System1 (SST)


Market Price (11/6/2026): $1.8 | Market Cap: $15.7 MilSector: Industrials | Industry: Diversified Support Services

System1 (SST)


Market Price (11/6/2026): $1.8
Market Cap: $15.7 Mil
Sector: Industrials
Industry: Diversified Support Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -25%

Megatrend and thematic drivers
Megatrends include Digital Advertising, E-commerce & Digital Retail, and Social Media & Creator Economy. Themes include Ad-Tech Platforms, Show more.

Weak multi-year price returns
2Y Excs Rtn is -117%, 3Y Excs Rtn is -168%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -55 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -30%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1800%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -43%, Rev Chg QQuarterly Revenue Change % is -61%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -639%

High stock price volatility
Vol 12M is 208%

Key risks
SST key risks include [1] major revenue volatility due to its dependence on Google, Show more.

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -25%
1 Megatrend and thematic drivers
Megatrends include Digital Advertising, E-commerce & Digital Retail, and Social Media & Creator Economy. Themes include Ad-Tech Platforms, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -117%, 3Y Excs Rtn is -168%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -55 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -30%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1800%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -43%, Rev Chg QQuarterly Revenue Change % is -61%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -639%
8 High stock price volatility
Vol 12M is 208%
9 Key risks
SST key risks include [1] major revenue volatility due to its dependence on Google, Show more.

SST in ETFs

Weight = SST's share of each fund

VTI0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/3/2026

System1 (SST) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Earnings Performance and Future Uncertainty.

System1 reported its fiscal Q2 2026 financial results on August 5, 2026, presenting a mixed picture to investors. The company significantly missed revenue estimates, reporting $30.20 million against an estimated $58.64 million, a surprise of -48.50%. However, it beat earnings per share (EPS) expectations, reporting a loss of -$1.34 compared to an estimated loss of -$1.96. This mixed outcome, combined with the anticipation of Q3 fiscal 2026 results (expected November 5, 2026) which project a negative EPS of -$1.30 and a revenue estimate of $30.34 million, created ongoing uncertainty that prevented a clear, sustained directional movement in the stock price.

2. Temporary Impact of Positive MapQuest Developments.

During August and September 2026, System1 announced several positive developments concerning its MapQuest brand, including MapQuest surpassing 2 million new users, adding public transit directions, and becoming an official navigation partner for MINI Takes the States 2026. While these announcements led to temporary spikes in the stock price, such as a +30.55% increase on September 8, 2026, and a +26.79% increase on September 1, 2026, these gains were not sustained. This indicates that despite operational improvements in a key asset, investors are awaiting broader, more consistent financial performance to drive lasting upward momentum, contributing to the stock largely remaining within a range.

Show more
Updated on 11/3/2026

System1 (SST) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Earnings Performance and Future Uncertainty.

System1 reported its fiscal Q2 2026 financial results on August 5, 2026, presenting a mixed picture to investors. The company significantly missed revenue estimates, reporting $30.20 million against an estimated $58.64 million, a surprise of -48.50%. However, it beat earnings per share (EPS) expectations, reporting a loss of -$1.34 compared to an estimated loss of -$1.96. This mixed outcome, combined with the anticipation of Q3 fiscal 2026 results (expected November 5, 2026) which project a negative EPS of -$1.30 and a revenue estimate of $30.34 million, created ongoing uncertainty that prevented a clear, sustained directional movement in the stock price.

2. Temporary Impact of Positive MapQuest Developments.

During August and September 2026, System1 announced several positive developments concerning its MapQuest brand, including MapQuest surpassing 2 million new users, adding public transit directions, and becoming an official navigation partner for MINI Takes the States 2026. While these announcements led to temporary spikes in the stock price, such as a +30.55% increase on September 8, 2026, and a +26.79% increase on September 1, 2026, these gains were not sustained. This indicates that despite operational improvements in a key asset, investors are awaiting broader, more consistent financial performance to drive lasting upward momentum, contributing to the stock largely remaining within a range.

