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Side-by-side financial comparison of System1, Inc. (SST) and Neuronetics, Inc. (STIM). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $41.8M, roughly 1.2× Neuronetics, Inc.). Neuronetics, Inc. runs the higher net margin — -17.2% vs -26.0%, a 8.7% gap on every dollar of revenue. On growth, Neuronetics, Inc. posted the faster year-over-year revenue change (85.7% vs -31.3%). Over the past eight quarters, Neuronetics, Inc.'s revenue compounded faster (54.9% 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.
Neuronetics is a Malvern, PA based, publicly traded company incorporated in Delaware in April 2003, that develops non-invasive treatments for psychiatric disorders that have shown resistance or lack of improvement using traditional medicine. The treatments are based upon neuromodulation technology.
SST vs STIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $41.8M |
| Net Profit | $-13.5M | $-7.2M |
| Gross Margin | 41.0% | 52.0% |
| Operating Margin | -33.6% | -12.1% |
| Net Margin | -26.0% | -17.2% |
| Revenue YoY | -31.3% | 85.7% |
| Net Profit YoY | 4.8% | 43.2% |
| EPS (diluted) | $-3.58 | $-0.10 |
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 | $51.9M | $41.8M | ||
| Q3 25 | $61.6M | $37.3M | ||
| Q2 25 | $78.1M | $38.1M | ||
| Q1 25 | $74.5M | $32.0M | ||
| Q4 24 | $75.6M | $22.5M | ||
| Q3 24 | $88.8M | $18.5M | ||
| Q2 24 | $94.6M | $16.4M | ||
| Q1 24 | $84.9M | $17.4M |
| Q4 25 | $-13.5M | $-7.2M | ||
| Q3 25 | $-18.5M | $-9.0M | ||
| Q2 25 | $-17.5M | $-10.1M | ||
| Q1 25 | $-15.9M | $-12.7M | ||
| Q4 24 | $-14.2M | $-12.7M | ||
| Q3 24 | $-23.6M | $-13.3M | ||
| Q2 24 | $-26.4M | $-9.8M | ||
| Q1 24 | $-10.5M | $-7.9M |
| Q4 25 | 41.0% | 52.0% | ||
| Q3 25 | 36.9% | 45.9% | ||
| Q2 25 | 35.7% | 46.6% | ||
| Q1 25 | 38.2% | 49.2% | ||
| Q4 24 | 42.1% | 66.2% | ||
| Q3 24 | 28.0% | 75.6% | ||
| Q2 24 | 27.6% | 74.0% | ||
| Q1 24 | 21.9% | 75.1% |
| Q4 25 | -33.6% | -12.1% | ||
| Q3 25 | -25.3% | -19.6% | ||
| Q2 25 | -20.4% | -21.1% | ||
| Q1 25 | -17.6% | -34.4% | ||
| Q4 24 | -15.7% | -51.0% | ||
| Q3 24 | -24.6% | -41.7% | ||
| Q2 24 | -30.8% | -51.7% | ||
| Q1 24 | -30.4% | -39.4% |
| Q4 25 | -26.0% | -17.2% | ||
| Q3 25 | -30.1% | -24.3% | ||
| Q2 25 | -22.4% | -26.6% | ||
| Q1 25 | -21.3% | -39.6% | ||
| Q4 24 | -18.7% | -56.4% | ||
| Q3 24 | -26.6% | -72.0% | ||
| Q2 24 | -27.9% | -59.8% | ||
| Q1 24 | -12.4% | -45.2% |
| Q4 25 | $-3.58 | $-0.10 | ||
| Q3 25 | $-2.30 | $-0.13 | ||
| Q2 25 | $-2.23 | $-0.15 | ||
| Q1 25 | $-0.21 | $-0.21 | ||
| Q4 24 | $-3.41 | $-0.34 | ||
| Q3 24 | $-3.37 | $-0.44 | ||
| Q2 24 | $-3.80 | $-0.33 | ||
| Q1 24 | $-0.16 | $-0.27 |
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 | $28.1M |
