Latest Ratios: P/E Ratio -0.4x · EV/EBITDA 12.5x · ROE -127.6%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $31M | $31M | $625M | $2.0B | $4.3B | $8.4B | $7.0B | — |
| Enterprise Value | $259M | $259M | $836M | $2.3B | $4.7B | $8.5B | $7.2B | — |
| P/E Ratio → | -0.38 | — | — | — | — | 6.18 | 431.60 | — |
| P/S Ratio | 0.12 | 0.12 | 1.82 | 5.05 | 6.47 | 12.17 | — | — |
| P/B Ratio | 1.42 | 1.77 | 7.35 | 11.99 | 9.13 | — | 16.00 | — |
| P/FCF | — | — | — | — | — | 154.72 | 172.70 | — |
| P/OCF | — | — | — | — | — | 138.06 | 149.95 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.97 | 2.43 | 5.60 | 7.09 | 12.35 | — | — |
| EV / EBITDA | 12.45 | 12.42 | — | — | — | 131.40 | — | — |
| EV / EBIT | — | — | — | — | — | 167.29 | — | — |
| EV / FCF | — | — | — | — | — | 156.98 | 177.13 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -8.3% | -8.3% | -12.0% | -7.9% | -8.3% | 12.6% | — | 32.3% |
| Operating Margin | -23.3% | -23.3% | -25.8% | -21.4% | -18.3% | 7.4% | — | 12.8% |
| Net Profit Margin | -24.6% | -24.6% | -21.7% | -55.5% | -55.3% | 4.8% | — | 2.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -127.6% | -127.6% | -58.7% | -69.7% | -166.2% | 16.2% | -16.2% | — |
| ROA | -15.1% | -15.1% | -14.0% | -25.3% | -51.9% | 8.5% | -7.2% | 2.8% |
| ROIC | -17.2% | -17.2% | -19.4% | -10.1% | -18.6% | 10.7% | -0.2% | 24.9% |
| ROCE | -20.3% | -20.3% | -20.3% | -11.7% | -26.2% | 20.4% | -0.2% | 28.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 18.07 | 18.07 | 3.24 | 2.10 | 0.90 | — | 0.41 | — |
| Debt / EBITDA | 15.12 | 15.12 | — | — | — | 2.63 | — | 4.02 |
| Net Debt / Equity | — | 13.08 | 2.49 | 1.30 | 0.88 | — | 0.41 | — |
| Net Debt / EBITDA | 10.94 | 10.94 | — | — | — | 1.89 | — | 3.52 |
| Debt / FCF | — | — | — | — | — | 2.26 | 4.43 | 8.57 |
| Interest Coverage | -2.25 | -2.25 | -2.81 | -1.76 | -3.72 | 3.01 | — | 1.96 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 1.28 | 2.34 | 0.60 | 0.53 | 1.72 | 0.90 |
| Quick Ratio | 1.02 | 1.02 | 1.28 | 2.34 | 0.60 | 0.53 | 1.72 | 0.82 |
| Cash Ratio | 0.59 | 0.59 | 0.61 | 1.57 | 0.04 | 0.17 | 1.38 | 0.24 |
| Asset Turnover | — | 0.66 | 0.75 | 0.66 | 0.57 | 2.68 | — | 1.30 |
| Inventory Turnover | — | — | — | — | — | — | — | 24.99 |
| Days Sales Outstanding | — | 78.57 | 66.77 | 50.93 | 44.15 | 47.83 | — | 67.54 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.2% | 0.3% | — |
| Payout Ratio | — | — | — | — | — | 44.2% | — | 98.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 16.2% | 0.2% | — |
| FCF Yield | — | — | — | — | — | 0.6% | 0.6% | — |
| Buyback Yield | 1.8% | 1.8% | 0.3% | 0.2% | 11.9% | 0.0% | 7.4% | — |
| Total Shareholder Yield | 1.9% | 1.9% | 0.3% | 0.2% | 11.9% | 0.2% | 7.7% | — |
| Shares Outstanding | — | $8M | $70M | $91M | $92M | $84M | $65M | $89M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SST stock.
System1, Inc.'s current P/E ratio is -0.4x. The historical average is 6.2x.
System1, Inc.'s current EV/EBITDA is 12.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
System1, Inc.'s return on equity (ROE) is -127.6%. The historical average is -70.4%.
Based on historical data, System1, Inc. is trading at a P/E of -0.4x. Compare with industry peers and growth rates for a complete picture.
System1, Inc.'s current dividend yield is 0.13%.
System1, Inc. has -8.3% gross margin and -23.3% operating margin.
System1, Inc.'s Debt/EBITDA ratio is 15.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Arbitrage spread compression
Metrics are mathematically derived from official filings.
Distressed Valuation Reflects Structural Uncertainty
Based on recent market data, System1 trades at a P/S multiple of 0.09, a valuation level that suggests investors are heavily discounting the firm's future revenue potential due to the persistent contraction in its core intent-marketing business and the absence of a clear path to profitability.
The negative P/E and EV/EBITDA multiples underscore that the market is currently pricing the company as a distressed asset rather than a growth-oriented technology firm. This valuation gap relative to peers like QuinStreet implies that the market lacks confidence in the RAMP platform's ability to regain its historical monetization efficiency.
Capital Efficiency Decaying Amid Losses
As reported in quarterly filings, System1's ROIC has trended into negative territory, reaching -8.8% in 2025Q3, which indicates that the company is currently destroying shareholder value rather than compounding it through its capital allocation and operational activities.
The consistent decline in return metrics suggests that the capital deployed into the RAMP platform and recent acquisitions is failing to generate adequate returns. Investors should monitor whether management can pivot toward a more capital-light model, as the current trajectory indicates a fundamental misalignment between invested capital and operational output.
Working Capital Pressures Intensify Turnover
According to recent financial statements, System1's asset turnover has stagnated at 0.10 in 2026Q1, reflecting a significant decline in the company's ability to generate revenue from its existing asset base compared to the 0.18 levels observed in mid-2025.
The rising Days Sales Outstanding (DSO) of 134 days in 2026Q1 suggests that the company is facing increasing difficulty in collecting payments from its advertising partners. This deterioration in working capital efficiency warrants further investigation, as it may indicate a weakening competitive position within the digital advertising ecosystem.
Liquidity Buffer Facing Structural Constraints
Based on the 2026Q1 balance sheet, System1's current ratio has compressed to 0.89, signaling that the company's short-term liquidity position is now insufficient to cover its immediate obligations without relying on external financing or further asset liquidation.
The rapid decline from a current ratio of 2.34 in 2023Q4 highlights a precarious liquidity profile that leaves little room for operational error. This trend suggests that the company may face significant stress if the current cash burn rate persists, potentially forcing management to prioritize survival over long-term strategic growth.
Misapplication of Traditional EBITDA Metrics
Market participants frequently misapply standard EBITDA metrics to System1, failing to account for the fact that the company's high Traffic Acquisition Costs are essentially a variable cost of goods sold rather than an operating expense, which obscures the true gross margin profile.
By treating TAC as an operating expense, analysts often overestimate the company's underlying profitability and operating leverage. A more accurate assessment would focus on 'Net Revenue' and contribution margins, which better reflect the actual spread the RAMP platform captures after accounting for the direct costs of traffic acquisition.