3. Ambivalent Analyst Sentiment and Unmet Price Targets.

Analyst coverage for System1 (SST) during the period showed a lack of broad, strong conviction. While some sources indicated a "Strong Buy" or "Moderate Buy" consensus from a limited number of analysts with an average 12-month price target of $6.50, the stock continued to trade significantly below this target, hovering around $1.70-$1.77 in early November 2026. This disparity between analyst price targets and the actual stock performance suggests that the market is not fully embracing or is awaiting further confirmation of the company's growth trajectory, contributing to its stable, albeit low, trading range.

4. Executive Transition Introduced Uncertainty.

An executive leadership change occurred near the end of the specified period, with the President and COO of System1 stepping down on October 30, 2026, though remaining on the board. Such transitions can introduce an element of uncertainty for investors, potentially leading to increased caution and a reluctance to commit to significant buying activity. This uncertainty could have contributed to the lack of strong positive momentum and the stock's tendency to remain largely at its current level as the market assesses the implications of the leadership shift on future strategy and performance.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 1.7% change in SST stock from 7/31/2026 to 11/5/2026 was primarily driven by a 29.8% change in the company's P/S Multiple.
(LTM values as of)731202611052026Change
Stock Price ($)1.741.771.7%
Change Contribution By: 
Total Revenues ($ Mil)229181-20.9%
P/S Multiple0.10.129.8%
Shares Outstanding (Mil)88-0.9%
Cumulative Contribution1.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
SST1.7% 
Market (SPY)-1.9%12.7%
Sector (XLI)-9.7%7.8%

Fundamental Drivers

The -45.4% change in SST stock from 4/30/2026 to 11/5/2026 was primarily driven by a -32.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611052026Change
Stock Price ($)3.241.77-45.4%
Change Contribution By: 
Total Revenues ($ Mil)266181-32.0%
P/S Multiple0.10.1-19.0%
Shares Outstanding (Mil)88-0.8%
Cumulative Contribution-45.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
SST-45.4% 
Market (SPY)2.3%13.5%
Sector (XLI)-6.7%6.3%

Fundamental Drivers

The -68.7% change in SST stock from 10/31/2025 to 11/5/2026 was primarily driven by a -42.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511052026Change
Stock Price ($)5.651.77-68.7%
Change Contribution By: 
Total Revenues ($ Mil)317181-42.9%
P/S Multiple0.10.1-42.7%
Shares Outstanding (Mil)88-4.2%
Cumulative Contribution-68.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
SST-68.7% 
Market (SPY)8.4%-2.7%
Sector (XLI)5.7%2.3%

Fundamental Drivers

The -84.7% change in SST stock from 10/31/2023 to 11/5/2026 was primarily driven by a 14.9% change in the company's Shares Outstanding (Mil).
(LTM values as of)1031202311052026Change
Stock Price ($)11.601.77-84.7%
Change Contribution By: 
Total Revenues ($ Mil)�1810.0%
P/S Multiple�0.10.0%
Shares Outstanding (Mil)9814.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
SST-84.7% 
Market (SPY)81.3%3.9%
Sector (XLI)71.8%1.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SST Return-8%-53%-53%-60%-56%-55%-98%
Peers Return0%-45%-13%9%17%70%3%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
SST Win Rate42%42%42%25%42%45% 
Peers Win Rate45%37%48%47%45%65% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
SST Max Drawdown-14%-86%-79%-63%-96%-70% 
Peers Max Drawdown-51%-61%-55%-44%-55%-36% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ZD, QNST, APPS, MGNI, PUBM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventSSTS&P 500
2025 US Tariff Shock
  % Loss-94.6%-18.8%
  % Gain to Breakeven1765.6%23.1%
  Time to Breakeven15 days79 days
2024 Yen Carry Trade Unwind
  % Loss-23.9%-7.8%
  % Gain to Breakeven31.4%8.5%
  Time to Breakeven11 days18 days

Compare to ZD, QNST, APPS, MGNI, PUBM

In The Past

System1's stock fell -94.6% during the 2025 US Tariff Shock. Such a loss loss requires a 1765.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSSTS&P 500
2025 US Tariff Shock
  % Loss-94.6%-18.8%
  % Gain to Breakeven1765.6%23.1%
  Time to Breakeven15 days79 days
2024 Yen Carry Trade Unwind
  % Loss-23.9%-7.8%
  % Gain to Breakeven31.4%8.5%
  Time to Breakeven11 days18 days

Compare to ZD, QNST, APPS, MGNI, PUBM

In The Past

System1's stock fell -94.6% during the 2025 US Tariff Shock. Such a loss loss requires a 1765.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About System1 (SST)

System1, Inc. (SST) is a technology and data science company that operates a responsive acquisition marketing platform. The company's core business involves leveraging proprietary technology and data analytics to help businesses efficiently acquire new customers online and optimize their digital advertising spend across various channels.

