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Side-by-side financial comparison of Safehold Inc. (SAFE) and System1, Inc. (SST). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $51.9M, roughly 1.9× System1, Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -26.0%, a 54.4% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -31.3%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -21.8%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
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.
SAFE vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $51.9M |
| Net Profit | $27.9M | $-13.5M |
| Gross Margin | 98.6% | 41.0% |
| Operating Margin | 27.4% | -33.6% |
| Net Margin | 28.5% | -26.0% |
| Revenue YoY | 6.5% | -31.3% |
| Net Profit YoY | 7.1% | 4.8% |
| EPS (diluted) | $0.38 | $-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 | $97.9M | $51.9M | ||
| Q3 25 | $96.2M | $61.6M | ||
| Q2 25 | $93.8M | $78.1M | ||
| Q1 25 | $97.7M | $74.5M | ||
| Q4 24 | $91.9M | $75.6M | ||
| Q3 24 | $90.7M | $88.8M | ||
| Q2 24 | $89.9M | $94.6M | ||
| Q1 24 | $93.2M | $84.9M |
| Q4 25 | $27.9M | $-13.5M | ||
| Q3 25 | $29.3M | $-18.5M | ||
| Q2 25 | $27.9M | $-17.5M | ||
| Q1 25 | $29.4M | $-15.9M | ||
| Q4 24 | $26.0M | $-14.2M | ||
| Q3 24 | $19.3M | $-23.6M | ||
| Q2 24 | $29.7M | $-26.4M | ||
| Q1 24 | $30.7M | $-10.5M |
| Q4 25 | 98.6% | 41.0% | ||
| Q3 25 | 98.5% | 36.9% | ||
| Q2 25 | 99.1% | 35.7% | ||
| Q1 25 | 98.8% | 38.2% | ||
| Q4 24 | 98.8% | 42.1% | ||
| Q3 24 | 98.8% | 28.0% | ||
| Q2 24 | 98.8% | 27.6% | ||
| Q1 24 | 98.8% | 21.9% |
| Q4 25 | 27.4% | -33.6% | ||
| Q3 25 | 25.9% | -25.3% | ||
| Q2 25 | 25.5% | -20.4% | ||
| Q1 25 | 25.9% | -17.6% | ||
| Q4 24 | 24.6% | -15.7% | ||
| Q3 24 | 17.5% | -24.6% | ||
| Q2 24 | 26.7% | -30.8% | ||
| Q1 24 | 26.4% | -30.4% |
| Q4 25 | 28.5% | -26.0% | ||
| Q3 25 | 30.5% | -30.1% | ||
| Q2 25 | 29.8% | -22.4% | ||
| Q1 25 | 30.1% | -21.3% | ||
| Q4 24 | 28.3% | -18.7% | ||
| Q3 24 | 21.3% | -26.6% | ||
| Q2 24 | 33.0% | -27.9% | ||
| Q1 24 | 33.0% | -12.4% |
| Q4 25 | $0.38 | $-3.58 | ||
| Q3 25 | $0.41 | $-2.30 | ||
| Q2 25 | $0.39 | $-2.23 | ||
| Q1 25 | $0.41 | $-0.21 | ||
| Q4 24 | $0.36 | $-3.41 | ||
| Q3 24 | $0.27 | $-3.37 | ||
| Q2 24 | $0.42 | $-3.80 | ||
| Q1 24 | $0.43 | $-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 | $21.7M | $86.9M |
| Total DebtLower is stronger | $4.6B | $305.1M |
| Stockholders' EquityBook value | $2.4B | $30.5M |
| Total Assets | $7.2B | $405.0M |
| Debt / EquityLower = less leverage | 1.90× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | $86.9M | ||
| Q3 25 | $12.1M | $54.6M | ||
| Q2 25 | $13.9M | $63.6M | ||
| Q1 25 | $17.3M | $43.9M | ||
| Q4 24 | $8.3M | $63.6M | ||
| Q3 24 | $15.6M | $69.1M | ||
| Q2 24 | $13.4M | $75.7M | ||
| Q1 24 | $11.3M | $69.9M |
| Q4 25 | $4.6B | $305.1M | ||
| Q3 25 | $4.5B | $259.2M | ||
| Q2 25 | $4.4B | $263.3M | ||
| Q1 25 | $4.3B | $267.4M | ||
| Q4 24 | $4.3B | $255.1M | ||
| Q3 24 | $4.3B | $259.2M | ||
| Q2 24 | $4.2B | $263.3M | ||
| Q1 24 | $4.1B | $268.6M |
| Q4 25 | $2.4B | $30.5M | ||
| Q3 25 | $2.4B | $42.7M | ||
| Q2 25 | $2.4B | $58.2M | ||
| Q1 25 | $2.4B | $67.2M | ||
| Q4 24 | $2.3B | $80.3M | ||
| Q3 24 | $2.3B | $90.3M | ||
| Q2 24 | $2.3B | $109.4M | ||
| Q1 24 | $2.3B | $131.7M |
| Q4 25 | $7.2B | $405.0M | ||
| Q3 25 | $7.1B | $385.2M | ||
| Q2 25 | $7.1B | $429.2M | ||
| Q1 25 | $6.9B | $419.2M | ||
| Q4 24 | $6.9B | $459.1M | ||
| Q3 24 | $6.8B | $479.3M | ||
| Q2 24 | $6.8B | $511.3M | ||
| Q1 24 | $6.7B | $521.1M |
| Q4 25 | 1.90× | 10.01× | ||
| Q3 25 | 1.89× | 6.07× | ||
| Q2 25 | 1.87× | 4.53× | ||
| Q1 25 | 1.85× | 3.98× | ||
| Q4 24 | 1.84× | 3.18× | ||
| Q3 24 | 1.88× | 2.87× | ||
| Q2 24 | 1.81× | 2.41× | ||
| Q1 24 | 1.81× | 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 | $47.8M | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 1.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | $-10.6M | ||
| Q3 25 | $-1.4M | $-2.1M | ||
| Q2 25 | $28.0M | $24.5M | ||
| Q1 25 | $8.9M | $-15.9M | ||
| Q4 24 | $37.9M | $772.0K | ||
| Q3 24 | $8.3M | $-5.0K | ||
| Q2 24 | $24.8M | $10.0M | ||
| Q1 24 | $-3.1M | $-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% |
| Q4 25 | 1.72× | — | ||
| Q3 25 | -0.05× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 0.43× | — | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | -0.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
SST
Segment breakdown not available.
