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System1 Inc (SST) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of System1 Inc stock $2.53, price $1.72, upside +47.1%, quality 34 out of 100. Rating: undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials US

SI System1 Inc logo Thin data Nov 8, 2026

System1 Inc

SST · US
Speculative

The stock costs 32% less than our calculation considers fair.

Fair value $2.53 · Undervalued
Even on cautious assumptions the value is 47% above the price ($2.53).
Negative equity (buybacks among others)
Quality 34/100
Weak Growth (revenue 5y −11.0 %/yr in USD)
Loss-making · -50.7% net margin (TTM)
Negative free cash flow
Trails peers (2/7)
Narrow moat 6/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$268.10 $1.37 Fair Value $2.53 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range $1.37 – $268.10 · fair‑value band $2.53 – $9.70 · the $1.72 price screens below the $2.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.

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Company profile

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.

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The company engages in the provision of acquiring traffic to its owned and operated websites, as well as revenue-sharing arrangements and related services.

It also operates MapQuest, a web-based navigation service that delivers turn-by-turn direction services to users; Info.com, a metasearch engine that consumers can use to search for relevant information; HowStuffWorks, a commercial website focused on helping people solve problems in their daily lives by using various types of digital media to easily breakdown and explain complex concepts, topics, terminology, and mechanisms; Startpage, a private search engine that allows users to browse and search the Internet in complete privacy; and CouponFollow, a coupon destinations for online shoppers, as well as ActiveBeat and Infospace.

In addition, the company offers antivirus software solutions, which provide customers a single packaged solution that offers protection and reporting to the end users. The company is based in Los Angeles, California.

Stock analysis

System1 Inc (SST) currently trades at $1.72, while our model-based Fair Value estimate is $2.53, implying the stock looks roughly 32% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 91/100, which puts the data coverage at low.

Scenario range: $2.53 (bear) to $9.70 (bull), the price of $1.72 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 34/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

System1 Inc reported revenue of $266M in FY2025 versus $688M in FY2021, a compound −21.1%/yr. Reported net income was −$65.3M in FY2025.

Key figures

Market cap $14.0M Micro · P/S ratio 0.08 · EPS (TTM) $−11.29 · Net margin −50.7% · Return on equity −51,235% · Return on assets (EBIT) −14.3% (5-year average) · Operating margin −17.2% · Revenue (TTM) $181M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 67% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −12% fair-value upside, at 47%, SST screens cheaper than that median.

Fair Value models

Bear $2.53 Fair Value $2.53 Bull $9.70
Price $1.72 · Upside +47.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Owner Earnings $11.18 $19.13 $32.27 74
EV/EBITDA n/a $2.53 $9.70 62
All 2 models by family
DCF Models
Owner Earnings $11.18 $19.13 $32.27 74
Multiples
EV/EBITDA n/a $2.53 $9.70 62

Open the full fair value analysis →

Quality Score breakdown

Overall quality 34/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 18
How much profit the company makes from its sales and capital
Quality Growth 31
Are margins and returns getting better?
Cashflow 7
Do the profits arrive as real cash?
Financial strength 18
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 4
How calm the share price moves, does not count
Price momentum 17
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 5
Distance to the 52-week high, does not count
New shares 70
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

  • BuyTridivesh KidambiChief Financial Officer26,910 shares at $3.00$80,730Apr 15, 2026

Plus 5 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−22.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−26.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−11.0%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.0%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
9.0% (2020) → −23.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Business Services · 229 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 34 · Bottom 25%
Fair Value upside +47.1% · Above median
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −16.1% · Bottom 25%
Net margin (12 months) −50.7% · Bottom 25%
Operating margin (12 months) −17.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −61.3% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Specialty Business Services median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 0.08× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)96 · sector 45
FUTURE (revenue growth)0 · sector 33
PAST (return on equity)0 · sector 38
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)0 · sector 57

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Business Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Copart, Inc CPRT $31.95 $35.15 +10% vs SST
RB Global, Inc RBA C$131.85 C$145.04 +10% vs SST
Wolters Kluwer N.V WKL €90.08 €98.05 +9% vs SST
Global Payments Inc GPN $97.40 $87.83 −10% vs SST
Brambles Limited BXB A$21.79 A$19.10 −12% vs SST
Cintas Corporation CTAS $222.36 $188.90 −15% vs SST
Rentokil Initial plc RTO $23.61 $19.63 −17% vs SST
Thomson Reuters Corporation TRI $112.57 $70.75 −37% vs SST
Aramark ARMK $52.54 $23.04 −56% vs SST
UL Solutions Inc ULS $78.65 $33.46 −57% vs SST

