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Side-by-side financial comparison of NPK International Inc. (NPKI) and System1, Inc. (SST). Click either name above to swap in a different company.
NPK International Inc. is the larger business by last-quarter revenue ($75.2M vs $51.9M, roughly 1.4× System1, Inc.). On growth, NPK International Inc. posted the faster year-over-year revenue change (30.7% vs -31.3%). Over the past eight quarters, NPK International Inc.'s revenue compounded faster (23.9% 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.
NPKI vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.2M | $51.9M |
| Net Profit | — | $-13.5M |
| Gross Margin | 37.7% | 41.0% |
| Operating Margin | 16.7% | -33.6% |
| Net Margin | — | -26.0% |
| Revenue YoY | 30.7% | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | $0.17 | $-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 | $75.2M | $51.9M | ||
| Q3 25 | $68.8M | $61.6M | ||
| Q2 25 | $68.2M | $78.1M | ||
| Q1 25 | $64.8M | $74.5M | ||
| Q4 24 | $57.5M | $75.6M | ||
| Q3 24 | $44.2M | $88.8M | ||
| Q2 24 | $66.8M | $94.6M | ||
| Q1 24 | $49.0M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $5.7M | $-18.5M | ||
| Q2 25 | $8.7M | $-17.5M | ||
| Q1 25 | $10.0M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $-174.3M | $-23.6M | ||
| Q2 24 | $8.0M | $-26.4M | ||
| Q1 24 | $7.3M | $-10.5M |
| Q4 25 | 37.7% | 41.0% | ||
| Q3 25 | 31.9% | 36.9% | ||
| Q2 25 | 36.9% | 35.7% | ||
| Q1 25 | 39.0% | 38.2% | ||
| Q4 24 | 39.2% | 42.1% | ||
| Q3 24 | 27.5% | 28.0% | ||
| Q2 24 | 37.2% | 27.6% | ||
| Q1 24 | 36.0% | 21.9% |
| Q4 25 | 16.7% | -33.6% | ||
| Q3 25 | 13.2% | -25.3% | ||
| Q2 25 | 17.0% | -20.4% | ||
| Q1 25 | 20.9% | -17.6% | ||
| Q4 24 | 20.2% | -15.7% | ||
| Q3 24 | 2.8% | -24.6% | ||
| Q2 24 | 18.7% | -30.8% | ||
| Q1 24 | 14.2% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | 8.2% | -30.1% | ||
| Q2 25 | 12.7% | -22.4% | ||
| Q1 25 | 15.4% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | -394.3% | -26.6% | ||
| Q2 24 | 12.0% | -27.9% | ||
| Q1 24 | 14.9% | -12.4% |
| Q4 25 | $0.17 | $-3.58 | ||
| Q3 25 | $0.07 | $-2.30 | ||
| Q2 25 | $0.10 | $-2.23 | ||
| Q1 25 | $0.11 | $-0.21 | ||
| Q4 24 | $0.10 | $-3.41 | ||
| Q3 24 | $-1.99 | $-3.37 | ||
| Q2 24 | $0.09 | $-3.80 | ||
| Q1 24 | $0.08 | $-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 | $5.1M | $86.9M |
| Total DebtLower is stronger | $16.9M | $305.1M |
| Stockholders' EquityBook value | $351.2M | $30.5M |
| Total Assets | $441.8M | $405.0M |
| Debt / EquityLower = less leverage | 0.05× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.1M | $86.9M | ||
| Q3 25 | $35.6M | $54.6M | ||
| Q2 25 | $26.0M | $63.6M | ||
