System1, Inc. (SST) vs Wilhelmina International, Inc. (WHLM)

System1, Inc. and Wilhelmina International, Inc. are both Specialty Business Services companies. System1, Inc. is the larger, with a market value of $32.3M against $17.2M — 1.9× the size. System1, Inc. has negative trailing earnings, so its P/E is not meaningful; Wilhelmina International, Inc. trades at 4.8×. Wilhelmina International, Inc. grew revenue faster over the last twelve months: 6.07% against −42.9%. Wilhelmina International, Inc. has the higher net margin (3.02% vs −50.7%) and the higher return on invested capital (2.46% vs −29.2%). Across the 16 metrics below, Wilhelmina International, Inc. leads on 14 and System1, Inc. on 2.

Valuation

Metric SST WHLM Specialty Business Services median
P/E n/m 4.84 23.86
P/S 0.13 0.14 1.06
P/B n/m 0.10 2.37
Price to free cash flow n/m 1.91 16.54
EV/EBITDA n/m n/m 11.51
EV/Sales 1.51 (0.53) 1.51
Earnings yield (401.06%) 20.68% 2.14%
Free cash flow yield (238.07%) 52.36% 1.55%

Profitability

Metric SST WHLM Specialty Business Services median
Gross margin 50.68% 100.00% 35.31%
Operating margin (51.03%) 2.68% 3.43%
Net margin (50.66%) 3.02% 1.67%
Free cash flow margin (24.54%) 7.14% 3.28%
Return on equity (41,665.91%) 2.17% 0.58%
Return on assets (25.44%) 1.32% 0.33%
Return on invested capital (29.18%) 2.46% 0.65%

Growth

Metric SST WHLM Specialty Business Services median
Revenue growth (TTM) (42.93%) 6.07% 6.04%
EPS growth (last fiscal year) 22.24% 50.00% —
Revenue growth, 5-year CAGR — (25.26%) 7.66%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric SST WHLM Specialty Business Services median
Debt to equity (5.51) 0.00 0.21
Current ratio 0.77 1.74 1.62
Net debt to EBITDA 8.89 (17.53) 1.16

Dividend

Metric SST WHLM Specialty Business Services median
Dividend yield — — 1.61%
Payout ratio 0.00 0.00 0.00

Size

Metric SST WHLM Specialty Business Services median
Market cap 32.31m 17.24m 879.14m

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