Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| System1, Inc.SST · business equipment | |
|---|---|
| Grade |  Eweakest fifth of 497 graded peers; percentile 97.0, sampling error 2.2 points; lower is stronger |
| Rank | 482 of 497 |
| Profitability | C/Dpercentile 58.4 |
| Solvency | D/Epercentile 79.8 |
| Growth and financing | Epercentile 95.1 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $405.0M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 11, 2026212 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $2.342026-10-08; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 11, 2026; the document on sec.gov.
Throughout this report, the "Company," "System1," "we," "us," "our" and other similar terms refer to System1, Inc. and its subsidiaries. We operate several flagship brands across multiple consumer verticals, including shopping, travel and search, and a best-in-class customer acquisition and marketing platform powered by Artificial Intelligence ("AI") and machine learning. Our platform is omnichannel and omnivertical, delivering high-intent customers to our advertising partners to maximize their reach and effectiveness.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 58.4 | |||||||
| Gross profitability | 24.8% | [1-3] | 28.5% | 56.0 | 558 | 2025-12-31 | |
| Return on invested capital | (23.0%) | [4-12] | 10.9% | 88.9 | 136 | 2025-12-31 | |
| Accruals ratio | (14.2%) | [1,13-15] | (7.4%) | 30.3 | 621 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| five annual gross margins are required; found 2 | |||||||
| Solvency, sleeve percentile 79.8 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
| Altman Z double-prime | (7.72) | [1,4,8,16-19] | 2.18 | 78.8 | 566 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.11x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | 3.77x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.02x | [16-17] | 2.02x | 80.9 | 666 | 2025-12-31 | |
| Growth and financing, sleeve percentile 95.1 | |||||||
| Revenue growth, three-year compound | (24.2%) | [2,20-22] | 6.4% | 94.6 | 538 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 17.2% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 14.3% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | (29.6%) | [1,15,23-24] | 5.0% | 95.6 | 563 | 2025-12-31 | |
| Net share issuance, one year | not computable | 0.5% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.545; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 477 | Microchip Technology Inc. (MCHPP) Microchip Technology Inc. (MCHPP) Eweakest fifth; percentile 95.9 Nasdaq · Semiconductors & Related Devices last close $64.82 No active warnings; 10 of 14 inputs | 95.9 | E | |
| 478 | Cyngn Inc. (CYN) Cyngn Inc. (CYN) Eweakest fifth; percentile 96.2 Nasdaq · Services-Computer Programming Services market equity $8.0M; last close $0.58 Warnings: dilution, short runway, late filer, distress; 8 of 14 inputs | 96.2 | E | dilution, short runway, late filer, distress |
| 479 | FTC Solar, Inc. (FTCI) FTC Solar, Inc. (FTCI) Eweakest fifth; percentile 96.4 Nasdaq · Semiconductors & Related Devices market equity $31.8M; last close $1.94 Warnings: short runway, fortress balance sheet; 9 of 14 inputs | 96.4 | E | short runway, fortress balance sheet |
| 480 | Ideal Power Inc. (IPWR) Ideal Power Inc. (IPWR) Eweakest fifth; percentile 96.6 Nasdaq · Semiconductors & Related Devices market equity $60.6M; last close $3.69 Warnings: dilution, degenerate inputs, fortress balance sheet; 7 of 14 inputs | 96.6 | E | dilution, degenerate inputs, fortress balance sheet |
| 481 | Bionano Genomics, Inc. (BNGO) Bionano Genomics, Inc. (BNGO) Eweakest fifth; percentile 96.8 Nasdaq · Laboratory Analytical Instruments market equity $17.2M; last close $1.47 Warnings: dilution, short runway, fortress balance sheet; 8 of 14 inputs | 96.8 | E | dilution, short runway, fortress balance sheet |
| 482 | System1, Inc. (SST) System1, Inc. (SST) Eweakest fifth; percentile 97.0 NYSE · Services-Computer Programming, Data Processing, Etc. last close $2.34 No active warnings; 7 of 14 inputs | 97.0 | E | |
| 483 | Astrotech Corp. (ASTC) Astrotech Corp. (ASTC) Eweakest fifth; percentile 97.2 Nasdaq · Laboratory Analytical Instruments market equity $13.7M; last close $6.89 Warnings: distress, fortress balance sheet; 9 of 14 inputs | 97.2 | E | distress, fortress balance sheet |
| 484 | Healthcare Triangle, Inc. (HCTI) Healthcare Triangle, Inc. (HCTI) Eweakest fifth; percentile 97.4 Nasdaq · Services-Computer Integrated Systems Design market equity $7.6M; last close $0.51 Warnings: dilution, short runway, late filer; 8 of 14 inputs | 97.4 | E | dilution, short runway, late filer |
| 485 | Flux Power Holdings, Inc. (FLUX) Flux Power Holdings, Inc. (FLUX) Eweakest fifth; percentile 97.6 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies market equity $10.0M; last close $0.46 Warnings: dilution, short runway, late filer; 7 of 14 inputs | 97.6 | E | dilution, short runway, late filer |
| 486 | Palladyne AI Corp. (PDYN) Palladyne AI Corp. (PDYN) Eweakest fifth; percentile 97.9 Nasdaq · Services-Prepackaged Software last close $5.12 No active warnings; 7 of 14 inputs | 97.9 | E | |
| 487 | Palladyne AI Corp. (PDYNW) Palladyne AI Corp. (PDYNW) Eweakest fifth; percentile 97.9 Nasdaq · Services-Prepackaged Software last close $0.00 No active warnings; 7 of 14 inputs | 97.9 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 96.5 | 2204 |
