The company's financial position has weakened significantly, with total liabilities of $359.3 million now exceeding total assets of $320.3 million as of 2026Q1.
System1, Inc. (SST) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 89.52M | 149.48M | 134.48M | 202M | 126.51M | 145.79M | 1.05M | 120.35M |
| Cash & Short-Term Investments | 40.48M | 86.89M | 63.61M | 135.34M | 8.9M | 47.9M | 843.64K | 31.89M |
| Cash Only | 40.48M | 86.89M | 63.61M | 135.34M | 8.9M | 47.9M | 843.64K | 31.89M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 40.98M | 57.29M | 62.92M | 56.09M | 80.43M | 90.2M | 71.14M | 75.4M |
| Days Sales Outstanding | 103.83 | 78.57 | 66.77 | 50.93 | 44.15 | 47.83 | - | 67.54 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.04M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 14.61 |
| Other Current Assets | 500K | 5.3M | 7.95M | 10.57M | 37.17M | 7.62M | -71.14M | 0 |
| Total Non-Current Assets | 201.85M | 255.49M | 324.65M | 403.47M | 1.03B | 111.12M | 517.5M | 192.77M |
| Property, Plant & Equipment | 22.77M | 10.68M | 4.75M | 7.82M | 9.65M | 830K | 1.06M | 1.35M |
| Fixed Asset Turnover | 15.01x | 24.91x | 72.44x | 51.43x | 68.93x | 829.38x | - | 301.62x |
| Goodwill | 82.41M | 82.41M | 82.41M | 82.41M | 82.41M | 44.82M | 44.82M | 44.82M |
| Intangible Assets | 96.01M | 148.09M | 222.34M | 308.43M | 378.61M | 61.58M | 68.67M | 75.84M |
| Long-Term Investments | 379K | 379K | 371K | 4.29M | 0 | 743K | 0 | 0 |
| Other Non-Current Assets | 666K | 13.94M | 14.79M | 524K | 563.29M | 3.15M | 402.95M | 70.76M |
| Total Assets | 291.37M | 404.97M | 459.13M | 605.47M | 1.16B | 256.91M | 518.55M | 313.12M |
| Asset Turnover | 0.52x | 0.66x | 0.75x | 0.66x | 0.57x | 2.68x | - | 1.30x |
| Asset Growth % | -87.14% | -11.8% | -24.17% | -47.82% | 351.7% | -50.46% | 65.61% | - |
| Total Current Liabilities | 116.96M | 146.44M | 105.09M | 86.42M | 211.07M | 276.55M | 613.05K | 132.99M |
| Accounts Payable | 15.14M | 22.02M | 10.4M | 9.5M | 6.71M | 72.85M | 613.05K | 47.8M |
| Days Payables Outstanding | 39.16 | 27.87 | 9.86 | 8 | 3.4 | 44.19 | - | 63.27 |
| Short-Term Debt | 76.92M | 76.72M | 16.41M | 15.27M | 15.02M | 170.45M | 9.37M | 24.24M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 1.76M | 1.55M | 1.97M | 1.89M | 1.47M |
| Other Current Liabilities | 3.67M | 17M | 23.21M | 43.81M | 115.96M | 3.31M | -17.95M | 48.17M |
| Current Ratio | 0.77x | 1.02x | 1.28x | 2.34x | 0.60x | 0.53x | 1.72x | 0.90x |
| Quick Ratio | 0.77x | 1.02x | 1.28x | 2.34x | 0.60x | 0.53x | 1.72x | 0.82x |
| Cash Conversion Cycle | 64.67 | - | - | - | - | - | - | 18.87 |
| Total Non-Current Liabilities | 227.42M | 241.12M | 269.04M | 349.74M | 478.71M | 8.76M | 81.77M | 246.19M |
| Long-Term Debt | 214.88M | 228.4M | 255.12M | 334.23M | 399.5M | 0 | 170.59M | 230.5M |
| Capital Lease Obligations | 26.03M | 8.18M | 1.36M | 3.58M | 5.88M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 15.8M | 4.01M | 6.2M | 8.31M | 29.4M | 7.79M | 9.41M | 8.57M |
| Other Non-Current Liabilities | 1.65M | 520K | 6.36M | 3.62M | 43.94M | 969K | -98.23M | 6.13M |
| Total Liabilities | 344.38M | 387.55M | 374.13M | 436.15M | 689.78M | 285.31M | 82.39M | 379.19M |
| Total Debt | 300.64M | 314.73M | 274.98M | 355.42M | 422.55M | 170.45M | 179.97M | 254.73M |
| Net Debt | 260.16M | 227.84M | 211.37M | 220.07M | 413.64M | 122.56M | 179.13M | 222.85M |
| Debt / Equity | -5.67x | 18.07x | 3.24x | 2.10x | 0.90x | - | 0.41x | - |
| Debt / EBITDA | 17.29x | 15.12x | - | 18.49x | - | 2.63x | 13.82x | 4.02x |
| Net Debt / EBITDA | 14.97x | 10.94x | - | 11.45x | - | 1.89x | 13.75x | 3.52x |
| Interest Coverage | -2.05x | -2.25x | -2.81x | -1.76x | -3.72x | 3.01x | - | 1.96x |
| Total Equity | -53M | 17.42M | 85M | 169.31M | 470.67M | -28.4M | 436.17M | -66.07M |
| Equity Growth % | -503.05% | -79.51% | -49.8% | -64.03% | 1757.23% | -106.51% | 760.16% | - |
