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Side-by-side financial comparison of LandBridge Co LLC (LB) and System1, Inc. (SST). Click either name above to swap in a different company.
LandBridge Co LLC is the larger business by last-quarter revenue ($56.8M vs $51.9M, roughly 1.1× System1, Inc.). LandBridge Co LLC runs the higher net margin — 14.2% vs -26.0%, a 40.1% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (55.6% vs -31.3%). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (72.8% CAGR vs -21.8%).
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.
LB vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $56.8M | $51.9M |
| Net Profit | $8.1M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 60.0% | -33.6% |
| Net Margin | 14.2% | -26.0% |
| Revenue YoY | 55.6% | -31.3% |
| Net Profit YoY | -83.7% | 4.8% |
| EPS (diluted) | $0.24 | $-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 | $56.8M | $51.9M | ||
| Q3 25 | $50.8M | $61.6M | ||
| Q2 25 | $47.5M | $78.1M | ||
| Q1 25 | $44.0M | $74.5M | ||
| Q4 24 | $36.5M | $75.6M | ||
| Q3 24 | $28.5M | $88.8M | ||
| Q2 24 | $26.0M | $94.6M | ||
| Q1 24 | $19.0M | $84.9M |
| Q4 25 | $8.1M | $-13.5M | ||
| Q3 25 | $8.1M | $-18.5M | ||
| Q2 25 | $7.5M | $-17.5M | ||
| Q1 25 | $6.5M | $-15.9M | ||
| Q4 24 | $49.3M | $-14.2M | ||
| Q3 24 | $2.7M | $-23.6M | ||
| Q2 24 | $-57.7M | $-26.4M | ||
| Q1 24 | $10.8M | $-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 | 60.0% | -33.6% | ||
| Q3 25 | 60.8% | -25.3% | ||
| Q2 25 | 60.0% | -20.4% | ||
| Q1 25 | 57.0% | -17.6% | ||
| Q4 24 | 49.4% | -15.7% | ||
| Q3 24 | 11.2% | -24.6% | ||
| Q2 24 | -197.4% | -30.8% | ||
| Q1 24 | 71.1% | -30.4% |
| Q4 25 | 14.2% | -26.0% | ||
| Q3 25 | 15.9% | -30.1% | ||
| Q2 25 | 15.8% | -22.4% | ||
| Q1 25 | 14.7% | -21.3% | ||
| Q4 24 | 135.2% | -18.7% | ||
| Q3 24 | 9.3% | -26.6% | ||
| Q2 24 | -222.1% | -27.9% | ||
| Q1 24 | 56.7% | -12.4% |
| Q4 25 | $0.24 | $-3.58 | ||
| Q3 25 | $0.26 | $-2.30 | ||
| Q2 25 | $0.24 | $-2.23 | ||
| Q1 25 | $0.20 | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | $-0.04 | $-3.37 | ||
| Q2 24 | — | $-3.80 | ||
| Q1 24 | — | $-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 | $30.7M | $86.9M |
| Total DebtLower is stronger | $570.7M | $305.1M |
| Stockholders' EquityBook value | $340.3M | $30.5M |
| Total Assets | $1.4B | $405.0M |
| Debt / EquityLower = less leverage | 1.68× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.7M | $86.9M | ||
| Q3 25 | $28.3M | $54.6M | ||
| Q2 25 | $20.3M | $63.6M | ||
| Q1 25 | $14.9M | $43.9M | ||
| Q4 24 | $37.0M | $63.6M | ||
| Q3 24 | $14.4M | $69.1M | ||
| Q2 24 | $24.6M | $75.7M | ||
| Q1 24 | — | $69.9M |
| Q4 25 | $570.7M | $305.1M | ||
| Q3 25 | $366.1M | $259.2M | ||
| Q2 25 | $370.9M | $263.3M | ||
| Q1 25 | $375.5M | $267.4M | ||
| Q4 24 | $385.5M | $255.1M | ||
| Q3 24 | $242.4M | $259.2M | ||
| Q2 24 | $360.8M | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $340.3M | $30.5M | ||
| Q3 25 | $272.0M | $42.7M | ||
| Q2 25 | $266.4M | $58.2M | ||
| Q1 25 | $217.0M | $67.2M | ||
| Q4 24 | $211.8M | $80.3M | ||
| Q3 24 | $97.2M | $90.3M | ||
| Q2 24 | $296.4M | $109.4M | ||
| Q1 24 | $162.3M | $131.7M |
| Q4 25 | $1.4B | $405.0M | ||
| Q3 25 | $1.1B | $385.2M | ||
| Q2 25 | $1.1B | $429.2M | ||
| Q1 25 | $1.0B | $419.2M | ||
| Q4 24 | $1.0B | $459.1M | ||
| Q3 24 | $689.9M | $479.3M | ||
| Q2 24 | $710.5M | $511.3M | ||
| Q1 24 | — | $521.1M |
| Q4 25 | 1.68× | 10.01× | ||
| Q3 25 | 1.35× | 6.07× | ||
| Q2 25 | 1.39× | 4.53× | ||
| Q1 25 | 1.73× | 3.98× | ||
| Q4 24 | 1.82× | 3.18× | ||
| Q3 24 | 2.49× | 2.87× | ||
| Q2 24 | 1.22× | 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 | $126.3M | $-10.6M |
| Free Cash FlowOCF − Capex | $122.0M | — |
| FCF MarginFCF / Revenue | 214.9% | — |
| Capex IntensityCapex / Revenue | 7.5% | 0.0% |
| Cash ConversionOCF / Net Profit | 15.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $207.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $126.3M | $-10.6M | ||
| Q3 25 | $34.9M | $-2.1M | ||
| Q2 25 | $37.3M | $24.5M | ||
| Q1 25 | $15.9M | $-15.9M | ||
| Q4 24 | $67.6M | $772.0K | ||
| Q3 24 | $7.5M | $-5.0K | ||
| Q2 24 | $16.0M | $10.0M | ||
| Q1 24 | $17.2M | $-16.0M |
| Q4 25 | $122.0M | — | ||
| Q3 25 | $33.7M | — | ||
| Q2 25 | $36.1M | — | ||
| Q1 25 | $15.8M | $-16.0M | ||
| Q4 24 | $66.7M | — | ||
| Q3 24 | $7.1M | $-36.0K | ||
| Q2 24 | $15.7M | — | ||
| Q1 24 | $17.1M | — |
| Q4 25 | 214.9% | — | ||
| Q3 25 | 66.3% | — | ||
| Q2 25 | 75.9% | — | ||
| Q1 25 | 36.0% | -21.5% | ||
| Q4 24 | 182.6% | — | ||
| Q3 24 | 25.1% | -0.0% | ||
| Q2 24 | 60.4% | — | ||
| Q1 24 | 90.1% | — |
| Q4 25 | 7.5% | 0.0% | ||
| Q3 25 | 2.3% | 0.0% | ||
| Q2 25 | 2.6% | 0.0% | ||
| Q1 25 | 0.2% | 0.1% | ||
| Q4 24 | 2.7% | 0.0% | ||
| Q3 24 | 1.1% | 0.0% | ||
| Q2 24 | 1.4% | 0.0% | ||
| Q1 24 | 0.5% | 0.0% |
| Q4 25 | 15.68× | — | ||
| Q3 25 | 4.31× | — | ||
| Q2 25 | 4.98× | — | ||
| Q1 25 | 2.46× | — | ||
| Q4 24 | 1.37× | — | ||
| Q3 24 | 2.80× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
