System1, Inc. (SST) Balance Sheet
SST balance sheet, 2025
December 31, 2025 · U.S. dollars$405.0M assets = $387.6M liabilities + $17.4M equity
Both columns are drawn to the same scale: what SST owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SST financial health
Descriptive bands, not a rating. Fiscal 2025.
SST balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $313.1M2019 | $405.0M2025 | +4.4%/yr | |
| Total liabilities | $379.2M2019 | $387.6M2025 | +0.4%/yr | |
| Shareholders’ equity | −$68.5M2019 | $30.5M2025 | — | |
| Cash & short-term investments | $31.9M2019 | $86.9M2025 | +18.2%/yr | |
| Total debt | $254.7M2019 | $314.7M2025 | +3.6%/yr | |
| Net cash (debt) | −$222.8M2019 | −$227.8M2025 | −$5.0M | |
| Working capital | −$12.6M2019 | $3.0M2025 | +$15.7M | |
| Current ratio | 0.902019 | 1.022025 | +0.12 | |
| Debt / equity | 0.412020 | 10.332025 | +9.92 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SST assets
SST liabilities and equity
SST debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SST balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $86.9M | $63.6M | $135.3M | $8.9M | $47.9M | $843,643 | $31.9M |
| Cash & equivalents | $86.9M | $63.6M | $135.3M | $8.9M | $47.9M | $843,643 | $31.9M |
| Receivables | $57.3M | $62.9M | $56.1M | $80.4M | $90.2M | $71.1M | $75.4M |
| Inventory | $0 | $0 | $1 | $9.1M | −$90.2M | $1 | $11.0M |
| Other current assets | $5.3M | $8.0M | $10.6M | $28.1M | $97.9M | $0 | $2.0M |
| Total current assets | $149.5M | $134.5M | $202.0M | $126.5M | $145.8M | $1.1M | $120.3M |
| Property, plant & equipment (net) | $10.7M | $4.7M | $7.8M | $9.6M | $830,000 | $1.1M | $1.4M |
| Goodwill & intangible assets | $230.5M | $304.7M | $390.8M | $461.0M | $106.4M | $113.5M | $120.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $14.3M | $15.2M | $4.8M | $563.3M | $3.9M | $403.0M | $70.8M |
| Total assets | $405.0M | $459.1M | $605.5M | $1.16B | $256.9M | $518.6M | $313.1M |
| Liabilities | |||||||
| Accounts payable | $22.0M | $10.4M | $9.5M | $6.7M | $72.8M | $613,050 | $47.8M |
| Short-term debt | $78.1M | $18.5M | $17.6M | $17.2M | $170.5M | $9.4M | $24.2M |
| Deferred revenue | — | $1.8M | $1.8M | $1.6M | $2.0M | $1.9M | $1.5M |
| Total current liabilities | $146.4M | $105.1M | $86.4M | $211.1M | $276.6M | $613,050 | $133.0M |
| Long-term debt | $228.4M | $255.1M | $334.2M | $399.5M | $0 | $170.6M | $230.5M |
| Lease obligations | $9.6M | $3.5M | $5.9M | $8.0M | $0 | — | — |
| Other long-term liabilities | $12.7M | $13.9M | $15.5M | $79.2M | $8.8M | $0 | $15.7M |
| Total liabilities | $387.6M | $374.1M | $436.2M | $689.8M | $285.3M | $82.4M | $379.2M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $1,000 | $9,000 | $9,000 | $11,000 | $517.5M | $517.5M | −$68.4M |
| Retained earnings (deficit) | −$847.7M | −$782.3M | −$707.7M | −$439.3M | −$28.8M | −$81.3M | — |
| Accumulated other comprehensive income | −$157,000 | −$443,000 | −$181,000 | −$260,000 | $428,000 | −$343,000 | −$119,000 |
| Minority interest | −$13.0M | $4.7M | $34.0M | $88.8M | — | — | — |
| Total shareholders' equity | $30.5M | $80.3M | $135.3M | $392.0M | −$28.4M | $436.2M | −$68.5M |
| Key figures | |||||||
| Total debt | $314.7M | $275.0M | $355.4M | $422.5M | $170.5M | $180.0M | $254.7M |
