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System1, Inc.

SST Clue Score29
United States Fiscal year ends December CIK 0001805833
$2.34 +3.08% Close, 9 Oct 2026
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Price $2.34 −76.40% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 7 Aug 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2021Revenue688.4Operating income50.8Net income33.0Fiscal year 2022Revenue612.2 −11.1%Operating income−457.7Net income−330.4 −1,101.3%EPS, diluted−3.70Fiscal year 2023Revenue402.0 −34.3%Operating income−86.0Net income−227.2EPS, diluted−2.48Fiscal year 2024Revenue343.9 −14.4%Operating income−88.6Net income−74.7EPS, diluted−10.74Fiscal year 2025Revenue266.1 −22.6%Operating income−62.0Net income−65.3EPS, diluted−8.32
FY2021FY2022FY2023FY2024FY2025
Revenue 688.4 612.2 402.0 343.9 266.1
Growth −11.1% −34.3% −14.4% −22.6%
Operating income 50.8 −457.7 −86.0 −88.6 −62.0
Net income 33.0 −330.4 −227.2 −74.7 −65.3
Growth −1,101.3%
EPS, diluted n/a −3.70 −2.48 −10.74 −8.32

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2021Operating margin7.4%Net margin4.8%Free cash flow margin8.8%Fiscal year 2022Operating margin−74.8%Net margin−54.0%Free cash flow margin−0.0%Fiscal year 2023Operating margin−21.4%Net margin−56.5%Free cash flow margin−6.7%Fiscal year 2024Operating margin−25.8%Net margin−21.7%Free cash flow margin−1.5%Fiscal year 2025Operating margin−23.3%Net margin−24.6%Free cash flow margin−1.6%
FY2021FY2022FY2023FY2024FY2025
Operating margin 7.4% −74.8% −21.4% −25.8% −23.3%
Net margin 4.8% −54.0% −56.5% −21.7% −24.6%
Free cash flow margin 8.8% −0.0% −6.7% −1.5% −1.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2021Operating cash flow60.7Capital expenditure−0.0Free cash flow60.7Buybacks0.0Fiscal year 2022Operating cash flow3.3Capital expenditure−3.5Free cash flow−0.2 −100.4%Buybacks−510.5Fiscal year 2023Operating cash flow−24.7Capital expenditure−2.4Free cash flow−27.1Buybacks0.0Fiscal year 2024Operating cash flow−5.3Capital expenditure−0.0Free cash flow−5.3Buybacks0.0Fiscal year 2025Operating cash flow−4.1Capital expenditure−0.0Free cash flow−4.2Buybacks−0.6
FY2021FY2022FY2023FY2024FY2025
Operating cash flow 60.7 3.3 −24.7 −5.3 −4.1
Capital expenditure −0.0 −3.5 −2.4 −0.0 −0.0
Free cash flow 60.7 −0.2 −27.1 −5.3 −4.2
Growth −100.4%
Buybacks 0.0 −510.5 0.0 0.0 −0.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2021Cash47.9Shareholders’ equity−28.4Fiscal year 2022Cash8.9Total debt434.5Net cash (debt)−425.6Shareholders’ equity392.0Debt to equity1.11Fiscal year 2023Cash135.3Total debt369.5Net cash (debt)−234.2Shareholders’ equity135.3Debt to equity2.73Fiscal year 2024Cash63.6Total debt275.1Net cash (debt)−211.5Shareholders’ equity80.3Debt to equity3.43Fiscal year 2025Cash86.9Total debt258.4Net cash (debt)−171.5Shareholders’ equity30.5Debt to equity8.48
FY2021FY2022FY2023FY2024FY2025
Cash 47.9 8.9 135.3 63.6 86.9
Total debt n/a 434.5 369.5 275.1 258.4
Net cash (debt) n/a −425.6 −234.2 −211.5 −171.5
Shareholders’ equity −28.4 392.0 135.3 80.3 30.5
Debt to equity n/a 1.11 2.73 3.43 8.48

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
7.4% −74.8% −21.4% −25.8% −23.3%
4.9% −80.5% −32.7% −28.4% −31.6%
4.8% −54.0% −56.5% −21.7% −24.6%
8.8% −0.0% −6.7% −1.5% −1.6%
Spending
5.2% 8.3% 13.5% 22.2% 26.2%
0.0% 0.6% 0.6% 0.0% 0.0%
2.8% n/a n/a n/a n/a
Returns
n/a −84.3% −168.0% −93.0% −214.5%
12.8% −28.5% −37.5% −16.3% −16.1%
Balance and payout
n/a 1.11 2.73 3.43 8.48
111.1% 59.4% 72.0% 81.5% 95.7%
0.0% n/a n/a n/a n/a