The primary service offered by System1 is its acquisition marketing platform, which assists direct-to-consumer businesses in finding and converting potential customers. Additionally, the company operates a real-time coupon code search engine and directory, providing online shoppers with access to various coupon destinations and supporting partner retailers.

System1 serves a diverse range of direct-to-consumer businesses across multiple sectors. Its customer base includes companies in health, subscription services, finance, insurance, business and technology, travel, and automotive industries, among others, all seeking to enhance their online customer acquisition strategies.

AI Analysis | Feedback

Here are 1-3 brief analogies for System1 (SST):

  • It's like The Trade Desk for data-driven customer acquisition marketing.
  • It's like Honey (by PayPal) for online coupon codes and deals.

AI Analysis | Feedback

  • Responsive Acquisition Marketing Platform: A technology and data science-driven platform designed to help businesses acquire customers efficiently.
  • Real-time Coupon Code Search Engine and Directory: A digital platform providing online shoppers with access to coupon codes and deals.

AI Analysis | Feedback

System1, Inc. (SST) primarily sells its responsive acquisition marketing platform and related services to other businesses. While the company does not publicly disclose specific major customers that account for a significant portion of its revenue, its customer base is diversified across various industries.

Based on company descriptions, System1 serves customers in the following business areas:

  • Health
  • Subscription services
  • Finance
  • Insurance
  • Business and technology
  • Travel
  • Auto
  • Other direct-to-consumer businesses

AI Analysis | Feedback

  • Alphabet Inc. (GOOGL, GOOG)
  • Meta Platforms, Inc. (META)

AI Analysis | Feedback

Michael Blend, Chief Executive Officer & Co-Founder

Michael Blend co-founded System1 in 2013 and has served as its Chief Executive Officer since February 2021 and Chairman of the Board since 2013. Prior to System1, he co-founded and was President of Demand Media (now Leaf Group), which he helped take public through a successful IPO in 2011. He joined Leaf Group after they acquired his data company, Hotkeys, in 2006. Blend also co-founded Right Side of the Dot, a domain name portfolio company, and was Vice President of Corporate Development for Jawbone and Wedding Channel (which was acquired by The Knot). He served as Chairman of the Board of Stuff Media from 2016 until its acquisition by iHeart Media in 2018. Blend was an Executive Advisor at Court Square Capital Partners, a private equity firm, from 2013 to 2018. System1 itself raised $270 million from Court Square Capital in 2017.

Tridivesh Kidambi, Chief Financial Officer

Tridivesh Kidambi has been System1's Chief Financial Officer since 2016. His previous roles include Executive Vice President, Finance & Analytics of TV Time from October 2015 to 2016, Chief Financial Officer of EZ Texting from 2014 to 2015, and Vice President, Finance at Leaf Group Ltd. (NYSE: LEAF) from 2007 to 2014. Kidambi has prior experience as an executive at public companies.

Chuck Ursini, President, COO & Co-Founder

Chuck Ursini is a co-founder of System1 and currently serves as President & Chief Operating Officer. He was System1's first Chief Executive Officer from 2014 to 2019. Before co-founding System1, Ursini was Executive Vice President of Platforms at Leaf Group (formerly Demand Media), where he oversaw several business units and collaborated with Michael Blend to take the company public. He also worked as an analyst at Amazon and began his career as a bond trader at Morgan Stanley and UBS. Ursini was a co-recipient of EY's National Entrepreneur of the Year for Media, Entertainment & Communications in 2018, alongside Michael Blend.

