System1, Inc.
SST NYSE Services-Computer Programming, Data Processing, Etc. Financials FY2021โFY2025
Last close ยท Oct 23, 2026
$2.09
2.8%
Revenue
Total sales reported in the income statement.
$266M
22.6%
vs prior year
Operating margin
Operating income as a share of revenue.
โ23.3%
2.4ย pts
Net income
Profit after all expenses, interest and tax.
โ$65.3M
Free cash flow
Cash from operations minus capital spending.
โ$4.2M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ15.1%
7.9ย pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$17.1M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$11.31 EPS (TTM)
What System1, Inc. does
No business description yet.
- Legal name
- System1, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K ยท Mar 11, 2026
- Accession ยท CIK
- 0001805833-26-000014
0001805833
Revenue and margins
System1, Inc. had $266M of revenue in fiscal 2025, down 22.6% on the year before.
FY21
Revenue $688M
FY23
Revenue โ
FY24
Revenue $344M
FY25
Revenue $266M
Q3 '23
Revenue $157M
Q4 '23
Revenue $87.8M
Q1 '24
Revenue $84.9M
Q2 '24
Revenue $94.6M
Q3 '24
Revenue $88.8M
Q4 '24
Revenue $75.6M
Q1 '25
Revenue $74.5M
Q2 '25
Revenue $78.1M
Q3 '25
Revenue $61.6M
Q4 '25
Revenue $51.9M
Q1 '26
Revenue $37.2M
Q2 '26
Revenue $30.2M
FY21
Gross โ
Operating 7.4%
Net 4.8%
FCF 8.8%
FY23
Gross โ
Operating โ
Net โ
FCF โ
FY24
Gross 29.5%
Operating โ25.8%
Net โ21.7%
FCF โ1.5%
FY25
Gross 37.7%
Operating โ23.3%
Net โ24.6%
FCF โ1.6%
Gross
Operating
Net
FCF
Q3 '23
Gross โ
Operating โ226.4%
Net โ154.1%
FCF โ
Q4 '23
Gross โ
Operating โ23.7%
Net โ149.7%
FCF โ7.4%
Q1 '24
Gross 21.9%
Operating โ30.4%
Net โ12.4%
FCF โ18.8%
Q2 '24
Gross 27.6%
Operating โ30.8%
Net โ27.9%
FCF 10.5%
Q3 '24
Gross 28.0%
Operating โ24.6%
Net โ26.6%
FCF โ0.0%
Q4 '24
Gross 42.1%
Operating โ15.7%
Net โ18.7%
FCF 1.0%
Q1 '25
Gross 38.2%
Operating โ17.6%
Net โ21.3%
FCF โ21.5%
Q2 '25
Gross 35.7%
Operating โ20.4%
Net โ22.4%
FCF 31.4%
Q3 '25
Gross 36.9%
Operating โ25.3%
Net โ30.1%
FCF โ3.3%
Q4 '25
Gross 41.0%
Operating โ33.6%
Net โ26.0%
FCF โ20.5%
Q1 '26
Gross 62.8%
Operating โ137.1%
Net โ126.4%
FCF โ70.2%
Q2 '26
Gross 80.4%
Operating โ27.5%
Net โ41.7%
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $33.0M
FY23
Net income โ
FY24
Net income โ$74.7M
FY25
Net income โ$65.3M
Q3 '23
Net income โ$242M
Q4 '23
Net income โ$131M
Q1 '24
Net income โ$10.5M
Q2 '24
Net income โ$26.4M
Q3 '24
Net income โ$23.6M
Q4 '24
Net income โ$14.2M
Q1 '25
Net income โ$15.9M
Q2 '25
Net income โ$17.5M
Q3 '25
Net income โ$18.5M
Q4 '25
Net income โ$13.5M
Q1 '26
Net income โ$47.1M
Q2 '26
Net income โ$12.6M
FY21
Diluted EPS $1.61
FY23
Diluted EPS โ
FY24
Diluted EPS โ$10.74
FY25
Diluted EPS โ$8.32
Q3 '23
Diluted EPS โ$2.66
Q4 '23
Diluted EPS โ$1.39
Q1 '24
Diluted EPS โ$0.16
Q2 '24
Diluted EPS โ$3.80
Q3 '24
Diluted EPS โ$3.37