| sector peers, equal sleeves (the grade) | E | 97.0 | 497 |
| same exchange, equal sleeves | E | 97.6 | 984 |
| sector peers, equal inputs | E | 95.4 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (68.2%) | 2.2% | 7 | hotter than 7 of 100 peers |
| Distance from 52-week high | (71.4%) | (30.0%) | 10 | closer to its high than 10 of 100 peers |
| EBIT to enterprise value | not computable | 1.5% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 2.7% | required accounting or market input is missing | |
| Book value to price | not computable | 0.23 | required accounting or market input is missing | |
| Sales to price | not computable | 0.30 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | 3.9% | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | (1.43) | (0.26) | 7 | ahead of 7 of 100 peers |
Inputs: EBIT -$62.0M; free cash flow -$4.2M; book equity -$26.7M; sales $266.1M; debt $291.8M; cash $40.5M[25].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (14.2%) | ✗ fail[13,15] |
| Operating cash flow above zero | -$4.1M | ✗ fail[14] |
| Return on assets improved | (1.9 pts) | ✗ fail[13,15,23,26] |
| Operating cash flow exceeds net income | $61.2M | ✓ pass[13-14] |
| Long-term leverage fell | 4.9 pts | ✗ fail[1,10,15,23,27] |
| Current ratio improved | (25.9 pts) | ✗ fail[16-17,28-29] |
| No new shares issued | n/a | |
| Gross margin improved | (8.8 pts) | ✗ fail[2-3,20,30] |
| Asset turnover improved | 1.2 pts | ✓ pass[2,15,20,23] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $40.5M[31] |
| Operating cash flow, four quarters | -$40.9M[14,31-35] |
| Months of runway | 11.9 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 65 |
| 10-Q received Aug 5, 2026 | |
| Median daily dollar volume | $213,109 |
| 63 sessions | |
| Days since newest grade input | 212 |
Downloads [top]
|
Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $405.0M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $266.1M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfRevenue | $165.7M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 4 | operating income | us-gaap:OperatingIncomeLoss | -$62.0M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 5 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$84.1M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 6 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$2.9M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $305.1M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 8 | book equity | us-gaap:StockholdersEquity | $30.5M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 9 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $86.9M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 10 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $255.1M | 2024-12-31 | 2025-03-10 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $80.3M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 12 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $63.6M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 13 | net income | us-gaap:NetIncomeLoss | -$65.3M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.1M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 15 | assets | us-gaap:Assets | $459.1M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 16 | current assets | us-gaap:AssetsCurrent | $149.5M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 17 | current liabilities | us-gaap:LiabilitiesCurrent | $146.4M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 18 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$847.7M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 19 | liabilities | us-gaap:Liabilities | $387.6M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $343.9M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $402.0M | 2023-12-31 | 2025-03-10 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $612.2M | 2022-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 23 | assets | us-gaap:Assets | $605.5M | 2023-12-31 | 2025-03-10 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $1.2B | 2022-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 25 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 21,204,000 | 2024-03-31 | 2024-05-09 | 10-Q | filing · viewer · series |
| 26 | net income | us-gaap:NetIncomeLoss | -$74.7M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 27 | long term debt | us-gaap:LongTermDebtNoncurrent | $228.4M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 28 | current assets | us-gaap:AssetsCurrent | $134.5M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 29 | current liabilities | us-gaap:LiabilitiesCurrent | $105.1M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 30 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $183.9M | 2024-12-31 | 2025-03-10 | 10-K | filing · viewer · series |
| 31 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $40.5M | 2026-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$28.2M | 2026-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$26.1M | 2026-03-31 | 2026-05-12 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $6.5M | 2025-09-30 | 2025-11-05 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $8.5M | 2025-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 97.0 is 17.0 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
