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Side-by-side financial comparison of Four Corners Property Trust, Inc. (FCPT) and System1, Inc. (SST). Click either name above to swap in a different company.
Four Corners Property Trust, Inc. is the larger business by last-quarter revenue ($78.2M vs $51.9M, roughly 1.5× System1, Inc.). Four Corners Property Trust, Inc. runs the higher net margin — 38.8% vs -26.0%, a 64.8% gap on every dollar of revenue. On growth, Four Corners Property Trust, Inc. posted the faster year-over-year revenue change (9.4% vs -31.3%). Over the past eight quarters, Four Corners Property Trust, Inc.'s revenue compounded faster (8.4% CAGR vs -21.8%).
Four Corners Property Trust, Inc. is a publicly traded real estate investment trust that acquires, owns, and manages a portfolio of high-quality net-leased commercial properties. Its assets are primarily restaurant and retail locations across the United States, with tenants largely operating in stable consumer-facing industry segments with proven operational performance.
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.
FCPT vs SST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $78.2M | $51.9M |
| Net Profit | $30.4M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 55.3% | -33.6% |
| Net Margin | 38.8% | -26.0% |
| Revenue YoY | 9.4% | -31.3% |
| Net Profit YoY | 16.0% | 4.8% |
| EPS (diluted) | $0.28 | $-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.
| Q1 26 | $78.2M | — | ||
| Q4 25 | $75.7M | $51.9M | ||
| Q3 25 | $74.1M | $61.6M | ||
| Q2 25 | $72.8M | $78.1M | ||
| Q1 25 | $71.5M | $74.5M | ||
| Q4 24 | $68.3M | $75.6M | ||
| Q3 24 | $66.8M | $88.8M | ||
| Q2 24 | $66.5M | $94.6M |
| Q1 26 | $30.4M | — | ||
| Q4 25 | $29.4M | $-13.5M | ||
| Q3 25 | $28.8M | $-18.5M | ||
| Q2 25 | $27.9M | $-17.5M | ||
| Q1 25 | $26.2M | $-15.9M | ||
| Q4 24 | $26.2M | $-14.2M | ||
| Q3 24 | $25.6M | $-23.6M | ||
| Q2 24 | $24.7M | $-26.4M |
| Q1 26 | — | — | ||
| 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 26 | 55.3% | — | ||
| 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 26 | 38.8% | — | ||
| Q4 25 | 38.9% | -26.0% | ||
| Q3 25 | 38.9% | -30.1% | ||
| Q2 25 | 38.3% | -22.4% | ||
| Q1 25 | 36.6% | -21.3% | ||
| Q4 24 | 38.3% | -18.7% | ||
| Q3 24 | 38.3% | -26.6% | ||
| Q2 24 | 37.1% | -27.9% |
| Q1 26 | $0.28 | — | ||
| Q4 25 | $0.27 | $-3.58 | ||
| Q3 25 | $0.28 | $-2.30 | ||
| Q2 25 | $0.28 | $-2.23 | ||
| Q1 25 | $0.26 | $-0.21 | ||
| Q4 24 | $0.27 | $-3.41 | ||
| Q3 24 | $0.27 | $-3.37 | ||
| Q2 24 | $0.27 | $-3.80 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $29.6M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $1.7B | $30.5M |
| Total Assets | $3.0B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $29.6M | — | ||
| Q4 25 | $12.1M | $86.9M | ||
| Q3 25 | $6.7M | $54.6M | ||
| Q2 25 | $6.0M | $63.6M | ||
| Q1 25 | $22.3M | $43.9M | ||
| Q4 24 | $4.1M | $63.6M | ||
| Q3 24 | $44.5M | $69.1M | ||
| Q2 24 | $17.2M | $75.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $305.1M | ||
| Q3 25 | $1.2B | $259.2M | ||
| Q2 25 | $1.2B | $263.3M | ||
| Q1 25 | $1.2B | $267.4M | ||
| Q4 24 | $1.1B | $255.1M | ||
| Q3 24 | $1.1B | $259.2M | ||
| Q2 24 | $1.2B | $263.3M |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.6B | $30.5M | ||
| Q3 25 | $1.5B | $42.7M | ||
| Q2 25 | $1.5B | $58.2M | ||
| Q1 25 | $1.4B | $67.2M | ||
| Q4 24 | $1.5B | $80.3M | ||
| Q3 24 | $1.4B | $90.3M | ||
| Q2 24 | $1.3B | $109.4M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $405.0M | ||
| Q3 25 | $2.8B | $385.2M | ||
| Q2 25 | $2.8B | $429.2M | ||
| Q1 25 | $2.7B | $419.2M | ||
| Q4 24 | $2.7B | $459.1M | ||
| Q3 24 | $2.6B | $479.3M | ||
| Q2 24 | $2.5B | $511.3M |
| Q1 26 | — | — | ||
| Q4 25 | 0.74× | 10.01× | ||
| Q3 25 | 0.79× | 6.07× | ||
| Q2 25 | 0.81× | 4.53× | ||
| Q1 25 | 0.84× | 3.98× | ||
| Q4 24 | 0.78× | 3.18× | ||
| Q3 24 | 0.84× | 2.87× | ||
| Q2 24 | 0.92× | 2.41× |
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 | — | $-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.
| Q1 26 | — | — | ||
| Q4 25 | $192.3M | $-10.6M | ||
| Q3 25 | $48.9M | $-2.1M | ||
| Q2 25 | $43.8M | $24.5M | ||
| Q1 25 | $51.6M | $-15.9M | ||
| Q4 24 | $144.1M | $772.0K | ||
| Q3 24 | $43.4M | $-5.0K | ||
| Q2 24 | $39.7M | $10.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 6.53× | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.51× | — | ||
| Q3 24 | 1.70× | — | ||
| Q2 24 | 1.61× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCPT
| Rental revenue | $69.8M | 89% |
| Restaurant revenue | $8.4M | 11% |
SST
Segment breakdown not available.
