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System1, Inc.

SST

$1.65 ▼ -0.02 (-1.20%) at close

7 Visible periods

30 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

System1, Inc. faces fundamental challenges with weakness in Return on Common Equity (%) and Profit Margin (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $13.0M

Dividend Yield —

Revenue Growth -22.6% ↘

Op. Margin -23.3% ↗

ROIC -17.9% ↗

FCF / Share $-0.53 ↗

Trailing P/E —

Price / Book 0.4x

FCF Yield —

Debt / Equity 10.01

info Valuation on last close. End-of-day price, Aug 7, 2026.

7-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$266.13M

↓ -22.6% —

Net Income Profit after all expenses

$-65.34M

↑ +12.5% —

Operating Margin Operating profit as % of sales

-23.3%

↑ +9.5% 9th

FCF / Share Free cash flow per share

$-0.53

↑ +29.8% —

Long-Term Debt Long-term obligations

$305.12M

↑ +12.4% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Debt to EquityDebt to Equity is concerning (bottom quartile)
Operating Margin (%)Operating Margin (%) is in the bottom quartile
Profit Margin (%)Profit Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability

Returns ↓

Financial Health ↑

Cash Quality ↓

Financial view

Statement lens

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📈 Is growth accelerating? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Feb 10, 2020 10-K ↗
Revenue Growth YoY (%)	-22.6% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-289%)	-14.4% Weak ↑ Weak Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-220%)	-34.3% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-386%)	-11.1% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-192%)	—	—	—
EPS Growth YoY (%)	22.5% Good ↓ Good Declining Year-over-year change in earnings per share Optimal: > 10%	56.7% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	33.0% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—
Net Income Growth YoY (%)	12.5% Fair ↓ Fair Declining Year-over-year change in net income	67.1% Excellent Excellent Year-over-year change in net income	31.2% Excellent Excellent Year-over-year change in net income	N/M	N/M	—	—
FCF Growth YoY (%)	29.8% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	74.3% Excellent Excellent Year-over-year change in free cash flow	-11454.5% Weak Weak Year-over-year change in free cash flow	—	—	—	—
Revenue CAGR 3Y (%)	-24.2% Weak Weak Compound annual revenue growth over 3 years	-20.7% Weak Weak Compound annual revenue growth over 3 years	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Feb 10, 2020 10-K ↗
Operating Margin (%) (%)	-23.3% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-217%)	-25.8% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-229%)	-21.4% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-207%)	-74.8% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-474%)	7.4% Caution Caution Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-63%)	—	—
Effective Tax Rate (%) (%)	3.4% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.4% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	15.5% Good ↑ Good Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	22.0% Fair Fair Actual taxes paid relative to pre-tax income Optimal: 15-25%	2.8% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—
Profit Margin (%) (%)	-24.6% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-264%)	-21.7% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-245%)	-56.5% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-477%)	-54.0% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-460%)	4.8% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-68%)	—	—
FCF Margin (%) (%)	-1.6% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-1.5% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-6.7% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-0.0% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	8.8% Caution Caution Free cash flow as a percentage of revenue Optimal: > 10%	—	—
FCF / Net Income (x)	0.06x Weak → Weak Stable Free cash flow relative to reported net income Optimal: > 1x	0.07x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.12x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.00x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.84x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	0.01x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Feb 10, 2020 10-K ↗
Return on Invested Capital (%)	-17.9% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-25.1% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-15.0% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-44.2% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-173.9% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	0.8% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	-15.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-19.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-14.2% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-39.4% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	19.8% Excellent Excellent Operating profit relative to total assets Optimal: > 10%	-0.2% Weak Weak Operating profit relative to total assets Optimal: > 10%	—
Return on Common Equity (%) (%)	-214.5% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-1259%)	-93.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-603%)	-168.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-1008%)	-84.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-556%)	-116.2% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-728%)	36.8% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+99%)	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Feb 10, 2020 10-K ↗
Debt to Equity (x)	10.01x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+2125%)	3.38x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+652%)	2.58x Weak Weak Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+474%)	1.06x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+135%)	—	—	—
Interest Coverage (x)	-2.42x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-2.89x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-1.76x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-14.48x Weak Weak Operating income divided by interest expense Optimal: > 5x	3.01x Fair Fair Operating income divided by interest expense Optimal: > 5x	—	—
Net Debt (USD)	$218.23M	$207.92M	$214.16M	$405.62M	$-47.90M	$-843.64K	—
Debt / EBITDA (x)	-4.97x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-3.10x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-4.10x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.91x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Feb 10, 2020 10-K ↗
Revenue per Share (USD)	$33.88	$49.45	$43.95	$68.55	—	—	—
Basic EPS, GAAP (USD)	$-8.32	$-10.74	$-24.80	$-37.00	—	—	—
Free Cash Flow per Share (USD)	$-0.53	$-0.76	$-2.96	$-0.03	—	—	—
Book Value per Share (USD)	$3.88	$11.54	$14.79	$43.89	—	—	—
Tangible Book Value per Share (USD)	$-25.47	$-32.28	$-26.69	$-6.95	—	—	—
Basic Weighted Avg Shares (shares)	7.85M	6.96M	9.15M	8.93M	—	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Feb 10, 2020 10-K ↗
Working Capital (USD)	$3.04M	$29.38M	$115.59M	$-84.57M	$-130.77M	$440.38K	—
LT Debt (USD)	$305.12M	$271.52M	$349.50M	$414.52M	—	—	—
Total Equity (USD)	$30.47M	$80.26M	$135.28M	$392.02M	$-28.40M	$-81.33M	$0.00

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Feb 10, 2020 10-K ↗
Sales/Revenue/Turnover (USD)	$266.13M	$343.93M	$401.97M	$612.23M	$688.39M	—	—
Depreciation Expense (USD)	$600.00K	$900.00K	$800.00K	$500.00K	$310.00K	—	—
Net Income, GAAP (USD)	$-65.34M	$-74.67M	$-227.22M	$-330.39M	$33.00M	$-29.91M	—
Operating Cash Flow (USD)	$-4.15M	$-5.25M	$-24.74M	$3.32M	$60.70M	$-402.77K	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 1 week ago 7 years · 26 quarters

System1, Inc.

Analytical Summary

7-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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