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System1, Inc. (SST) 10-Year Financial Performance & Capital Metrics

SST • • Industrial / General
IndustrialsBusiness ServicesSpecialized Business Process OutsourcingPayment & Financial Processing
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 $344M -14.4%
  • EBITDA -$8M -12.0%
  • Net Income -$75M +67.1%
  • EPS (Diluted) -1.07 +56.1%
  • Gross Margin 44.3% +281.2%
  • EBITDA Margin -2.47% -30.9%
  • Operating Margin -25.76% -20.4%
  • Net Margin -21.71% +61.6%
  • ROE -58.73% +17.3%
  • ROIC -19.38% -91.4%
  • Debt/Equity 3.24 +54.1%
  • Interest Coverage -2.81 -59.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Share count reduced 23.9% through buybacks

✗Weaknesses

  • ✗High debt to equity ratio of 3.2x
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗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.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-3.34%
3Y-20.65%
TTM-20.49%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM24.22%

EPS CAGR

10Y-
5Y-
3Y-
TTM-325%

ROCE

10Y Avg-12.8%
5Y Avg-21.15%
3Y Avg-46.11%
Latest-20.3%

Peer Comparison

Payment & Financial Processing
Select Columns
Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
Safety & Leverage
TTM Growth
Famous Investor Metrics
Dividends
Latest Quarter
Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
RBARB Global, Inc.20.75B111.7255.5816.43%9.65%7.31%3.16%0.80
CASSCass Information Systems, Inc.558.44M42.6830.713.13%15.38%12.95%5.3%0.03
GPNGlobal Payments Inc.21B74.9912.174.68%19.68%7.45%13.61%0.73
SSTSystem1, Inc.36.09M4.44-4.15-14.44%-22.78%-192.71%3.24

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+407.49M475.98M688.39M664.94M401.97M343.93M
Revenue Growth %-0.17%0.45%-0.03%-0.4%-0.14%
Cost of Goods Sold+275.77M341M601.75M649.57M355.25M191.56M
COGS % of Revenue0.68%0.72%0.87%0.98%0.88%0.56%
Gross Profit+131.72M134.98M86.64M15.37M46.72M152.36M
Gross Margin %0.32%0.28%0.13%0.02%0.12%0.44%
Gross Profit Growth %-0.02%-0.36%-0.82%2.04%2.26%
Operating Expenses+79.59M92.36M35.81M509.69M132.71M240.97M
OpEx % of Revenue0.2%0.19%0.05%0.77%0.33%0.7%
Selling, General & Admin68.35M78.53M35.81M66.5M54.31M47.35M
SG&A % of Revenue0.17%0.16%0.05%0.1%0.14%0.14%
Research & Development004.93M822K2.98M0
R&D % of Revenue--0.01%0%0.01%-
Other Operating Expenses11.24M13.83M-4.93M442.38M75.42M193.62M
Operating Income+52.13M42.62M50.83M-494.32M-85.99M-88.6M
Operating Margin %0.13%0.09%0.07%-0.74%-0.21%-0.26%
Operating Income Growth %--0.18%0.19%-10.72%0.83%-0.03%
EBITDA+63.37M52.92M64.72M-424.68M-7.59M-8.49M
EBITDA Margin %0.16%0.11%0.09%-0.64%-0.02%-0.02%
EBITDA Growth %--0.16%0.22%-7.56%0.98%-0.12%
D&A (Non-Cash Add-back)11.24M10.3M13.88M69.65M78.4M80.11M
EBIT50.98M42.62M50.83M-121.6M-82.88M-66.11M
Net Interest Income+-26.03M-24.35M-16.87M16.23M-48.74M-31.56M
Interest Income00033.1M00
Interest Expense26.03M24.35M16.87M16.87M48.74M31.56M
Other Income/Expense-27.18M-24.35M-16.87M182.21M-45.64M-9.07M
Pretax Income+24.95M18.27M33.96M-312.12M-131.63M-97.67M
Pretax Margin %0.06%0.04%0.05%-0.47%-0.33%-0.28%
Income Tax+702K1.91M965K109.31M-20.37M-370K
Effective Tax Rate %0.35%3.49%0.97%1.18%1.73%0.76%
Net Income+8.79M63.76M33M-367.45M-227.22M-74.67M
Net Margin %0.02%0.13%0.05%-0.55%-0.57%-0.22%
Net Income Growth %-6.25%-0.48%-12.14%0.38%0.67%
Net Income (Continuing)24.25M16.36M33M-421.42M-111.26M-97.3M
Discontinued Operations-15.45M47.4M0-45.87M-141.49M0
Minority Interest2.42M0078.65M34.04M4.73M
EPS (Diluted)+0.270.250.40-3.81-2.44-1.07
EPS Growth %--0.07%0.6%-10.53%0.36%0.56%
EPS (Basic)0.270.250.40-3.81-2.44-1.07
Diluted Shares Outstanding89.25M64.69M84.15M91.67M91.45M69.55M
Basic Shares Outstanding89.25M64.69M84.15M91.67M91.45M69.55M
Dividend Payout Ratio0.98%0.28%0.44%---

