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Side-by-side financial comparison of FRANKLIN STREET PROPERTIES CORP (FSP) 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 $26.0M, roughly 2.0× FRANKLIN STREET PROPERTIES CORP). System1, Inc. runs the higher net margin — -26.0% vs -28.1%, a 2.2% gap on every dollar of revenue. On growth, FRANKLIN STREET PROPERTIES CORP posted the faster year-over-year revenue change (-8.2% vs -31.3%). Over the past eight quarters, FRANKLIN STREET PROPERTIES CORP's revenue compounded faster (-8.7% CAGR vs -21.8%).
Franklin Street Properties Corp is a Massachusetts-based real estate investment trust (REIT) in the United States. It primarily invests in, owns, and operates high-quality office properties across major U.S. metropolitan markets, serving corporate tenants across various industry segments, and delivers stable long-term returns via rental income and strategic asset management.
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.
FSP vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.0M | $51.9M |
| Net Profit | $-7.3M | $-13.5M |
| Gross Margin | 59.4% | 41.0% |
| Operating Margin | -27.9% | -33.6% |
| Net Margin | -28.1% | -26.0% |
| Revenue YoY | -8.2% | -31.3% |
| Net Profit YoY | 14.1% | 4.8% |
| EPS (diluted) | $-0.06 | $-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 | $26.0M | $51.9M | ||
| Q3 25 | $27.3M | $61.6M | ||
| Q2 25 | $26.7M | $78.1M | ||
| Q1 25 | $27.1M | $74.5M | ||
| Q4 24 | $28.4M | $75.6M | ||
| Q3 24 | $29.7M | $88.8M | ||
| Q2 24 | $30.8M | $94.6M | ||
| Q1 24 | $31.2M | $84.9M |
| Q4 25 | $-7.3M | $-13.5M | ||
| Q3 25 | $-8.3M | $-18.5M | ||
| Q2 25 | $-7.9M | $-17.5M | ||
| Q1 25 | $-21.4M | $-15.9M | ||
| Q4 24 | $-8.5M | $-14.2M | ||
| Q3 24 | $-15.6M | $-23.6M | ||
| Q2 24 | $-21.0M | $-26.4M | ||
| Q1 24 | $-7.6M | $-10.5M |
| Q4 25 | 59.4% | 41.0% | ||
| Q3 25 | 60.9% | 36.9% | ||
| Q2 25 | 59.9% | 35.7% | ||
| Q1 25 | 62.8% | 38.2% | ||
| Q4 24 | 59.7% | 42.1% | ||
| Q3 24 | 61.0% | 28.0% | ||
| Q2 24 | 64.2% | 27.6% | ||
| Q1 24 | 64.7% | 21.9% |
| Q4 25 | -27.9% | -33.6% | ||
| Q3 25 | -30.5% | -25.3% | ||
| Q2 25 | -29.2% | -20.4% | ||
| Q1 25 | -78.9% | -17.6% | ||
| Q4 24 | -29.9% | -15.7% | ||
| Q3 24 | -52.4% | -24.6% | ||
| Q2 24 | -68.0% | -30.8% | ||
| Q1 24 | -24.0% | -30.4% |
| Q4 25 | -28.1% | -26.0% | ||
| Q3 25 | -30.5% | -30.1% | ||
| Q2 25 | -29.5% | -22.4% | ||
| Q1 25 | -79.1% | -21.3% | ||
| Q4 24 | -30.0% | -18.7% | ||
| Q3 24 | -52.6% | -26.6% | ||
| Q2 24 | -68.2% | -27.9% | ||
| Q1 24 | -24.2% | -12.4% |
| Q4 25 | $-0.06 | $-3.58 | ||
| Q3 25 | $-0.08 | $-2.30 | ||
| Q2 25 | $-0.08 | $-2.23 | ||
| Q1 25 | $-0.21 | $-0.21 | ||
| Q4 24 | $-0.09 | $-3.41 | ||
| Q3 24 | $-0.15 | $-3.37 | ||
| Q2 24 | $-0.20 | $-3.80 | ||
| Q1 24 | $-0.07 | $-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 | $30.6M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $607.0M | $30.5M |
| Total Assets | $892.9M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.6M | $86.9M | ||
| Q3 25 | $31.4M | $54.6M | ||
| Q2 25 | $29.4M | $63.6M | ||
| Q1 25 | $30.2M | $43.9M | ||
| Q4 24 | $41.1M | $63.6M | ||
| Q3 24 | $40.9M | $69.1M | ||
| Q2 24 | $30.2M | $75.7M | ||
| Q1 24 | $34.2M | $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 | $607.0M | $30.5M | ||
| Q3 25 | $615.3M | $42.7M | ||
| Q2 25 | $624.7M | $58.2M | ||
| Q1 25 | $633.4M | $67.2M | ||
| Q4 24 | $655.9M | $80.3M | ||
| Q3 24 | $665.4M | $90.3M | ||
| Q2 24 | $682.1M | $109.4M | ||
| Q1 24 | $703.9M | $131.7M |
| Q4 25 | $892.9M | $405.0M | ||
| Q3 25 | $901.0M | $385.2M | ||
| Q2 25 | $903.2M | $429.2M | ||
| Q1 25 | $916.4M | $419.2M | ||
| Q4 24 | $946.9M | $459.1M | ||
| Q3 24 | $981.5M | $479.3M | ||
| Q2 24 | $1.0B | $511.3M | ||
| Q1 24 | $1.0B | $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 | $3.8M | $-10.6M |
| Free Cash FlowOCF − Capex | $-12.7M | — |
| FCF MarginFCF / Revenue | -48.6% | — |
| Capex IntensityCapex / Revenue | 63.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-25.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8M | $-10.6M | ||
| Q3 25 | $8.3M | $-2.1M | ||
| Q2 25 | $-2.9M | $24.5M | ||
| Q1 25 | $-5.5M | $-15.9M | ||
| Q4 24 | $9.0M | $772.0K | ||
| Q3 24 | $14.5M | $-5.0K | ||
| Q2 24 | $-648.0K | $10.0M | ||
| Q1 24 | $-7.1M | $-16.0M |
| Q4 25 | $-12.7M | — | ||
| Q3 25 | $3.0M | — | ||
| Q2 25 | $-5.7M | — | ||
| Q1 25 | $-9.9M | $-16.0M | ||
| Q4 24 | $-16.2M | — | ||
| Q3 24 | $8.6M | $-36.0K | ||
| Q2 24 | $-5.1M | — | ||
| Q1 24 | $-15.8M | — |
| Q4 25 | -48.6% | — | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | -21.5% | — | ||
| Q1 25 | -36.7% | -21.5% | ||
| Q4 24 | -57.2% | — | ||
| Q3 24 | 29.1% | -0.0% | ||
| Q2 24 | -16.7% | — | ||
| Q1 24 | -50.8% | — |
| Q4 25 | 63.0% | 0.0% | ||
| Q3 25 | 19.4% | 0.0% | ||
| Q2 25 | 10.7% | 0.0% | ||
| Q1 25 | 16.4% | 0.1% | ||
| Q4 24 | 88.9% | 0.0% | ||
| Q3 24 | 19.6% | 0.0% | ||
| Q2 24 | 14.6% | 0.0% | ||
| Q1 24 | 28.1% | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
