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. In the quarter to June 2026, revenue fell 61.3%, EPS grew 30.9%, free cash flow fell 127.6% and total debt rose 10.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow SST
System1, Inc. (SST) Altman Z-score
System1, Inc.'s Altman Z-score for fiscal 2025 is −2.72, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −2.72 | (0.63) |
| FY2024 | −2.10 | (1.16) |
| FY2023 | −0.93 | 0.15 |
| FY2022 | −1.09 | (4.08) |
| FY2021 | 2.99 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | (2.09) | — | −2.93 | |
| EBIT / total assets | (0.15) | — | −0.51 | |
| Market value of equity / total liabilities | 0.08 | — | 0.05 | |
| Sales / total assets | 0.66 | — | 0.66 | |
| Altman Z-score | Distress zone | −2.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −7.76 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ANPA Rich Sparkle Holdings Limited compare | 73.5× |
| PC Premium Catering (Holdings) Limited compare | 72.3× |
| NTIP Network-1 Technologies, Inc. compare | 23.3× |
| YSXT YSX Tech Co., Ltd compare | 3.9× |
| LICN Lichen International Limited compare | 2.2× |
| PMEC Primech Holdings Ltd. compare | 2.0× |
| DLHC DLH Holdings Corp. compare | 1.7× |
| WHLM Wilhelmina International, Inc. compare | −0.5× |
| SST System1, Inc. | −2.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets