System1, Inc.

NYSE:SST Rapport sur les actions

Capitalisation boursière : US$25.4m

System1 Bilan de santé

Santé financière contrôle des critères 2/6

System1 possède un total de capitaux propres de $-39.0M et une dette totale de $298.5M, ce qui porte son ratio d'endettement à -764.8%. Son actif total et son passif total sont $320.3M et de $359.3M.

Informations clés

-764.82%

Ratio d'endettement

US$298.46m

Dette

Ratio de couverture des intérêtsn/a
Argent liquideUS$51.51m
Fonds propres-US$39.02m
Total du passifUS$359.35m
Total des actifsUS$320.33m

Mises à jour récentes de la santé financière

Article d’analyse • Sep 11

Is System1 (NYSE:SST) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Article d’analyse • Feb 17

Does System1 (NYSE:SST) Have A Healthy Balance Sheet?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Article d’analyse • Nov 08

Does System1 (NYSE:SST) Have A Healthy Balance Sheet?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Article d’analyse • Aug 04

Is System1 (NYSE:SST) Using Debt In A Risky Way?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Article d’analyse • Apr 23

Health Check: How Prudently Does System1 (NYSE:SST) Use Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Recent updates

Article d’analyse • Dec 19

System1, Inc.'s (NYSE:SST) Share Price Boosted 31% But Its Business Prospects Need A Lift Too

Those holding System1, Inc. ( NYSE:SST ) shares would be relieved that the share price has rebounded 31% in the last...
Article d’analyse • Oct 31

System1, Inc.'s (NYSE:SST) 26% Dip In Price Shows Sentiment Is Matching Revenues

System1, Inc. ( NYSE:SST ) shareholders won't be pleased to see that the share price has had a very rough month...
Article d’analyse • Sep 11

Is System1 (NYSE:SST) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Article d’analyse • Jul 20

System1, Inc. (NYSE:SST) Not Doing Enough For Some Investors As Its Shares Slump 35%

System1, Inc. ( NYSE:SST ) shares have retraced a considerable 35% in the last month, reversing a fair amount of their...
Article d’analyse • Jun 13

At US$4.16, Is It Time To Put System1, Inc. (NYSE:SST) On Your Watch List?

System1, Inc. ( NYSE:SST ), might not be a large cap stock, but it saw a significant share price rise of 43% in the...
Article d’analyse • May 13

System1, Inc.'s (NYSE:SST) Shares Bounce 52% But Its Business Still Trails The Industry

Those holding System1, Inc. ( NYSE:SST ) shares would be relieved that the share price has rebounded 52% in the last...
Article d’analyse • Feb 27

System1, Inc.'s (NYSE:SST) 26% Dip In Price Shows Sentiment Is Matching Revenues

Unfortunately for some shareholders, the System1, Inc. ( NYSE:SST ) share price has dived 26% in the last thirty days...
Article d’analyse • Feb 17

Does System1 (NYSE:SST) Have A Healthy Balance Sheet?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Article d’analyse • Dec 28

System1, Inc. (NYSE:SST) Looks Inexpensive But Perhaps Not Attractive Enough

When you see that almost half of the companies in the Interactive Media and Services industry in the United States have...
Article d’analyse • Nov 08

Does System1 (NYSE:SST) Have A Healthy Balance Sheet?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Article d’analyse • Aug 13

Lacklustre Performance Is Driving System1, Inc.'s (NYSE:SST) 27% Price Drop

Unfortunately for some shareholders, the System1, Inc. ( NYSE:SST ) share price has dived 27% in the last thirty days...
Article d’analyse • Aug 04

Is System1 (NYSE:SST) Using Debt In A Risky Way?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Article d’analyse • Apr 23

Health Check: How Prudently Does System1 (NYSE:SST) Use Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Article d’analyse • Mar 18

The Market Doesn't Like What It Sees From System1, Inc.'s (NYSE:SST) Revenues Yet As Shares Tumble 31%