| Net cash (debt) | −$227.8M | −$211.4M | −$220.1M | −$413.6M | −$122.6M | −$179.1M | −$222.8M |
| Working capital | $3.0M | $29.4M | $115.6M | −$84.6M | −$130.8M | $440,383 | −$12.6M |
| Tangible book value | −$200.0M | −$224.5M | −$255.6M | −$69.0M | −$134.8M | $322.7M | −$189.1M |
| Book value per share | $3.88 | — | — | — | — | — | — |
| Shares outstanding | 7.9M | — | — | — | — | — | — |
| Current ratio | 1.02 | 1.28 | 2.34 | 0.60 | 0.53 | 1.72 | 0.90 |
| Quick ratio | 0.98 | 1.20 | 2.22 | 0.42 | 0.50 | 117.42 | 0.81 |
| Debt / equity | 10.33 | 3.43 | 2.63 | 1.08 | — | 0.41 | — |
| Equity / assets | 7.5% | 17.5% | 22.3% | 33.8% | −11.1% | 84.1% | −21.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $40.5M | $51.5M | $86.9M | $54.6M | $63.6M | $43.9M | $63.6M | $69.1M | $75.7M | $69.9M | $135.3M | $4.9M |
| Cash & equivalents | $40.5M | $51.5M | $86.9M | $54.6M | $63.6M | $43.9M | $63.6M | $69.1M | $75.7M | $69.9M | $135.3M | $4.9M |
| Receivables | $41.0M | $53.3M | $57.3M | $54.4M | $70.2M | $61.8M | $62.9M | $57.6M | $61.9M | $52.7M | $56.1M | $59.4M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $16.2M |
| Other current assets | $8.1M | $7.0M | $5.3M | $7.7M | $7.5M | $8.5M | $8.0M | $8.5M | $11.1M | $17.0M | $10.6M | $10.0M |
| Total current assets | $89.5M | $111.7M | $149.5M | $116.6M | $141.4M | $114.2M | $134.5M | $135.2M | $148.6M | $139.7M | $202.0M | $90.5M |
| Property, plant & equipment (net) | $22.8M | $10.2M | $10.7M | $4.6M | $5.2M | $4.1M | $4.7M | $5.7M | $6.4M | $7.1M | $7.8M | $8.4M |
| Goodwill & intangible assets | $178.4M | $183.8M | $244.2M | $263.3M | $282.0M | $300.6M | $319.2M | $323.4M | $355.5M | $373.3M | $390.8M | $409.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $666,000 | $14.6M | $642,000 | $673,000 | $711,000 | $319,000 | $720,000 | $15.0M | $815,000 | $1.0M | $4.8M | $419.2M |
| Total assets | $291.4M | $320.3M | $405.0M | $385.2M | $429.2M | $419.2M | $459.1M | $479.3M | $511.3M | $521.1M | $605.5M | $927.5M |
| Liabilities | ||||||||||||
| Accounts payable | $15.1M | $14.3M | $22.0M | $23.1M | $28.1M | $7.6M | $10.4M | $9.4M | $6.2M | $7.1M | $9.5M | $10.6M |
| Short-term debt | $78.5M | $78.3M | $78.1M | $24.8M | $22.7M | $20.5M | $18.5M | $18.7M | $18.7M | $18.6M | $17.6M | $17.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | $1.7M | $1.8M | $2.1M |
| Total current liabilities | $117.0M | $125.9M | $146.4M | $102.1M | $119.9M | $89.7M | $105.1M | $99.2M | $101.7M | $78.0M | $86.4M | $237.7M |
| Long-term debt | $214.9M | $221.6M | $228.4M | $235.1M | $241.8M | $248.5M | $255.1M | $259.2M | $263.3M | $268.6M | $334.2M | $388.1M |
| Lease obligations | $8.8M | $9.2M | $9.6M | $3.5M | $4.0M | $2.8M | $3.5M | $4.2M | $4.7M | $5.3M | $5.9M | $6.4M |
| Other long-term liabilities | $12.5M | $11.8M | $12.7M | $13.7M | $14.1M | $13.3M | $13.9M | $18.1M | $17.0M | $14.1M | $15.5M | $61.3M |
| Total liabilities | $344.4M | $359.3M | $387.6M | $350.9M | $375.8M | $351.5M | $374.1M | $376.5M | $382.1M | $360.7M | $436.2M | $687.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $11,000 |
| Retained earnings (deficit) | −$907.3M | −$894.7M | −$847.7M | −$834.2M | −$815.7M | −$798.2M | −$782.3M | −$768.2M | −$744.6M | −$718.2M | −$707.7M | −$646.2M |
