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Side-by-side financial comparison of NETSTREIT Corp. (NTST) and System1, Inc. (SST). Click either name above to swap in a different company.
NETSTREIT Corp. is the larger business by last-quarter revenue ($57.1M vs $51.9M, roughly 1.1× System1, Inc.). NETSTREIT Corp. runs the higher net margin — 10.0% vs -26.0%, a 36.0% gap on every dollar of revenue. On growth, NETSTREIT Corp. posted the faster year-over-year revenue change (24.3% vs -31.3%). Over the past eight quarters, NETSTREIT Corp.'s revenue compounded faster (20.1% CAGR vs -21.8%).
NETSTREIT Corp. is a US-headquartered real estate investment trust (REIT) that specializes in acquiring and operating a diversified portfolio of single-tenant net lease commercial properties. Its asset portfolio covers retail, industrial and office categories, primarily catering to investment-grade corporate tenants across the United States market.
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.
NTST vs SST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.1M | $51.9M |
| Net Profit | $5.7M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 34.1% | -33.6% |
| Net Margin | 10.0% | -26.0% |
| Revenue YoY | 24.3% | -31.3% |
| Net Profit YoY | 235.9% | 4.8% |
| EPS (diluted) | $0.32 | $-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.
| Q1 26 | $57.1M | — | ||
| Q4 25 | $52.5M | $51.9M | ||
| Q3 25 | $48.3M | $61.6M | ||
| Q2 25 | $48.3M | $78.1M | ||
| Q1 25 | $45.9M | $74.5M | ||
| Q4 24 | $44.1M | $75.6M | ||
| Q3 24 | $41.4M | $88.8M | ||
| Q2 24 | $39.6M | $94.6M |
| Q1 26 | $5.7M | — | ||
| Q4 25 | $1.3M | $-13.5M | ||
| Q3 25 | $618.0K | $-18.5M | ||
| Q2 25 | $3.3M | $-17.5M | ||
| Q1 25 | $1.7M | $-15.9M | ||
| Q4 24 | $-5.4M | $-14.2M | ||
| Q3 24 | $-5.3M | $-23.6M | ||
| Q2 24 | $-2.3M | $-26.4M |
| Q1 26 | — | — | ||
| 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 26 | 34.1% | — | ||
| Q4 25 | 2.6% | -33.6% | ||
| Q3 25 | 1.3% | -25.3% | ||
| Q2 25 | 6.8% | -20.4% | ||
| Q1 25 | 3.7% | -17.6% | ||
| Q4 24 | -12.3% | -15.7% | ||
| Q3 24 | -12.8% | -24.6% | ||
| Q2 24 | -5.8% | -30.8% |
| Q1 26 | 10.0% | — | ||
| Q4 25 | 2.5% | -26.0% | ||
| Q3 25 | 1.3% | -30.1% | ||
| Q2 25 | 6.8% | -22.4% | ||
| Q1 25 | 3.7% | -21.3% | ||
| Q4 24 | -12.3% | -18.7% | ||
| Q3 24 | -12.8% | -26.6% | ||
| Q2 24 | -5.8% | -27.9% |
| Q1 26 | $0.32 | — | ||
| Q4 25 | $0.01 | $-3.58 | ||
| Q3 25 | $0.01 | $-2.30 | ||
| Q2 25 | $0.04 | $-2.23 | ||
| Q1 25 | $0.02 | $-0.21 | ||
| Q4 24 | $-0.07 | $-3.41 | ||
| Q3 24 | $-0.07 | $-3.37 | ||
| Q2 24 | $-0.03 | $-3.80 |
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 | $1.5B | $30.5M |
| Total Assets | $2.8B | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $1.1B | $305.1M | ||
| Q3 25 | $1.1B | $259.2M | ||
| Q2 25 | $926.6M | $263.3M | ||
| Q1 25 | $913.3M | $267.4M | ||
| Q4 24 | $868.3M | $255.1M | ||
| Q3 24 | $778.7M | $259.2M | ||
| Q2 24 | $726.2M | $263.3M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.4B | $30.5M | ||
| Q3 25 | $1.3B | $42.7M | ||
| Q2 25 | $1.3B | $58.2M | ||
| Q1 25 | $1.3B | $67.2M | ||
| Q4 24 | $1.3B | $80.3M | ||
| Q3 24 | $1.3B | $90.3M | ||
| Q2 24 | $1.3B | $109.4M |
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.6B | $405.0M | ||
| Q3 25 | $2.5B | $385.2M | ||
| Q2 25 | $2.3B | $429.2M | ||
| Q1 25 | $2.3B | $419.2M | ||
| Q4 24 | $2.3B | $459.1M | ||
| Q3 24 | $2.2B | $479.3M | ||
| Q2 24 | $2.1B | $511.3M |
| Q1 26 | — | — | ||
| Q4 25 | 0.76× | 10.01× | ||
| Q3 25 | 0.84× | 6.07× | ||
| Q2 25 | 0.70× | 4.53× | ||
| Q1 25 | 0.70× | 3.98× | ||
| Q4 24 | 0.65× | 3.18× | ||
| Q3 24 | 0.58× | 2.87× | ||
| Q2 24 | 0.55× | 2.41× |
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 | — | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $109.5M | $-10.6M | ||
| Q3 25 | $28.0M | $-2.1M | ||
| Q2 25 | $30.6M | $24.5M | ||
| Q1 25 | $22.1M | $-15.9M | ||
| Q4 24 | $90.2M | $772.0K | ||
| Q3 24 | $25.1M | $-5.0K | ||
| Q2 24 | $25.4M | $10.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 82.46× | — | ||
| Q3 25 | 45.27× | — | ||
| Q2 25 | 9.36× | — | ||
| Q1 25 | 13.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NTST
| Rental revenue (including reimbursable) | $54.0M | 95% |
| Other | $3.0M | 5% |
SST
Segment breakdown not available.
