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Side-by-side financial comparison of GLADSTONE COMMERCIAL CORP (GOOD) 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 $41.9M, roughly 1.2× GLADSTONE COMMERCIAL CORP). GLADSTONE COMMERCIAL CORP runs the higher net margin — 16.6% vs -26.0%, a 42.6% gap on every dollar of revenue. On growth, GLADSTONE COMMERCIAL CORP posted the faster year-over-year revenue change (-3.6% vs -31.3%). Over the past eight quarters, GLADSTONE COMMERCIAL CORP's revenue compounded faster (6.3% CAGR vs -21.8%).
Gladstone Commercial Corp is a publicly traded US real estate investment trust focused on acquiring, owning, and operating diversified industrial and commercial properties. It offers long-term net lease agreements to tenants across manufacturing, logistics, healthcare and professional services sectors, mainly serving small to mid-sized business clients.
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.
GOOD vs SST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $41.9M | $51.9M |
| Net Profit | $7.0M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 160.2% | -33.6% |
| Net Margin | 16.6% | -26.0% |
| Revenue YoY | -3.6% | -31.3% |
| Net Profit YoY | 29.5% | 4.8% |
| EPS (diluted) | — | $-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 | $41.9M | — | ||
| Q4 25 | $43.5M | $51.9M | ||
| Q3 25 | $40.8M | $61.6M | ||
| Q2 25 | $39.5M | $78.1M | ||
| Q1 25 | $37.5M | $74.5M | ||
| Q4 24 | $37.4M | $75.6M | ||
| Q3 24 | $39.2M | $88.8M | ||
| Q2 24 | $37.1M | $94.6M |
| Q1 26 | $7.0M | — | ||
| Q4 25 | $5.4M | $-13.5M | ||
| Q3 25 | $4.1M | $-18.5M | ||
| Q2 25 | $4.6M | $-17.5M | ||
| Q1 25 | $5.1M | $-15.9M | ||
| Q4 24 | $7.2M | $-14.2M | ||
| Q3 24 | $11.7M | $-23.6M | ||
| Q2 24 | $1.6M | $-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 | 160.2% | — | ||
| 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 | 16.6% | — | ||
| Q4 25 | 12.4% | -26.0% | ||
| Q3 25 | 10.1% | -30.1% | ||
| Q2 25 | 11.7% | -22.4% | ||
| Q1 25 | 13.7% | -21.3% | ||
| Q4 24 | 19.2% | -18.7% | ||
| Q3 24 | 29.8% | -26.6% | ||
| Q2 24 | 4.3% | -27.9% |
| Q1 26 | — | — | ||
| Q4 25 | $0.05 | $-3.58 | ||
| Q3 25 | $0.02 | $-2.30 | ||
| Q2 25 | $0.03 | $-2.23 | ||
| Q1 25 | $0.04 | $-0.21 | ||
| Q4 24 | $0.10 | $-3.41 | ||
| Q3 24 | $0.20 | $-3.37 | ||
| Q2 24 | $-0.04 | $-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 | — | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | — | $30.5M |
| Total Assets | $1.2B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $10.8M | $86.9M | ||
| Q3 25 | $18.4M | $54.6M | ||
| Q2 25 | $11.7M | $63.6M | ||
| Q1 25 | $10.4M | $43.9M | ||
| Q4 24 | $11.0M | $63.6M | ||
| Q3 24 | $10.5M | $69.1M | ||
| Q2 24 | $10.4M | $75.7M |
| Q1 26 | — | — | ||
| Q4 25 | $843.5M | $305.1M | ||
| Q3 25 | $843.3M | $259.2M | ||
| Q2 25 | $794.4M | $263.3M | ||
| Q1 25 | $740.7M | $267.4M | ||
| Q4 24 | $693.4M | $255.1M | ||
| Q3 24 | $692.6M | $259.2M | ||
| Q2 24 | $722.5M | $263.3M |
| Q1 26 | — | — | ||
| Q4 25 | $171.8M | $30.5M | ||
| Q3 25 | $184.8M | $42.7M | ||
| Q2 25 | $177.2M | $58.2M | ||
| Q1 25 | $183.2M | $67.2M | ||
| Q4 24 | $171.2M | $80.3M | ||
| Q3 24 | $168.9M | $90.3M | ||
| Q2 24 | $145.7M | $109.4M |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $405.0M | ||
| Q3 25 | $1.3B | $385.2M | ||
| Q2 25 | $1.2B | $429.2M | ||
| Q1 25 | $1.2B | $419.2M | ||
| Q4 24 | $1.1B | $459.1M | ||
| Q3 24 | $1.1B | $479.3M | ||
| Q2 24 | $1.1B | $511.3M |
| Q1 26 | — | — | ||
| Q4 25 | 4.91× | 10.01× | ||
| Q3 25 | 4.56× | 6.07× | ||
| Q2 25 | 4.48× | 4.53× | ||
| Q1 25 | 4.04× | 3.98× | ||
| Q4 24 | 4.05× | 3.18× | ||
| Q3 24 | 4.10× | 2.87× | ||
| Q2 24 | 4.96× | 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 | $88.2M | $-10.6M | ||
| Q3 25 | $18.9M | $-2.1M | ||
| Q2 25 | $35.8M | $24.5M | ||
| Q1 25 | $17.7M | $-15.9M | ||
| Q4 24 | $57.0M | $772.0K | ||
| Q3 24 | $5.5M | $-5.0K | ||
| Q2 24 | $13.6M | $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 | 16.38× | — | ||
| Q3 25 | 4.57× | — | ||
| Q2 25 | 7.74× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 7.93× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 8.44× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
