NYSE · SST

System1, Inc.

Technology · Software - Application

$3.47▼ 10.57% ($0.41)at close

Pre-market$3.36▼ 3.17%4:03 AM ET

52-week

$1.35$9.30

Market cap

What the market price implies · Reverse DCF

Historical revenue grew by -21.15%/yr over the past 4 years.

Selected forecast · Base scenario

0.8%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$3.47

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Enterprise value of $112.81M does not cover net debt of $224.98M, so equity value is negative and no fair value per share can be shown. 3 of 10 projected years carry negative free cash flow. This engine cannot separate captive-finance or other non-operating borrowings from operating debt.

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 0% · Ending margin 0% · Discount rate 8.48%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 22, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 23, 2026, 8:12 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 1 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Likely fundamental deteriorationModerate confidence

1Y Price: -59.93%Revenue (TTM): -42.93%P/S: 18th pct

What changed

The stock fell 59.93% over the last year. Revenue declined 42.93% over the trailing twelve months. Operating margin moved from -19.79% to -30.68%.

What the market seems to be pricing

The market is reacting to weaker business momentum more than just compressing the valuation multiple. Even if the shares already screen cheap on P/S, investors are still discounting lower future earnings power.

What would invalidate this read

Operating margin stands at -30.68%. Revenue declined 42.93% — this read reverses if that trend stabilizes. If margins and cash flow stabilize while the stock stays depressed, the gap shifts from fundamental damage toward pure multiple compression.

Performance

Return analysis

Company profile

System1, Inc. provides omnichannel customer acquisition platform services through its proprietary responsive acquisition marketing platform in the United States and internationally.

CEOMichael Blend

SectorTechnology

IndustrySoftware - Application

Employees250

IPO dateAug 7, 2020

https://system1.com

Market multiples

Forward P/E—

EV/EBITDA12.42

Enterprise value$258.63M

Stock splits

Jun 12, 2025↓ Reverse

Every 10 shares became 1

-90%

Profitability & growth

Revenue growth-61.34%

Gross margin (FY2025)-8.33%▲3.7ppvs FY2024

Operating margin (FY2025)-23.31%▲2.4ppvs FY2024

ROEN/A

Analyst consensus

RatingBuy

Target price$14.50▲317.87%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 12, 2026

Q4 FY26 · EPS est -$1.30 · Revenue est $30.34M

View