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Side-by-side financial comparison of LAMAR ADVERTISING CO/NEW (LAMR) and System1, Inc. (SST), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
LAMAR ADVERTISING CO/NEW is the larger business by last-quarter revenue ($595.9M vs $51.9M, roughly 11.5× System1, Inc.). LAMAR ADVERTISING CO/NEW runs the higher net margin — 25.6% vs -26.0%, a 51.5% gap on every dollar of revenue. On growth, LAMAR ADVERTISING CO/NEW posted the faster year-over-year revenue change (2.8% vs -31.3%). Over the past eight quarters, LAMAR ADVERTISING CO/NEW's revenue compounded faster (9.4% CAGR vs -21.8%).
Lamar Advertising Company is an advertising company which operates billboards, logo signs, and transit displays in the United States and Canada. The company was founded in 1902 by Charles W. Lamar and J.M. Coe, and is headquartered in Baton Rouge, Louisiana. The company has over 200 locations in the United States and Canada. They have reportedly more than 363,000 displays across the USA. Lamar Advertising Company became a real estate investment trust in 2014.
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.
LAMR vs SST — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $595.9M | $51.9M |
| Net Profit | $152.3M | $-13.5M |
| Gross Margin | 67.7% | 41.0% |
| Operating Margin | 32.9% | -33.6% |
| Net Margin | 25.6% | -26.0% |
| Revenue YoY | 2.8% | -31.3% |
| Net Profit YoY | 12801.3% | 4.8% |
| EPS (diluted) | $1.50 | $-3.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $595.9M | $51.9M | ||
| Q3 25 | $585.5M | $61.6M | ||
| Q2 25 | $579.3M | $78.1M | ||
| Q1 25 | $505.4M | $74.5M | ||
| Q4 24 | $579.6M | $75.6M | ||
| Q3 24 | $564.1M | $88.8M | ||
| Q2 24 | $565.3M | $94.6M | ||
| Q1 24 | $498.1M | $84.9M |
| Q4 25 | $152.3M | $-13.5M | ||
| Q3 25 | $141.8M | $-18.5M | ||
| Q2 25 | $154.4M | $-17.5M | ||
| Q1 25 | $138.8M | $-15.9M | ||
| Q4 24 | $-1.2M | $-14.2M | ||
| Q3 24 | $147.5M | $-23.6M | ||
| Q2 24 | $137.4M | $-26.4M | ||
| Q1 24 | $78.2M | $-10.5M |
| Q4 25 | 67.7% | 41.0% | ||
| Q3 25 | 67.9% | 36.9% | ||
| Q2 25 | 67.8% | 35.7% | ||
| Q1 25 | 64.4% | 38.2% | ||
| Q4 24 | 67.8% | 42.1% | ||
| Q3 24 | 67.6% | 28.0% | ||
| Q2 24 | 67.6% | 27.6% | ||
| Q1 24 | 64.7% | 21.9% |
| Q4 25 | 32.9% | -33.6% | ||
| Q3 25 | 32.3% | -25.3% | ||
| Q2 25 | 34.1% | -20.4% | ||
| Q1 25 | 37.8% | -17.6% | ||
| Q4 24 | 6.3% | -15.7% | ||
| Q3 24 | 33.1% | -24.6% | ||
| Q2 24 | 32.6% | -30.8% | ||
| Q1 24 | 25.0% | -30.4% |
| Q4 25 | 25.6% | -26.0% | ||
| Q3 25 | 24.2% | -30.1% | ||
| Q2 25 | 26.6% | -22.4% | ||
| Q1 25 | 27.5% | -21.3% | ||
| Q4 24 | -0.2% | -18.7% | ||
| Q3 24 | 26.1% | -26.6% | ||
| Q2 24 | 24.3% | -27.9% | ||
| Q1 24 | 15.7% | -12.4% |
| Q4 25 | $1.50 | $-3.58 | ||
| Q3 25 | $1.40 | $-2.30 | ||
