vs
Side-by-side financial comparison of FGI Industries Ltd. (FGI) 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 $30.5M, roughly 1.7× FGI Industries Ltd.). FGI Industries Ltd. runs the higher net margin — -8.6% vs -26.0%, a 17.3% gap on every dollar of revenue. On growth, FGI Industries Ltd. posted the faster year-over-year revenue change (-14.4% vs -31.3%). Over the past eight quarters, FGI Industries Ltd.'s revenue compounded faster (-0.5% CAGR vs -21.8%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
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.
FGI vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.5M | $51.9M |
| Net Profit | $-2.6M | $-13.5M |
| Gross Margin | 26.7% | 41.0% |
| Operating Margin | -2.2% | -33.6% |
| Net Margin | -8.6% | -26.0% |
| Revenue YoY | -14.4% | -31.3% |
| Net Profit YoY | -553.1% | 4.8% |
| EPS (diluted) | $-1.63 | $-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 | $30.5M | $51.9M | ||
| Q3 25 | $35.8M | $61.6M | ||
| Q2 25 | $31.0M | $78.1M | ||
| Q1 25 | $33.2M | $74.5M | ||
| Q4 24 | $35.6M | $75.6M | ||
| Q3 24 | $36.1M | $88.8M | ||
| Q2 24 | $29.4M | $94.6M | ||
| Q1 24 | $30.8M | $84.9M |
| Q4 25 | $-2.6M | $-13.5M | ||
| Q3 25 | $-1.7M | $-18.5M | ||
| Q2 25 | $-1.2M | $-17.5M | ||
| Q1 25 | $-629.1K | $-15.9M | ||
| Q4 24 | $-402.3K | $-14.2M | ||
| Q3 24 | $-550.1K | $-23.6M | ||
| Q2 24 | $163.6K | $-26.4M | ||
| Q1 24 | $-412.2K | $-10.5M |
| Q4 25 | 26.7% | 41.0% | ||
| Q3 25 | 26.5% | 36.9% | ||
| Q2 25 | 28.1% | 35.7% | ||
| Q1 25 | 26.8% | 38.2% | ||
| Q4 24 | 24.6% | 42.1% | ||
| Q3 24 | 25.8% | 28.0% | ||
| Q2 24 | 30.5% | 27.6% | ||
| Q1 24 | 27.4% | 21.9% |
| Q4 25 | -2.2% | -33.6% | ||
| Q3 25 | 1.0% | -25.3% | ||
| Q2 25 | -2.7% | -20.4% | ||
| Q1 25 | -3.9% | -17.6% | ||
| Q4 24 | -3.5% | -15.7% | ||
| Q3 24 | -0.2% | -24.6% | ||
| Q2 24 | -1.5% | -30.8% | ||
| Q1 24 | -1.0% | -30.4% |
| Q4 25 | -8.6% | -26.0% | ||
| Q3 25 | -4.6% | -30.1% | ||
| Q2 25 | -4.0% | -22.4% | ||
| Q1 25 | -1.9% | -21.3% | ||
| Q4 24 | -1.1% | -18.7% | ||
| Q3 24 | -1.5% | -26.6% | ||
| Q2 24 | 0.6% | -27.9% | ||
| Q1 24 | -1.3% | -12.4% |
| Q4 25 | $-1.63 | $-3.58 | ||
| Q3 25 | $-0.86 | $-2.30 | ||
| Q2 25 | $-0.64 | $-2.23 | ||
| Q1 25 | $-0.07 | $-0.21 | ||
| Q4 24 | $-0.38 | $-3.41 | ||
| Q3 24 | $-0.29 | $-3.37 | ||
| Q2 24 | $0.08 | $-3.80 | ||
| Q1 24 | $-0.04 | $-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 | $1.9M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $17.3M | $30.5M |
| Total Assets | $69.5M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $86.9M | ||
| Q3 25 | $1.9M | $54.6M | ||
| Q2 25 | $2.5M | $63.6M | ||
| Q1 25 | $1.2M | $43.9M | ||
| Q4 24 | $4.6M | $63.6M | ||
| Q3 24 | $3.0M | $69.1M | ||
| Q2 24 | $1.3M | $75.7M | ||
| Q1 24 | $3.3M | $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 | $17.3M | $30.5M | ||
| Q3 25 | $19.7M | $42.7M | ||
| Q2 25 | $21.3M | $58.2M | ||
| Q1 25 | $21.8M | $67.2M | ||
| Q4 24 | $22.3M | $80.3M | ||
| Q3 24 | $23.5M | $90.3M | ||
| Q2 24 | $23.8M | $109.4M | ||
| Q1 24 | $23.9M | $131.7M |
| Q4 25 | $69.5M | $405.0M | ||
| Q3 25 | $73.0M | $385.2M | ||
| Q2 25 | $71.7M | $429.2M | ||
| Q1 25 | $68.5M | $419.2M | ||
| Q4 24 | $75.5M | $459.1M | ||
| Q3 24 | $74.7M | $479.3M | ||
| Q2 24 | $69.9M | $511.3M | ||
| Q1 24 | $68.6M | $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 | $2.3M | $-10.6M |
| Free Cash FlowOCF − Capex | $2.3M | — |
| FCF MarginFCF / Revenue | 7.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-212.5K | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3M | $-10.6M | ||
| Q3 25 | $-1.9M | $-2.1M | ||
| Q2 25 | $7.6M | $24.5M | ||
| Q1 25 | $-7.4M | $-15.9M | ||
| Q4 24 | $617.4K | $772.0K | ||
| Q3 24 | $-915.0K | $-5.0K | ||
| Q2 24 | $862.1K | $10.0M | ||
| Q1 24 | $-8.0M | $-16.0M |
| Q4 25 | $2.3M | — | ||
| Q3 25 | $-2.1M | — | ||
| Q2 25 | $7.4M | — | ||
| Q1 25 | $-7.7M | $-16.0M | ||
| Q4 24 | $-214.1K | — | ||
| Q3 24 | $-1.1M | $-36.0K | ||
| Q2 24 | $281.5K | — | ||
| Q1 24 | $-8.6M | — |
| Q4 25 | 7.5% | — | ||
| Q3 25 | -5.9% | — | ||
| Q2 25 | 23.8% | — | ||
| Q1 25 | -23.3% | -21.5% | ||
| Q4 24 | -0.6% | — | ||
| Q3 24 | -3.0% | -0.0% | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | -28.0% | — |
| Q4 25 | 0.2% | 0.0% | ||
| Q3 25 | 0.7% | 0.0% | ||
| Q2 25 | 0.7% | 0.0% | ||
| Q1 25 | 1.1% | 0.1% | ||
| Q4 24 | 2.3% | 0.0% | ||
| Q3 24 | 0.5% | 0.0% | ||
| Q2 24 | 2.0% | 0.0% | ||
| Q1 24 | 2.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.27× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
SST
Segment breakdown not available.
