | 0.60x | 2.34x | 1.28x | 1.02x |
| Cash Conversion Cycle | 18.87 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 246.19M | 81.77M | 8.76M | 478.71M | 349.74M | 269.04M | 241.12M |
| Long-Term Debt | 230.5M | 170.59M | 0 | 399.5M | 334.23M | 255.12M | 8.18M |
| Capital Lease Obligations | 0 | 0 | 0 | 5.88M | 3.58M | 1.36M | 0 |
| Deferred Tax Liabilities | 8.57M | 9.41M | 7.79M | 29.4M | 8.31M | 6.2M | 4.01M |
| Other Non-Current Liabilities | 6.13M | -98.23M | 969K | 43.94M | 3.62M | 6.36M | 228.92M |
| Total Liabilities | 379.19M | 82.39M | 285.31M | 689.78M | 436.15M | 374.13M | 387.55M |
| Total Debt | 254.73M | 179.97M | 170.45M | 422.55M | 355.42M | 274.98M | 9.61M |
| Net Debt | 222.85M | 179.13M | 122.56M | 413.64M | 220.07M | 211.37M | -77.28M |
| Debt / Equity | - | 0.41x | - | 0.90x | 2.10x | 3.24x | 0.55x |
| Debt / EBITDA | 4.02x | 3.40x | 2.63x | - | - | - | 0.46x |
| Net Debt / EBITDA | 3.52x | 3.38x | 1.89x | - | - | - | -3.71x |
| Interest Coverage | 2.00x | 1.75x | 3.01x | -29.30x | -1.76x | -2.81x | -2.25x |
| Total Equity | -66.07M▲ 0% | 436.17M▲ 760.2% | -28.4M▼ 106.5% | 470.67M▲ 1757.2% | 169.31M▼ 64.0% | 85M▼ 49.8% | 17.42M▼ 79.5% |
| Equity Growth % | - | 760.16% | -106.51% | 1757.23% | -64.03% | -49.8% | -79.51% |
| Book Value per Share | -0.74 | 6.74 | -0.34 | 5.13 | 1.85 | 1.22 | 2.22 |
| Total Shareholders' Equity | -68.49M | 436.17M | -28.4M | 392.02M | 135.28M | 80.26M | 30.47M |
| Common Stock | 0 | 517.5M | 0 | 11K | 9K | 9K | 1K |
| Retained Earnings | 0 | -81.33M | 0 | -439.3M | -707.66M | -782.34M | -847.68M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -557K |
| Accumulated OCI | -119K | -343K | 428K | -260K | -181K | -443K | -157K |
| Minority Interest | 2.42M | 0 | 0 | 78.65M | 34.04M | 4.73M | -13.05M |
SST Cash Flow Statement
System1, Inc. (SST) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Cash from Operations | 32.71M | 46.55M | 60.7M | -7.29M | -24.74M | -5.25M | -4.15M |
| Operating CF Margin % | 8.03% | 9.78% | 8.82% | -1.1% | -6.16% | -1.53% | -1.56% |
| Operating CF Growth % | - | 42.29% | 30.42% | -112% | -239.58% | 78.76% | 21.08% |
| Net Income | 24.25M | 16.36M | 33M | 33M | -174.33M | -97.3M | -81.19M |
| Depreciation & Amortization | 11.24M | 13.83M | 13.88M | 70.47M | 105.21M | 80.11M | 82.86M |
| Stock-Based Compensation | 1.76M | 1.19M | 413K | 79.22M | 53.09M | 15.76M | 11.31M |
| Deferred Taxes | -2.14M | 32K | -981K | -118.86M | -22.33M | -2.1M | -2.19M |
| Other Non-Cash Items | 7.35M | 3.61M | 9.31M | -25.77M | 18.78M | 1.2M | 4.03M |
| Working Capital Changes | -9.75M | 11.52M | 5.08M | -45.33M | -5.16M | -2.92M | -18.97M |
| Change in Receivables | -10.95M | 6.83M | -19.06M | 15.72M | 20.86M | -6.8M | 4.93M |
| Change in Inventory | -2.37M | 34K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.74M | 4.23M | 20.76M | -65.48M | -6.8M | 903K | 12.01M |
| Cash from Investing | -42.76M | 68.17M | -6.54M | -454.45M | 203.18M | -6.25M | -6.72M |
| Capital Expenditures | -6.7M | -6.13M | -49K | -10.38M | -2.35M | -31K | -46K |
