System1, Inc. (SST) intrinsic value & 10-year financials
System1, Inc. (SST) has a Graham intrinsic value of $242.62 per share. At $2.10 on Oct 17, 2026, the stock trades 99% below that value. Over the last 6 fiscal years revenue shrank 21.1% a year to $266.1M, with an average return on invested capital of -11.8%.
- Graham intrinsic value
- $242.62
- Share price (Oct 17, 2026)
- $2.10
- Price vs Graham value
- 99% below
- Market cap
- $16.5M
- Revenue (FY2025)
- $266.1M
- Revenue growth (6-yr CAGR)
- -21.1%
- ROIC (10-yr avg)
- -11.8%
- Free cash flow (FY2025)
- -$4.2M
SST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $266.1M | -$65.3M | -$8.32 | -$4.2M | -23.3% | -24.7% |
| FY2024 | $343.9M | -$74.7M | -$1.07 | -$5.3M | -25.8% | -29.1% |
| FY2023 | $402.0M | -$227.2M | -$2.48 | -$27.1M | -21.4% | -14.4% |
| FY2022 | $843.9M | — | — | — | — | — |
| FY2021 | $688.4M | $21.0M | — | -$1.3M | -1.9% | 21.1% |
| FY2020 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
System1, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
System1, Inc. has historically struggled to out-earn its cost of capital, averaging just -11.8% ROIC.
System1, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, System1, Inc. is modeled at -21.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $242.62 per share.