| Total DebtLower is stronger | $305.1M | $65.8M |
| Stockholders' EquityBook value | $30.5M | $22.4M |
| Total Assets | $405.0M | $141.6M |
| Debt / EquityLower = less leverage | 10.01× | 2.94× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $28.1M | ||
| Q3 25 | $54.6M | $28.0M | ||
| Q2 25 | $63.6M | $11.0M | ||
| Q1 25 | $43.9M | $20.2M | ||
| Q4 24 | $63.6M | $18.5M | ||
| Q3 24 | $69.1M | $20.9M | ||
| Q2 24 | $75.7M | $42.6M | ||
| Q1 24 | $69.9M | $47.7M |
| Q4 25 | $305.1M | $65.8M | ||
| Q3 25 | $259.2M | $65.7M | ||
| Q2 25 | $263.3M | $55.5M | ||
| Q1 25 | $267.4M | $55.3M | ||
| Q4 24 | $255.1M | $55.2M | ||
| Q3 24 | $259.2M | $46.0M | ||
| Q2 24 | $263.3M | $59.8M | ||
| Q1 24 | $268.6M | $59.4M |
| Q4 25 | $30.5M | $22.4M | ||
| Q3 25 | $42.7M | $27.4M | ||
| Q2 25 | $58.2M | $27.1M | ||
| Q1 25 | $67.2M | $35.5M | ||
| Q4 24 | $80.3M | $27.7M | ||
| Q3 24 | $90.3M | $9.4M | ||
| Q2 24 | $109.4M | $19.4M | ||
| Q1 24 | $131.7M | $27.7M |
| Q4 25 | $405.0M | $141.6M | ||
| Q3 25 | $385.2M | $145.5M | ||
| Q2 25 | $429.2M | $134.7M | ||
| Q1 25 | $419.2M | $142.0M | ||
| Q4 24 | $459.1M | $140.9M | ||
| Q3 24 | $479.3M | — | ||
| Q2 24 | $511.3M | $96.8M | ||
| Q1 24 | $521.1M | $103.8M |
| Q4 25 | 10.01× | 2.94× | ||
| Q3 25 | 6.07× | 2.40× | ||
| Q2 25 | 4.53× | 2.05× | ||
| Q1 25 | 3.98× | 1.56× | ||
| Q4 24 | 3.18× | 1.99× | ||
| Q3 24 | 2.87× | 4.90× | ||
| Q2 24 | 2.41× | 3.08× | ||
| Q1 24 | 2.04× | 2.15× |
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 | $908.0K |
| Free Cash FlowOCF − Capex | — | $692.0K |
| FCF MarginFCF / Revenue | — | 1.7% |
| Capex IntensityCapex / Revenue | 0.0% | 0.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-21.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $908.0K | ||
| Q3 25 | $-2.1M | $-785.0K | ||
| Q2 25 | $24.5M | $-3.5M | ||
| Q1 25 | $-15.9M | $-17.0M | ||
| Q4 24 | $772.0K | $-8.6M | ||
| Q3 24 | $-5.0K | $-5.4M | ||
| Q2 24 | $10.0M | $-5.0M | ||
| Q1 24 | $-16.0M | $-12.0M |
| Q4 25 | — | $692.0K | ||
| Q3 25 | — | $-899.0K | ||
| Q2 25 | — | $-3.8M | ||
| Q1 25 | $-16.0M | $-17.2M | ||
| Q4 24 | — | $-8.7M | ||
| Q3 24 | $-36.0K | $-5.8M | ||
| Q2 24 | — | $-5.6M | ||
| Q1 24 | — | $-12.4M |
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | -2.4% | ||
| Q2 25 | — | -9.9% | ||
| Q1 25 | -21.5% | -53.8% | ||
| Q4 24 | — | -38.6% | ||
| Q3 24 | -0.0% | -31.3% | ||
| Q2 24 | — | -34.0% | ||
| Q1 24 | — | -71.1% |
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | 0.0% | 0.3% | ||
| Q2 25 | 0.0% | 0.7% | ||
| Q1 25 | 0.1% | 0.7% | ||
| Q4 24 | 0.0% | 0.4% | ||
| Q3 24 | 0.0% | 2.1% | ||
| Q2 24 | 0.0% | 3.7% | ||
| Q1 24 | 0.0% | 2.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