| Book Value per Share | -6.49 | 2.22 | 1.22 | 1.85 | 5.13 | -0.34 | 6.74 | -0.74 |
| Total Shareholders' Equity | -26.67M | 30.47M | 80.26M | 135.28M | 392.02M | -28.4M | 436.17M | -68.49M |
| Common Stock | 1K | 1K | 9K | 9K | 11K | 0 | 517.5M | 0 |
| Retained Earnings | -907.35M | -847.68M | -782.34M | -707.66M | -439.3M | -28.83M | -81.33M | 0 |
| Treasury Stock | -759K | -557K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -325K | -157K | -443K | -181K | -260K | 428K | -343K | -119K |
| Minority Interest | -26.33M | -13.05M | 4.73M | 34.04M | 78.65M | 0 | 0 | 2.42M |
Quick answers to the most common questions about buying SST stock.
As of 2025, System1, Inc. (SST) had total assets of $405.0M including $149.5M in current assets.
System1, Inc. (SST) carries total debt of $314.7M, offset by $86.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
System1, Inc. (SST) has total shareholders' equity (book value) of $30.5M ($2.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
System1, Inc. (SST) reported a current ratio of 1.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Negative equity and insolvency
Metrics are mathematically derived from official filings.
Rapid Erosion of Shareholder Equity
As reported in recent quarterly filings, System1's equity position has collapsed from a positive $135.3 million in 2023Q4 to a deficit of $15.4 million by 2026Q1, signaling a severe deterioration in the company's net worth driven by persistent operating losses and accumulated deficits.
The transition to negative equity suggests that the company's historical losses have now fully exhausted the capital base provided by shareholders. This trajectory warrants significant concern, as it implies that the business model is currently unable to generate sufficient value to offset its operational burn.
Liquidity Buffer Facing Structural Pressure
According to the 2026Q1 balance sheet, System1 maintains a current ratio of 0.89, which represents a marked decline from the 2.34 ratio observed in 2023Q4, indicating that the company's ability to cover short-term obligations with existing liquid assets is increasingly constrained by ongoing cash outflows.
The contraction in the current ratio suggests that the company is consuming its liquidity buffer at an unsustainable pace. Investors should monitor whether the current cash balance of $51.5 million provides sufficient runway to reach profitability before additional external financing becomes a necessity.
Intangible Asset Concentration Risks
Based on the provided financial data, goodwill remains stagnant at $82.4 million, representing a substantial portion of the $320.3 million total asset base as of 2026Q1, which suggests that the company's valuation is heavily reliant on historical acquisitions that may no longer reflect current market realities.
The high concentration of goodwill relative to total assets indicates a potential risk of future impairment charges if the RAMP platform fails to deliver expected synergies. Given the recent revenue contraction, the carrying value of these intangibles appears increasingly difficult to justify under standard accounting impairment tests.
Hidden Risks in Capital Structure
Data from recent balance sheets reveals that the company's total liabilities of $359.3 million now exceed total assets of $320.3 million, a shift that highlights the precarious nature of the firm's financial position and the potential for insolvency if operational trends do not reverse.
The inversion of the asset-to-liability ratio is a critical red flag that suggests the company is effectively operating on borrowed time and capital. This structural imbalance implies that the firm's survival is increasingly dependent on its ability to manage working capital cycles rather than generating organic growth.