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Side-by-side financial comparison of PubMatic, Inc. (PUBM) and System1, Inc. (SST). Click either name above to swap in a different company.
PubMatic, Inc. is the larger business by last-quarter revenue ($80.0M vs $51.9M, roughly 1.5× System1, Inc.). On growth, PubMatic, Inc. posted the faster year-over-year revenue change (-6.4% vs -31.3%). Over the past eight quarters, PubMatic, Inc.'s revenue compounded faster (9.5% CAGR vs -21.8%).
PubMatic, Inc. develops and implements online advertising software and strategies for the digital publishing and advertising industry. PubMatic's sell-side, real-time programmatic ad transaction advertising software puts publishers of websites, videos, and mobile apps into contact with ad buyers by using automated systems, while allowing users to opt-out of having their personal information collected on internet searches. PubMatic has a number of offices in countries around the world.
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.
PUBM vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $80.0M | $51.9M |
| Net Profit | — | $-13.5M |
| Gross Margin | 68.2% | 41.0% |
| Operating Margin | 10.6% | -33.6% |
| Net Margin | — | -26.0% |
| Revenue YoY | -6.4% | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | $0.14 | $-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 | $80.0M | $51.9M | ||
| Q3 25 | $68.0M | $61.6M | ||
| Q2 25 | $71.1M | $78.1M | ||
| Q1 25 | $63.8M | $74.5M | ||
| Q4 24 | $85.5M | $75.6M | ||
| Q3 24 | $71.8M | $88.8M | ||
| Q2 24 | $67.3M | $94.6M | ||
| Q1 24 | $66.7M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $-6.5M | $-18.5M | ||
| Q2 25 | $-5.2M | $-17.5M | ||
| Q1 25 | $-9.5M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $-912.0K | $-23.6M | ||
| Q2 24 | $2.0M | $-26.4M | ||
| Q1 24 | $-2.5M | $-10.5M |
| Q4 25 | 68.2% | 41.0% | ||
| Q3 25 | 62.6% | 36.9% | ||
| Q2 25 | 62.6% | 35.7% | ||
| Q1 25 | 59.9% | 38.2% | ||
| Q4 24 | 70.8% | 42.1% | ||
| Q3 24 | 64.5% | 28.0% | ||
| Q2 24 | 62.6% | 27.6% | ||
| Q1 24 | 61.9% | 21.9% |
| Q4 25 | 10.6% | -33.6% | ||
| Q3 25 | -12.4% | -25.3% | ||
| Q2 25 | -7.7% | -20.4% | ||
| Q1 25 | -18.6% | -17.6% | ||
| Q4 24 | 17.3% | -15.7% | ||
| Q3 24 | -1.9% | -24.6% | ||
| Q2 24 | -5.9% | -30.8% | ||
| Q1 24 | -8.3% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | -9.5% | -30.1% | ||
| Q2 25 | -7.3% | -22.4% | ||
| Q1 25 | -14.9% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | -1.3% | -26.6% | ||
| Q2 24 | 2.9% | -27.9% | ||
| Q1 24 | -3.7% | -12.4% |
| Q4 25 | $0.14 | $-3.58 | ||
| Q3 25 | $-0.14 | $-2.30 | ||
| Q2 25 | $-0.11 | $-2.23 | ||
| Q1 25 | $-0.20 | $-0.21 | ||
| Q4 24 | $0.26 | $-3.41 | ||
| Q3 24 | $-0.02 | $-3.37 | ||
| Q2 24 | $0.04 | $-3.80 | ||
| Q1 24 | $-0.05 | $-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 | $145.5M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $262.6M | $30.5M |
| Total Assets | $680.2M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $86.9M | ||
| Q3 25 | $136.5M | $54.6M | ||
| Q2 25 | $90.5M | $63.6M | ||
| Q1 25 | $101.8M | $43.9M | ||
| Q4 24 | $100.5M | $63.6M | ||
| Q3 24 | $78.9M | $69.1M | ||
| Q2 24 | $73.5M | $75.7M | ||
| Q1 24 | $80.2M | $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 | $262.6M | $30.5M | ||
| Q3 25 | $245.1M | $42.7M | ||
| Q2 25 | $243.3M | $58.2M | ||
| Q1 25 | $275.6M | $67.2M | ||
| Q4 24 | $277.3M | $80.3M | ||
| Q3 24 | $263.2M | $90.3M | ||
| Q2 24 | $282.7M | $109.4M | ||
| Q1 24 | $288.7M | $131.7M |
| Q4 25 | $680.2M | $405.0M | ||
| Q3 25 | $676.2M | $385.2M | ||
| Q2 25 | $675.2M | $429.2M | ||
| Q1 25 | $668.6M | $419.2M | ||
| Q4 24 | $739.5M | $459.1M | ||
| Q3 24 | $689.1M | $479.3M | ||
| Q2 24 | $673.1M | $511.3M | ||
| Q1 24 | $626.2M | $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 | $18.2M | $-10.6M |
| Free Cash FlowOCF − Capex | $11.3M | — |
| FCF MarginFCF / Revenue | 14.1% | — |
| Capex IntensityCapex / Revenue | 8.6% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $66.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | $-10.6M | ||
| Q3 25 | $32.4M | $-2.1M | ||
| Q2 25 | $14.9M | $24.5M | ||
| Q1 25 | $15.6M | $-15.9M | ||
| Q4 24 | $18.0M | $772.0K | ||
| Q3 24 | $19.1M | $-5.0K | ||
| Q2 24 | $11.9M | $10.0M | ||
| Q1 24 | $24.3M | $-16.0M |
| Q4 25 | $11.3M | — | ||
| Q3 25 | $27.7M | — | ||
| Q2 25 | $13.6M | — | ||
| Q1 25 | $14.2M | $-16.0M | ||
| Q4 24 | $13.7M | — | ||
| Q3 24 | $7.4M | $-36.0K | ||
| Q2 24 | $11.2M | — | ||
| Q1 24 | $23.5M | — |
| Q4 25 | 14.1% | — | ||
| Q3 25 | 40.8% | — | ||
| Q2 25 | 19.1% | — | ||
| Q1 25 | 22.2% | -21.5% | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 10.3% | -0.0% | ||
| Q2 24 | 16.7% | — | ||
| Q1 24 | 35.2% | — |
| Q4 25 | 8.6% | 0.0% | ||
| Q3 25 | 6.9% | 0.0% | ||
| Q2 25 | 1.9% | 0.0% | ||
| Q1 25 | 2.3% | 0.1% | ||
| Q4 24 | 5.1% | 0.0% | ||
| Q3 24 | 16.3% | 0.0% | ||
| Q2 24 | 1.1% | 0.0% | ||
| Q1 24 | 1.2% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.06× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