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+120.35M1.05M145.79M126.51M202M134.48M
Cash & Short-Term Investments31.89M843.64K47.9M8.9M135.34M63.61M
Cash Only31.89M843.64K47.9M8.9M135.34M63.61M
Short-Term Investments000000
Accounts Receivable75.4M71.14M90.2M80.43M56.09M62.92M
Days Sales Outstanding67.5454.5547.8344.1550.9366.77
Inventory11.04M00000
Days Inventory Outstanding14.61-----
Other Current Assets0-71.14M7.62M37.17M10.57M7.95M
Total Non-Current Assets+192.77M517.5M111.12M1.03B403.47M324.65M
Property, Plant & Equipment1.35M1.06M830K9.65M7.82M4.75M
Fixed Asset Turnover301.62x450.31x829.38x68.93x51.43x72.44x
Goodwill44.82M44.82M44.82M82.41M82.41M82.41M
Intangible Assets75.84M68.67M61.58M378.61M308.43M222.34M
Long-Term Investments00004.29M371K
Other Non-Current Assets70.76M402.95M3.89M563.29M524K14.79M
Total Assets+313.12M518.55M256.91M1.16B605.47M459.13M
Asset Turnover1.30x0.92x2.68x0.57x0.66x0.75x
Asset Growth %-0.66%-0.5%3.52%-0.48%-0.24%
Total Current Liabilities+132.99M613.05K276.55M211.07M86.42M105.09M
Accounts Payable47.8M613.05K72.85M6.71M9.5M10.4M
Days Payables Outstanding63.270.6644.193.779.7619.82
Short-Term Debt24.24M9.37M170.45M15.02M15.27M16.41M
Deferred Revenue (Current)1000K1000K1000K1000K1000K0
Other Current Liabilities48.17M-17.95M3.31M115.96M43.81M76.2M
Current Ratio0.90x1.72x0.53x0.60x2.34x1.28x
Quick Ratio0.82x1.72x0.53x0.60x2.34x1.28x
Cash Conversion Cycle18.87-----
Total Non-Current Liabilities+246.19M81.77M8.76M478.71M349.74M269.04M
Long-Term Debt230.5M170.59M0399.5M334.23M255.12M
Capital Lease Obligations0005.88M3.58M1.36M
Deferred Tax Liabilities8.57M9.41M7.79M29.4M8.31M6.2M
Other Non-Current Liabilities6.13M-98.23M969K43.94M3.62M6.36M
Total Liabilities379.19M82.39M285.31M689.78M436.15M374.13M
Total Debt+254.73M179.97M170.45M422.55M355.42M274.98M
Net Debt222.85M179.13M122.56M413.64M220.07M211.37M
Debt / Equity-0.41x-0.90x2.10x3.24x
Debt / EBITDA4.02x3.40x2.63x---
Net Debt / EBITDA3.52x3.38x1.89x---
Interest Coverage2.00x1.75x3.01x-29.30x-1.76x-2.81x
Total Equity+-66.07M436.17M-28.4M470.67M169.31M85M
Equity Growth %-7.6%-1.07%17.57%-0.64%-0.5%
Book Value per Share-0.746.74-0.345.131.851.22
Total Shareholders' Equity-68.49M436.17M-28.4M392.02M135.28M80.26M
Common Stock0517.5M011K9K9K
Retained Earnings0-81.33M0-439.3M-707.66M-782.34M
Treasury Stock000000
Accumulated OCI-119K-343K428K-260K-181K-443K
Minority Interest2.42M0078.65M34.04M4.73M