System1, Inc. ( NYSE:SST ) shareholders that were waiting for something to happen have been dealt a blow with a 31...
Article d’analyse • Dec 18

System1, Inc. (NYSE:SST) Surges 53% Yet Its Low P/S Is No Reason For Excitement

The System1, Inc. ( NYSE:SST ) share price has done very well over the last month, posting an excellent gain of 53...
Article d’analyse • Dec 12

System1, Inc.'s (NYSE:SST) Intrinsic Value Is Potentially 71% Above Its Share Price

Today we will run through one way of estimating the intrinsic value of System1, Inc. ( NYSE:SST ) by projecting its...
Seeking Alpha • Oct 31

System1: Rides On The Digital Advertising Uptrend, But Not Cheap

Summary SST is competing in an attractive market that is set to continue growing due to underlying secular trends. SST's proprietary RAMP technology is the key to its success. SST's high focus on first party data is an advantage. Overview System1, Inc. (SST) is undervalued at its current share price as of the date of this writing. A poor farmer found out that his hen could lay golden eggs. From that time, his fortunes changed. In this case, System1, Inc. is the hen that lays golden eggs. People are the lifeblood of every business. As a company that specializes in customer acquisition, SST is of immense value to any company. That said, as an investor, valuation matters. SST at this current valuation does have an alright risk/reward, in my opinion. Business description System1, Inc. occupies a position of prominence as a customer acquisition platform. They look for, find, and bring their advertising clients and their own products high-value customers. Attractive advertising industry The stakes in advertising are higher than before. The business that can drive and convert the most customer traffic gets to remain relevant in the market. As for those businesses that cannot, they are swept away by the competition. Yet, reaching and attracting their target customers can be quite a high hurdle for advertisers. As advertising has departed from older mediums such as print, television, and radio, digital advertising has taken a place at the forefront of the industry. This represents new, uncharted territory for most advertisers. But in the future, both the number of digital advertisers and the amount they spend are likely to grow. Digital marketing stands out as a complex network that is constantly mutating and evolving. Digital algorithms are updated, more sophisticated advertising networks are discovered, technology infrastructures change like the weather, and regulatory policies favor the customer's data privacy at the expense of the advertiser. Because of this, advertisers are under a lot of pressure to find a good audience so they can get their money back from advertising. Another snag in the advertising industry is the ever-changing customer trends. No one can guarantee what a customer might be interested in by the next day. Even with well-documented data analysis, advertisers are taken aback when the same advertisement that worked days before is rejected by the same audience days later. Since SST is aware of these problems through the data it has collated, it is only right that it be able to propose lasting solutions. Some of the key industry trends that are worth highlighting are: Advertisers Have Significantly Shifted Their Budgets from Traditional Media to a Diverse Array of Digital Channels: Having shifted the direction of their spending from traditional media to a vast array of digital channels, this has provided advertisers with a variety of options, helping them to target and measure campaigns effectively. It has taught businesses—more than ever—why they should prioritize market research and data analytics. As time flows, digital marketing will continue to thrive. Better Execution Against Highly Fragmented Audiences: System1, Inc. has the ability to better deal with highly fragmented audiences. Individual use of the Internet is becoming more fragmented because of the differences in consumption patterns. In a world where a considerable number of people have access to personal devices, one finds it increasingly difficult to accurately pinpoint behavioral tendencies. This is where SST comes in handy. Automation of Ad Buying: The need for automation came as a result of the increased speed and complexity of digital marketing. Computer algorithms that use extensive data sets are now being used to make shopping easier for customers. Buying decisions are easier to make when the process of buying is made easy. Hence, the need for automation. This helps advertisers compare bid prices, finding out which one delivers more value to them. To summarize these points, traditional advertising companies are focused on their ability to be creative and disburse advertising budgets across platforms. The downside is that they are not sophisticated enough to employ superior technology in attracting high-value customers. Advertising consultants may offer advice, but there is an extent beyond which such advice can't work anymore. You must now deploy cutting-edge technology. SST RAMP technology SST owes its business success to the RAMP technology, which has helped them process over 15 million advertising campaign optimizations and collect 5 billion rows of data across 50 advertising verticals. The purpose of this technology is to identify potential customers, determine their purchasing patterns, and monetize them through building a relationship with advertising networks. For a share of the revenue generated, RAMP helps advertising networks direct customer traffic to SST's website, then helps them monetize the traffic. RAMP is able to match customer demand with the appropriate business to meet that demand. This data, context-enriched, helps SST make money for their different clients. High focus on first party data is an advantage RAMP takes advantage of its first-person data to qualify customer demand, which will make monetization easy and effective. This data set is combined with the timeline of a certain ad in any niche to ensure a clear perception of the customer and the advertising network. Through its efficiency, SST has been able to build a vast set of first-party data, with a database of over 500 million search queries and 315 million keywords. With this, SST is able to target the right audience with the right message. The advertising companies gain a deeper understanding of their customers' behavior and tailor their marketing to be in line with it. SST has an omni-vertical service offering RAMP works across vertical customer divisions, exploiting consumer data based on his buying behavior. It is intended to facilitate various forms of monetization such as display and search advertising, lead generation, video, e-commerce, and subscriptions. This platform adds massive value to the digital marketing landscape. Forecast Based on my investment thesis, I expect SST to continue growing as it continues to execute and gain market share. That said, I believe the valuation is not cheap today based on the model. My forecast is based on growth declining to a long-term inflationary rate of 3% in the 10th year, and margins remaining flat from FY22 to be conservative. What I want to show readers here is that, at this valuation, investors need to gain comfort that if revenue starts to decelerate, margins must inflect quite a bit in order to justify a decent IRR.
Seeking Alpha • Aug 30