| CapEx % of Revenue | 1.64% | 1.29% | 0.01% | 1.56% | 0.59% | 0.01% | 0.02% |
| Acquisitions | -35.94M | 74.54M | 0 | -444.07M | 211.14M | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -120K | -247K | -6.49M | 0 | -5.61M | -6.22M | -6.68M |
| Cash from Financing | 26.15M | -128.07M | -34.59M | -27.73M | -74.07M | -63.96M | 31.3M |
| Debt Issued (Net) | 28.62M | -78.28M | -13.14M | 262.51M | -68.98M | -61.79M | 30M |
| Equity Issued (Net) | 0 | 1000K | 227K | -1000K | -1000K | -1000K | 1000K |
| Dividends Paid | -8.65M | -46.55M | -14.58M | -1.51M | -97K | -27K | -32K |
| Share Repurchases | 0 | -518.75M | 0 | -511.59M | -3.06M | -2.15M | -557K |
| Other Financing | 6.18M | -521.99M | -7.1M | 217.83M | -1.94M | 0 | -356K |
| Net Change in Cash | 15.95M▲ 0% | -13.81M▼ 186.6% | 19.63M▲ 242.1% | -33.27M▼ 269.5% | 104.38M▲ 413.7% | -75.5M▼ 172.3% | 20.56M▲ 127.2% |
| Free Cash Flow | 26.02M▲ 0% | 40.42M▲ 55.4% | 54.17M▲ 34.0% | -17.66M▼ 132.6% | -32.7M▼ 85.2% | -5.29M▲ 83.8% | -4.19M▲ 20.7% |
| FCF Margin % | 6.38% | 8.49% | 7.87% | -2.66% | -8.14% | -1.54% | -1.58% |
| FCF Growth % | - | 55.35% | 34.03% | -132.6% | -85.15% | 83.84% | 20.68% |
| FCF per Share | 0.29 | 0.62 | 0.64 | -0.19 | -0.36 | -0.08 | -0.53 |
| FCF Conversion (FCF/Net Income) | 3.72x | 0.73x | 1.84x | 0.02x | 0.11x | 0.07x | 0.06x |
| Interest Paid | 21.44M | 22.23M | 14.74M | 0 | 42.88M | 0 | 0 |
| Taxes Paid | 55K | 4.4M | 2.75M | 0 | 7.1M | 0 | 0 |
SST Key Ratios
System1, Inc. (SST) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | 34.46% | 16.18% | -166.17% | -71.01% | -58.73% | -127.61% |
| Return on Invested Capital (ROIC) | 24.94% | 8.28% | 10.75% | -75.78% | -10.13% | -19.38% | -39.35% |
| Gross Margin | 32.33% | 28.36% | 12.59% | 2.31% | 11.62% | 44.3% | 37.72% |
| Net Margin | 2.16% | 13.4% | 4.79% | -55.26% | -56.53% | -21.71% | -24.55% |
| Debt / Equity | - | 0.41x | - | 0.90x | 2.10x | 3.24x | 0.55x |
| Interest Coverage | 2.00x | 1.75x | 3.01x | -29.30x | -1.76x | -2.81x | -2.25x |
| FCF Conversion | 3.72x | 0.73x | 1.84x | 0.02x | 0.11x | 0.07x | 0.06x |
| Revenue Growth | - | 16.81% | 44.63% | -3.41% | -39.55% | -14.44% | -22.62% |
SST Frequently Asked Questions
System1, Inc. (SST) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
System1, Inc. (SST) reported $266.1M in revenue for fiscal year 2025. This represents a 35% decrease from $407.5M in 2019.
System1, Inc. (SST) saw revenue decline by 22.6% over the past year.
System1, Inc. (SST) reported a net loss of $65.3M for fiscal year 2025.
Dividend & Returns
System1, Inc. (SST) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.
System1, Inc. (SST) has a return on equity (ROE) of -127.6%. Negative ROE indicates the company is unprofitable.
System1, Inc. (SST) had negative free cash flow of $10.7M in fiscal year 2025, likely due to heavy capital investments.
Explore More SST
System1, Inc. (SST) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
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Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates