System1, Inc. (SST) Key Metrics
SST valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $18.3M
- Enterprise value
- $290.4M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 0.1
- Price / book
- 1.2
- EV / EBITDA
- 10.0
- Dividend yield
- —
- Beta
- 1.61
SST key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSST returns How much profit the business earns on the capital it uses.
SST financial health Debt, liquidity and how easily interest is covered.
SST efficiency & capital use Working capital cycle and where the cash goes.
SST valuation history
SST returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SST debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SST cash returned to shareholders
SST price vs earnings per share
SST key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $30.8M | — | — | — | — | — | — | — |
| Enterprise value | $258.6M | — | — | — | — | — | — | — |
| Price / sales | 0.1 | — | — | — | — | — | — | — |
| Price / book | 1.0 | — | — | — | — | — | — | — |
| EV / sales | 1.0 | — | — | — | — | — | — | — |
| EV / EBITDA | 12.4 | — | — | — | — | — | — | — |
| Earnings yield | −212.2% | — | — | — | — | — | — | — |
| Free cash flow yield | −13.6% | — | — | — | — | — | — | — |
| Dividend yield | 0.1% | — | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 1.9% | — | — | — | — | — | — | — |
| Share price at fiscal year-end | $3.92 | $8.98 | $22.20 | $46.90 | $99.60 | $107.90 | — | — |
| Per share | ||||||||
| Revenue per share | $33.88 | — | — | — | — | — | — | — |
| Earnings per share | −$8.32 | — | — | — | — | — | — | — |
| Operating cash flow per share | −$0.53 | — | — | — | — | — | — | — |
| Free cash flow per share | −$0.53 | — | — | — | — | — | — | — |
| Cash per share | $11.06 | — | — | — | — | — | — | — |
| Book value per share | $3.88 | — | — | — | — | — | — | — |
| Tangible book value per share | −$25.47 | — | — | — | — | — | — | — |
| Dividends per share | $0.00 | — | — | — | — | — | — | — |
| Capex per share | $0.01 | — | — | — | — | — | — | — |
| Debt per share | $40.07 | — | — | — | — | — | — | — |
| Shares outstanding | 7.9M | — | — | — | — | — | — | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | −118.0% | −69.3% | −84.6% | −202.1% | — | −16.3% | — | — |
| Return on invested capital (ROIC) | −17.8% | −21.6% | −11.7% | −21.4% | 13.9% | −0.2% | 32.8% | — |
| Return on assets (ROA) | −15.1% | −14.0% | −25.3% | −51.9% | 8.5% | −7.2% | 2.8% | — |
| Return on tangible assets | −37.5% | −48.4% | −103.9% | −52.5% | 21.9% | −7.4% | 4.6% | — |
| Free cash flow margin | −1.6% | −1.5% | −8.1% | −2.7% | 7.9% | 8.5% | 6.4% | 4.5% |
| Income quality (OCF / net income) | — | — | — | — | 1.84 | — | 3.72 | — |
| Financial health | ||||||||
| Total debt | $314.7M | $275.0M | $355.4M | $422.5M | $170.5M | $180.0M | $254.7M | — |
| Cash & short-term investments | $86.9M | $63.6M | $135.3M | $8.9M | $47.9M | $843,643 | $31.9M | — |
| Net debt | $227.8M | $211.4M | $220.1M | $413.6M | $122.6M | $179.1M | $222.8M | — |
| Debt / equity | 10.33 | 3.43 | 2.63 | 1.08 | — | 0.41 | — | — |
| Debt / assets | 0.78 | 0.60 | 0.59 | 0.36 | 0.66 | 0.35 | 0.81 | — |
| Net debt / EBITDA | 10.94 | — | 11.45 | — | 1.89 | — | 3.58 | — |
| Current ratio | 1.02 | 1.28 | 2.34 | 0.60 | 0.53 | 1.72 | 0.90 | — |
| Quick ratio | 1.02 | 1.28 | 2.34 | 0.56 | 0.85 | 1.72 | 0.82 | — |
| Interest coverage | -2.3 | -2.8 | -1.8 | -3.7 | 3.0 | -0.0 | 2.0 | 1.2 |
| Working capital | $3.0M | $29.4M | $115.6M | −$84.6M | −$130.8M | $440,383 | −$12.6M | — |
| Invested capital | $258.3M | $291.6M | $355.4M | $805.7M | $94.2M | $615.3M | $154.4M | — |
| Tangible asset value | −$213.1M | −$219.8M | −$221.5M | $9.7M | −$134.8M | $322.7M | −$186.7M | — |
| Net current asset value | −$238.1M | −$239.7M | −$234.2M | −$563.3M | −$139.5M | −$81.3M | −$258.8M | — |
