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Saturday 7 November 2026
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System1, Inc.
SST Industrials Specialty Business Services
System1, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $266.1 million, down 22.6% from fiscal 2024.
- Revenue
- −61.3%
- EPS
- +30.9%
- Free cash flow
- −127.6%
- Total debt
- +10.8%
Quarter to June 2026, against a year earlier
1.72
0.05
−2.82%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 688 | 665 | 402 | 344 | 266 | 181 | (21.1%) | 132 | 160 | — | (22.6%) | |
| Gross margin, % | — | — | — | — | — | 24.30 | 27.76 | 38.12 | 29.46 | 37.72 | 50.68 | +13.4 pt | ||||||
| EBT | — | — | — | — | (30) | 34 | (531) | (132) | (98) | (84) | (114) | +23.0% | ||||||
| EBT margin, % | — | — | — | — | 0.00 | 4.93 | (79.82) | (32.75) | (28.40) | (31.59) | (62.90) | (31.6) pt | ||||||
| Net income | — | 0 | — | 0 | (30) | 33 | (478) | (286) | (97) | (81) | (113) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 336.00 | 74.45 | 43.95 | 49.45 | 33.88 | 22.16 | n/m | |||||
| Earnings | — | — | — | — | (24.39) | 16.11 | (41.75) | (24.80) | (10.70) | (8.32) | (11.31) | (19.4%) | ||||||
| Cash flow | — | — | — | — | (0.33) | 29.63 | (0.82) | (2.71) | (0.76) | (0.53) | (5.00) | +10.0% | ||||||
| Capex | — | — | — | — | 0.00 | (3.19) | (1.16) | (0.87) | (0.90) | (0.86) | (0.43) | n/m | ||||||
| Free cash flow | — | — | — | — | (0.33) | 26.44 | (1.98) | (3.58) | (1.65) | (1.38) | (5.44) | +33.3% | ||||||
| Book value | — | — | — | — | (66.31) | (13.86) | 52.70 | 18.51 | 12.22 | 2.22 | (6.49) | n/m | ||||||
| Shares, m | — | — | — | — | 1 | 2 | 9 | 9 | 7 | 8 | 8 | +45.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 6.18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.2 | |||||
| P/S | — | — | — | — | — | 0.30 | 0.63 | 0.51 | 0.18 | 0.12 | 0.08 | 0.3 | ||||||
| P/B | — | — | — | — | — | 0.00 | 0.88 | 1.20 | 0.73 | 1.77 | 0.00 | 0.9 | ||||||
| EV/Sales | — | — | — | — | — | 0.47 | 1.23 | 1.03 | 0.77 | 0.93 | 1.46 | 0.9 | ||||||
| EV/FCF | — | — | — | — | — | 6.02 | (46.21) | (12.64) | (21.69) | (17.79) | (4.83) | (18.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 0 | 61 | (7) | (25) | (5) | (4) | (41) | +59.4% | |||||
| Capex | — | — | — | — | — | (7) | (10) | (8) | (6) | (7) | (4) | +0.7% | ||||||
| Free cash flow | — | — | — | — | 0 | 54 | (18) | (33) | (12) | (11) | (44) | +93.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 0 | (131) | (85) | 116 | 29 | 3 | (27) | +47.2% | |||||
| Net debt | — | — | — | — | (1) | 123 | 400 | 210 | 204 | 217 | 251 | n/m | ||||||
| Shareholders’ equity | — | — | — | — | (81) | (28) | 471 | 169 | 85 | 17 | (53) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | (11.54) | 8.51 | (51.85) | (25.73) | (14.03) | (15.12) | (25.44) | (15.1) pt | |||||
| ROIC | — | — | — | — | 0.00 | 33.74 | (35.49) | (14.16) | (19.16) | (16.54) | (29.18) | (16.5) pt | ||||||
| ROE | — | — | — | — | (6.70) | (60.14) | (166.17) | (71.01) | (58.73) | (127.61) | (41,665.91) | (120.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
System1, Inc. vs peers in Specialty Business Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| YSXT YSX Tech Co., Ltd | $40.2M | — | — | — | — | −299.01% (below 0%: shrinking) | — | — | Compare |
| NTIP Network-1 Technologies, Inc. | $36.6M | — (loss-making) | — (loss-making) | −72.07% (below 0%: shrinking) | n/m | −22.09% (below 0%: shrinking) | 72.00% | 0.00% | Compare |
| PC Premium Catering (Holdings) Limited | $19.5M | — | — | — | — | −1,294.44% (below 0%: shrinking) | — | — | Compare |
| SST System1, Inc. | $18.6M | — (loss-making) | 23.1× | −61.34% (below 0%: shrinking) | n/m | −127.61% (below 0%: shrinking) | 80.38% | (27.45%) | |
| ANPA Rich Sparkle Holdings Limited | $17.5M | — | — | — | — | — | — | — | Compare |
| WHLM Wilhelmina International, Inc. | $17.2M | 15.0× | 5.2× | −0.83% (below 0%: shrinking) | −60.00% (below 0%: shrinking) | −80.08% (below 0%: shrinking) | 100.00% | 2.22% | Compare |
| PMEC Primech Holdings Ltd. | $10.1M | — (loss-making) | — | +43.05% (above 0%: growing) | −200.00% (below 0%: shrinking) | +7.30% (above 0%: growing) | 5.80% | 0.00% | Compare |
| LICN Lichen International Limited | $9.7M | — | — | — | — | −574.31% (below 0%: shrinking) | — | — | Compare |
| SGRP SPAR Group, Inc. | $8.2M | — (loss-making) | 9.7× | −4.46% (below 0%: shrinking) | n/m | +35.87% (above 0%: growing) | 22.78% | 3.28% | Compare |
| Median of peers | $17.4M | — | — | −2.64% | — | −80.08% | 47.39% | 1.11% |