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Side-by-side financial comparison of DYNEX CAPITAL INC (DX) and System1, Inc. (SST). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $43.5M, roughly 1.2× DYNEX CAPITAL INC). On growth, DYNEX CAPITAL INC posted the faster year-over-year revenue change (531.3% vs -31.3%). Over the past eight quarters, DYNEX CAPITAL INC's revenue compounded faster (75.8% CAGR vs -21.8%).
Dynex Capital Inc. is a publicly traded real estate investment trust headquartered in the United States. It specializes in investing in and managing a diversified portfolio of mortgage-backed securities, residential and commercial mortgage loans, and other mortgage-related assets. It delivers consistent returns to shareholders via regular dividends and long-term capital growth.
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.
DX vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.5M | $51.9M |
| Net Profit | — | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | — | -33.6% |
| Net Margin | — | -26.0% |
| Revenue YoY | 531.3% | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | $1.59 | $-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 | $43.5M | $51.9M | ||
| Q3 25 | $30.6M | $61.6M | ||
| Q2 25 | $23.1M | $78.1M | ||
| Q1 25 | $17.1M | $74.5M | ||
| Q4 24 | — | $75.6M | ||
| Q3 24 | — | $88.8M | ||
| Q2 24 | — | $94.6M | ||
| Q1 24 | $-3.2M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $150.4M | $-18.5M | ||
| Q2 25 | $-13.6M | $-17.5M | ||
| Q1 25 | $-3.1M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | — | $-23.6M | ||
| Q2 24 | — | $-26.4M | ||
| Q1 24 | $40.1M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 28.0% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | — | -33.6% | ||
| Q3 25 | — | -25.3% | ||
| Q2 25 | — | -20.4% | ||
| Q1 25 | — | -17.6% | ||
| Q4 24 | — | -15.7% | ||
| Q3 24 | — | -24.6% | ||
| Q2 24 | — | -30.8% | ||
| Q1 24 | — | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | 491.3% | -30.1% | ||
| Q2 25 | -58.8% | -22.4% | ||
| Q1 25 | -18.0% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | — | -26.6% | ||
| Q2 24 | — | -27.9% | ||
| Q1 24 | -1256.8% | -12.4% |
| Q4 25 | $1.59 | $-3.58 | ||
| Q3 25 | $1.08 | $-2.30 | ||
| Q2 25 | $-0.14 | $-2.23 | ||
| Q1 25 | $-0.06 | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | — | $-3.37 | ||
| Q2 24 | — | $-3.80 | ||
| Q1 24 | $0.64 | $-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 | $531.0M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $2.5B | $30.5M |
| Total Assets | $17.3B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $531.0M | $86.9M | ||
| Q3 25 | $491.0M | $54.6M | ||
| Q2 25 | $387.5M | $63.6M | ||
| Q1 25 | $327.4M | $43.9M | ||
| Q4 24 | — | $63.6M | ||
| Q3 24 | — | $69.1M | ||
| Q2 24 | — | $75.7M | ||
| Q1 24 | $295.7M | $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 | $2.5B | $30.5M | ||
| Q3 25 | $2.0B | $42.7M | ||
| Q2 25 | $1.6B | $58.2M | ||
| Q1 25 | $1.4B | $67.2M | ||
| Q4 24 | — | $80.3M | ||
| Q3 24 | — | $90.3M | ||
| Q2 24 | — | $109.4M | ||
| Q1 24 | $958.5M | $131.7M |
| Q4 25 | $17.3B | $405.0M | ||
| Q3 25 | $14.2B | $385.2M | ||
| Q2 25 | $11.3B | $429.2M | ||
| Q1 25 | $9.0B | $419.2M | ||
| Q4 24 | — | $459.1M | ||
| Q3 24 | — | $479.3M | ||
| Q2 24 | — | $511.3M | ||
| Q1 24 | $6.3B | $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 | $120.8M | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $120.8M | $-10.6M | ||
| Q3 25 | $68.3M | $-2.1M | ||
| Q2 25 | $31.9M | $24.5M | ||
| Q1 25 | $6.4M | $-15.9M | ||
| Q4 24 | — | $772.0K | ||
| Q3 24 | — | $-5.0K | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | $-17.1M | $-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 | — | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.43× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