System1 Inc.: Good Growth But Slightly Overvalued

Summary SST became public via SPAC earlier this year. The company is showing good growth and is founder-led with high insider ownership. Though down almost 60% since the initial highs from the merger, shares are still slightly overvalued. System1 Inc (SST) is a digital marketing company that became public via SPAC in April. It uses its proprietary platform, RAMP, to drive the business and claims that its competitive advantage comes largely from this. SST owns a portfolio of legacy-like web pages such as mapquest.com, info.com, howstuffworks.com, and others. In addition, the company generates subscription revenue through the privacy and consumer security software. investor presentation The company was founded in 2013, but financials only go back to 2018. Most of SST's direct competitors are private, so comparing public peers is more difficult. Below are the margins and return metrics. Year 2018 2019 2020 2021 TTM Revenue 266 407 476 317 Gross Margin 35.5% 32.3% 28.3% 25.2% 25.9% Operating Margin 9.5% 12.8% 9% -4.2% 29.4% Net Margin -0.7% 2.2% 13.4% 10.4% 14.7% ROIC n/a 19.4% 58.4% 6.5% 1.8% EPS -0.2 0.11 0.78 0.40 0.14 FCF/Share 0.15 0.32 0.49 -0.02 -0.42 Source Growth There is no room for doubt room on company's growth but you must be realistic as to how much of the TAM for US digital advertising(currently around $150 bil) can be taken by the company. Revenue hit an all-time high in 2020 at $476 million, there is zero chance of SST getting to the level of META or GOOG, so don't take the TAM as any sort of guaranteed runway. SST actually depends on GOOG for their business model to work with a majority if revenue being dependent on GOOG, and MSFT to a lesser extent. This doesn't mean there can't be meaningful growth, but we have to be realistic about long term expectations and competitive positioning. Since SST is still in this growth phase, ROIC likely won't be stable for a while. Operating margins have been positive most years and free cash flow has only been negative for the past two. They pay no dividend and reinvest all profits. Long term debt is $413 and they have a $37 million cash balance. Valuation There aren't many direct peers for multiple comps, but we can see the price paid for by the SPAC sponsor to see what a private buyer just paid for it. Based on the transaction, enterprise value was 1.4 billion. Current EV is 1.36 billion, so only slight undervaluation when looking at it this way. This doesn't necessarily mean the purchase price was "correct" or even rational. Keep in mind that the company has almost $1 billion in goodwill.
Article d’analyse • Aug 17

Is It Too Late To Consider Buying System1, Inc. (NYSE:SST)?