| Q1 25 | $20.8M | $43.9M | ||
| Q4 24 | $17.8M | $63.6M | ||
| Q3 24 | $42.9M | $69.1M | ||
| Q2 24 | $35.1M | $75.7M | ||
| Q1 24 | $37.7M | $69.9M |
| Q4 25 | $16.9M | $305.1M | ||
| Q3 25 | $9.5M | $259.2M | ||
| Q2 25 | $9.3M | $263.3M | ||
| Q1 25 | $8.1M | $267.4M | ||
| Q4 24 | $7.7M | $255.1M | ||
| Q3 24 | $14.0M | $259.2M | ||
| Q2 24 | $58.0M | $263.3M | ||
| Q1 24 | $77.4M | $268.6M |
| Q4 25 | $351.2M | $30.5M | ||
| Q3 25 | $333.9M | $42.7M | ||
| Q2 25 | $328.8M | $58.2M | ||
| Q1 25 | $326.9M | $67.2M | ||
| Q4 24 | $326.5M | $80.3M | ||
| Q3 24 | $316.5M | $90.3M | ||
| Q2 24 | $426.6M | $109.4M | ||
| Q1 24 | $421.6M | $131.7M |
| Q4 25 | $441.8M | $405.0M | ||
| Q3 25 | $404.5M | $385.2M | ||
| Q2 25 | $393.7M | $429.2M | ||
| Q1 25 | $390.0M | $419.2M | ||
| Q4 24 | $393.7M | $459.1M | ||
| Q3 24 | $389.6M | $479.3M | ||
| Q2 24 | $624.8M | $511.3M | ||
| Q1 24 | $640.8M | $521.1M |
| Q4 25 | 0.05× | 10.01× | ||
| Q3 25 | 0.03× | 6.07× | ||
| Q2 25 | 0.03× | 4.53× | ||
| Q1 25 | 0.02× | 3.98× | ||
| Q4 24 | 0.02× | 3.18× | ||
| Q3 24 | 0.04× | 2.87× | ||
| Q2 24 | 0.14× | 2.41× | ||
| Q1 24 | 0.18× | 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 | $18.0M | $-10.6M |
| Free Cash FlowOCF − Capex | $5.8M | — |
| FCF MarginFCF / Revenue | 7.6% | — |
| Capex IntensityCapex / Revenue | 16.3% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $26.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.0M | $-10.6M | ||
| Q3 25 | $24.7M | $-2.1M | ||
| Q2 25 | $21.4M | $24.5M | ||
| Q1 25 | $8.8M | $-15.9M | ||
| Q4 24 | $-4.1M | $772.0K | ||
| Q3 24 | $2.8M | $-5.0K | ||
| Q2 24 | $27.6M | $10.0M | ||
| Q1 24 | $11.9M | $-16.0M |
| Q4 25 | $5.8M | — | ||
| Q3 25 | $12.0M | — | ||
| Q2 25 | $9.7M | — | ||
| Q1 25 | $-1.2M | $-16.0M | ||
| Q4 24 | $-17.7M | — | ||
| Q3 24 | $-6.7M | $-36.0K | ||
| Q2 24 | $21.0M | — | ||
| Q1 24 | $-1.9M | — |
| Q4 25 | 7.6% | — | ||
| Q3 25 | 17.4% | — | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | -1.8% | -21.5% | ||
| Q4 24 | -30.8% | — | ||
| Q3 24 | -15.2% | -0.0% | ||
| Q2 24 | 31.4% | — | ||
| Q1 24 | -3.9% | — |
| Q4 25 | 16.3% | 0.0% | ||
| Q3 25 | 18.5% | 0.0% | ||
| Q2 25 | 17.1% | 0.0% | ||
| Q1 25 | 15.5% | 0.1% | ||
| Q4 24 | 23.6% | 0.0% | ||
| Q3 24 | 21.4% | 0.0% | ||
| Q2 24 | 9.9% | 0.0% | ||
| Q1 24 | 28.3% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 4.37× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 0.88× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.43× | — | ||
| Q1 24 | 1.64× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NPKI
| Rental Revenue | $34.8M | 46% |
| Products | $25.5M | 34% |
| Services | $14.9M | 20% |
SST
Segment breakdown not available.
