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Side-by-side financial comparison of Orion Properties Inc. (ONL) 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 $35.2M, roughly 1.5× Orion Properties Inc.). System1, Inc. runs the higher net margin — -26.0% vs -101.7%, a 75.7% gap on every dollar of revenue. On growth, Orion Properties Inc. posted the faster year-over-year revenue change (-8.2% vs -31.3%). Over the past eight quarters, Orion Properties Inc.'s revenue compounded faster (-13.6% 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.
ONL vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $51.9M |
| Net Profit | $-35.8M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | -101.5% | -33.6% |
| Net Margin | -101.7% | -26.0% |
| Revenue YoY | -8.2% | -31.3% |
| Net Profit YoY | -9.3% | 4.8% |
| EPS (diluted) | $-0.63 | $-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 | $35.2M | $51.9M | ||
| Q3 25 | $37.1M | $61.6M | ||
| Q2 25 | $37.3M | $78.1M | ||
| Q1 25 | $38.0M | $74.5M | ||
| Q4 24 | $38.4M | $75.6M | ||
| Q3 24 | $39.2M | $88.8M | ||
| Q2 24 | $40.1M | $94.6M | ||
| Q1 24 | $47.2M | $84.9M |
| Q4 25 | $-35.8M | $-13.5M | ||
| Q3 25 | $-69.0M | $-18.5M | ||
| Q2 25 | $-25.1M | $-17.5M | ||
| Q1 25 | $-9.4M | $-15.9M | ||
| Q4 24 | $-32.8M | $-14.2M | ||
| Q3 24 | $-10.2M | $-23.6M | ||
| Q2 24 | $-33.8M | $-26.4M | ||
| Q1 24 | $-26.2M | $-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 | -101.5% | -33.6% | ||
| Q3 25 | -185.8% | -25.3% | ||
| Q2 25 | -67.1% | -20.4% | ||
| Q1 25 | -24.4% | -17.6% | ||
| Q4 24 | -85.4% | -15.7% | ||
| Q3 24 | -25.9% | -24.6% | ||
| Q2 24 | -84.1% | -30.8% | ||
| Q1 24 | -55.4% | -30.4% |
| Q4 25 | -101.7% | -26.0% | ||
| Q3 25 | -186.0% | -30.1% | ||
| Q2 25 | -67.3% | -22.4% | ||
| Q1 25 | -24.6% | -21.3% | ||
| Q4 24 | -85.4% | -18.7% | ||
| Q3 24 | -26.1% | -26.6% | ||
| Q2 24 | -84.2% | -27.9% | ||
| Q1 24 | -55.6% | -12.4% |
| Q4 25 | $-0.63 | $-3.58 | ||
| Q3 25 | $-1.23 | $-2.30 | ||
| Q2 25 | $-0.45 | $-2.23 | ||
| Q1 25 | $-0.17 | $-0.21 | ||
| Q4 24 | $-0.59 | $-3.41 | ||
| Q3 24 | $-0.18 | $-3.37 | ||
| Q2 24 | $-0.60 | $-3.80 | ||
| Q1 24 | $-0.47 | $-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 | $22.4M | $86.9M |
| Total DebtLower is stronger | $465.0M | $305.1M |
| Stockholders' EquityBook value | $623.2M | $30.5M |
| Total Assets | $1.2B | $405.0M |
| Debt / EquityLower = less leverage | 0.75× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $86.9M | ||
| Q3 25 | $32.6M | $54.6M | ||
| Q2 25 | $17.4M | $63.6M | ||
| Q1 25 | $9.4M | $43.9M | ||
| Q4 24 | $15.6M | $63.6M | ||
| Q3 24 | $16.6M | $69.1M | ||
| Q2 24 | $24.2M | $75.7M | ||
| Q1 24 | $23.6M | $69.9M |
| Q4 25 | $465.0M | $305.1M | ||
| Q3 25 | $483.0M | $259.2M | ||
| Q2 25 | $483.0M | $263.3M | ||
| Q1 25 | $505.0M | $267.4M | ||
| Q4 24 | $492.0M | $255.1M | ||
| Q3 24 | $485.0M | $259.2M | ||
| Q2 24 | $462.0M | $263.3M | ||
| Q1 24 | $471.0M | $268.6M |
| Q4 25 | $623.2M | $30.5M | ||
| Q3 25 | $658.8M | $42.7M | ||
| Q2 25 | $728.0M | $58.2M | ||
| Q1 25 | $753.5M | $67.2M | ||
| Q4 24 | $763.9M | $80.3M | ||
| Q3 24 | $800.9M | $90.3M | ||
| Q2 24 | $816.1M | $109.4M | ||
| Q1 24 | $854.6M | $131.7M |
| Q4 25 | $1.2B | $405.0M | ||
| Q3 25 | $1.2B | $385.2M | ||
| Q2 25 | $1.3B | $429.2M | ||
| Q1 25 | $1.3B | $419.2M | ||
| Q4 24 | $1.3B | $459.1M | ||
| Q3 24 | $1.4B | $479.3M | ||
| Q2 24 | $1.3B | $511.3M | ||
| Q1 24 | $1.4B | $521.1M |
| Q4 25 | 0.75× | 10.01× | ||
| Q3 25 | 0.73× | 6.07× | ||
| Q2 25 | 0.66× | 4.53× | ||
| Q1 25 | 0.67× | 3.98× | ||
| Q4 24 | 0.64× | 3.18× | ||
| Q3 24 | 0.61× | 2.87× | ||
| Q2 24 | 0.57× | 2.41× | ||
| Q1 24 | 0.55× | 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 | $23.6M | $-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.
| Q4 25 | $23.6M | $-10.6M | ||
| Q3 25 | $5.7M | $-2.1M | ||
| Q2 25 | $11.6M | $24.5M | ||
| Q1 25 | $-2.2M | $-15.9M | ||
| Q4 24 | $54.3M | $772.0K | ||
| Q3 24 | $13.8M | $-5.0K | ||
| Q2 24 | $17.0M | $10.0M | ||
| Q1 24 | $11.0M | $-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% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