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System1 Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "System1 Inc Fair Value". https://www.fairvalue-calculator.com/stock/SST

Frequently asked questions

Is System1 Inc (SST) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $2.53 versus a price of $1.72, about +47% upside (undervalued).
What is the fair value of SST?
Our model-based fair value for System1 Inc is $2.53 (as of Nov 8, 2026), built from audited fundamentals. The current price: $1.72.
What is the quality score of SST?
System1 Inc has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for System1 Inc (SST)?
Our model-based price target is the fair value of $2.53 (as of Nov 8, 2026) from 2 valuation models. Cautious scenario $2.53, optimistic scenario $9.70. It is a calculation from audited fundamentals, not an analyst target.
What is the System1 Inc stock forecast for 2026?
Our models put fair value at $2.53, about +47% upside versus a price of $1.72 (undervalued). Cautious scenario $2.53, optimistic scenario $9.70. The calculation is refreshed regularly with new filings.
What is the revenue of System1 Inc (SST)?
System1 Inc reported trailing-twelve-month revenue of about $181M (latest available figure, as of Nov 8, 2026).
Does System1 Inc pay a dividend?
System1 Inc does not currently pay a dividend.
What is the intrinsic value of System1 Inc (SST)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For System1 Inc it is $2.53 per share (as of Nov 8, 2026), against a price of $1.72. It is the blended result of 2 valuation models in 2 families (DCF Models, Multiples).
Is System1 Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, SST trades below its calculated fair value: price $1.72, fair value $2.53, a gap of about +47% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SST?
No. The price is what the market pays today ($1.72); the fair value is what the company's own numbers justify ($2.53). For System1 Inc the two are $0.8100 per share apart. That gap is exactly why we show both numbers side by side.
How much is System1 Inc worth?
The market values System1 Inc at about $14.0M (market capitalisation, as of Nov 8, 2026). Per share that is $1.72; our models calculate a fair value of $2.53 per share.
What do the bullish and bearish scenarios say about SST?
Our models span a range for System1 Inc: cautious scenario $2.53, base $2.53, optimistic $9.70 per share (as of Nov 8, 2026, price $1.72). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of System1 Inc (SST)?
Balance-sheet figures for System1 Inc (as of Nov 8, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is SST from its 52-week high?
System1 Inc trades at $1.72, about 67% below its 52-week high of $5.22 and 26% above the low of $1.37 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $2.53 is for.
Which stocks are comparable to System1 Inc?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is System1 Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $1.72, calculated fair value $2.53 (+47%), Quality Score 34/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SST calculated?
We run System1 Inc through 2 models from 2 families: DCF Models, Multiples. Every model gets the same audited fundamentals; the fair value of $2.53 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. System1 Inc currently trades 32% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of System1 Inc (SST)?
The closing price on Nov 6, 2026 was $1.72. Our model-based fair value is $2.53, about +47% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with System1 Inc right now?
The large discount to fair value meets weak quality (34/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($2.53). The market is more pessimistic than our downside scenario. The model range is unusually wide ($2.53 to $9.70). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of System1 Inc

How large is the market capitalisation of System1 Inc (SST)?
The market capitalisation of System1 Inc is $14.0M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of System1 Inc (SST)?
The price-to-sales ratio of System1 Inc is 0.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of System1 Inc (SST)?
Earnings per share at System1 Inc are $−11.29. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of System1 Inc (SST)?
The net margin of System1 Inc is −50.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of System1 Inc (SST)?
The return on equity (ROE) of System1 Inc is −51,235% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of System1 Inc (SST)?
On an EBIT basis the return on assets of System1 Inc is −14.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of System1 Inc (SST)?
The operating margin of System1 Inc is −17.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at System1 Inc (SST)?
Revenue at System1 Inc is growing −61.3% versus a year earlier (3y avg −26.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at System1 Inc (SST)?
Earnings per share at System1 Inc are growing −95.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does System1 Inc (SST) generate?
The free cash flow of System1 Inc is −$4.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does System1 Inc (SST) carry?
The net debt of System1 Inc is $228M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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