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Side-by-side financial comparison of System1, Inc. (SST) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $51.9M, roughly 1.9× System1, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -26.0%, a 18.9% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -31.3%). Over the past eight quarters, Latham Group, Inc.'s revenue compounded faster (-4.9% 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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
SST vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $100.0M |
| Net Profit | $-13.5M | $-7.0M |
| Gross Margin | 41.0% | 28.0% |
| Operating Margin | -33.6% | -10.7% |
| Net Margin | -26.0% | -7.0% |
| Revenue YoY | -31.3% | 14.5% |
| Net Profit YoY | 4.8% | 76.0% |
| EPS (diluted) | $-3.58 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $61.6M | $161.9M | ||
| Q2 25 | $78.1M | $172.6M | ||
| Q1 25 | $74.5M | $111.4M | ||
| Q4 24 | $75.6M | $87.3M | ||
| Q3 24 | $88.8M | $150.5M | ||
| Q2 24 | $94.6M | $160.1M | ||
| Q1 24 | $84.9M | $110.6M |
| Q4 25 | $-13.5M | $-7.0M | ||
| Q3 25 | $-18.5M | $8.1M | ||
| Q2 25 | $-17.5M | $16.0M | ||
| Q1 25 | $-15.9M | $-6.0M | ||
| Q4 24 | $-14.2M | $-29.2M | ||
| Q3 24 | $-23.6M | $5.9M | ||
| Q2 24 | $-26.4M | $13.3M | ||
| Q1 24 | $-10.5M | $-7.9M |
| Q4 25 | 41.0% | 28.0% | ||
| Q3 25 | 36.9% | 35.4% | ||
| Q2 25 | 35.7% | 37.1% | ||
| Q1 25 | 38.2% | 29.5% | ||
| Q4 24 | 42.1% | 24.6% | ||
| Q3 24 | 28.0% | 32.4% | ||
| Q2 24 | 27.6% | 33.1% | ||
| Q1 24 | 21.9% | 27.7% |
| Q4 25 | -33.6% | -10.7% | ||
| Q3 25 | -25.3% | 13.3% | ||
| Q2 25 | -20.4% | 14.3% | ||
| Q1 25 | -17.6% | -4.4% | ||
| Q4 24 | -15.7% | -14.9% | ||
| Q3 24 | -24.6% | 8.9% | ||
| Q2 24 | -30.8% | 12.5% | ||
| Q1 24 | -30.4% | -1.9% |
| Q4 25 | -26.0% | -7.0% | ||
| Q3 25 | -30.1% | 5.0% | ||
| Q2 25 | -22.4% | 9.3% | ||
| Q1 25 | -21.3% | -5.4% | ||
| Q4 24 | -18.7% | -33.4% | ||
| Q3 24 | -26.6% | 3.9% | ||
| Q2 24 | -27.9% | 8.3% | ||
| Q1 24 | -12.4% | -7.1% |
| Q4 25 | $-3.58 | $-0.06 | ||
| Q3 25 | $-2.30 | $0.07 | ||
| Q2 25 | $-2.23 | $0.13 | ||
| Q1 25 | $-0.21 | $-0.05 | ||
| Q4 24 | $-3.41 | $-0.24 | ||
| Q3 24 | $-3.37 | $0.05 | ||
| Q2 24 | $-3.80 | $0.11 | ||
| Q1 24 | $-0.16 | $-0.07 |
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 | $279.8M |
| Stockholders' EquityBook value | $30.5M | $405.9M |
| Total Assets | $405.0M | $823.2M |
| Debt / EquityLower = less leverage | 10.01× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| 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 24 | $69.9M | — |
| Q4 25 | $305.1M | $279.8M | ||
| Q3 25 | $259.2M | $281.1M | ||
| Q2 25 | $263.3M | $281.5M | ||
| Q1 25 | $267.4M | $306.9M | ||
| Q4 24 | $255.1M | $281.5M | ||
| Q3 24 | $259.2M | $282.8M | ||
| Q2 24 | $263.3M | $282.4M | ||
| Q1 24 | $268.6M | $282.8M |
| Q4 25 | $30.5M | $405.9M | ||
| Q3 25 | $42.7M | $408.4M | ||
| Q2 25 | $58.2M | $398.4M | ||
| Q1 25 | $67.2M | $381.1M | ||
| Q4 24 | $80.3M | $387.2M | ||
| Q3 24 | $90.3M | $416.6M | ||
| Q2 24 | $109.4M | $408.1M | ||
| Q1 24 | $131.7M | $391.8M |
| Q4 25 | $405.0M | $823.2M | ||
| Q3 25 | $385.2M | $844.4M | ||
| Q2 25 | $429.2M | $822.1M | ||
| Q1 25 | $419.2M | $824.6M | ||
| Q4 24 | $459.1M | $794.2M | ||
| Q3 24 | $479.3M | $853.4M | ||
| Q2 24 | $511.3M | $830.0M | ||
| Q1 24 | $521.1M | $808.6M |
| Q4 25 | 10.01× | 0.69× | ||
| Q3 25 | 6.07× | 0.69× | ||
| Q2 25 | 4.53× | 0.71× | ||
| Q1 25 | 3.98× | 0.81× | ||
| Q4 24 | 3.18× | 0.73× | ||
| Q3 24 | 2.87× | 0.68× | ||
| Q2 24 | 2.41× | 0.69× | ||
| Q1 24 | 2.04× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | 0.0% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $23.3M | ||
| Q3 25 | $-2.1M | $51.0M | ||
| Q2 25 | $24.5M | $36.0M | ||
| Q1 25 | $-15.9M | $-46.9M | ||
| Q4 24 | $772.0K | $6.2M | ||
| Q3 24 | $-5.0K | $37.2M | ||
| Q2 24 | $10.0M | $52.4M | ||
| Q1 24 | $-16.0M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | $-16.0M | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | $-36.0K | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | -21.5% | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | -0.0% | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | 0.0% | 9.2% | ||
| Q3 25 | 0.0% | 3.6% | ||
| Q2 25 | 0.0% | 4.0% | ||
| Q1 25 | 0.1% | 3.1% | ||
| Q4 24 | 0.0% | 7.2% | ||
| Q3 24 | 0.0% | 2.7% | ||
| Q2 24 | 0.0% | 2.8% | ||
| Q1 24 | 0.0% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SST
Segment breakdown not available.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
