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Side-by-side financial comparison of LXP Industrial Trust (LXP) and System1, Inc. (SST). Click either name above to swap in a different company.
LXP Industrial Trust is the larger business by last-quarter revenue ($86.7M vs $51.9M, roughly 1.7× System1, Inc.). LXP Industrial Trust runs the higher net margin — 33.2% vs -26.0%, a 59.1% gap on every dollar of revenue. On growth, LXP Industrial Trust posted the faster year-over-year revenue change (-14.0% vs -31.3%). Over the past eight quarters, LXP Industrial Trust's revenue compounded faster (0.3% CAGR vs -21.8%).
LXP Industrial Trust is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality industrial real estate assets, primarily distribution centers, logistics facilities, and light industrial properties across key markets in the United States. Its tenant base covers e-commerce, third-party logistics, and advanced manufacturing sectors, delivering stable long-term returns for its investors.
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.
LXP vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.7M | $51.9M |
| Net Profit | $28.8M | $-13.5M |
| Gross Margin | 81.5% | 41.0% |
| Operating Margin | 34.6% | -33.6% |
| Net Margin | 33.2% | -26.0% |
| Revenue YoY | -14.0% | -31.3% |
| Net Profit YoY | — | 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.
| Q4 25 | $86.7M | $51.9M | ||
| Q3 25 | $86.9M | $61.6M | ||
| Q2 25 | $87.7M | $78.1M | ||
| Q1 25 | $88.9M | $74.5M | ||
| Q4 24 | $100.9M | $75.6M | ||
| Q3 24 | $85.6M | $88.8M | ||
| Q2 24 | $85.8M | $94.6M | ||
| Q1 24 | $86.3M | $84.9M |
| Q4 25 | $28.8M | $-13.5M | ||
| Q3 25 | $36.3M | $-18.5M | ||
| Q2 25 | $29.1M | $-17.5M | ||
| Q1 25 | $19.0M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $6.3M | $-23.6M | ||
| Q2 24 | $5.4M | $-26.4M | ||
| Q1 24 | $-269.0K | $-10.5M |
| Q4 25 | 81.5% | 41.0% | ||
| Q3 25 | 82.3% | 36.9% | ||
| Q2 25 | 81.9% | 35.7% | ||
| Q1 25 | 80.7% | 38.2% | ||
| Q4 24 | 85.3% | 42.1% | ||
| Q3 24 | 82.5% | 28.0% | ||
| Q2 24 | 82.0% | 27.6% | ||
| Q1 24 | 82.4% | 21.9% |
| Q4 25 | 34.6% | -33.6% | ||
| Q3 25 | 50.4% | -25.3% | ||
| Q2 25 | 33.7% | -20.4% | ||
| Q1 25 | 21.8% | -17.6% | ||
| Q4 24 | — | -15.7% | ||
| Q3 24 | 7.9% | -24.6% | ||
| Q2 24 | 6.9% | -30.8% | ||
| Q1 24 | 1.0% | -30.4% |
| Q4 25 | 33.2% | -26.0% | ||
| Q3 25 | 41.7% | -30.1% | ||
| Q2 25 | 33.2% | -22.4% | ||
| Q1 25 | 21.4% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | 7.4% | -26.6% | ||
| Q2 24 | 6.3% | -27.9% | ||
| Q1 24 | -0.3% | -12.4% |
| Q4 25 | — | $-3.58 | ||
| Q3 25 | $0.12 | $-2.30 | ||
| Q2 25 | $0.09 | $-2.23 | ||
| Q1 25 | $0.06 | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | $0.02 | $-3.37 | ||
| Q2 24 | $0.01 | $-3.80 | ||
| Q1 24 | $-0.01 | $-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 | $170.4M | $86.9M |
| Total DebtLower is stronger | $1.4B | $305.1M |
| Stockholders' EquityBook value | $2.0B | $30.5M |
| Total Assets | $3.5B | $405.0M |
| Debt / EquityLower = less leverage | 0.66× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $170.4M | $86.9M | ||
| Q3 25 | $229.7M | $54.6M | ||
| Q2 25 | $71.0M | $63.6M | ||
| Q1 25 | $70.9M | $43.9M | ||
| Q4 24 | $101.8M | $63.6M | ||
| Q3 24 | $55.0M | $69.1M | ||
| Q2 24 | $48.7M | $75.7M | ||
| Q1 24 | $293.8M | $69.9M |
| Q4 25 | $1.4B | $305.1M | ||
| Q3 25 | $1.5B | $259.2M | ||
| Q2 25 | $1.5B | $263.3M | ||
| Q1 25 | $1.5B | $267.4M | ||
| Q4 24 | $1.6B | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $2.0B | $30.5M | ||
| Q3 25 | $2.1B | $42.7M | ||
| Q2 25 | $2.1B | $58.2M | ||
| Q1 25 | $2.1B | $67.2M | ||
| Q4 24 | $2.1B | $80.3M | ||
| Q3 24 | $2.1B | $90.3M | ||
| Q2 24 | $2.1B | $109.4M | ||
| Q1 24 | $2.2B | $131.7M |
| Q4 25 | $3.5B | $405.0M | ||
| Q3 25 | $3.7B | $385.2M | ||
| Q2 25 | $3.7B | $429.2M | ||
| Q1 25 | $3.8B | $419.2M | ||
| Q4 24 | $3.8B | $459.1M | ||
| Q3 24 | $3.9B | $479.3M | ||
| Q2 24 | $3.9B | $511.3M | ||
| Q1 24 | $4.2B | $521.1M |
| Q4 25 | 0.66× | 10.01× | ||
| Q3 25 | 0.72× | 6.07× | ||
| Q2 25 | 0.72× | 4.53× | ||
| Q1 25 | 0.73× | 3.98× | ||
| Q4 24 | 0.75× | 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 | $188.7M | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 6.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $188.7M | $-10.6M | ||
| Q3 25 | $63.5M | $-2.1M | ||
| Q2 25 | $44.3M | $24.5M | ||
| Q1 25 | $39.0M | $-15.9M | ||
| Q4 24 | $211.2M | $772.0K | ||
| Q3 24 | $64.6M | $-5.0K | ||
| Q2 24 | $38.5M | $10.0M | ||
| Q1 24 | $38.9M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| 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 24 | — | 0.0% |
| Q4 25 | 6.56× | — | ||
| Q3 25 | 1.75× | — | ||
| Q2 25 | 1.52× | — | ||
| Q1 25 | 2.05× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 10.18× | — | ||
| Q2 24 | 7.09× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