| Accumulated other comprehensive income | −$325,000 | −$222,000 | −$157,000 | −$230,000 | −$133,000 | −$432,000 | −$443,000 | −$262,000 | −$295,000 | −$271,000 | −$181,000 | −$435,000 |
| Minority interest | −$26.3M | −$23.6M | −$13.0M | −$8.4M | −$4.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$26.7M | −$15.4M | $30.5M | $42.7M | $58.2M | $67.2M | $80.3M | $90.3M | $109.4M | $131.7M | $135.3M | $202.7M |
| Key figures | ||||||||||||
| Total debt | $300.6M | $307.7M | $314.7M | $262.7M | $267.4M | $270.3M | $275.0M | $279.7M | $284.3M | $290.1M | $355.4M | $409.7M |
| Net cash (debt) | −$260.2M | −$256.2M | −$227.8M | −$208.1M | −$203.7M | −$226.4M | −$211.4M | −$210.6M | −$208.7M | −$220.2M | −$220.1M | −$404.8M |
| Working capital | −$27.4M | −$14.1M | $3.0M | $14.5M | $21.5M | $24.5M | $29.4M | $36.0M | $46.9M | $61.7M | $115.6M | −$147.2M |
| Tangible book value | −$205.1M | −$199.2M | −$213.7M | −$220.6M | −$223.8M | −$233.4M | −$238.9M | −$233.1M | −$246.1M | −$241.5M | −$255.6M | −$206.7M |
| Book value per share | −$3.27 | −$1.91 | $3.77 | $5.30 | $7.44 | — | — | — | — | — | — | — |
| Shares outstanding | 8.2M | 8.1M | 8.1M | 8.1M | 7.8M | — | — | — | — | — | — | — |
| Current ratio | 0.77 | 0.89 | 1.02 | 1.14 | 1.18 | 1.27 | 1.28 | 1.36 | 1.46 | 1.79 | 2.34 | 0.38 |
| Quick ratio | 0.70 | 0.83 | 0.98 | 1.07 | 1.12 | 1.18 | 1.20 | 1.28 | 1.35 | 1.57 | 2.22 | 0.27 |
| Debt / equity | — | — | 10.33 | 6.15 | 4.59 | 4.02 | 3.43 | 3.10 | 2.60 | 2.20 | 2.63 | 2.02 |
| Equity / assets | −9.2% | −4.8% | 7.5% | 11.1% | 13.6% | 16.0% | 17.5% | 18.8% | 21.4% | 25.3% | 22.3% | 21.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 11, 2026); data from EODHD.
SST financial position
At the end of fiscal 2025 (December 31, 2025), System1 had total assets of $405.0 million (down 11.8% from a year earlier), total liabilities of $387.6 million and shareholders' equity of $30.5 million. It held $86.9 million in cash and short-term investments against $314.7 million of debt, net debt of $227.8 million. Its current ratio was 1.02. In the latest quarter (ended June 30, 2026) total assets were $291.4 million and equity -$26.7 million.
Related: SST income statement, SST cash flow statement, SST key metrics. See the SST stock overview for the latest quote and news.
SST balance sheet FAQ
What are System1's total assets?
System1 reported total assets of $405.0 million at the end of fiscal 2025 (December 31, 2025), compared with $459.1 million a year earlier.
How much debt does System1 have?
System1 had $314.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 10.33.
How much cash does System1 have?
System1 held $86.9 million in cash and short-term investments at the end of fiscal 2025; with $314.7 million of debt that is net debt of $227.8 million.
What is System1's book value?
System1's shareholders' equity (book value) was $30.5 million at the end of fiscal 2025, or $3.88 per share.
What is System1's current ratio?
System1 had current assets of $149.5 million and current liabilities of $146.4 million, a current ratio of 1.02 (it can cover its short-term obligations).
How much goodwill does System1 have?
System1 carried $230.5 million of goodwill and intangible assets, 56.9% of total assets, at the end of fiscal 2025.