| Q2 25 | $1.52 | $-2.23 | ||
| Q1 25 | $1.35 | $-0.21 | ||
| Q4 24 | $-0.02 | $-3.41 | ||
| Q3 24 | $1.44 | $-3.37 | ||
| Q2 24 | $1.34 | $-3.80 | ||
| Q1 24 | $0.76 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $64.8M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $1.0B | $30.5M |
| Total Assets | $6.9B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $64.8M | $86.9M | ||
| Q3 25 | $22.0M | $54.6M | ||
| Q2 25 | $55.7M | $63.6M | ||
| Q1 25 | $36.1M | $43.9M | ||
| Q4 24 | $49.5M | $63.6M | ||
| Q3 24 | $29.5M | $69.1M | ||
| Q2 24 | $77.9M | $75.7M | ||
| Q1 24 | $36.4M | $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 | $1.0B | $30.5M | ||
| Q3 25 | $1.0B | $42.7M | ||
| Q2 25 | $906.9M | $58.2M | ||
| Q1 25 | $1.0B | $67.2M | ||
| Q4 24 | $1.0B | $80.3M | ||
| Q3 24 | $1.2B | $90.3M | ||
| Q2 24 | $1.2B | $109.4M | ||
| Q1 24 | $1.2B | $131.7M |
| Q4 25 | $6.9B | $405.0M | ||
| Q3 25 | $6.8B | $385.2M | ||
| Q2 25 | $6.7B | $429.2M | ||
| Q1 25 | $6.5B | $419.2M | ||
| Q4 24 | $6.6B | $459.1M | ||
| Q3 24 | $6.5B | $479.3M | ||
| Q2 24 | $6.6B | $511.3M | ||
| Q1 24 | $6.5B | $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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $271.2M | $-10.6M |
| Free Cash FlowOCF − Capex | $208.3M | — |
| FCF MarginFCF / Revenue | 35.0% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 10.5% | 0.0% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $683.2M | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $271.2M | $-10.6M | ||
| Q3 25 | $235.7M | $-2.1M | ||
| Q2 25 | $229.5M | $24.5M | ||
| Q1 25 | $127.7M | $-15.9M | ||
| Q4 24 | $279.3M | $772.0K | ||
| Q3 24 | $227.4M | $-5.0K | ||
| Q2 24 | $256.3M | $10.0M | ||
| Q1 24 | $110.6M | $-16.0M |
| Q4 25 | $208.3M | — | ||
| Q3 25 | $185.8M | — | ||
| Q2 25 | $191.3M | — | ||
| Q1 25 | $97.9M | $-16.0M | ||
| Q4 24 | $236.3M | — | ||
| Q3 24 | $197.3M | $-36.0K | ||
| Q2 24 | $233.7M | — | ||
| Q1 24 | $81.1M | — |
| Q4 25 | 35.0% | — | ||
| Q3 25 | 31.7% | — | ||
| Q2 25 | 33.0% | — | ||
| Q1 25 | 19.4% | -21.5% | ||
| Q4 24 | 40.8% | — | ||
| Q3 24 | 35.0% | -0.0% | ||
| Q2 24 | 41.3% | — | ||
| Q1 24 | 16.3% | — |
| Q4 25 | 10.5% | 0.0% | ||
| Q3 25 | 8.5% | 0.0% | ||
| Q2 25 | 6.6% | 0.0% | ||
| Q1 25 | 5.9% | 0.1% | ||
| Q4 24 | 7.4% | 0.0% | ||
| Q3 24 | 5.3% | 0.0% | ||
| Q2 24 | 4.0% | 0.0% | ||
| Q1 24 | 5.9% | 0.0% |
| Q4 25 | 1.78× | — | ||
| Q3 25 | 1.66× | — | ||
| Q2 25 | 1.49× | — | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.87× | — | ||
| Q1 24 | 1.41× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
LAMR
| Reportable Segment Aggregation Before Other Operating Segment | $531.9M | 89% |
| Transit Advertising | $42.0M | 7% |
| Logo Advertising | $22.1M | 4% |
SST
Segment breakdown not available.