Beth Sestanovich, Chief People Officer

Beth Sestanovich has been System1's Chief People Officer since June 2021, and previously held the role of Chief Operations Officer from August 2016. Prior to joining System1, she was the founding partner and principal of Summit Advisors, a management consulting and advisory firm, from 2014 to 2016. Sestanovich served as the Chief Executive Officer and group publisher of the LA Weekly & OC Weekly from 2002 to 2013 and held senior management positions at Carsdirect.com and The Los Angeles Times from 1993 to 2002.

Brian Coppola, Chief Product Officer

Brian Coppola serves as System1's Chief Product Officer. Before System1, he was the Senior Vice President of Product at Amobee, a position he assumed after SingTel acquired Adconion Direct in 2014. Coppola's career also includes working at Google and YouTube, where he focused on distributed systems and was involved in filing a patent related to integrating AdSense ads into YouTube.

AI Analysis | Feedback

The key risks to System1, Inc. (SST) primarily revolve around its financial viability, its significant reliance on a major partner, and the dynamic nature of the digital advertising market.

  1. Poor Financial Health and Going Concern Risk
    System1 faces substantial financial challenges, with management explicitly stating that there is "substantial doubt" about the company's ability to continue as a going concern. This is primarily due to high leverage, evidenced by a debt-to-equity ratio reportedly as high as 6.16x to 7.67x, and negative profitability metrics, including a negative earnings per share and net margin. The company has reported negative revenue growth and operating cash flow, and its interest expense has exceeded its EBITDA, raising concerns about its ability to service its debt obligations. Additionally, System1 has received a non-compliance notice from the NYSE due to its market capitalization and stockholder's equity falling below required thresholds.
  2. High Dependence on Google and Associated Revenue Decline
    A significant portion of System1's revenue, specifically 67% in 2025, is derived from agreements with Google. The company has been undergoing a strategic pivot away from Google's legacy AdSense for Domains (AFD) product to other offerings, which has led to a considerable decline in its overall revenue. For instance, System1 reported a 31% year-over-year decrease in its third-quarter 2025 revenue. This heavy reliance on a single partner, coupled with platform changes by that partner, poses a critical risk to System1's top-line performance.
  3. Competitive and Macroeconomic Challenges in the Digital Advertising Market
    System1 operates within a highly competitive and rapidly evolving digital advertising market. The company faces ongoing risks related to technological advancements, intense competition from other players, and broader macroeconomic challenges that can impact advertising spend. These market-specific and environmental factors contribute to the volatility and uncertainty surrounding System1's business performance and its ability to achieve sustained growth.

AI Analysis | Feedback

The accelerating global shift towards enhanced data privacy, including the deprecation of third-party cookies by major browsers (like Chrome's ongoing phase-out) and platform-level restrictions on tracking (such as Apple's App Tracking Transparency framework). This fundamentally challenges traditional "responsive acquisition marketing" models that rely heavily on cross-site tracking and precise audience targeting, potentially increasing the cost and reducing the effectiveness of customer acquisition for platforms that have not fully adapted to a privacy-centric, first-party data paradigm.

AI Analysis | Feedback

System1, Inc. (SST) operates in several addressable markets related to its Responsive Acquisition Marketing Platform (RAMP) and its real-time coupon code search engine.

Responsive Acquisition Marketing Platform (RAMP)

System1's RAMP operates within the broader digital advertising and performance marketing landscape, with a significant overlap into affiliate marketing. The addressable markets are:

  • Global Digital Advertising Market: The global digital ad spending market is projected to reach approximately $667.6 billion in 2024 and is expected to surpass $730 billion in 2025. Some forecasts indicate the market could exceed $1,593 billion by 2035.
  • Global Affiliate Marketing Industry: This market, a key component of performance marketing, is valued at approximately $17-18.5 billion globally in 2025 and is projected to exceed $20 billion in 2026. It is forecast to grow to $71.74 billion by 2034.
  • U.S. Affiliate Marketing Market: Within the United States, affiliate marketing alone is estimated to account for nearly $12 billion in 2025, with projections to rise to over $13 billion in 2026.

