System1 Inc (SST) - Net Assets
Based on the latest financial reports, System1 Inc (SST) has net assets worth $17.42 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($404.97 Million) and total liabilities ($387.55 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check System1 Inc tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $17.42 Million |
| % of Total Assets | 4.3% |
| Annual Growth Rate | N/A |
| 5-Year Change | N/A |
| 10-Year Change | N/A |
| Growth Volatility | 21.03 |
System1 Inc - Net Assets Trend (2019–2025)
This chart illustrates how System1 Inc's net assets have evolved over time, based on quarterly financial data. See System1 Inc (SST) defensive interval to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for System1 Inc (2019–2025)
The table below shows the annual net assets of System1 Inc from 2019 to 2025. For live valuation and market cap data, see SST stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $17.42 Million | -79.51% |
| 2024-12-31 | $85.00 Million | -49.80% |
| 2023-12-31 | $169.31 Million | -64.03% |
| 2022-12-31 | $470.67 Million | +1757.23% |
| 2021-12-31 | $-28.40 Million | -106.51% |
| 2020-12-31 | $436.17 Million | +760.16% |
| 2019-12-31 | $-66.07 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to System1 Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 84767900000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $1.00K | 0.00% |
| Other Comprehensive Income | $-157.00K | -0.52% |
| Other Components | $878.30 Million | 2882.80% |
| Total Equity | $30.47 Million | 100.00% |
System1 Inc Competitors by Market Cap
The table below lists competitors of System1 Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Iltani Resources Ltd
AU:ILT
|
$23.04 Million |
|
Maheshwari Logistics Limited
NSE:MAHESHWARI
|
$23.05 Million |
|
Shanghai Shenqi Pharmaceutical Investment Management Co Ltd B
SHG:900904
|
$23.05 Million |
|
Eminis Ambalaj Sanayi ve Ticaret AS
IS:EMNIS
|
$23.05 Million |
|
Four Seasons Education Cayman
NYSE:FEDU
|
$23.02 Million |
|
BRIDGETEC Corp
KQ:064480
|
$23.01 Million |
|
ED Invest S.A.
WAR:EDI
|
$23.01 Million |
|
Global Uranium and Enrichment Ltd
AU:GUE
|
$22.99 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in System1 Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 80,264,000 to 30,467,000, a change of -49,797,000 (-62.0%).
- Net loss of 65,345,000 reduced equity.
- Dividend payments of 32,000 reduced retained earnings.
- Share repurchases of 557,000 reduced equity.
- New share issuances of 2,250,000 increased equity.
- Other comprehensive income increased equity by 286,000.
- Other factors increased equity by 13,601,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-65.34 Million | -214.48% |
| Dividends Paid | $32.00K | -0.11% |
| Share Repurchases | $557.00K | -1.83% |
| Share Issuances | $2.25 Million | +7.39% |
| Other Comprehensive Income | $286.00K | +0.94% |
| Other Changes | $13.60 Million | +44.64% |
| Total Change | $- | -62.04% |
Book Value vs Market Value Analysis
This analysis compares System1 Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.73x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2019-12-31 | $-0.77 | $2.85 | x |
| 2020-12-31 | $6.74 | $2.85 | x |
| 2021-12-31 | $-0.34 | $2.85 | x |
| 2022-12-31 | $4.28 | $2.85 | x |
| 2023-12-31 | $1.48 | $2.85 | x |
| 2024-12-31 | $1.15 | $2.85 | x |
| 2025-12-31 | $3.88 | $2.85 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently System1 Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -214.48%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -24.55%
- • Asset Turnover: 0.66x
- • Equity Multiplier: 13.29x
- Recent ROE (-214.48%) is below the historical average (-79.23%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2019 | 0.00% | 2.16% | 1.30x | 0.00x | $15.64 Million |
| 2020 | 14.62% | 13.40% | 0.92x | 1.19x | $20.14 Million |
| 2021 | 0.00% | 4.79% | 2.68x | 0.00x | $35.84 Million |
| 2022 | -93.73% | -55.26% | 0.57x | 2.96x | $-406.66 Million |
| 2023 | -167.97% | -56.53% | 0.66x | 4.48x | $-240.75 Million |
| 2024 | -93.03% | -21.71% | 0.75x | 5.72x | $-82.70 Million |
| 2025 | -214.48% | -24.55% | 0.66x | 13.29x | $-68.39 Million |
Industry Comparison
This section compares System1 Inc's net assets metrics with peer companies in the Specialty Business Services industry.
Industry Context
- Industry: Specialty Business Services
- Average net assets among peers: $905,868,518
- Average return on equity (ROE) among peers: 12.63%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| System1 Inc (SST) | $17.42 Million | 0.00% | 22.25x | $23.04 Million |
| ABM Industries Incorporated (ABM) | $386.67 Million | 12.08% | 0.82x | $2.59 Billion |
| Amentum Holdings Inc. (AMTM) | $4.55 Billion | -1.80% | 1.63x | $5.28 Billion |
| Rich Sparkle Holdings Limited Ordinary Shares (ANPA) | $901.42K | 90.05% | 4.47x | $69.47 Million |
| Aramark Holdings (ARMK) | $3.33 Billion | 13.47% | 3.13x | $11.71 Billion |
| AZZ Incorporated (AZZ) | $63.41 Million | 13.59% | 1.11x | $4.41 Billion |
| Blacksky Technology Inc (BKSY) | $121.87 Million | -60.86% | 0.92x | $1.08 Billion |
| BUUU Group Limited Class A Ordinary Share (BUUU) | $1.34 Million | 62.16% | 0.93x | $217.16 Million |
| BrightView Holdings (BV) | $206.46 Million | -30.59% | 0.59x | $1.16 Billion |
| Cass Information Systems Inc (CASS) | $160.55 Million | 14.33% | 7.22x | $613.37 Million |
| CBIZ Inc (CBZ) | $235.52 Million | 13.84% | 1.98x | $1.67 Billion |
About System1 Inc
System1, Inc. provides omnichannel customer acquisition platform services through its proprietary responsive acquisition marketing platform in the United States and internationally. It operates in two segments: Owned and Operated Advertising, and Partner Network. The company engages in the provision of acquiring traffic to its owned and operated websites, as well as revenue-sharing arrangements a… Read more