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Side-by-side financial comparison of HEALTHSTREAM INC (HSTM) and System1, Inc. (SST). Click either name above to swap in a different company.
HEALTHSTREAM INC is the larger business by last-quarter revenue ($79.7M vs $51.9M, roughly 1.5× System1, Inc.). On growth, HEALTHSTREAM INC posted the faster year-over-year revenue change (7.4% vs -31.3%). Over the past eight quarters, HEALTHSTREAM INC's revenue compounded faster (4.7% CAGR vs -21.8%).
HealthStream Inc is a leading U.S.-based provider of workforce development, compliance, and training solutions tailored for the healthcare industry. It offers cloud-based platforms covering clinical skill training, talent management, patient safety education, and regulatory adherence tools, serving over 4,000 healthcare organizations including hospitals, clinics, and long-term care facilities nationwide.
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.
HSTM vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.7M | $51.9M |
| Net Profit | — | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 3.0% | -33.6% |
| Net Margin | — | -26.0% |
| Revenue YoY | 7.4% | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | $0.09 | $-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 | $79.7M | $51.9M | ||
| Q3 25 | $76.5M | $61.6M | ||
| Q2 25 | $74.4M | $78.1M | ||
| Q1 25 | $73.5M | $74.5M | ||
| Q4 24 | $74.2M | $75.6M | ||
| Q3 24 | $73.1M | $88.8M | ||
| Q2 24 | $71.6M | $94.6M | ||
| Q1 24 | $72.8M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $6.1M | $-18.5M | ||
| Q2 25 | $5.4M | $-17.5M | ||
| Q1 25 | $4.3M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $5.7M | $-23.6M | ||
| Q2 24 | $4.2M | $-26.4M | ||
| Q1 24 | $5.2M | $-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 | 3.0% | -33.6% | ||
| Q3 25 | 9.9% | -25.3% | ||
| Q2 25 | 7.9% | -20.4% | ||
| Q1 25 | 6.0% | -17.6% | ||
| Q4 24 | 6.3% | -15.7% | ||
| Q3 24 | 8.9% | -24.6% | ||
| Q2 24 | 6.2% | -30.8% | ||
| Q1 24 | 7.8% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | 8.0% | -30.1% | ||
| Q2 25 | 7.2% | -22.4% | ||
| Q1 25 | 5.9% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | 7.8% | -26.6% | ||
| Q2 24 | 5.8% | -27.9% | ||
| Q1 24 | 7.2% | -12.4% |
| Q4 25 | $0.09 | $-3.58 | ||
| Q3 25 | $0.20 | $-2.30 | ||
| Q2 25 | $0.18 | $-2.23 | ||
| Q1 25 | $0.14 | $-0.21 | ||
| Q4 24 | $0.16 | $-3.41 | ||
| Q3 24 | $0.19 | $-3.37 | ||
| Q2 24 | $0.14 | $-3.80 | ||
| Q1 24 | $0.17 | $-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 | $36.2M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $354.0M | $30.5M |
| Total Assets | $520.4M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.2M | $86.9M | ||
| Q3 25 | $53.5M | $54.6M | ||
| Q2 25 | $52.1M | $63.6M | ||
| Q1 25 | $77.3M | $43.9M | ||
| Q4 24 | $59.5M | $63.6M | ||
| Q3 24 | $57.5M | $69.1M | ||
| Q2 24 | $46.1M | $75.7M | ||
| Q1 24 | $52.4M | $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 | $354.0M | $30.5M | ||
| Q3 25 | $349.2M | $42.7M | ||
| Q2 25 | $350.6M | $58.2M | ||
| Q1 25 | $362.8M | $67.2M | ||
| Q4 24 | $359.4M | $80.3M | ||
| Q3 24 | $355.5M | $90.3M | ||
| Q2 24 | $349.2M | $109.4M | ||
| Q1 24 | $344.9M | $131.7M |
| Q4 25 | $520.4M | $405.0M | ||
| Q3 25 | $499.9M | $385.2M | ||
| Q2 25 | $500.1M | $429.2M | ||
| Q1 25 | $524.0M | $419.2M | ||
| Q4 24 | $510.8M | $459.1M | ||
| Q3 24 | $502.8M | $479.3M | ||
| Q2 24 | $499.6M | $511.3M | ||
| Q1 24 | $511.6M | $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 | $13.2M | $-10.6M |
| Free Cash FlowOCF − Capex | $13.0M | — |
| FCF MarginFCF / Revenue | 16.3% | — |
| Capex IntensityCapex / Revenue | 0.3% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.2M | $-10.6M | ||
| Q3 25 | $18.0M | $-2.1M | ||
| Q2 25 | $5.0M | $24.5M | ||
| Q1 25 | $27.1M | $-15.9M | ||
| Q4 24 | $11.2M | $772.0K | ||
| Q3 24 | $19.1M | $-5.0K | ||
| Q2 24 | $6.5M | $10.0M | ||
| Q1 24 | $20.9M | $-16.0M |
| Q4 25 | $13.0M | — | ||
| Q3 25 | $17.9M | — | ||
| Q2 25 | $2.7M | — | ||
| Q1 25 | $26.0M | $-16.0M | ||
| Q4 24 | $11.0M | — | ||
| Q3 24 | $18.8M | $-36.0K | ||
| Q2 24 | $6.3M | — | ||
| Q1 24 | $20.2M | — |
| Q4 25 | 16.3% | — | ||
| Q3 25 | 23.4% | — | ||
| Q2 25 | 3.6% | — | ||
| Q1 25 | 35.4% | -21.5% | ||
| Q4 24 | 14.8% | — | ||
| Q3 24 | 25.8% | -0.0% | ||
| Q2 24 | 8.8% | — | ||
| Q1 24 | 27.8% | — |
| Q4 25 | 0.3% | 0.0% | ||
| Q3 25 | 0.1% | 0.0% | ||
| Q2 25 | 3.1% | 0.0% | ||
| Q1 25 | 1.4% | 0.1% | ||
| Q4 24 | 0.3% | 0.0% | ||
| Q3 24 | 0.4% | 0.0% | ||
| Q2 24 | 0.2% | 0.0% | ||
| Q1 24 | 1.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 2.96× | — | ||
| Q2 25 | 0.93× | — | ||
| Q1 25 | 6.25× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.34× | — | ||
| Q2 24 | 1.55× | — | ||
| Q1 24 | 4.01× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSTM
| Subscription Services | $77.0M | 97% |
| Professional Services | $2.7M | 3% |
SST
Segment breakdown not available.