Real-time Coupon Code Search Engine and Directory

System1's coupon code search engine and directory, including platforms like CouponFollow, operates within the digital coupon market:

  • Global Digital Coupon Market: The global digital coupon market is valued at $10.6 billion in 2025 and is projected to exceed $12.55 billion in 2026. It is anticipated to reach $57.1 billion by 2035.
  • North America Digital Coupon Market: North America is a significant contributor to the global digital coupon market, holding about a 43.7% share in 2024. The North American digital coupon product market was valued at approximately $1.87 billion in 2024 and is anticipated to reach $5.58 billion by 2032.

AI Analysis | Feedback

System1, Inc. (SST) is strategically focusing on several key areas to drive its future revenue growth over the next two to three years, primarily through a pivot towards higher-margin offerings and technological advancements.

Here are 3-5 expected drivers of future revenue growth:

  1. Growth in High-Margin Owned & Operated (O&O) Products Segment: System1 is undergoing a deliberate strategic shift, de-emphasizing lower-margin, marketing-driven revenue in favor of its higher-margin Owned & Operated (O&O) Products segment. This segment includes proprietary product lines such as the coupon platform CouponFollow, which has demonstrated strong growth, with organic sessions increasing by 162% year-over-year in Q1 2025. This pivot is aimed at establishing a more stable, higher-quality revenue base.
  2. Leveraging Artificial Intelligence (AI) and Machine Learning (ML) within the Responsive Acquisition Marketing Platform (RAMP): A significant component of System1's strategy is its substantial investment in AI and machine learning technologies. These investments are integral to enhancing its proprietary Responsive Acquisition Marketing Platform (RAMP), which is designed to identify and generate high-intent customers for advertisers. The company highlighted that its AI capabilities have enabled a substantial increase in the launch of marketing campaigns, with a goal of scaling to 130,000 campaigns per quarter, indicating a direct link to increased operational capacity and potential revenue generation.
  3. Expansion in International Markets: System1 is actively pursuing geographical diversification, with international revenue emerging as a key growth driver. International markets represented 36% of the total Owned & Operated revenue in Q4 2024, demonstrating its increasing importance to the company's overall O&O segment. This expansion aims to broaden its customer acquisition reach and tap into new revenue streams globally.

AI Analysis | Feedback

Share Issuance

  • System1 went public on January 31, 2022, through a reverse merger with the SPAC Trebia Acquisition Corp., which provided access to capital markets and valued the company at approximately $1.4 billion.
  • A 1-for-10 reverse stock split was approved and became effective on June 11, 2025. This action reduced the number of issued and outstanding shares of Class A Common Stock from 79.8 million to 7.98 million and Class C Common Stock from 18.7 million to 1.87 million.

Inbound Investments

  • The company's public listing on the NYSE on January 31, 2022, via a SPAC merger, provided System1 with access to capital markets.

Outbound Investments

  • In March 2022, System1 acquired the online coupon provider CouponFollow for a deal valued at up to $110 million.
  • System1 acquired the consumer mapping service RoadWarrior in February 2022.
  • The acquisition of Answers.com by System1 was announced in May 2022.

Capital Expenditures

  • Capital expenditures were reported as -$46,000 in the last 12 months prior to March 2026.
  • The company plans to increase its investment in products like CouponFollow, MapQuest, and Startpage throughout 2025 and into 2026.
  • The primary focus of these investments is on strengthening core businesses, acquiring more direct users, and enhancing AI capabilities.