| Graham net-net per share | −$32.81 | — | — | — | — | — | — | — |
| Capital allocation | ||||||||
| Dividends paid | $32,000 | $27,000 | $97,000 | $1.5M | $14.6M | $46.5M | $8.7M | $6.0M |
| Share buybacks (net) | $557,000 | $2.1M | $3.1M | $511.6M | $227,000 | $0 | — | — |
| Dividend payout ratio | — | — | — | — | 44.2% | — | 98.4% | — |
| Dividends + buybacks / free cash flow | — | — | — | — | 27.3% | 115.2% | 33.3% | 50.2% |
| Capex / revenue | 0.0% | 0.0% | 2.0% | 1.6% | 0.9% | 1.3% | 1.6% | 2.0% |
| Capex / operating cash flow | — | — | — | — | 10.8% | 13.2% | 20.5% | 30.6% |
| Capex / depreciation | 0.00 | 0.00 | 0.08 | 0.15 | 0.47 | 0.44 | 0.60 | 1.00 |
| Stock-based compensation / revenue | 4.3% | 4.6% | 13.2% | 11.9% | 0.1% | 0.3% | 0.4% | 0.9% |
| R&D / revenue | — | 0.9% | 0.7% | 0.1% | 0.7% | — | — | — |
| SG&A / revenue | 61.0% | 46.8% | 40.0% | 45.9% | 14.9% | 16.5% | 16.8% | 25.1% |
| Efficiency | ||||||||
| Days sales outstanding | 82.4 | 63.2 | 62.0 | 46.8 | 42.8 | 56.2 | 67.5 | — |
| Days of inventory on hand | — | — | 3.8 | -20.6 | -27.4 | 5.9 | 14.6 | — |
| Days payables outstanding | 20.5 | 9.4 | 6.8 | 20.2 | 22.3 | 25.9 | 63.3 | — |
| Cash conversion cycle (days) | 61.9 | 53.7 | 59.0 | 6.1 | -6.9 | 36.2 | 18.9 | — |
| Receivables turnover | 4.43 | 5.78 | 5.89 | 7.79 | 8.53 | 6.50 | 5.40 | — |
| Payables turnover | 17.79 | 38.71 | 53.52 | 18.10 | 16.38 | 14.09 | 5.77 | — |
| Inventory turnover | — | — | 95.58 | — | — | 61.80 | 24.99 | — |
| Asset turnover | 0.62 | 0.65 | 0.46 | 0.94 | 1.78 | 1.14 | 1.30 | — |
| Average receivables | $60.1M | $59.5M | $68.3M | $85.3M | $80.7M | $73.3M | $75.4M | — |
| Average payables | $16.2M | $9.9M | $8.1M | $39.8M | $36.7M | $24.2M | $47.8M | — |
| Average inventory | — | — | $4.5M | −$40.6M | −$45.1M | $5.5M | $11.0M | — |
| Intangibles / total assets | 56.9% | 66.4% | 64.6% | 39.7% | 41.4% | 21.9% | 38.5% | — |
Computed from SST's annual financial statements (latest annual report filed March 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SST valuation and financial ratios
System1 earned a return on equity of −118.0% and a return on invested capital of −17.8% in fiscal 2025. It ended the year with $314.7 million of debt and $86.9 million in cash and short-term investments, net debt of $227.8 million. It returned $0.6 million to shareholders: $0.0 million in dividends and $0.6 million in share buybacks.
See the SST income statement, the SST chart for price history, or the SST stock overview for the latest quote and news.
SST key metrics FAQ
What is System1's EV/EBITDA?
System1's enterprise value was 12.4 times EBITDA at the end of fiscal 2025 (enterprise value $258.6 million, EBITDA $20.8 million); the current EV/EBITDA is 10.0.
What is System1's return on equity?
System1's return on equity (ROE) was −118.0% in fiscal 2025: net income of -$65.3 million on average shareholders' equity of $55.4 million.
What is System1's ROIC?
System1's return on invested capital was −17.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does System1 have?
System1 had total debt of $314.7 million at the end of fiscal 2025, a debt-to-equity ratio of 10.33 and $227.8 million of net debt (10.94 times EBITDA).
What is System1's dividend yield?
System1 paid $0.0 million in dividends in fiscal 2025 ($0.00 per share), a payout ratio of —.
Does System1 buy back its shares?
Yes. System1 spent $0.6 million on net share repurchases in fiscal 2025.
What is System1's free cash flow yield?
System1 generated -$4.2 million of free cash flow in fiscal 2025, a free cash flow yield of −13.6% on its market value at year-end ($30.8 million).
What is System1's current ratio?
System1's current ratio was 1.02 at the end of fiscal 2025: current assets were 1.02 times current liabilities.