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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and System1, Inc. (SST). Click either name above to swap in a different company.
Apollo Commercial Real Estate Finance, Inc. is the larger business by last-quarter revenue ($73.3M vs $51.9M, roughly 1.4× System1, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -26.0%, a 65.8% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs -31.3%). Over the past eight quarters, Apollo Commercial Real Estate Finance, Inc.'s revenue compounded faster (-4.6% CAGR vs -21.8%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
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.
ARI vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $51.9M |
| Net Profit | $29.2M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 39.7% | -33.6% |
| Net Margin | 39.9% | -26.0% |
| Revenue YoY | 4.0% | -31.3% |
| Net Profit YoY | -28.2% | 4.8% |
| EPS (diluted) | $0.19 | $-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 | $73.3M | $51.9M | ||
| Q3 25 | $61.6M | $61.6M | ||
| Q2 25 | $70.9M | $78.1M | ||
| Q1 25 | $65.8M | $74.5M | ||
| Q4 24 | $70.5M | $75.6M | ||
| Q3 24 | $71.6M | $88.8M | ||
| Q2 24 | $81.1M | $94.6M | ||
| Q1 24 | $80.5M | $84.9M |
| Q4 25 | $29.2M | $-13.5M | ||
| Q3 25 | $50.8M | $-18.5M | ||
| Q2 25 | $20.7M | $-17.5M | ||
| Q1 25 | $26.0M | $-15.9M | ||
| Q4 24 | $40.7M | $-14.2M | ||
| Q3 24 | $-91.5M | $-23.6M | ||
| Q2 24 | $35.8M | $-26.4M | ||
| Q1 24 | $-104.5M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 28.0% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | 39.7% | -33.6% | ||
| Q3 25 | 82.8% | -25.3% | ||
| Q2 25 | 29.4% | -20.4% | ||
| Q1 25 | 39.7% | -17.6% | ||
| Q4 24 | 57.9% | -15.7% | ||
| Q3 24 | -127.8% | -24.6% | ||
| Q2 24 | 44.2% | -30.8% | ||
| Q1 24 | -129.6% | -30.4% |
| Q4 25 | 39.9% | -26.0% | ||
| Q3 25 | 82.4% | -30.1% | ||
| Q2 25 | 29.3% | -22.4% | ||
| Q1 25 | 39.5% | -21.3% | ||
| Q4 24 | 57.7% | -18.7% | ||
| Q3 24 | -127.9% | -26.6% | ||
| Q2 24 | 44.1% | -27.9% | ||
| Q1 24 | -129.8% | -12.4% |
| Q4 25 | $0.19 | $-3.58 | ||
| Q3 25 | $0.34 | $-2.30 | ||
| Q2 25 | $0.12 | $-2.23 | ||
| Q1 25 | $0.16 | $-0.21 | ||
| Q4 24 | $0.25 | $-3.41 | ||
| Q3 24 | $-0.69 | $-3.37 | ||
| Q2 24 | $0.23 | $-3.80 | ||
| Q1 24 | $-0.76 | $-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 | $139.8M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $1.9B | $30.5M |
| Total Assets | $9.9B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $86.9M | ||
| Q3 25 | $245.9M | $54.6M | ||
| Q2 25 | $177.6M | $63.6M | ||
| Q1 25 | $166.4M | $43.9M | ||
| Q4 24 | $317.4M | $63.6M | ||
| Q3 24 | $194.3M | $69.1M | ||
| Q2 24 | $174.7M | $75.7M | ||
| Q1 24 | $161.2M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $1.9B | $30.5M | ||
| Q3 25 | $1.9B | $42.7M | ||
| Q2 25 | $1.8B | $58.2M | ||
| Q1 25 | $1.9B | $67.2M | ||
| Q4 24 | $1.9B | $80.3M | ||
| Q3 24 | $1.9B | $90.3M | ||
| Q2 24 | $2.0B | $109.4M | ||
| Q1 24 | $2.0B | $131.7M |
| Q4 25 | $9.9B | $405.0M | ||
| Q3 25 | $9.5B | $385.2M | ||
| Q2 25 | $9.8B | $429.2M | ||
| Q1 25 | $8.8B | $419.2M | ||
| Q4 24 | $8.4B | $459.1M | ||
| Q3 24 | $9.1B | $479.3M | ||
| Q2 24 | $9.3B | $511.3M | ||
| Q1 24 | $9.2B | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 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 | $142.5M | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $-10.6M | ||
| Q3 25 | $31.7M | $-2.1M | ||
| Q2 25 | $63.2M | $24.5M | ||
| Q1 25 | $39.3M | $-15.9M | ||
| Q4 24 | $200.3M | $772.0K | ||
| Q3 24 | $47.2M | $-5.0K | ||
| Q2 24 | $50.2M | $10.0M | ||
| Q1 24 | $52.8M | $-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 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
