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System1, Inc. (SST) stock analysis

SSTNYSEServices-Computer Programming, Data Processing, Etc.Fiscal year ends December 31Also trades as SSTPW
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026Score 2/30
$1.70−0.03 (-1.73%)

Close on Nov 11, 2026Market cap $17.83MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value1Growth1Performance0Health0Dividend0

Weak2 of 30 checks passed

System1 passes 2 of the 30 checks behind our score; 18 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
1/6
Growth
1/6
Past performance
0/6
Financial health
0/6
Dividend
0/6

What stands out

  • P/S below the industry

    System1's price-to-sales of 0.10 is below the Computer Programming, Data Processing, and Other Computer Related Services median of 2.77 (book value is negative, so we use sales).

  • Gross margin improving

    Gross margin was 50.7% over the last twelve months, against 35.6% a year earlier.

What to watch

  • Return on capital under 10%

    Return on invested capital was -30.2%, below the 10% that usually covers the cost of capital.

  • Interest not well covered

    Operating income covers interest expense -3.4 times; we look for at least 5.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals -14.0% of total debt; we look for at least 20%.

  • Elevated bankruptcy risk

    The Altman Z-score is -4.87; above 3 is the safe zone and below 1.8 the distress zone.

Valuation1/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/S below the industry

    System1's price-to-sales of 0.10 is below the Computer Programming, Data Processing, and Other Computer Related Services median of 2.77 (book value is negative, so we use sales).

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth1/6

  • Revenue growth over 3 years

    Needs three years of positive revenue.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew -42.9% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin improving

    Gross margin was 50.7% over the last twelve months, against 35.6% a year earlier.

Past performance0/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on capital under 10%

    Return on invested capital was -30.2%, below the 10% that usually covers the cost of capital.

  • Return on equity below the industry

    System1's return on equity of -582% is below the Computer Programming, Data Processing, and Other Computer Related Services median of -1.2%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin below its 5-year average

    Net margin was -50.7% over the last twelve months, against a 5-year average of -24.5%.

  • Net margin below the industry

    System1's net margin of -50.7% is below the Computer Programming, Data Processing, and Other Computer Related Services median of -4.8%.

Financial health0/6

  • Debt level

    Needs debt and equity figures.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals -14.0% of total debt; we look for at least 20%.

  • Interest not well covered

    Operating income covers interest expense -3.4 times; we look for at least 5.

  • Short-term assets don't cover short-term debts

    Current assets are 0.77 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is -4.87; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    System1 has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for System1. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/B at month end
  • Own 5-year median 0.6
  • Computer Programming, Data Processing, and Other Computer Related Services median 3.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day
$115.35K
Value traded per 1% price move
$51.02K

Downside

High risk

Typical loss in a bad month
51.7%
Volatility (annualized)
207%
Sharpe ratio, 1 year
-0.32
Beta to the S&P 500 (5Y)
0.72

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2020 to 2025

Gross margin

37.7%

Operating margin

-23.3%

Net margin

-24.6%

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