Q4 '24
Diluted EPS โ$3.41
Q1 '25
Diluted EPS โ$2.14
Q2 '25
Diluted EPS โ$2.23
Q3 '25
Diluted EPS โ$2.30
Q4 '25
Diluted EPS โ$1.65
Q1 '26
Diluted EPS โ$5.82
Q2 '26
Diluted EPS โ$1.54
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital 52.5%
Return on equity โ
Return on assets 12.8%
FY23
Return on capital โ
Return on equity โ
Return on assets โ
FY24
Return on capital โ23.0%
Return on equity โ69.3%
Return on assets โ14.0%
FY25
Return on capital โ15.1%
Return on equity โ118.0%
Return on assets โ15.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$4.2M in fiscal 2025, โ1.6% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow $60.7M
FY23
Free cash flow โ
FY24
Free cash flow โ$5.3M
FY25
Free cash flow โ$4.2M
Q3 '23
Free cash flow โ
Q4 '23
Free cash flow โ$6.5M
Q1 '24
Free cash flow โ$16.0M
Q2 '24
Free cash flow $10.0M
Q3 '24
Free cash flow โ$0.0M
Q4 '24
Free cash flow $0.8M
Q1 '25
Free cash flow โ$16.0M
Q2 '25
Free cash flow $24.5M
Q3 '25
Free cash flow โ$2.1M
Q4 '25
Free cash flow โ$10.6M
Q1 '26
Free cash flow โ$26.1M
Q2 '26
Free cash flow โ
FY21
Cash from operations $60.7M
Capital spending $0.0M
FY23
Cash from operations โ
Capital spending โ
FY24
Cash from operations โ$5.3M
Capital spending $0.0M
FY25
Cash from operations โ$4.1M
Capital spending $0.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations โ
Capital spending โ
Q4 '23
Cash from operations โ$5.8M
Capital spending $0.7M
Q1 '24
Cash from operations โ$16.0M
Capital spending $0.0M
Q2 '24
Cash from operations $10.0M
Capital spending $0.0M
Q3 '24
Cash from operations โ$0.0M
Capital spending $0.0M
Q4 '24
Cash from operations $0.8M
Capital spending $0.0M
Q1 '25
Cash from operations โ$15.9M
Capital spending $0.0M
Q2 '25
Cash from operations $24.5M
Capital spending $0.0M
Q3 '25
Cash from operations โ$2.1M
Capital spending $0.0M
Q4 '25
Cash from operations โ$10.6M
Capital spending $0.0M
Q1 '26
Cash from operations โ$26.1M
Capital spending $0.0M
Q2 '26
Cash from operations โ$2.0M
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
System1, Inc. returned $0.6M to shareholders in fiscal 2025. The diluted share count rose 12.9%.
FY21
Dividends โ
Buybacks $0.0M
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks $0.0M
FY25
Dividends โ
Buybacks $0.6M
Dividends
Buybacks
Q3 '23
Dividends โ
Buybacks โ
Q4 '23
Dividends โ
Buybacks $0.0M
Q1 '24
Dividends โ
Buybacks โ
Q2 '24
Dividends โ
Buybacks โ
Q3 '24
Dividends โ
Buybacks โ
Q4 '24
Dividends โ
Buybacks โ
Q1 '25
Dividends โ
Buybacks $0.0M
Q2 '25
Dividends โ
Buybacks โ
Q3 '25
Dividends โ
Buybacks โ
Q4 '25
Dividends โ
Buybacks โ
Q1 '26
Dividends โ
Buybacks $0.2M
Q2 '26
Dividends โ
Buybacks โ
Dividends
Buybacks
FY21
Diluted shares 0.02B
FY23
Diluted shares โ
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably System1, Inc. can carry it.
