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Side-by-side financial comparison of Meridian Corp (MRBK) and System1, Inc. (SST). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $34.2M, roughly 1.5× Meridian Corp). Meridian Corp runs the higher net margin — 428.0% vs -26.0%, a 454.0% gap on every dollar of revenue. On growth, Meridian Corp posted the faster year-over-year revenue change (5.1% vs -31.3%). Over the past eight quarters, Meridian Corp's revenue compounded faster (18.0% CAGR vs -21.8%).
Meridian Audio is a consumer audio and home theatre equipment manufacturer based in the United Kingdom. Bob Stuart and Allen Boothroyd founded the company in 1977 under the name Boothroyd-Stuart. In 1985 the company released a CD player under the brand name, Meridian. The company also created the lossless compression format Meridian Lossless Packing in 1998 and the lossy Master Quality Authenticated (MQA) format 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.
MRBK vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $34.2M | $51.9M |
| Net Profit | $7.2M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 27.2% | -33.6% |
| Net Margin | 428.0% | -26.0% |
| Revenue YoY | 5.1% | -31.3% |
| Net Profit YoY | 28.3% | 4.8% |
| EPS (diluted) | $0.61 | $-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 | $34.2M | $51.9M | ||
| Q3 25 | $33.1M | $61.6M | ||
| Q2 25 | $32.4M | $78.1M | ||
| Q1 25 | $27.1M | $74.5M | ||
| Q4 24 | $32.6M | $75.6M | ||
| Q3 24 | $29.1M | $88.8M | ||
| Q2 24 | $26.1M | $94.6M | ||
| Q1 24 | $24.6M | $84.9M |
| Q4 25 | $7.2M | $-13.5M | ||
| Q3 25 | $6.7M | $-18.5M | ||
| Q2 25 | $5.6M | $-17.5M | ||
| Q1 25 | $2.4M | $-15.9M | ||
| Q4 24 | $5.6M | $-14.2M | ||
| Q3 24 | $4.7M | $-23.6M | ||
| Q2 24 | $3.3M | $-26.4M | ||
| Q1 24 | $2.7M | $-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 | 27.2% | -33.6% | ||
| Q3 25 | 26.2% | -25.3% | ||
| Q2 25 | 22.5% | -20.4% | ||
| Q1 25 | 11.6% | -17.6% | ||
| Q4 24 | 23.3% | -15.7% | ||
| Q3 24 | 21.5% | -24.6% | ||
| Q2 24 | 16.8% | -30.8% | ||
| Q1 24 | 14.4% | -30.4% |
| Q4 25 | 428.0% | -26.0% | ||
| Q3 25 | 20.1% | -30.1% | ||
| Q2 25 | 17.2% | -22.4% | ||
| Q1 25 | 8.9% | -21.3% | ||
| Q4 24 | 366.8% | -18.7% | ||
| Q3 24 | 16.3% | -26.6% | ||
| Q2 24 | 12.7% | -27.9% | ||
| Q1 24 | 10.9% | -12.4% |
| Q4 25 | $0.61 | $-3.58 | ||
| Q3 25 | $0.58 | $-2.30 | ||
| Q2 25 | $0.49 | $-2.23 | ||
| Q1 25 | $0.21 | $-0.21 | ||
| Q4 24 | $0.49 | $-3.41 | ||
| Q3 24 | $0.42 | $-3.37 | ||
| Q2 24 | $0.30 | $-3.80 | ||
| Q1 24 | $0.24 | $-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 | — | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $199.7M | $30.5M |
| Total Assets | $2.6B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $86.9M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $63.6M | ||
| Q1 25 | — | $43.9M | ||
| Q4 24 | — | $63.6M | ||
| Q3 24 | — | $69.1M | ||
| Q2 24 | — | $75.7M | ||
| Q1 24 | — | $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 | $199.7M | $30.5M | ||
| Q3 25 | $188.0M | $42.7M | ||
| Q2 25 | $178.0M | $58.2M | ||
| Q1 25 | $173.6M | $67.2M | ||
| Q4 24 | $171.5M | $80.3M | ||
| Q3 24 | $167.4M | $90.3M | ||
| Q2 24 | $162.4M | $109.4M | ||
| Q1 24 | $159.9M | $131.7M |
| Q4 25 | $2.6B | $405.0M | ||
| Q3 25 | $2.5B | $385.2M | ||
| Q2 25 | $2.5B | $429.2M | ||
| Q1 25 | $2.5B | $419.2M | ||
| Q4 24 | $2.4B | $459.1M | ||
| Q3 24 | $2.4B | $479.3M | ||
| Q2 24 | $2.4B | $511.3M | ||
| Q1 24 | $2.3B | $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 | $24.3M | $-10.6M |
| Free Cash FlowOCF − Capex | $22.6M | — |
| FCF MarginFCF / Revenue | 65.9% | — |
| Capex IntensityCapex / Revenue | 5.1% | 0.0% |
| Cash ConversionOCF / Net Profit | 3.38× | — |
| TTM Free Cash FlowTrailing 4 quarters | $51.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.3M | $-10.6M | ||
| Q3 25 | $24.4M | $-2.1M | ||
| Q2 25 | $-12.0M | $24.5M | ||
| Q1 25 | $18.1M | $-15.9M | ||
| Q4 24 | $9.6M | $772.0K | ||
| Q3 24 | $31.2M | $-5.0K | ||
| Q2 24 | $-19.2M | $10.0M | ||
| Q1 24 | $-1.7M | $-16.0M |
| Q4 25 | $22.6M | — | ||
| Q3 25 | $24.0M | — | ||
| Q2 25 | $-12.7M | — | ||
| Q1 25 | $17.9M | $-16.0M | ||
| Q4 24 | $9.0M | — | ||
| Q3 24 | $29.5M | $-36.0K | ||
| Q2 24 | $-19.3M | — | ||
| Q1 24 | $-3.6M | — |
| Q4 25 | 65.9% | — | ||
| Q3 25 | 72.4% | — | ||
| Q2 25 | -39.1% | — | ||
| Q1 25 | 65.9% | -21.5% | ||
| Q4 24 | 27.7% | — | ||
| Q3 24 | 101.4% | -0.0% | ||
| Q2 24 | -73.8% | — | ||
| Q1 24 | -14.7% | — |
| Q4 25 | 5.1% | 0.0% | ||
| Q3 25 | 1.4% | 0.0% | ||
| Q2 25 | 1.9% | 0.0% | ||
| Q1 25 | 1.0% | 0.1% | ||
| Q4 24 | 1.7% | 0.0% | ||
| Q3 24 | 6.0% | 0.0% | ||
| Q2 24 | 0.2% | 0.0% | ||
| Q1 24 | 7.8% | 0.0% |
| Q4 25 | 3.38× | — | ||
| Q3 25 | 3.66× | — | ||
| Q2 25 | -2.15× | — | ||
| Q1 25 | 7.55× | — | ||
| Q4 24 | 1.71× | — | ||
| Q3 24 | 6.58× | — | ||
| Q2 24 | -5.78× | — | ||
| Q1 24 | -0.64× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