While System1, Inc. ( NYSE:SST ) might not be the most widely known stock at the moment, it saw a significant share...
Seeking Alpha • Aug 11

System1 reports Q2 results

System1 press release (NYSE:SST): Q2 Net Loss of $34M. Revenue of $220M (+29.4% Y/Y). Revenue increased 7% year-over-year on a pro forma basis Adjusted EBITDA increased 20% year-over-year to $41M compared to $34M in the prior year on a pro forma basis.  FY 2022 Guidance: Pro forma Revenue between $900 million and $930 million Pro forma Adjusted Gross Profit between $285 million and $295 million Pro forma Adjusted EBITDA between $155 million and $165 million.

Analyse de la situation financière

Passif à court terme: SST a des fonds propres négatifs, ce qui est une situation plus grave que des actifs à court terme ne couvrant pas les passifs à court terme.

Passif à long terme: SST a des capitaux propres négatifs, ce qui est une situation plus grave que des actifs à court terme ne couvrant pas les passifs à long terme.

Historique et analyse du ratio d'endettement

Niveau d'endettement: SST a des fonds propres négatifs, ce qui est une situation plus grave qu'un niveau d'endettement élevé.

Réduire la dette: SST a des capitaux propres négatifs, nous n'avons donc pas besoin de vérifier si sa dette a diminué au fil du temps.

Bilan

Analyse des pistes de trésorerie

Pour les entreprises qui ont été en moyenne déficitaires dans le passé, nous évaluons si elles disposent d'au moins un an de trésorerie.

Piste de trésorerie stable: SST dispose d'une piste de trésorerie suffisante pour plus d'un an sur la base de son flux de trésorerie disponible actuel.

Prévisions de trésorerie: SST dispose d'une marge de trésorerie suffisante pour 1.9 ans si le flux de trésorerie disponible continue de diminuer à un taux historique de 55.3 % chaque année.

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Analyse de l'entreprise et données financières

DonnéesDernière mise à jour (heure UTC)
Analyse de l'entreprise2026/05/21 08:49
Cours de l'action en fin de journée2026/05/21 00:00
Les revenus2026/03/31
Revenus annuels2025/12/31

Sources de données

Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.

PaquetDonnéesCadre temporelExemple de source américaine *
Finances de l'entreprise10 ans
  • Compte de résultat
  • Tableau des flux de trésorerie
  • Bilan
Estimations consensuelles des analystes+3 ans
  • Prévisions financières
  • Objectifs de prix des analystes
Prix du marché30 ans
  • Cours des actions
  • Dividendes, scissions et actions
Propriété10 ans
  • Actionnaires principaux
  • Délits d'initiés
Gestion10 ans
  • L'équipe dirigeante
  • Conseil d'administration
Principaux développements10 ans
  • Annonces de l'entreprise

* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés.

Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.

Modèle d'analyse et flocon de neige

Les détails du modèle d’analyse utilisé pour générer ce rapport sont disponibles sur notre page Github; nous proposons également des guides expliquant comment utiliser nos rapports et des tutoriels sur Youtube.

Découvrez l'équipe de classe mondiale qui a conçu et construit le modèle d'analyse Simply Wall St.

Indicateurs de l'industrie et du secteur

Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.

Sources des analystes

System1, Inc. est couverte par 5 analystes. 0 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.

AnalysteInstitution
Daniel KurnosBenchmark Company
Nathaniel SchindlerBofA Global Research
Thomas ForteD.A. Davidson & Co.