Peer Outperformance in Diversified Support Services

SST has trailed 100% of its 32 Diversified Support Services peers over 5Y. Diversified Support Services ranks 8th of 23 industries in Industrials by median 5Y return.
Share of Diversified Support Services constituents that SST has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
3%
of 37 industry peers · -67.9% return
3Y
0%
of 34 industry peers · -86.9% return
5Y
0%
of 32 industry peers · -98.2% return
No Diversified Support Services peer with a comparable growth profile has beaten SST by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Diversified Support Services is SST's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Marine Transportation 5 25.1%30.2%102.9% MATX 155% · KEX 103%
Construction Machinery & Heavy Transportation Equipment 13 6.3%55.5%95.0% ALSN 255% · WAB 204% · CAT 192%
Construction & Engineering 29 -21.3%79.9%94.8% FIX 895% · STRL 799% · AGX 526%
Aerospace & Defense 54 -12.6%55.7%49.5% ATI 849% · FTAI 756% · HWM 509%
Trading Companies & Distributors 19 5.6%30.7%33.8% DXPE 276% · AIT 184% · URI 177%
Industrial Machinery & Supplies & Components 71 0.3%46.1%29.7% CRS 797% · MLI 298% · SYM 249%
Rail Transportation 7 34.9%53.7%27.8% CSX 54% · UNP 40% · NSC 28%
Diversified Support Services ← 33 14.8%36.8%21.3% CXW 195% · OPLN 143% · CTAS 115%
Building Products 34 -6.6%9.3%10.6% MOD 714% · GFF 345% · TT 126%
Cargo Ground Transportation 16 27.9%14.6%4.8% XPO 269% · R 250% · ARCB 25%
Industrial Conglomerates 17 14.8%-1.6%-1.3% CSW 103% · CSL 72% · DD 65%
Office Services & Supplies 10 20.8%22.5%-2.6% PBI 158% · TILE 140% · HNI 40%
Electrical Components & Equipment 39 -14.2%56.2%-12.1% POWL 1360% · VRT 543% · BE 424%
Data Processing & Outsourced Services 6 -11.8%5.0%-12.7% EXLS 59% · BR 22% · G -12%
Research & Consulting Services 13 4.9%-15.5%-22.6% HURN 227% · FCN 36% · BAH 14%
Agricultural & Farm Machinery 16 7.2%-7.4%-27.4% BLBD 171% · DE 99% · TTC 15%
Security & Alarm Services 9 -51.2%10.7%-28.0% BCO 65%
Environmental & Facilities Services 29 -31.2%25.5%-28.1% GEO 163% · CLH 162% · RSG 100%
Passenger Airlines 11 2.6%64.1%-34.8% LTM 3100% · UAL 110% · DAL 100%
Air Freight & Logistics 12 -28.8%-7.3%-39.1% FDX 80% · EXPD 60% · CHRW 54%
Human Resource & Employment Services 22 19.2%-6.0%-42.4% ADP 50% · FA 22% · PAYX 13%
Passenger Ground Transportation 3 -14.1%42.9%-57.4% UBER 46% · CAR -57% · LYFT -67%
Airport Services 4 -49.1%-62.8%-86.2% JOBY -47%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SSTZDQNSTAPPSMGNIPUBMMedian
NameSystem1 Ziff Dav.QuinStre.Digital .Magnite PubMatic  
Mkt Price1.8052.5120.019.7427.9016.8018.41
Mkt Cap0.01.91.11.24.00.81.2
Rev LTM1811,3251,294600767289684
Op Inc LTM-551283562142-1549
FCF LTM-48317117212245485
FCF 3Y Avg-282456261814755
CFO LTM-414481315129788110
CFO 3Y Avg-2136076332438279

Growth & Margins

SSTZDQNSTAPPSMGNIPUBMMedian
NameSystem1 Ziff Dav.QuinStre.Digital .Magnite PubMatic  
Rev Chg LTM-42.9%-0.7%18.3%19.2%9.1%-1.0%4.2%
Rev Chg 3Y Avg--1.1%34.1%-0.2%8.0%4.0%4.0%
Rev Chg Q-61.3%-2.7%42.7%26.8%13.8%10.5%12.2%
QoQ Delta Rev Chg LTM-20.9%-0.6%9.5%6.2%3.3%2.7%3.0%
Op Inc Chg LTM13.0%-21.6%472.0%244.8%64.9%-271.5%39.0%
Op Inc Chg 3Y Avg--15.9%186.4%-43.6%91.1%-128.5%-15.9%
Op Mgn LTM-30.2%9.6%2.7%10.3%18.5%-5.0%6.2%
Op Mgn 3Y Avg-25.4%11.9%-0.4%-2.6%12.5%-0.9%-0.7%
QoQ Delta Op Mgn LTM-2.6%-0.2%1.0%4.3%2.8%2.3%1.7%
CFO/Rev LTM-22.6%33.8%10.1%8.5%38.8%30.4%20.3%
CFO/Rev 3Y Avg-9.5%26.9%6.6%6.0%34.0%28.4%16.8%
FCF/Rev LTM-26.7%23.9%9.0%3.5%29.2%18.7%13.9%
FCF/Rev 3Y Avg-12.0%18.3%5.0%0.9%25.3%16.5%10.8%

