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Side-by-side financial comparison of MEDIFAST INC (MED) and System1, Inc. (SST). Click either name above to swap in a different company.
MEDIFAST INC is the larger business by last-quarter revenue ($75.1M vs $51.9M, roughly 1.4× System1, Inc.). On growth, System1, Inc. posted the faster year-over-year revenue change (-31.3% vs -36.9%). Over the past eight quarters, System1, Inc.'s revenue compounded faster (-21.8% CAGR vs -34.4%).
Medifast, Inc. is an American nutrition and weight loss company based in Baltimore, Maryland. Medifast produces, distributes, and sells weight loss and health-related products through websites, multi-level marketing, telemarketing, and franchised weight loss clinics.
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.
MED vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $51.9M |
| Net Profit | — | $-13.5M |
| Gross Margin | 69.4% | 41.0% |
| Operating Margin | -10.4% | -33.6% |
| Net Margin | — | -26.0% |
| Revenue YoY | -36.9% | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | $-1.64 | $-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 | $75.1M | $51.9M | ||
| Q3 25 | $89.4M | $61.6M | ||
| Q2 25 | $105.6M | $78.1M | ||
| Q1 25 | $115.7M | $74.5M | ||
| Q4 24 | $119.0M | $75.6M | ||
| Q3 24 | $140.2M | $88.8M | ||
| Q2 24 | $168.6M | $94.6M | ||
| Q1 24 | $174.7M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $-2.3M | $-18.5M | ||
| Q2 25 | $2.5M | $-17.5M | ||
| Q1 25 | $-772.0K | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $1.1M | $-23.6M | ||
| Q2 24 | $-8.2M | $-26.4M | ||
| Q1 24 | $8.3M | $-10.5M |
| Q4 25 | 69.4% | 41.0% | ||
| Q3 25 | 69.5% | 36.9% | ||
| Q2 25 | 72.6% | 35.7% | ||
| Q1 25 | 72.8% | 38.2% | ||
| Q4 24 | 74.1% | 42.1% | ||
| Q3 24 | 75.4% | 28.0% | ||
| Q2 24 | 73.2% | 27.6% | ||
| Q1 24 | 72.8% | 21.9% |
| Q4 25 | -10.4% | -33.6% | ||
| Q3 25 | -4.6% | -25.3% | ||
| Q2 25 | -1.0% | -20.4% | ||
| Q1 25 | -1.1% | -17.6% | ||
| Q4 24 | 0.6% | -15.7% | ||
| Q3 24 | 1.5% | -24.6% | ||
| Q2 24 | -4.7% | -30.8% | ||
| Q1 24 | 4.5% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | -2.5% | -30.1% | ||
| Q2 25 | 2.3% | -22.4% | ||
| Q1 25 | -0.7% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | 0.8% | -26.6% | ||
| Q2 24 | -4.8% | -27.9% | ||
| Q1 24 | 4.8% | -12.4% |
| Q4 25 | $-1.64 | $-3.58 | ||
| Q3 25 | $-0.21 | $-2.30 | ||
| Q2 25 | $0.22 | $-2.23 | ||
| Q1 25 | $-0.07 | $-0.21 | ||
| Q4 24 | $0.08 | $-3.41 | ||
| Q3 24 | $0.10 | $-3.37 | ||
| Q2 24 | $-0.75 | $-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 quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $167.3M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $198.9M | $30.5M |
| Total Assets | $248.0M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $86.9M | ||
| Q3 25 | $173.5M | $54.6M | ||
| Q2 25 | $162.7M | $63.6M | ||
| Q1 25 | $164.6M | $43.9M | ||
| Q4 24 | $162.3M | $63.6M | ||
| Q3 24 | $170.0M | $69.1M | ||
| Q2 24 | $163.5M | $75.7M | ||
| Q1 24 | $156.4M | $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 | $198.9M | $30.5M | ||
| Q3 25 | $214.7M | $42.7M | ||
| Q2 25 | $216.0M | $58.2M | ||
| Q1 25 | $211.0M | $67.2M | ||
| Q4 24 | $210.1M | $80.3M | ||
| Q3 24 | $207.3M | $90.3M | ||
| Q2 24 | $205.3M | $109.4M | ||
| Q1 24 | $211.0M | $131.7M |
| Q4 25 | $248.0M | $405.0M | ||
| Q3 25 | $268.2M | $385.2M | ||
| Q2 25 | $269.3M | $429.2M | ||
| Q1 25 | $280.0M | $419.2M | ||
| Q4 24 | $284.2M | $459.1M | ||
| Q3 24 | $291.2M | $479.3M | ||
| Q2 24 | $293.5M | $511.3M | ||
| Q1 24 | $302.8M | $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 | $-5.3M | $-10.6M |
| Free Cash FlowOCF − Capex | $-6.6M | — |
| FCF MarginFCF / Revenue | -8.8% | — |
| Capex IntensityCapex / Revenue | 1.8% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-5.3M | $-10.6M | ||
| Q3 25 | $12.1M | $-2.1M | ||
| Q2 25 | $-3.4M | $24.5M | ||
| Q1 25 | $3.4M | $-15.9M | ||
| Q4 24 | $-4.9M | $772.0K | ||
| Q3 24 | $9.1M | $-5.0K | ||
| Q2 24 | $13.1M | $10.0M | ||
| Q1 24 | $7.3M | $-16.0M |
| Q4 25 | $-6.6M | — | ||
| Q3 25 | $10.8M | — | ||
| Q2 25 | $-4.8M | — | ||
| Q1 25 | $1.9M | $-16.0M | ||
| Q4 24 | $-7.2M | — | ||
| Q3 24 | $7.7M | $-36.0K | ||
| Q2 24 | $11.1M | — | ||
| Q1 24 | $5.4M | — |
| Q4 25 | -8.8% | — | ||
| Q3 25 | 12.0% | — | ||
| Q2 25 | -4.5% | — | ||
| Q1 25 | 1.6% | -21.5% | ||
| Q4 24 | -6.1% | — | ||
| Q3 24 | 5.5% | -0.0% | ||
| Q2 24 | 6.6% | — | ||
| Q1 24 | 3.1% | — |
| Q4 25 | 1.8% | 0.0% | ||
| Q3 25 | 1.5% | 0.0% | ||
| Q2 25 | 1.3% | 0.0% | ||
| Q1 25 | 1.3% | 0.1% | ||
| Q4 24 | 1.9% | 0.0% | ||
| Q3 24 | 1.0% | 0.0% | ||
| Q2 24 | 1.1% | 0.0% | ||
| Q1 24 | 1.1% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -1.36× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 8.04× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.88× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
