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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and System1, Inc. (SST). Click either name above to swap in a different company.
Armada Hoffler Properties, Inc. is the larger business by last-quarter revenue ($75.6M vs $51.9M, roughly 1.5× System1, Inc.). Armada Hoffler Properties, Inc. runs the higher net margin — 3.1% vs -26.0%, a 29.1% gap on every dollar of revenue. On growth, Armada Hoffler Properties, Inc. posted the faster year-over-year revenue change (0.8% vs -31.3%). Over the past eight quarters, System1, Inc.'s revenue compounded faster (-21.8% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
AHH vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $51.9M |
| Net Profit | $2.4M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 31.0% | -33.6% |
| Net Margin | 3.1% | -26.0% |
| Revenue YoY | 0.8% | -31.3% |
| Net Profit YoY | -89.8% | 4.8% |
| EPS (diluted) | $0.00 | $-3.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $51.9M | ||
| Q3 25 | $72.7M | $61.6M | ||
| Q2 25 | $69.1M | $78.1M | ||
| Q1 25 | $67.8M | $74.5M | ||
| Q4 24 | $75.0M | $75.6M | ||
| Q3 24 | $114.4M | $88.8M | ||
| Q2 24 | $116.8M | $94.6M | ||
| Q1 24 | $127.0M | $84.9M |
| Q4 25 | $2.4M | $-13.5M | ||
| Q3 25 | $80.0K | $-18.5M | ||
| Q2 25 | $5.9M | $-17.5M | ||
| Q1 25 | $-2.8M | $-15.9M | ||
| Q4 24 | $23.4M | $-14.2M | ||
| Q3 24 | $-5.0M | $-23.6M | ||
| Q2 24 | $3.2M | $-26.4M | ||
| Q1 24 | $14.1M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | 45.0% | 28.0% | ||
| Q2 24 | 41.8% | 27.6% | ||
| Q1 24 | 37.9% | 21.9% |
| Q4 25 | 31.0% | -33.6% | ||
| Q3 25 | 29.2% | -25.3% | ||
| Q2 25 | 29.6% | -20.4% | ||
| Q1 25 | 23.2% | -17.6% | ||
| Q4 24 | 50.1% | -15.7% | ||
| Q3 24 | 19.0% | -24.6% | ||
| Q2 24 | 11.9% | -30.8% | ||
| Q1 24 | 15.1% | -30.4% |
| Q4 25 | 3.1% | -26.0% | ||
| Q3 25 | 0.1% | -30.1% | ||
| Q2 25 | 8.6% | -22.4% | ||
| Q1 25 | -4.1% | -21.3% | ||
| Q4 24 | 31.2% | -18.7% | ||
| Q3 24 | -4.4% | -26.6% | ||
| Q2 24 | 2.7% | -27.9% | ||
| Q1 24 | 11.1% | -12.4% |
| Q4 25 | $0.00 | $-3.58 | ||
| Q3 25 | $-0.04 | $-2.30 | ||
| Q2 25 | $0.04 | $-2.23 | ||
| Q1 25 | $-0.07 | $-0.21 | ||
| Q4 24 | $0.28 | $-3.41 | ||
| Q3 24 | $-0.11 | $-3.37 | ||
| Q2 24 | $0.00 | $-3.80 | ||
| Q1 24 | $0.17 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $86.9M |
| Total DebtLower is stronger | $1.5B | $305.1M |
| Stockholders' EquityBook value | $627.8M | $30.5M |
| Total Assets | $2.6B | $405.0M |
| Debt / EquityLower = less leverage | 2.43× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $86.9M | ||
| Q3 25 | $46.5M | $54.6M | ||
| Q2 25 | $52.1M | $63.6M | ||
| Q1 25 | $45.7M | $43.9M | ||
| Q4 24 | $31.9M | $63.6M | ||
| Q3 24 | $43.9M | $69.1M | ||
| Q2 24 | $20.3M | $75.7M | ||
| Q1 24 | $41.9M | $69.9M |
| Q4 25 | $1.5B | $305.1M | ||
| Q3 25 | $1.5B | $259.2M | ||
| Q2 25 | $1.4B | $263.3M | ||
| Q1 25 | $1.3B | $267.4M | ||
| Q4 24 | $1.3B | $255.1M | ||
| Q3 24 | $1.3B | $259.2M | ||
| Q2 24 | $1.4B | $263.3M | ||
| Q1 24 | $1.4B | $268.6M |
| Q4 25 | $627.8M | $30.5M | ||
| Q3 25 | $638.8M | $42.7M | ||
| Q2 25 | $652.0M | $58.2M | ||
| Q1 25 | $657.4M | $67.2M | ||
| Q4 24 | $670.6M | $80.3M | ||
| Q3 24 | $663.9M | $90.3M | ||
| Q2 24 | $562.7M | $109.4M | ||
| Q1 24 | $571.4M | $131.7M |
| Q4 25 | $2.6B | $405.0M | ||
| Q3 25 | $2.6B | $385.2M | ||
| Q2 25 | $2.6B | $429.2M | ||
| Q1 25 | $2.5B | $419.2M | ||
| Q4 24 | $2.5B | $459.1M | ||
| Q3 24 | $2.6B | $479.3M | ||
| Q2 24 | $2.6B | $511.3M | ||
| Q1 24 | $2.6B | $521.1M |
| Q4 25 | 2.43× | 10.01× | ||
| Q3 25 | 2.33× | 6.07× | ||
| Q2 25 | 2.22× | 4.53× | ||
| Q1 25 | 2.01× | 3.98× | ||
| Q4 24 | 1.93× | 3.18× | ||
| Q3 24 | 2.00× | 2.87× | ||
| Q2 24 | 2.52× | 2.41× | ||
| Q1 24 | 2.50× | 2.04× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 26.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $-10.6M | ||
| Q3 25 | $26.3M | $-2.1M | ||
| Q2 25 | $11.1M | $24.5M | ||
| Q1 25 | $107.0K | $-15.9M | ||
| Q4 24 | $112.0M | $772.0K | ||
| Q3 24 | $27.3M | $-5.0K | ||
| Q2 24 | $17.4M | $10.0M | ||
| Q1 24 | $46.5M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 26.99× | — | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | — | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
SST
Segment breakdown not available.