Valuation

SSTZDQNSTAPPSMGNIPUBMMedian
NameSystem1 Ziff Dav.QuinStre.Digital .Magnite PubMatic  
Mkt Cap0.01.91.11.24.00.81.2
P/S0.11.40.92.05.22.71.7
P/Op Inc-0.315.032.319.028.3-53.117.0
P/EBIT-0.23,162.932.125.328.8-53.127.0
P/E-0.23.014.1-33.622.1-57.51.4
P/CFO-0.44.38.723.113.58.88.8
Total Yield-634.3%32.6%7.0%-3.0%4.6%-1.7%1.4%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-203.6%14.1%7.2%0.5%6.5%6.6%6.5%
D/E20.50.50.10.30.10.10.2
Net D/E17.7-0.4-0.00.30.0-0.1-0.0

Returns

SSTZDQNSTAPPSMGNIPUBMMedian
NameSystem1 Ziff Dav.QuinStre.Digital .Magnite PubMatic  
1M Rtn-23.7%-4.1%33.2%-7.1%12.3%-8.4%-5.6%
3M Rtn8.4%3.1%31.5%-31.7%14.7%24.6%11.6%
6M Rtn-54.1%21.2%49.8%144.1%99.3%64.1%56.9%
12M Rtn-67.4%57.3%34.3%33.6%63.2%108.4%45.8%
3Y Rtn-86.7%-14.4%83.2%94.4%287.0%41.2%62.2%
1M Excs Rtn-21.9%-3.0%31.4%-6.9%12.0%-8.1%-4.9%
3M Excs Rtn8.7%-1.7%-4.2%-31.2%13.8%-4.6%-2.9%
6M Excs Rtn-59.0%16.6%45.1%139.3%94.4%59.3%52.2%
12M Excs Rtn-82.1%49.9%19.7%50.9%53.0%99.9%50.4%
3Y Excs Rtn-169.2%-93.8%-5.1%21.5%235.7%-34.4%-19.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320212020
Marketing173263   
Products9381   
Owned and Operated Advertising  329653438
Partner Network  733638
Subscription   0 
Total266344402688476


Assets by Segment
$ Mil20212020
Single segment518 
Owned and Operated Advertising 184
Partner Network 34
Total518219


Price Behavior

Price Behavior
Market Price$1.77 
Market Cap ($ Bil)0.0 
First Trading Date08/07/2020 
Distance from 52W High-67.9% 
   50 Days200 Days
DMA Price$2.62$2.78
DMA Trendupdown
Distance from DMA-32.3%-36.2%
 3M1YR
Volatility156.1%208.1%
Downside Capture95.70164.76
Upside Capture133.751.62
Correlation (S&P 500)11.6%-2.5%
SST Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.932.392.551.79-0.451.56
Up Beta-17.3010.177.081.90-0.62-0.38
Down Beta0.59-0.422.682.60-2.531.11
Up Capture-179%135%159%47%-4%556%
Bmk +ve Days12182862130427
Stock +ve Days615254898308
Down Capture412%287%165%218%127%113%
Bmk -ve Days10253664121325
Stock -ve Days16283774147416

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SST
SST-69.0%208.1%0.18-
Sector ETF (XLI)7.4%17.8%0.242.3%
Equity (SPY)9.5%13.6%0.41-2.8%
Gold (GLD)3.6%28.7%0.1117.4%
Commodities (DBC)37.7%21.2%1.4010.5%
Real Estate (VNQ)12.0%14.2%0.55-3.8%
Bitcoin (BTCUSD)-20.8%43.3%-0.421.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SST
SST-54.7%467.2%0.37-
Sector ETF (XLI)10.8%17.7%0.452.9%
Equity (SPY)11.3%17.3%0.484.4%
Gold (GLD)17.5%19.1%0.746.2%
Commodities (DBC)8.0%19.6%0.292.2%
Real Estate (VNQ)1.2%18.9%-0.053.8%
Bitcoin (BTCUSD)5.9%51.5%0.290.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SST
SST-32.8%418.5%0.33-
Sector ETF (XLI)12.9%20.1%0.562.6%
Equity (SPY)14.9%18.0%0.704.1%
Gold (GLD)12.0%16.5%0.595.9%
Commodities (DBC)7.6%18.1%0.332.0%
Real Estate (VNQ)5.7%20.7%0.233.6%
Bitcoin (BTCUSD)61.3%66.2%1.010.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.3 Mil
Short Interest: % Change Since 9302026-4.1%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest4.7 days
Basic Shares Quantity8.2 Mil
Short % of Basic Shares3.8%

