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System1, Inc (SST) Fair Value & Analysis

Industrials · US · Market cap $27.7M

SI System1, Inc logo System1, Inc SST · US
Price$2.38
Fair Value$2.70
Upside+13.4%
Quality90/100
Evidence: Low Range $1.87 – $10.37

Fair value as of: Jun 25, 2026

From 5 valuation models · updated 4 days ago

Fair value updated Jun 25, 2026 — revised from $13.08 to $2.70 (−79.4%) since Jun 24, 2026. Share price −19.1% over the past month.

Price vs Fair Value (12 months)

$8.77 $1.35 Fair Value $2.70 Jun 2025 Jun 2026

12‑month range $1.35 – $8.77 · fair‑value band $1.87 – $10.37 · the $2.38 price screens below the $2.70 fair value. As of Jun 25, 2026.

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Analysis

System1, Inc (SST) currently trades at $2.38, while our model-based Fair Value estimate is $2.70 — implying the stock looks roughly 13.4% undervalued today. We read business quality at 90/100 (high quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low) — always confirm before acting.

Over the trailing twelve months, System1, Inc generated revenue of $229M at a net margin of -42.2%. Revenue declined 50.0% year over year. Net debt stands at $228M. Fundamentals as of Jun 25, 2026

Key figures & financial health

Revenue (TTM) $229M
Revenue growth (YoY) -50.0%
Net margin -42.2%
Return on equity -831%
Free cash flow −$4.2M FY2025
Operating margin -32.3%
More key figures
EPS (TTM) $-12.00
EPS growth (YoY) -95.0%
Net debt $228M FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 25, 2026. TTM = trailing twelve months.

About the company

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 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 f…

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Revenue −21.1%/yr
FY21 $688M
FY22 $665M
FY23 $402M
FY24 $344M
FY25 $266M
Net income
FY21 $33.0M
FY22 −$367M
FY23 −$227M
FY24 −$74.7M
FY25 −$65.3M

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RELX PLC R1EL34 R$45.28 R$23.22 -49%
Thomson Reuters Corporation TRI C$108.50 C$70.40 -35%
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Frequently asked questions

Is System1, Inc (SST) undervalued?
As of Jun 25, 2026, our model estimates a fair value of $2.70 versus a price of $2.38 — about +13% (undervalued). Model-based estimate, not financial advice.
What is the fair value of SST?
Our 21-model fair value for System1, Inc is $2.70 (as of Jun 25, 2026), built from audited fundamentals. The current price is $2.38.
What is the quality score of SST?
System1, Inc has a Quality Score of 90/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of System1, Inc (SST)?
System1, Inc reported trailing-twelve-month revenue of about $229M (latest available figure, as of Jun 25, 2026).
What is the net profit margin of SST?
The net profit margin of System1, Inc is about -42.2%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.