System1, Inc. key statistics and ratios

In fiscal 2025, System1, Inc. had return on equity of -118.0%, an operating margin of -23.3%, debt equal to 1001.5% of equity and a current ratio of 1.02. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

System1, Inc.: financial ratios, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	40.1%	29.5%	37.7%	50.7%
Operating margin	7.4%	−74.8%	−21.4%	−25.8%	−23.3%	−51.0%
Net margin	4.8%	−54.0%	−56.5%	−21.7%	−24.6%	−50.7%
Free-cash-flow margin	8.8%	−0.0%	−6.7%	−1.5%	−1.6%	—
Return on equity	—	−181.7%	−86.2%	−69.3%	−118.0%	—
Return on assets	12.8%	−46.6%	−25.7%	−14.0%	−15.1%	−26.3%
Asset turnover	2.68	0.86	0.46	0.65	0.62	0.52
Current ratio	0.53	0.60	2.34	1.28	1.02	0.77
Debt to equity	—	111.0%	269.8%	349.0%	>999%	—
Interest cover (operating income ÷ interest)	3.0x	n/m	n/m	n/m	n/m	n/m
Effective tax rate	2.8%	—	—	—	—	—
SG&A as % of revenue	5.2%	8.3%	13.5%	22.2%	26.2%	37.0%
Capital spending as % of revenue	0.0%	0.6%	0.6%	0.0%	0.0%	—
Free cash flow ÷ net income	183.8%	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	0.0%	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

System1, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	28.0%	42.1%	38.2%	35.7%	36.9%	41.0%	62.8%	80.4%
Operating margin	−24.6%	−15.7%	−17.6%	−20.4%	−25.3%	−33.6%	−137.1%	−27.5%
Net margin	−26.6%	−18.7%	−21.3%	−22.4%	−30.1%	−26.0%	−126.4%	−41.7%
Free-cash-flow margin	−0.0%	1.0%	−21.5%	31.4%	−3.3%	−20.5%	−70.2%	—
Current ratio	1.36	1.28	1.27	1.18	1.14	1.02	0.89	0.77
Debt to equity	323.2%	338.3%	398.0%	452.5%	607.4%	>999%	—	—
SG&A as % of revenue	19.7%	23.6%	22.2%	22.4%	27.5%	35.9%	45.1%	48.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 5 checks passed · June 30, 2026

What it owns · $291m

Short-term assets $90mLonger-term assets $202m

What it owes, and who funded it · $344m

Short-term liabilities $117mLonger-term liabilities $227mShareholders' equity $-27m

Short-term assets cover short-term liabilities $90m of assets due within a year against $117m of liabilities due within a year.
Short-term assets cover long-term liabilities $90m short-term assets against $227m of longer-dated liabilities.
More cash than debt $40m of cash against $292m of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$41m of operating cash flow against $292m of debt.
Operating profit covers interest at least five times over Operating income of −$92m against $27m of interest.

From System1, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from System1, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to System1, Inc.