Earnings Returns History

Updated 10/30/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-1.2%12.5%123.8%
5/12/2026-20.7%-37.1%-30.8%
3/11/2026-17.0%-32.8%1.2%
11/5/2025-18.8%-28.1%-21.0%
8/7/2025-7.6%2.4%31.2%
5/6/202513.4%28.2%-90.2%
3/10/20251.5%-3.2%-39.1%
11/7/2024-4.5%-3.6%-16.0%
...
SUMMARY STATS   
# Positive688
# Negative1199
Median Positive4.8%11.7%28.0%
Median Negative-7.6%-16.8%-26.3%
Max Positive13.4%31.9%123.8%
Max Negative-20.7%-37.1%-90.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-1.2%12.5%123.8%
5/12/2026-20.7%-37.1%-30.8%
3/11/2026-17.0%-32.8%1.2%
11/5/2025-18.8%-28.1%-21.0%
8/7/2025-7.6%2.4%31.2%
5/6/202513.4%28.2%-90.2%
3/10/20251.5%-3.2%-39.1%
11/7/2024-4.5%-3.6%-16.0%
8/8/2024-3.4%-10.3%0.9%
5/9/2024-9.6%-11.3%-16.9%
3/18/2024-4.7%-16.8%43.6%
8/9/2023-9.7%-23.0%-53.2%
6/6/20236.7%10.9%-1.2%
11/10/2022-4.0%21.7%15.7%
8/11/20222.9%31.9%24.8%
5/12/20229.3%1.9%-26.3%
2/15/20220.6%8.7%43.4%
SUMMARY STATS   
# Positive688
# Negative1199
Median Positive4.8%11.7%28.0%
Median Negative-7.6%-16.8%-26.3%
Max Positive13.4%31.9%123.8%
Max Negative-20.7%-37.1%-90.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/12/202610-Q
12/31/202503/11/202610-K
09/30/202511/05/202510-Q
06/30/202508/07/202510-Q
03/31/202505/06/202510-Q
12/31/202403/10/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/15/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202307/03/202310-Q
12/31/202206/06/202310-K
09/30/202211/14/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/12/202610-Q
12/31/202503/11/202610-K
09/30/202511/05/202510-Q
06/30/202508/07/202510-Q
03/31/202505/06/202510-Q
12/31/202403/10/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202303/15/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202307/03/202310-Q
12/31/202206/06/202310-K
09/30/202211/14/202210-Q
06/30/202208/15/202210-Q
03/31/202205/19/202210-Q
12/31/202103/31/202210-K
09/30/202112/23/2021424B3
06/30/202106/06/202310-Q/A
03/31/202106/06/202310-Q/A

Insider Activity

Updated 7/17/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kidambi, TridiveshChief Financial OfficerDirectBuy41720263.0026,91080,730440,448Form
2Cee, Holdings Trust DirectBuy82620257.3211,01580,6306,731,143Form
3Cee, Holdings Trust DirectBuy82120256.9012,58486,8306,268,926Form
4Cee, Holdings Trust DirectBuy82120256.2512,58478,6505,599,725Form
5Cee, Holdings Trust DirectBuy82120256.326,56741,5035,582,911Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kidambi, TridiveshChief Financial OfficerDirectBuy41720263.0026,91080,730440,448Form
2Cee, Holdings Trust DirectBuy82620257.3211,01580,6306,731,143Form
3Cee, Holdings Trust DirectBuy82120256.9012,58486,8306,268,926Form
4Cee, Holdings Trust DirectBuy82120256.2512,58478,6505,599,725Form
5Cee, Holdings Trust DirectBuy82120256.326,56741,5035,582,911Form
Core Cache Last Updated: 11/5/2026