vs
Side-by-side financial comparison of Ellington Financial Inc. (EFC) and System1, Inc. (SST). Click either name above to swap in a different company.
Ellington Financial Inc. is the larger business by last-quarter revenue ($78.2M vs $51.9M, roughly 1.5× System1, Inc.). Ellington Financial Inc. runs the higher net margin — 28.9% vs -26.0%, a 54.9% gap on every dollar of revenue. On growth, Ellington Financial Inc. posted the faster year-over-year revenue change (8.7% vs -31.3%). Over the past eight quarters, Ellington Financial Inc.'s revenue compounded faster (1.8% CAGR vs -21.8%).
Ellington Management Group is an American hedge fund firm. As of June 2019, the firm was reportedly managing $8.5 billion in structured products and other credit instruments.
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.
EFC vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $78.2M | $51.9M |
| Net Profit | $22.6M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 7.4% | -33.6% |
| Net Margin | 28.9% | -26.0% |
| Revenue YoY | 8.7% | -31.3% |
| Net Profit YoY | -26.2% | 4.8% |
| EPS (diluted) | $0.10 | $-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 | $78.2M | $51.9M | ||
| Q3 25 | $82.8M | $61.6M | ||
| Q2 25 | $92.5M | $78.1M | ||
| Q1 25 | $82.9M | $74.5M | ||
| Q4 24 | $72.0M | $75.6M | ||
| Q3 24 | $67.0M | $88.8M | ||
| Q2 24 | $91.2M | $94.6M | ||
| Q1 24 | $75.5M | $84.9M |
| Q4 25 | $22.6M | $-13.5M | ||
| Q3 25 | $29.5M | $-18.5M | ||
| Q2 25 | $42.9M | $-17.5M | ||
| Q1 25 | $31.6M | $-15.9M | ||
| Q4 24 | $30.7M | $-14.2M | ||
| Q3 24 | $16.2M | $-23.6M | ||
| Q2 24 | $52.3M | $-26.4M | ||
| Q1 24 | $26.9M | $-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 | 7.4% | -33.6% | ||
| Q3 25 | 31.1% | -25.3% | ||
| Q2 25 | 38.3% | -20.4% | ||
| Q1 25 | 37.3% | -17.6% | ||
| Q4 24 | 28.0% | -15.7% | ||
| Q3 24 | 24.0% | -24.6% | ||
| Q2 24 | 52.8% | -30.8% | ||
| Q1 24 | 42.2% | -30.4% |
| Q4 25 | 28.9% | -26.0% | ||
| Q3 25 | 35.7% | -30.1% | ||
| Q2 25 | 46.4% | -22.4% | ||
| Q1 25 | 38.2% | -21.3% | ||
| Q4 24 | 42.6% | -18.7% | ||
| Q3 24 | 24.1% | -26.6% | ||
| Q2 24 | 57.4% | -27.9% | ||
| Q1 24 | 35.6% | -12.4% |
| Q4 25 | $0.10 | $-3.58 | ||
| Q3 25 | $0.29 | $-2.30 | ||
| Q2 25 | $0.45 | $-2.23 | ||
| Q1 25 | $0.35 | $-0.21 | ||
| Q4 24 | $0.23 | $-3.41 | ||
| Q3 24 | $0.19 | $-3.37 | ||
| Q2 24 | $0.62 | $-3.80 | ||
| Q1 24 | $0.32 | $-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 | $201.9M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $1.8B | $30.5M |
| Total Assets | $19.4B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $201.9M | $86.9M | ||
| Q3 25 | $184.8M | $54.6M | ||
| Q2 25 | $211.0M | $63.6M | ||
| Q1 25 | $203.3M | $43.9M | ||
| Q4 24 | $192.4M | $63.6M | ||
| Q3 24 | $217.7M | $69.1M | ||
| Q2 24 | $198.5M | $75.7M | ||
| Q1 24 | $187.5M | $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 | $1.8B | $30.5M | ||
| Q3 25 | $1.8B | $42.7M | ||
| Q2 25 | $1.7B | $58.2M | ||
| Q1 25 | $1.6B | $67.2M | ||
| Q4 24 | $1.6B | $80.3M | ||
| Q3 24 | $1.6B | $90.3M | ||
| Q2 24 | $1.6B | $109.4M | ||
| Q1 24 | $1.5B | $131.7M |
| Q4 25 | $19.4B | $405.0M | ||
| Q3 25 | $17.8B | $385.2M | ||
| Q2 25 | $17.1B | $429.2M | ||
| Q1 25 | $16.6B | $419.2M | ||
| Q4 24 | $16.3B | $459.1M | ||
| Q3 24 | $16.0B | $479.3M | ||
| Q2 24 | $15.1B | $511.3M | ||
| Q1 24 | $15.1B | $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 | $-925.5M | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | 0.0% |
| Cash ConversionOCF / Net Profit | -40.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-925.5M | $-10.6M | ||
| Q3 25 | $-290.4M | $-2.1M | ||
| Q2 25 | $-210.5M | $24.5M | ||
| Q1 25 | $-126.4M | $-15.9M | ||
| Q4 24 | $-430.5M | $772.0K | ||
| Q3 24 | $-141.7M | $-5.0K | ||
| Q2 24 | $-88.6M | $10.0M | ||
| Q1 24 | $-59.5M | $-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% | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.0% | 0.0% | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | 0.0% | 0.0% |
| Q4 25 | -40.92× | — | ||
| Q3 25 | -9.84× | — | ||
| Q2 25 | -4.90× | — | ||
| Q1 25 | -3.99× | — | ||
| Q4 24 | -14.04× | — | ||
| Q3 24 | -8.76× | — | ||
| Q2 24 | -1.69× | — | ||
| Q1 24 | -2.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