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+32.71M46.55M60.7M-7.29M-24.74M-5.25M
Operating CF Margin %0.08%0.1%0.09%-0.01%-0.06%-0.02%
Operating CF Growth %-0.42%0.3%-1.12%-2.4%0.79%
Net Income24.25M16.36M33M33M-174.33M-97.3M
Depreciation & Amortization11.24M13.83M13.88M70.47M105.21M80.11M
Stock-Based Compensation1.76M1.19M413K79.22M53.09M15.76M
Deferred Taxes-2.14M32K-981K-118.86M-22.33M-2.1M
Other Non-Cash Items7.35M3.61M9.31M-25.77M18.78M1.2M
Working Capital Changes-9.75M11.52M5.08M-45.33M-5.16M-2.92M
Change in Receivables-10.95M6.83M-19.06M15.72M20.86M-6.8M
Change in Inventory-2.37M34K0000
Change in Payables3.74M4.23M20.76M-65.48M-6.8M903K
Cash from Investing+-42.76M68.17M-6.54M-454.45M203.18M-6.25M
Capital Expenditures-6.7M-6.13M-49K-10.38M-2.35M-31K
CapEx % of Revenue0.02%0.01%0%0.02%0.01%0%
Acquisitions------
Investments------
Other Investing-120K-247K-6.49M0-5.61M-6.22M
Cash from Financing+26.15M-128.07M-34.59M-27.73M-74.07M-63.96M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid-8.65M-46.55M-14.58M-1.51M-97K-27K
Share Repurchases------
Other Financing6.18M-521.99M-6.87M217.83M-1.94M0
Net Change in Cash------
Free Cash Flow+26.02M40.42M54.17M-17.66M-32.7M-5.29M
FCF Margin %0.06%0.08%0.08%-0.03%-0.08%-0.02%
FCF Growth %-0.55%0.34%-1.33%-0.85%0.84%
FCF per Share0.290.620.64-0.19-0.36-0.08
FCF Conversion (FCF/Net Income)3.72x0.73x1.84x0.02x0.11x0.07x
Interest Paid21.44M22.23M14.74M042.88M0
Taxes Paid55K4.4M2.75M07.1M0

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)-34.46%16.18%-166.17%-71.01%-58.73%
Return on Invested Capital (ROIC)24.94%8.28%10.75%-75.78%-10.13%-19.38%
Gross Margin32.33%28.36%12.59%2.31%11.62%44.3%
Net Margin2.16%13.4%4.79%-55.26%-56.53%-21.71%
Debt / Equity-0.41x-0.90x2.10x3.24x
Interest Coverage2.00x1.75x3.01x-29.30x-1.76x-2.81x
FCF Conversion3.72x0.73x1.84x0.02x0.11x0.07x
Revenue Growth-16.81%44.63%-3.41%-39.55%-14.44%

Revenue by Segment

202220232024
Partner Network55.93M73.04M61.99M
Partner Network Growth-30.60%-15.12%
Subscription161.71M--
Subscription Growth---

Revenue by Geography

202220232024
UNITED STATES593.53M385.85M333.07M
UNITED STATES Growth--34.99%-13.68%
Non-US18.39M16.12M10.86M
Non-US Growth--12.34%-32.67%

Frequently Asked Questions

Growth & Financials

System1, Inc. (SST) reported $289.8M in revenue for fiscal year 2024. This represents a 29% decrease from $407.5M in 2019.

System1, Inc. (SST) saw revenue decline by 14.4% over the past year.

System1, Inc. (SST) reported a net loss of $66.0M for fiscal year 2024.

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 -58.7%. Negative ROE indicates the company is unprofitable.

System1, Inc. (SST) generated $2.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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