FY21
Cash $47.9M
Debt $170M
FY23
Cash $135M
Debt $365M
FY24
Cash $63.6M
Debt $288M
FY25
Cash $86.9M
Debt $382M
Cash
Debt
| Fiscal year end | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $47.9M | $135M | $63.6M | $86.9M |
| Debt incl. finance leases | $170M | $365M | $288M | $382M |
| Net debt / EBITDA | 1.9x | โ | โ | โ |
| Debt / equity | โ | 2.7x | 3.6x | 12.5x |
| Interest coverage | 3.0x | โ | โ2.8x | โ2.3x |
| Current ratio | 0.5x | 2.3x | 1.3x | 1.0x |
| Quick ratio | 0.5x | 2.3x | 1.3x | 1.0x |
| Total assets | $257M | $605M | $459M | $405M |
| Total liabilities | $285M | $436M | $374M | $388M |
| Shareholders' equity | โ$28.4M | $135M | $80.3M | $30.5M |
| Net debt (โ = net cash) | $123M | $229M | $224M | $295M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY21 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ |
| Return on assets rose | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ |
| Current ratio rose | โ | โ | โ |
| Share count didn't rise | โ | โ | โ |
| Gross margin rose | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 3 / 9 |
| Accruals ratio | โ10.8% | โ13.0% | โ14.2% |
| Altman Z'' | โ2.11 | โ6.21 | โ7.72 |
4 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $688M | โ | $344M | $266M |
| Gross profit | โ | โ | $101M | $100M |
| Operating income | $50.8M | โ | โ$88.6M | โ$62.0M |
| Interest expense | $16.9M | โ | $31.6M | $27.6M |
| Pretax income | $34.0M | โ | โ$97.7M | โ$84.1M |
| Income tax | $1.0M | โ | โ$0.4M | โ$2.9M |
| Net income | $33.0M | โ | โ$74.7M | โ$65.3M |
| Diluted EPS | $1.61 | โ | โ$10.74 | โ$8.32 |
| Diluted shares | 0.02B | โ | 0.01B | 0.01B |
| Cash flow | ||||
| Cash from operations | $60.7M | โ | โ$5.3M | โ$4.1M |
| Capital expenditure | $0.0M | โ | $0.0M | $0.0M |
| Free cash flow | $60.7M | โ | โ$5.3M | โ$4.2M |
| Depreciation and amortization | $13.9M | โ | $80.1M | $0.6M |
| Stock-based compensation | $0.4M | โ | $15.8M | $11.3M |
| Acquisitions | $0.0M | โ | โ | โ |
| Share buybacks | $0.0M | โ | $0.0M | $0.6M |
| Dividends and buybacks | $0.0M | โ | $0.0M | $0.6M |
| Balance sheet | ||||
| Cash and short-term investments | $47.9M | $135M | $63.6M | $86.9M |
| Total debt | $170M | $365M | $288M | $382M |
| Current assets | $146M | $202M | $134M | $149M |
| Current liabilities | $277M | $86.4M | $105M | $146M |
| Property and equipment, net | $0.8M | $3.1M | $2.1M | $1.6M |
| Goodwill | $44.8M | $82.4M | $82.4M | $82.4M |
| Intangible assets | $50.4M | $297M | $222M | $148M |
| Total assets | $257M | $605M | $459M | $405M |
| Total liabilities | $285M | $436M | $374M | $388M |
| Shareholders' equity | โ$28.4M | $135M | $80.3M | $30.5M |
| Margins | ||||
| Gross margin | โ | โ | 29.5% | 37.7% |
| Operating margin | 7.4% | โ | โ25.8% | โ23.3% |
| EBITDA margin | 9.4% | โ | โ2.5% | โ23.1% |
| Net margin | 4.8% | โ | โ21.7% | โ24.6% |
| FCF margin | 8.8% | โ | โ1.5% | โ1.6% |
| Returns | ||||
| Return on capital | 52.5% | โ | โ23.0% | โ15.1% |
| Return on capital employed | โ258.8% | โ | โ25.0% | โ24.0% |
| Return on equity | โ | โ | โ69.3% | โ118.0% |
| Return on assets | 12.8% | โ | โ14.0% | โ15.1% |
| Growth | ||||
| Revenue growth | โ | โ | โ | โ22.6% |
| Share count change | โ | โ | โ | 12.9% |
| Financial health | ||||
| Net debt / EBITDA | 1.9x | โ | โ | โ |
| Debt / equity | โ | 2.7x | 3.6x | 12.5x |
| Interest coverage | 3.0x | โ | โ2.8x | โ2.3x |
| Current ratio | 0.5x | 2.3x | 1.3x | 1.0x |
| Quick ratio | 0.5x | 2.3x | 1.3x | 1.0x |
| Capital allocation | ||||
| Capex / revenue | 0.0% | โ | 0.0% | 0.0% |
| Stock comp / revenue | 0.1% | โ | 4.6% | 4.3% |
| Payouts / FCF | 0.0% | โ | โ | โ |
| Quality scores | ||||
| Piotroski F-score | โ | โ | โ | 3.0 |
| Altman Z'' | โ2.1 | โ | โ6.2 | โ7.7 |
| Accruals ratio | โ10.8% | โ | โ13.0% | โ14.2% |
Source: SEC EDGAR XBRL filings (CIK 0001805833). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ not investment advice. Check the original filings before relying on any figure.